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The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, is reportedly set to retire eight directors of the apex bank, barring any last-minute change.
Naija News gathered that the directors, who were employed by the former governor of the CBN, Godwin Emefiele, would be served early retirement letters this week.
According to Daily Trust, some directors were initially redeployed to an arm of the bank, FSS 2020, under the Governor’s Directorate, which worked closely with Emefiele.
The newspaper reported that the directors have worked from the Directorate’s office located in the Maitama District of Abuja since 24the November 2023, and are kept in a sort of pool to await “further directives.”
The newspaper said sources within the bank revealed that some had already been served the disengagement letters since Friday, 15th March 2024, but could not state clearly under what terms those affected were disengaged.
One of the sources said: “We don’t know whether they were given early retirement or their appointments were terminated outright.”
The sources could not confirm if those being served early retirement letters have been found guilty of any offences, adding that the news of the planned sack has been widespread since Thursday last week.
One of the sources said the main reason for the sack of the affected officials was “because they had worked very closely with the immediate past governor of the bank, Mr. Godwin Emefiele”.
It was learned that the decision has raised great concern amongst staff of the CBN, who fear that it could be a prelude to more layoffs by the current management of the banking regulator.
Recall that the apex bank had relocated no fewer than 150 staff of the Banking Supervision Department (BSD), which is one of the 29 departments of the bank, to Lagos. The BSD is under the Financial System Stability Directorate of the CBN.
The relocation saga, it would be recalled, had generated heated controversy across the country, with many people of northern extraction alleging that it was an attempt to dislodge staff who are northerners from the institution.
But the CBN rebuffed those insinuations, insisting that it was part of a proper reorganisation of the bank, to ensure that the regular onsite examination of the 24 banks in the country was diligently carried out since most of those national and regional banks are headquartered in Lagos.
It also adduced that part of the reason for the relocation was the desire to de-congest the corporate headquarters of the bank.
The Labour Party, LP, 2023 presidential candidate, Peter Obi has cried out over the hardship Nigerians are passing through.
Speaking on Monday, Obi lamented the kidnapping in the country.
According to him, about 7,000 Nigerians have been kidnapped in the past one year with several cases of killings and clashes recorded across the country.
This was as he described Nigeria as one of the hungriest nations and most difficult countries to live in the North.
Posting on X, Obi called on the Federal Government to take urgent steps towards improving the situation in the country.
“In the past 1 year, about 7000 Nigerians have been kidnapped, with about 700 kidnapped in the last 3 weeks, notwithstanding the violent crimes and killings that occur in every part of the nation, which must have included us in one of the world’s riskiest countries to live in.
“A report by the globally respected publication, Financial Times, on March 12, 2024, described Nigeria’s kidnapping racket as a sign of a failed state. With all of these happening in our nation, how then can we attract foreign investors, & retain the confidence of local investors?
“We have become one of the hungriest nations in the world and one of the most difficult nations in the world to live in, with food prices constantly going out of the reach of most Nigerians. Power supply is abysmally poor and Nigerians are now mostly in total darkness,as over 60% are without power supply. Even those in perceived privileged areas now go for days without power supply.
“A 2022 Energy Progress Report designated Nigeria as the country with the largest number of people lacking access to electricity with 92 million of its over 200 million population living without electricity. About 80 percent of our primary healthcare centres are not functional. The cost of medical treatments and medicines have gone beyond the reach of most Nigerians.
“We now hold the enviable position of having the highest number of out of school children, with about 20 million out-of-school children. We need to take our children off the streets and give them access to basic education.
“I, therefore, urge our executive and legislative arms to consider the many challenges facing our nation and re-allocate resources to these very critical areas. This is the time for complete sacrifice. A New Nigeria is still very POssible,” he wrote.
Nigerians have continued to express displeasure at the alleged padding of the 2024 budget.
Some are concerned about the huge figures involved in the allegations, while others are alleging that the Senate attempted to “sweep under the carpet” the allegations, with the suspension of Senator Abdul Ningi (PDP, Bauchi).
Recall that Ningi was last week suspended for three months over the allegation.
The former chairman of the Northern Senators’ Forum had claimed in a BBC Hausa Service interview that the 2024 budget was padded to the tune of N3.7 trillion.
During the debate over Ningi’s allegation, Senator Jarigbe Agom Jarigbe (Cross River) had revealed that “senior senators” were allegedly allocated constituency projects worth N500 million in the budget.
This had led to more revelations with several senators having to clarify how much was allocated to them.
Over the weekend, Nigerians explored different platforms, including the social media, radio and television, to express their views on the matter.
