The Federal Government notes the recent remarks by His Highness, Emir Muhammadu Sanusi II, regarding the economic reforms introduced under President Bola Ahmed Tinubu's administration, at a public event in Lagos.We note the emir's acknowledgement of the noble initiatives which, he said, he could explain away but for his decision "not to help the government".

First, we acknowledge that Sanusi, and indeed any Nigerian, has the inalienable right to express opinion either in form of commendation or criticism on how the government is being ran. However, we find it amusing that a leader, more so one from an institution that ennobles forthrightness, fairness, and justice would publicly admit to shuffling off saying the truth because of personal interest hinged on imaginary antagonism.

It is pertinent to state that Nigeria is at a pivotal juncture where bold and decisive actions are necessary to tackle entrenched economic challenges. This administration has implemented transformative reforms not because they are easy, but because they are essential for securing Nigeria’s long-term stability and growth, as Emir Sanusi had consistently advocated.

The temporary pains currently experienced from these inevitable decisions, as Sanusi himself acknowledged, are "necessary consequence of decades of irresponsible economic management" more than anything else.

These reforms are already delivering measurable progress. The unification of exchange rates has bolstered investor confidence, which has contributed to increased foreign reserves and strengthened Nigeria’s ability to shield itself from external economic shocks. The removal of the fuel subsidy has freed up significant resources, allowing for greater investment in critical sectors such as infrastructure, education, and healthcare. Projections from respected institutions, including the World Bank, show an upward trajectory in Nigeria’s GDP, signaling that our economy is firmly on the path to recovery. Additionally, by addressing inefficiencies, the country has reduced its debt service-to-revenue ratio, creating a more sustainable fiscal framework for future generations.

It is deeply disappointing that reforms widely recognized as essential by global experts—including by Emir Sanusi II himself—are now being subtly condemned by him because of shift in loyalty. His Highness, given his background in economics, has a unique responsibility to contribute constructively rather than undermine reforms aimed at collective progress because he feel estranged from his "friends" in government.

We urge the Emir to rise above personal interests and partisan undertones and prioritize the greater good of Nigerians.

Rebuilding Nigeria requires unity, focus, and sacrifice from all stakeholders. As a government, we urge esteemed leaders to refrain from rhetorics that undermine public trust. Instead they owe it a duty to champion the collective goal of a prosperous Nigeria. This is a critical time for our country, what is needed is collaboration, not unnecessary distractions.

President Bola Ahmed Tinubu’s administration remains resolute in its mission to lead Nigeria towards economic inclusivity, sustainability, and shared prosperity. The challenges we face demand courage and collective effort, not divisive narratives. This administration is open to constructive dialogue with all well-meaning stakeholders, while remaining steadfast in putting the interests of Nigerians above all else.

Let history record this moment as a turning point—when leaders and citizens alike choose to prioritize the nation’s destiny over personal gain. Together, we will deliver on the promise of renewed hope and a better Nigeria for all.

Mohammed Idris, fnipr
Honourable Minister

The Emir of Kano, Muhammadu Sanusi II, on Wednesday, criticised the handling of the economy by President Bola Tinubu’s administration, asserting that things are not being done correctly.

He also posited that the government lacked persons of pedigree to articulate its policies for Nigerians to understand.

Sanusi, however, said unlike in the past when he offered economic advice to the Federal Government, he would not do the same for the Tinubu’s administration because the government had not acted like a friend to him.

The former Governor of the Central Bank of Nigeria spoke in Lagos  at the 21st Memorial Lecture of Chief Gani Fawehinmi organised by the Nigerian Bar Association, Ikeja branch.

 

He chaired the lecture with the theme “Bretton Woods and the African Economies: Can Nigerians Survive Another Structural Adjustment Programme?”

The Tinubu-led Federal Government has faced intensed criticisms over its decision to remove fuel subsidy and float the naira, leading to mounting inflation and widespread economic hardship in the country.

Positing that the Federal Government had not handled the economy well, Sanusi remarked, “Is everything being done correctly? No. When I’m ready to discuss the economy, I will.”