Some of those who spoke to Daily Trust yesterday, including former senators, called for a holistic investigation into Ningi’s allegations.
N212bn streetlights, N82.5bn boreholes part of insertions
Findings by BudgIT, a foremost civic-tech organisation with specialty in budget analytics, revealed that the National Assembly inserted a total of 7,447 projects totaling N2.24 trillion in the 2024 Budget, with 55 projects with cumulative value of N580.7 billion costing at least N5 billion each.
BudgIT’s findings also showed that N100 billion envelope was earmarked in the 2024 Executive Budget Proposal for lawmakers to nominate constituency/zonal intervention projects in their constituencies, but that the lawmakers went above the amount earmarked “to insert thousands of constituency-like projects in the budgets of 326 MDAs that in most cases neither have the mandate nor technical capacity to implement and monitor the execution of the projects.
“For example, 1,777 projects worth N218.6 billion are to be directly delivered in federal constituencies while 1,308 projects with a value of N176 billion are directly in senatorial districts. Other categories of projects include 1,150 streetlights worth N212 billion, 427 boreholes worth N82.5 billion, 170 ICT projects with a value of N30.95 billion, and N7.61 billion for empowerment of traditional rulers. If our analysis shows that 1,308 projects are to be implemented specifically in senatorial districts, it is not out of place that apart from the constituency projects, lawmakers also added up projects to their constituencies, at least N500 million each.”
Meanwhile, a report that analysed the details of the 2024 Budget has revealed that the senatorial district of the Senate President, Godswill Akpabio, comprising 10 local government areas in Akwa Ibom State, might have gotten as much as N90 billion worth of projects, with at least 280 of such domiciled in the Federal Ministry of Agriculture and Food Security.
A breakdown of the budget shows that N7.2 billion was allocated for construction and equipping of ICT centres; N395 million for construction and equipping of community schools; N957 million for supply of sewing machines, hairdressing/barbing equipment, and deep freezers; N50 million for construction of district head palace; N4 billion for construction of police stations.
Others include N12.7 billion for construction of roads within communities and supply of transformers; N3.1 billion for farm implements, motorcycles, tricycles, welding machine to artisans, and buses; N4.5 billion for empowerment materials and training of women and youths and provision of grants; N474 million for security cars; N1.22 billion for educational materials to selected schools; N1.220 billion for medical supplies and equipment to health centres; N2.996 billion for starter packs for youths and women
Also included is N7.551 billion for solar powered boreholes and streetlights; N1.095 billion for workspace and farm stalls; N475 million for development of agricultural value chains; N4.090 billion for equipment of primary healthcare centres.
I got N1bn for constituency projects – Senator
The senator representing Delta North, Ned Nwoko, disclosed that he received N1 billion for constituency projects.
Speaking on a podcast, Nwoko corroborated Senator Ali Ndume’s claims that the allocation of resources to the legislators often varies based on their respective positions in the leadership of the chamber, and the magnitude of their constituency projects.
The lawmaker said: “Senators get what they lobby for, not because they have the right to it. Everybody just goes about doing what they can do for their constituencies and senatorial districts.
“A better approach would have been for senatorial uniformity. So, if they say that everyone should get about N1 billion, be it. But this way, you rely on your weight and contacts to see what you can get for your people.
“We’re not talking about money for the senators. This is for projects within our senatorial districts. If you have road, water, or training programmes, all should aggregate to a particular amount.”
‘Constituency projects riddle with corruption’
Bolanle Bolawole, a columnist, faulted the argument in support of the “constituency projects” insertion that lawmakers “want to ensure fair and equitable distribution of projects all over the country.
“Without becoming contractors, they can ensure equity before passing the budget”, stressing that from what we he observed, the constituency projects are riddled with corruption.
“The constituencies seldom get value for money. Carcasses of constituency projects litter the landscape of Nigeria. The system employed is opaque and not transparent,” he stated.
Prof. Tonnie Iredia, a former Director-General of the Nigerian Television Authority (NTA), said: “The argument that legislators have a right to review a budget before approving it becomes puerile when the power to review is abused by distorting the document with new incoherent items in which several projects are inexplicably lumped into the budgets of agencies that have no responsibility for such projects.
“For example, the National Agency for Great Green Wall set up to prevent land degradation and desertification afflicting parts of the country suddenly found within its budget, N1.3 billion for purchasing motorcycles, street lights and other projects outside its mandate.
“If budgeting is not appropriately directed to its proper target, it can be assumed that such distortion is a veiled attempt to budget for nebulous items that would in the end be diverted to private pockets”, he noted.
Iredia said the allegations by Ningi were too weighty to be concluded without a thorough investigation.