 

Elaborating on his decision on his position not to offer economic advice to the government, Sanusi said, “I can provide insights into the challenges we face, how they were predictable, and even avoidable. But I won’t. I’ve chosen not to comment on the economy, reforms, or anything that could benefit this government. They are my friends, but if they don’t act like friends, I won’t act like one either.”

Sanusi was in 2020 deposed as the Emir of Kano by ex-governor Abdullahi Ganduje, who is now the National Chairman of the ruling All Progressives Congress.

Ganduje banished Sanusi and replaced him with Aminu Ado Bayero.

However, the incumbent Kano Governor, Abba Yusuf, sacked Bayero last year and reinstated Sanusi.

The development sparked a crisis in the ancient city, snowballing in court cases as Bayero refused to step down. He moved to a smaller palace where he enjoyed security protection, indicating he had federal support.

On Wednesday, Sanusi critised the government’s image makers, saying they lacked pedigree.

“They don’t even have people with the pedigree to articulate their policies to the public. Let them explain to Nigerians why they are implementing these measures. I started out helping, but I’ve stopped,” he said.

He attributed the current economic struggles partly to years of poor governance. “What we’re experiencing today is, at least in part, the result of decades of irresponsible management. People warned about the consequences of our actions, but those in power ignored them,” he noted.

Sanusi hinted that he might address the economy in the future but emphasised that now was not the time.

Efforts to get the reaction of the Presidency were unsuccessful as the presidential spokesmen, Bayo Onanuga, Sunday Dare  and Daniel Bwala, could not be reached. Calls placed to their mobile lines were not picked up and they had yet to respond to text messages as of the time of filing this report.

In addition to his comments on governance, Sanusi urged Nigerian lawyers to emulate the integrity and virtues of the late Gani Fawehinmi, a renowned human rights activist and legal icon.

He lamented the decline of ethical standards in the legal profession, describing Fawehinmi as a symbol of good character and moral excellence.

Also speaking at the event, the Minister of Aviation and Aerospace Development, Festus Keyamo, (SAN), lauded the enduring legacy of the late Fawehinmi, describing him as a symbol of courage and justice.

 Keyamo, who was represented by a Director in the Federal Airport Authority of Nigeria, Mr. Henry Agbebire, in his goodwill message, praised the organisers for ensuring Fawehinmi’s ideals remain a cornerstone of national discourse.

 

“The late Chief Gani Fawehinmi left an indelible mark on human rights advocacy, public service, and the legal profession. His legacy inspires us all with its courage, resilience, and unwavering commitment to justice for the common man,” he said.

Reflecting on his own legal journey, Keyamo acknowledged Fawehinmi’s mentorship as pivotal in shaping his activism and career.

“As someone whose human rights activism began under the mentorship of Gani Fawehinmi, I take pride in the continued relevance of issues he championed, including citizens’ rights, accountable governance, and equitable public policy. These principles guide my work today,” he remarked.

Keyamo also commended the lecture’s focus on Nigeria’s economic challenges, expressing confidence that the discussions would generate ideas to promote sustainable development and social justice.

“I trust the deliberations will offer solutions that can guide our nation towards economic progress and fairness,” he added.

While expressing regret for his absence, the minister assured attendees of his commitment to initiatives that uphold the values of justice, human rights, and socio-economic advancement.

Other prominent guests at the event were the NBA President, Afam Osigwe (SAN); Lagos State Attorney General and Commissioner of Justice, Mr Lawal Pedro (SAN), and human rights lawyer, Mr Femi Falana (SAN), amongst others.

 

President Bola Ahmed Tinubu has called on Nigerians to embrace peace and unity, urging them to eschew violence and divisive tendencies in the quest for a prosperous and harmonious nation. 

His appeal came as the country commemorated the annual Armed Forces Remembrance Day, a solemn occasion to honor those who have sacrificed their lives in defense of Nigeria’s sovereignty. 

In a message he posted on his verified X handle, @officialABAT, the President emphasized the critical need for national and global peace, reminding Nigerians of the ultimate sacrifices made by the country’s ex-servicemen and women. 

He noted that the observance is not only an opportunity to express gratitude, but also to reflect on the ongoing efforts of military personnel who continue to safeguard Nigeria’s territorial integrity.

Highlighting the significance of unity, President Tinubu urged all citizens to become ambassadors of peace, stressing that collective efforts could pave the way for a future filled with hope and optimism. 

He reaffirmed his commitment to fostering a nation where peace and unity serve as the foundation for development.

Tinubu extended heartfelt gratitude to the nation’s armed forces and called for renewed dedication to the ideals for which they stood. 

He reaffirmed his administration’s commitment to honoring the sacrifices of the nation’s heroes.

“The Armed Forces Remembrance Day allows us to express our gratitude and pay tribute to our ex-servicemen and women who selflessly sacrificed their lives to defend the territorial integrity of Nigeria and other nations.

“Our nation is in dire need of peace, and so is the World. As we mark this solemn event today, remember that people laid down their lives, and many still do so to guarantee our peaceful co-existence. 

“Therefore, let us eschew violence and divisive tendencies for a peaceful and prosperous nation. Let us all become ambassadors of peace. We can build a future of hope and optimism together, where peace and unity reign supreme.

“Thank you, and long live the Federal Republic of Nigeria”, he said.

Last modified on Wednesday, 15 January 2025 17:37

Latest data by the National Bureau of Statistics (NBS) has shown that headline inflation rose to 34.80% in December 2024 relative to the November 2024 headline inflation rate of 34.60%.

 

The food inflation rate in December 2024 was 39.84% on a year-on-year basis, a 5.91% points higher compared to the rate recorded in December 2023 (33.93%).

 

The NBS said the rise in food inflation on a year-on-year basis was caused by increases in prices of some food items, including yam, sweet potatoes and beer.

The December 2024 inflation figure indicated a marginal increase of 0.20% compared to the November 2024 inflation rate. “This was due to December festive period increases in demand for goods and services,” the bureau said in a statement on its X handle on Wednesday.

On a year-on-year basis, the headline inflation rate was 5.87% higher than the rate recorded in December 2023 (28.92%). This shows that the inflation rate (year-on-year basis) increased in December 2024 compared to the same month in the preceding year (i.e., December 2023).

On the contrary, the month-on-month basis, the headline inflation rate in December 2024 was 2.44%, which was 0.20% lower than the rate recorded in November 2024 (2.64%).

 

This means that in December 2024, the rate of increase in the average price level is slightly lower than the rate of increase in the average price level in November 2024.

The Nigerian Senate has written an emotional tribute in remembrance of soldiers killed in the line of duty, and those in active service as the world marks the Armed Forces Remembrance Day on the 15th of January.

A statement signed by the Chairman Senate Committee on Army, Senator Abdulaziz Yar’adua on Wednesday, described their sacrifices for the defence of the country as selfless.

He wrote “On behalf of the Senate Committee on Nigerian Army, I wish to pay tribute to our fallen heroes who have made the ultimate sacrifice in defence of our great nation.

 

“I wish to also commend our serving officers and soldiers who are currently maintaining the peace and ensuring that our nation is secured and safe from internal and external aggression. January 15th is a day set aside to remember and celebrate the bravery, patriotism, and selflessness of our military personnel who have lost their lives in the line of duty.

“As Chairman of the Senate Committee on Army, I am deeply humbled by the sacrifices of our Armed Forces. Their bravery and unwavering commitment to our nation’s unity and security have not gone unnoticed. They have consistently put their lives on the line while upholding the territorial integrity of our nation, and ensuring that our citizens can live in peace and safety.

“The sacrifices of the dead officers and soldiers in the last year will not be forgotten.

“We remember their families, who have been left behind to bear the pain of their loss. We hope that the nation will continue to care for them, providing support and comfort in their time of need.

“As we celebrate our fallen heroes today, we are reminded of the importance of unity, patriotism, and selflessness. We must continue to work together to build a nation where our military personnel can operate in an environment that is conducive to their safety and well-being.