“The number of times the courts have held that the National Assembly cannot suspend their members and the fact that the latter continues to disobey the judgment seems to confirm the hypothesis that such suspensions are merely face-saving as well as a device to punish all members who divulge secrets from which the group hugely gains materially,” he said.
Prof. Kamilu Sani Fage, a renowned political analyst, in an interview with Daily Trust, said the allegation of budget padding was a very serious matter, “especially when one looks at the impact the N3.7 trillion mentioned can make in vital social sectors like education, health, water.”
He called for an independent investigation into the matter.
Ex-senators slam Senate
Senator El-Jibrin Doguwa, who represented Kano South in 1999, told Daily Trust that he felt bad about “what is happening currently in the Senate because whatever happens, either directly or indirectly affects all other senators who are not even serving, because it’s an institution we’ve established for quite a long time.”
According to him, “in an ideal situation, a senator has nothing to do with projects. But because of the demands of constituents, lawmakers started advocating projects for their constituencies, but a lot of lawmakers have come to abuse this right.”
He said the issue “is not much about the legality of it, but about the management of the projects.”
Senator Alex Kadiri, who represented Kogi East in 1999, also lampooned members of the 10th Senate for suspending Ningi for “blowing the whistle” on the 2024 national budget.
He said instead of suspending Ningi, the 10th Senate should have explained the details of the budget, especially areas not clear to Nigerians.
“Ningi is just a whistle-blower. Why are they punishing Ningi for telling us the truth?” he queried.
Fatuhu Muhammad, who represented Daurawa/Sandamu/Maiadu’a Federal Constituency of Katsina State in the 9th Assembly, said many lapses in the Nigerian budgeting system allowed for the various abuses and corruption.
He said: “We’re operating a faulty budgeting system. It has been the same since independence. When you observe very well, it has been a copy-and-paste system year-in and year-out. We only change the figures.
“The main culprits in these padding and other allegations are the big people in the MDAs. Why I said this is that our budget originates from the executive. They sit down and formulate everything and then the president brings it to the National Assembly for endorsement.
“The National Assembly cannot escape from its failures because it failed to provide the scrutiny needed to have the budget work for the people.
“As long as we have this faulty budgeting system in place, legislators must be ready for the backlash. They allowed themselves to be used. What I mean by being used is that people were made to believe that they can do the work of the executive like the provision of water, roads, electricity and other basic amenities which are outside their statutory functions of making laws and keeping the executive arm in check.
“Since the National Assembly has the power of appropriations, what stops the members in the two chambers from cleaning the system and avoiding the controversies about budget padding and taking the whole blame? They need to wake up and do the needful to protect the image of the National Assembly as an institution and clear themselves of the infractions being perpetrated”, he further queried.
N/Assembly has powers to tinker with budget – Senator Urhoghide
Senator Matthew Urhoghide, who presented Edo South in the 8th and 9th Senate sessions, said the parliament was constitutionally empowered to make insertions into what the president presented to it.
He said: “Budget padding is completely misconstrued. It’s a deliberate insertion of some line items into the budget by the National Assembly that were not included by the executive.
“The National Assembly is empowered to make changes to the budget. The law does not say the National Assembly must pass exactly what the president presented to it. If the budget was passed as presented without changes, then there’s no need to bring the budget to the National Assembly,” he said.
Urhoghide, who chaired the Senate Public Accounts Committee in the 9th Senate, expressed surprise at how Nigerians acted in ignorance about constituency projects.
He said it was normal for some lawmakers to get more funds to execute projects than others.
He noted that allocations for constituency projects are shared by geo-political zones and that lawmakers from zones with more states get less funding compared to their colleagues from zones with fewer states.”
He also said Ningi’s suspension was not new to the parliament, urging Nigerians to stop attaching sentiments to the Senate’s action.
SERAP, dons demand investigation
The Socio-Economic Rights and Accountability Project (SERAP) yesterday urged Senate President Akpabio to refer the allegations of budget padding to appropriate anti-corruption agencies for investigation and prosecution in line “with the lawmakers’ oath of office and the letter and spirit of the Nigerian Constitution 1999 (as amended).”
In a letter dated March 16, 2024 and signed by SERAP’s deputy director, Kolawole Oluwadare, the organisation said: “Rather than suspending Senator Ningi, the Senate ought to have used his allegations as a trigger for addressing the lingering problem of budget padding and corruption in the implementation of constituency projects,” the letter added.
It also asked Akpabio to immediately reinstate Ningi, saying “What Senator Ningi has done is a positive act of good citizenship. No whistleblower should ever be penalised simply for making a public interest disclosure.”