“Once again, I salute our fallen heroes and their families. May their sacrifices not be in vain. May we continue to work towards a nation where peace, unity, and prosperity reign supreme.”

The Nigerian Communications Commission has authorised telecommunications companies to disconnect the Unstructured Supplementary Service Data codes assigned to nine financial institutions due to unpaid debts.

This directive was made in a Tuesday public notice signed by NCC’s Director of Public Affairs, Reuben Muoka.

The telecom regulator said affected banks must settle their outstanding obligations by January 27, 2025, or risk losing access to their USSD codes.

These codes, essential for enabling mobile banking services, could be reassigned to other applicants if the debts remain unresolved.

 

The commission revealed that, as of Tuesday’s close of business, nine out of 18 financial institutions had not complied with regulatory directives.

While other banks have cleared their debts, the total amount initially owed by the financial institutions was reported to exceed N200 billion.

However, the regulator did not disclose the precise debt currently owed by the affected banks.

According to the NCC, some of the unpaid invoices have remained unpaid since 2020, indicating a prolonged financial dispute between the banks and telecom operators.

Part of the notice read, “By the information made available to the commission as at close of business on Tuesday, 14th January 2025, of a total of 18 financial institutions, the nine institutions listed below have failed to comply significantly with the directives in the Second Joint Circular of the Central Bank of Nigeria and the commission dated December 20, 2024, for the settlement of outstanding invoices due to MNOS, some since 2020.”

The regulator noted that banks’ failure to comply with the CBN-NCC joint circular also means that they are unable to meet the good standing requirements for the renewal of the USSD codes assigned to them by the commission.

It added, “In fulfilment of its consumer protection mandate, the commission wishes to inform consumers that they may be unable to access the USSD platform of the affected financial institutions from January 27, 2025.”

The affected financial institutions include Fidelity Bank Plc, First City Monument Bank, Jaiz Bank Plc, Polaris Bank Limited, Sterling Bank Limited, United Bank for Africa Plc, Unity Bank Plc, Wema Bank Plc, and Zenith Bank Plc.

The affected USSD codes include 770, 919, and 822, among others.

The NCC emphasised that the financial institutions had been duly notified of the need for immediate compliance and warned that consumers may face service disruptions if the issues remain unresolved.

 

This development highlights ongoing tensions between telecommunications companies and financial institutions over unpaid USSD-related debts, a challenge that has persisted for years.

Meanwhile, data from the CBN revealed that 252.06 million transactions worth N2.19 trillion were conducted via USSD between January and June 2024.

This represents a significant growth compared to 2023 when 630.6 million transactions valued at N4.84tn were completed using USSD codes.

Originally designed by telecom operators for services like airtime purchases and subscriptions, USSD has become a key tool in the banking sector, offering financial services to users without requiring an Internet connection.

The Speaker of the House of Representatives, Abbas Tajudeen has said the priority of the House is to ensure the passage of the Appropriation Bill and the Tax Reform Bills.

The Deputy Speaker, Ben Kalu, while delivering a speech on the resumption of the House from the Christmas and new year recess on behalf of Abbas said both bills are pivotal to economic recovery and fiscal stability.

He said: “The legislative agenda of the House for 2025 prioritises the passage of the Appropriation Bill and the Tax Reform Bills, both of which are pivotal to economic recovery and fiscal stability.

 

“These reforms are essential for broadening the tax base, improving compliance and reducing dependency on external borrowing.

“The House will ensure that these reforms are equitable and considerate of the needs of all Nigerians, particularly the most vulnerable.”

Abbas said as the lawmakers engage with the budget and other legislative priorities, they must remain meticulous in their scrutiny, ensuring that every proposal aligns with national objectives and delivers tangible benefits to the citizenry.

He was of the opinion that the planned Citizens’ Town Hall on the budget would further reinforce transparency and inclusivity in our decision-making processes.

 

The national electricity grid will remain prone to collapse due to the government’s inability to repair a crucial transmission line in northern Nigeria owing to persistent insecurity.