A political analyst and senior lecturer at the Department of Political Science, Bayero University Kano (BUK), Aminu Hayatu, said, “Because the budget padding doesn’t happen without the knowledge of all those in the executive arm, especially in the ministries, departments and other agencies on whose behalf these paddings actually take place,” and because of the involvement of the Senate, the best option is for anti-corruption agencies to take up the investigation.
“To suspend a member of the National Assembly because he blows a whistle about alleged corruption, sends a signal to every other member to be warned that this is not a place where corruption will be exposed.
“This is a wake-up call for our anti-corruption agencies to really do their bit, to do their calling in terms of actually investigating independently of the National Assembly in order to understand what are these issues, where the problem lies, and what is the truth about them.”
CSOs speak on ‘insertion claim’ by lawmakers, executive
Emmanuel Onwubiko, National Coordinator, Human Rights Writers Association of Nigeria (HURIWA), queried: “What do they mean by zonal intervention? Who are the beneficiaries of these interventions, and what exactly are the interventions that justify the indiscriminate sharing of bulk sums of money to senators under the guide of zonal interventions?
“When were these interventions discussed with the constituents, and how did the senators arrive at the exact type of interventions needed by each of the senatorial zones? What the Senate did is simply “budget padding”, which was exposed by one of them,” Onwubiko said.
Executive Director, Resource Centre for Human Rights and Civic Education (CHRICED), Ibrahim Zikirullahi, said the Presidency and the National Assembly were expected to vigorously defend “the indefensible aspects of the inflated budget.”
“Furthermore, both levels of governance have taken advantage of the complacency of the people to act with impunity. Otherwise, why would a federal lawmaker have the audacity to claim that a project funded by public money is a personal constituency project?
“What is most concerning, however, is the silence of the once esteemed civil society activists who appear unperturbed by such actions within the National Assembly. Nevertheless, the day of reckoning will inevitably come,” Zikirullahi said.
National Convener, Coalition of Civil Society Network, Adamu Matazu, also noted that the National Assembly is empowered to alter budgets.
“Senator Ningi’s recent allegations of budget padding lack substance and credibility. His claims are devoid of factual evidence and demonstrate a fundamental misunderstanding of budgetary processes,” he said
Senior Communications Officer at Yiaga Africa, Mark Amaza, said “The practice of constituency projects is one that needs to be overhauled because it not only bloats the budget, but it causes the spending all over the place with seemingly no direction. Not only that, it continues to be controversial.”
Executive Director, CLEEN Foundation, Gad Peter, said “the development clearly is legislative rascality especially that there are people that have been elected; people that only should know the pain, aspiration and help reduce the pressure that Nigerians are going through in terms of poverty, insecurity.
“But you can see that this current budget insertions and all that is the height of insensitivity. And the worst aspect is that they’re not apologetic about it. We hear them saying that they gave every senator about N200 million, and then those that are leaders, either minority leader, majority leader, the Senate President, the Deputy Senate President and all of these other people went with higher amount of money.”
Tunde Salman, the Team Lead/Convener, Good Governance Team Nigeria, said, “Maybe until the issue of constitutionality of padding is defined, the debate about its appropriateness or inappropriateness would linger as some constitutions empower their legislatures to either reduce or increase executive budget proposals.”
The director and co-founder of BudgIT, Oluseun Onigbinde, said the organisation “was not contesting the legitimacy of the insertions into the budget of the national budget. We’re only saying that most of those projects are not geared towards national development.
“And the scale of the insertion is something that we have not seen in recent history. We find that our projects are around N2.2 trillion. In this current environment, where more fiscal tightening is required, it’s a bit of a shocker. Let’s not forget that in previous years, we had delays in the budget process just because of this constant breaking between the executive and the legislature to ensure that the budget signed into law is focused on national development.
Old clip of Obasanjo’s description of N/Assembly trends
Meanwhile, an old clip of former President Olusegun Obasanjo describing the National Assembly as a “den of corruption” resurfaced at the weekend on social media as Nigerians shared their thoughts on the budget padding allegation.
Obasanjo, who spoke in 2016 during the First Akintola Williams Annual Lecture in Lagos, had said: “The National Assembly cabal of today is worse than any cabal that anybody may find anywhere in our national governance system at any time. Members of the National Assembly pay themselves allowances for staff and offices they do not have or maintain.
“Once you’re a member, you’re co-opted and your mouth is stuffed with rottenness and corruption that you cannot opt out as you go home with not less than N15 million a month for a senator and N10 million a month for a member of the House of Representatives.
“Most of them conduct themselves and believe that they are not answerable to anybody. They are blatant in their misbehaviour, cavalier in their misconduct and arrogant in the misuse of parliamentary immunity as a shield against reprisals for their irresponsible acts of malfeasance and/or outright banditry,” he said.
Another video of an event held in 2014 were also being shared across social media. The former president at this event said “Corruption in the National Assembly also includes what they call constituency projects which they give to their agents to execute but invariably, full payment is made with little or no job done.”
Ningi may be reinstated soon- Sources
Sources close to the leadership of the Senate told Daily Trust last night that the allegation of budget padding was a plot to tarnish the image of the National Assembly and distract attention.
One of the sources said the issue, which culminated in Ningi’s suspension “is being resolved amicably.”
He said the suspended senator might be reinstated anytime “if he tenders a public apology to the Senate.”
“I can tell you there is no tension in the Senate. The Senate remains one. The allegation about budget padding is just a ploy to tarnish the image of the senate under Godswill Akpabio who has shown uncommon commitment towards tackling the various challenges confronting the country by fostering effective collaboration with the Executive without jeopardizing the principle of separation of power.
“The N3.7 trillion that was mentioned represents the budget of government owned enterprises (GOEs) and they are expected to come to the Senate to defend their budget because the details are not always in the entire estimate. So, where is the budget padding allegation coming from? The budget was prepared by the executive. The House of Representatives plays more role in scrutinizing the budget and so where’s this allegation coming from if not because some people felt they should be the President of the Senate and not Senator Akpabio.
“There was also the allocation for Zonal Intervention Projects (ZIPs) for members of the National Assembly for their constituencies. The money is not being released to any lawmaker but this is in form of projects for their constituencies”, the lawmaker who did not wish to be name said.
[DailyTrust]
Terrorists on Sunday night kidnapped 87 people after launching a fresh attack on the Kajuru-Station community in Kajuru Local Government Area of Kaduna State.
A member of the Kajuru-Station Youths, Harisu Dari, confirmed the incident to our correspondent on Monday in Kaduna.
Harisu said the terrorists also broke into some shops and stole food items and other valuables.
He said they invaded the village around 10 pm.
The attack came barely two days after 15 women and a man were abducted in the Dogon-Noma community of the same local government.
Kajuru and Chikun LGs had in the past two weeks become the hotbed of kidnapping, causing tension in the state.
Harisu explained that no contact has been established yet with the 87 locals abducted on Sunday night.
“As of the time I visited the community this morning, security operatives have not been drafted to help restore the confidence of the villagers.
“The villagers are traumatic with the sad development. The government needs to re-strategise in tackling these terrorists,” he said.
PUNCH Online reports that the terrorists had in two weeks kidnapped over 172 villagers.
When contacted, the state Police Public Relations Officer, ASP Mansir Hassan, did not respond to calls or a text message sent to him by our correspondent as of the time of filing this report.
[Punch]
–As subsidy spending hits N17.7bn daily
–Marketers put landing cost above N1,000/litre
–Say independents no longer get products
There are indications that the Federal Government through the Nigerian National Petroleum Company Limited (NNPC Ltd) is now spending N17.72 billion daily to fund subsidy on petrol.
Though still shrouded in secrecy, the funding strategy, Vanguard learnt, is consummated by way of crude sales and direct cost recovery by NNPC.
An executive of a major petroleum marketing company in Lagos told Vanguard that the N17.7 billion subsidy cost represents the difference between landing cost of imported petroleum products and effective wholesale price to petroleum marketers.
An executive of a major petroleum marketing company in Lagos told Vanguard that the N17.7 billion subsidy cost represents the difference between landing cost of imported petroleum products and effective wholesale price to petroleum marketers.
Nigeria imports all the petrol it consumes and according to the Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Farouk Ahmed, daily petrol consumption in the country is around 44.3 million litres.
At current average deport price and exchange rate, the FG through NNPC may be incurring about N531 billion losses or revenue shortfall monthly.
At current average deport price and exchange rate, the FG through NNPC may be incurring about N531 billion losses or revenue shortfall monthly.
This has now been reflected in the monthly Federation Account Allocation Committee, FAAC, reports.
The NNPC also deducts this shortfall from its remittances to the Federation Account, but the final distributable balance remains significantly higher than the pre-May 30, 2023 figures due to higher product prices.
The NNPC also deducts this shortfall from its remittances to the Federation Account, but the final distributable balance remains significantly higher than the pre-May 30, 2023 figures due to higher product prices.
President Bola Ahmed Tinubu had on 29th May, 2023, inauguration address declared that subsidies on petrol had ended. His declaration immediately led to a hike in the pump price of fuel to N480 per litre lower limit from N185 per litre. The upper limit was around N560.