This is according to the Minister of Power, Adebayo Adelabu, who spoke during the 2025 budget defense session with the Senate Joint Committee on Power.

Adelabu highlighted the impact of the damaged Shiroro-Kaduna-Mando line, which has been out of service since a vandalism incident in October 2024. This failure has placed immense pressure on the grid, leading to frequent collapses.

“The Kaduna-Shiroro-Mando line was one of the two major lines transmitting power to the north. The second, the Ugwuaji-Makurdi line, was also vandalized but has been repaired. The Shiroro-Mando-Kaduna line, however, remains down due to insecurity,” he said on Monday.

“This is why our grid is so fragile, as it relies on a single line, causing unnecessary strain.”

The minister emphasized that while grid collapses are expected to continue, the government is focused on reducing their frequency and ensuring quick restoration times.

 

He underscored that the collaboration especially with the office of the National Security Adviser (NSA) Nuhu Ribadu is critical to addressing vandalism, which remains one of the most significant challenges facing the power sector.

 

The minister equally announced a N2 trillion budget for the ministry and its agencies, out of which N229 billion belongs to the ministry.

He revealed a N700 billion fund allocated to the Power Metering Initiative (PMI), aimed at significantly reducing the metering gap by next month, to particularly enhance billing transparency and reduce fraud in the system.

“We recognize the issues with full or partial grid collapses, but our focus is on reducing the time it takes to restore power. We are actively collaborating with security agencies to achieve this,” Adelabu said.

The minister also disclosed plans to invest N36 billion in the distribution of transformers across the six geopolitical zones.

As part of efforts to address insecurity, Adelabu has proposed the installation of solar lights and Closed Circuit Television (CCTV) cameras on highways across the country, aimed at monitoring the movements of vandals and other criminal elements, enhancing security and protecting critical infrastructure.

The proposal is included under a N200 billion sub-head in the 2025 budget.

Last modified on Tuesday, 14 January 2025 05:30

Minister of power, Adebayo Adelabu, said on Monday that Nigeria’s power generation increased by 30 per cent in 2024.

The minister, speaking during a budget defence session with the Senate Committee on Power, revealed that his administration inherited an average generation capacity of 4,100 megawatts (MW) in 2023 and raised it to 5,528 MW by the end of 2024.

“I can tell you authoritatively that by the end of 2024, we had a peak generation of 5,528 MW of power from 4,100 MW of plants. And the reason for this is not far-fetched. We know that we added a new hydroelectric power dam, Zungeru, of 700 MW, and also there was a tremendous increase in the generation by other existing power generating companies, mainly hydro and thermal plants,” he explained.

He noted that while the initial target was 6,000 MW, unforeseen challenges such as grid disturbances towards the end of the year prevented him from achieving it. However, he emphasised that the shortfall was minimal.

The minister also reported an increase in energy access, which rose by five per cent from 59 per cent at the end of 2023 to 64 per cent by the close of 2024. This progress, according to Adelabu, resulted from a combination of grid access expansion and growth in renewable energy initiatives, including solar, small hydro and wind energy projects.

Despite these achievements, the minister expressed concerns about the metering gap in the country. He disclosed that approximately six million electricity customers are currently metered, while over seven million remain unmetered.

To address this issue, Adelabu revealed that the ministry had secured a N700 billion fund and plans to commence the procurement of meters in the first quarter (Q1) of 2025.

He explained that the goal is to procure at least two million meters annually over the next five years, which he believes will completely eliminate the existing meter gap and eliminate any form of fraud in terms of electricity billing.

Lagos State House of Assembly has sworn in its first female Speaker, Mojisola Meranda.

Meranda took her oath of office after the impeachment of the former Speaker, Mudashiru Obasa, on Monday during a plenary session.

She represents the Apapa 1 state constituency in the assembly.

 

Taking her oath of office, Meranda said, “I affirm that I will be faithful as the Speaker of the Lagos State House of Assembly; that I will perform my functions honestly to the best of my ability, faithfully, and in accordance with the Constitution of the Federal Republic of Nigeria.”

Details later…