Two months later, pump price moved again to over N600 per litre with NNPC Retail dispensing at N617 per litre in Abuja while independents and major marketers sold at N627 per litre. The upper limit in some locations hovered around N680.
Since then, while NNPC-owned stations and affiliates have maintained the N617 per litre rate, prices at the independents and major marketers have soared to N660-N680 per litre. In some states of the Federation the upper limit has gone up to N750.
Two months later, pump price moved again to over N600 per litre with NNPC Retail dispensing at N617 per litre in Abuja while independents and major marketers sold at N627 per litre. The upper limit in some locations hovered around N680.
Since then, while NNPC-owned stations and affiliates have maintained the N617 per litre rate, prices at the independents and major marketers have soared to N660-N680 per litre. In some states of the Federation the upper limit has gone up to N750.
Data clothed in secrecy
Vanguard’s efforts to get Finance Ministry’s official data on petrol import prices were rebuffed while the regular FAAC breakdown of remittances by NNPC has been removed from public communications contrary to the practice a year ago.
Also NNPC declined to release its information on petroleum imports saying that it is now running as a private company, and therefore not obligated to making its trading information public.
Contrary to the position of the FG, petroleum marketers have insisted that the current landing price is above N1,000 per litre, meaning the government was paying the difference.
According to them, the major cost determinant is the exchange rate which had seen the Naira depreciate by almost 200 per cent since the May 29, 2023 declaration.
NNPC Limited remains sole importer of the product as scarcity of foreign exchange killed the euphoria that greeted the passage of the Petroleum Industry Act 2021 that provided for deregulation of the downstream sector of the petroleum industry.
The Act was expected to usher in an era of free market in the downstream sector, where marketers will be able to import and sell at competitive prices.
Marketers’ views
Speaking to Vanguard, the immediate past public relations officer of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Chief Chinedu Ukadike, said the rise in petrol price is largely driven by the low value of the Naira to the Dollar.
Ukadike pointed out that while crude oil price has remained largely stable in the past one year, the Naira has continued to tumble against the dollar following the decision of President Tinubu to float the currency.
He explained that it is impossible for anyone to claim that the price of petrol has not changed significantly from when the exchange rate was N750/dollar when the subsidy was removed last year to now when the rate has moved to N1,600/dollar.
He explained: “Because NNPC is the sole importer of PMS in this country, it is very difficult for anyone to say for sure the actual cost of importing PMS into the country. Simple mathematics will tell you that the price cannot be the same when a dollar was exchanged for N750 and now that it is N1,600 to a dollar. What this means is that the price is above N1,000 per litre.
“So, the foreign exchange determines the price at the local market and if forex rate has increased, invariably, the landing price of petroleum products has also increased by same magnitude. I don’t know the magic through which they continue to sustain the price of PMS at the same level.”
He disclosed that while NNPC’s portal currently displays that ex-depot price was N566.7 per litre, independent marketers are not able to load at NNPC depots and have had to depend on private depots supplied by NNPC at the cost of N630 per litre.
Also speaking to Vanguard, a major marketer blamed foreign exchange rate for the huge gap existing between the actual market cost of petrol and the pump prices.
The marketer who didn’t wish to be named said government is certainly subsidising petrol at the current rate.
According to the marketer, “The landing cost is determined by the rate of the dollar to Naira. If you have US Dollar at N800, the price will be different if you’re buying at N1,600 for instance. So, it depends on the context. The government has told NNPC: don’t move the price.
“But for the rest of us, if you buy a vessel and you bring that vessel from the mother vessel to the port, it will cost you between $400,000 to $600,000 depending on where you are taking it to. If you are coming to Lagos it will cost about $400,000 but if you’re going to the east, it will cost $600,000. So, it cost about $30 per ton. So, if you are calculating this at N1,600/$ the amount is significantly different. And that informs the difference in pump price at NNPC outlets and the rest of us.
“You must also know that when your vessel gets to the port, NIMASA and NPA charge you in dollars. Everything amounts to $10 per ton. That dollar you cannot see in the banks. It is either you buy from the parallel market or you don’t operate.
“So, if NNPC has continued to sell at the old price, it means that the government has intervened. Which I will not call subsidies”, he explained.
Backing the positions of the marketers, oil and gas governance expert, Mr. Henry Adigun said government is paying over N400 per litre as subsidy.
Adigun explained that the easiest way to know the actual price of petrol “is to look at the price of diesel as both products were of the same value”.
He expressed dissatisfaction over non-release of data by NNPC Limited, adding the company remains publicly-owned and funded by the Nigerian people.
He pointed out that NNPC has become more opaque than it was a few years ago, adding that NNPC is likely paying for the subsidies with proceeds of crude oil sales as it did during the President Muhammadu Buhari’s government.
Analysts’ comments
Views across financial experts contradict FG’s position on existence of subsidy payment.
According to them, it is obvious that not only has subsidy regime returned, perhaps the amount spent on fuel subsidy is now far more than ever before.
They also believe that government may have decided to carry the subsidy burden for fear of a likely political and social backlash of transmitting the full cost of imported petrol onto the consumers.
But they also expressed worry over what they see as clear violation of the 2024 Appropriation Act which did not provide for subsidy funding.
Why FG was forced back to subsidy– Expert
Speaking to Vanguard on the subsidy controversy, Tunde Abidoye, Head, Equity Research, FBN Securities Limited, stated: “It is quite clear that petrol subsidies have been back for some time, considering: a) that the product is imported; b) there is a substantial import component in the product’s price and; c) the naira exchange rate has been devalued at least twice, first to around N760, and N1,500per USD.
“Industry experts will tell you that the landing cost of the product is already above the current pump price. Also, we can easily determine the real cost reflective price of petrol by bench-marking its price with those of other deregulated fuels like diesel and kerosene.
“According to the last NBS report, the average price of household kerosene was N1,329.5 as at January 2024. Diesel prices averaged N1,153 due in the same period. The real market price of petrol cannot be substantially lower than prices observed for these two other petroleum products. Consequently, it is clear that PMS prices are being subsidized.”
NNPC owes Nigerians transparency — Highcap Securities boss
Reacting, David Adonri, Executive Vice Chairman at Highcap Securities Limited, said: “There might be a merit in the claim by NNPCL that being a private company although a publicly sponsored enterprise, it is not under any obligation to publicly disclose its corporate information.
“However, it remains an entity with very substantial public interest which demands a high level of transparency. It ought to feed the public with necessary information if it does not have anything to hide.
“From the perspective of arithmetic, depreciation of the Naira and continued importation of petroleum products by NNPCL points in the direction of subsidy at current pump price. It is only when petroleum products are produced locally and sold at open market prices by private refiners that subsidy may no longer arise.”
Publish financial statement to bring everything clearer — Kurfi
In his comment, Mallam Garba Kurfi, Chief Executive Offer at ATP Securities & Funds Limited, said: “We are not having any doubt about subsidy existence in petroleum sector. What is the price of diesel now? There is no doubt about fuel subsidy especially when you compared it with the price of diesel which is about N1,300’per litre. As a public company, their financial statement will bring everything clearer when published.”
Subsidy has crept back into the price of petrol — Olayinka
Reacting as well, Tajudeen Olayinka , Analyst/ CEO, Wyoming Capital and Partners, said: “I believe every discerning individual should know that subsidy is back. So far exchange rate is no longer at the level we had it the last time further adjustment was made to petrol prices, it follows therefore that subsidy has crept back into the current price of petrol across the country. I believe government deliberately put further removal of subsidy on pause, to enable the administration address all the socio-economic costs associated with subsidy removal and economic reforms.”
Withholding information undermines public confidence — Egbomeade
In his response, Clifford Egbomeade, Communications experts /economy commentator, said: “Transparency is essential in ensuring public trust and accountability, particularly in a sector as vital as oil and gas. Withholding information on subsidies and fuel distribution costs can undermine public confidence and raise questions about the motives behind such actions.”
Regarding the existence of subsidies on petrol, he said: “The lack of transparency from NNPC makes it challenging to ascertain the current situation definitively. However, given Nigeria’s history of subsidizing fuel prices to stabilise domestic markets and support consumers, it is plausible that some form of subsidy still exists, albeit potentially obscured by the lack of disclosure.”
[Vanguard]
President Vladimir Putin is leading the 2024 Russian presidential election with a landslide.
According to Reuters, exit polls showed that Putin is leading with 88 percent of the votes to trounce Nikolai Kharitonov of the Communist Party, who trails with four per cent.
Vladislav Davankov, candidate of the New People’s Party, scored 3.85 percent, while Leonid Slutsky of the Liberal Democratic Party of Russia (LDPR) trailed with just 3.1 percent.
Putin, who has been in power since 2000, is set to secure another six-year term that would enable him to become Russia’s longest-serving leader for more than 200 years.
After his second tenure ended in 2008, he served as prime minister for another four years before becoming president again in 2012.
Subsequently, the president drafted a constitutional amendment that extended the presidential term from four to six years in Russia.
[TheCable]
That Nigeria’s economy is in bad shape, is no longer news. Food and other necessities are hard to come by.
However, no matter what turn the economy takes, Nigerians, by their unique nature, will always find survival alternatives.
That is why although it sounds unthinkable to see, anywhere in the world, where bamboos are used in place of irons to cast pillars and decking of building constructions, Nigeria has found in convenient.
The high cost of building materials is making many homeowners go for cheap alternatives for construction.
While many Nigerians whose buildings are under construction are abandoning them, waiting for when prices of materials will go down, most frustrated ones are selling off their uncompleted properties to interested buyers.
But others have decided to invent conventional means by replacing iron rods with bamboo.
Economy&Lifestyle discovered that home construction engineers now use bamboo, laced with construction wires to cast decking and pillars of buildings.
Usually, for such buildings, Iron rods are used in these areas to create rigidity and firmness.
Bamboo, a woody plant with hollow stems is in the grass family. It is always used for scaffolding in tall buildings replacing steel irons merged together with screws.
According to Mr. Andrew Asaga, a building engineer, 12mm, 16mm, 20mm, 25mm, 10mm, or 8mm iron rods are recommended for building apartments depending on the strength of the material and the designs specified.
He added: “Bamboo can also do the job of an iron rods to an extent.
“Some persons now use only bamboo for the pillars.
“Some mix bamboo with iron rods for the decking to save cost.
“Others now use only bamboo for decking.
“An iron rod costs between N10,000 to N30,000 depending on the size.
“This was twice the price it was sold for last year.
Few weeks ago, a client who wanted to build a bungalow asked that I use bamboo mixed with iron rods to build the pillars because the cost of iron rods has increased.
“He wanted me to construct 8 pillars for the building and would need four 12 mm iron rods for a pillar.
“A ton of 12mm (93 pieces) is now over N1.3 million .
“I don’t know where this country is heading to.”
Mr. Atanaza Godbless, an engineer said: ” Building developers are no longer making profits in the business.
” This is because the cost of building materials are increasing daily.
“When you make a quotation for clients today and they respond next week, you get to the market and discover that the prices of the materials you quoted have increased tremendously.
“You are left with nothing to settle with your workers.
“At the end you see engineers running away leaving workers unpaid.
“And such a person is being labelled bad.
“People are now settling for less alternatives of building materials.
“The cost of iron rods for instance, is making people use bamboo.
“The government is seeing all these and nothing is being done to reduce the cost of building materials.
“The result of these alternatives is having inferior buildings and increased building collapse.”
The strong bonds between concrete and the iron rods ensure stronger constructions as external forces cannot easily break these bonds and the concrete will not slip away from these rods as they are tied together during construction.
Mrs. Fatimetu Momoh, a bamboo seller said the price of a piece of bamboo has also increased from N400 per bamboo to N1500.
She added: “Even used ones now go for N900 which was sold for N200.
“Those supplying the bamboo are complaining of logistics and levies paid on the road.
“This is not something we import. Or do we start importing bamboo? Something we have in our country.
“There is no business that is not frustrated in today’s economy. I pray God will save us from this horrible situation.”
Hardship: Gov Zulum shares food aid to 52,000 families, N100m to 2,000 youth, farmers [PHOTOS]
AFOLABI
Governor Babagana Umara Zulum of Borno State supervised the distribution of food aid to over 52,000 families in seven local government areas of Southern Borno to alleviate the hardship caused by inflation and the current economic problems bedeviling the country.
The distribution took place on Sunday at the Biu township stadium.
The benefiting local governments include Biu, Shani, Chibok, Askira-Uba, Kwaya Kusar, Bayo and Hawul.
This is as Senator representing Southern Borno, Mohammed Ali Ndume also urged people in the constituency not to sell the food and non -food items donated to them by Governor Zulum, but to use it in cushioning the current economic hardships.
The governor said, “This morning, we are in Biu to provide palliatives to 52,000 vulnerable families in southern Borno. This is in continuation of our efforts to provide food and non-food items to the less privileged in society.
“We have not consistently given food items to people in southern Borno because they are not deeply affected by the insurgency. However, due to the current hike in food prices, the government has decided to come in and support the people with food aid”, the governor added.
“Each beneficiary will collect 25kg bag of rice and 25kg bag of maize,” Governor Zulum stated.
In Biu local government area, 17,000 families each got a bag of rice and a bag of maize grain. 5,000 families benefited from Shani, Bayo, Kwaya Kusar, Chibok and Hawul local government areas, while in Askira-Uba, 10,000 bags of rice and maize were given to Uba and Askira- Emirates.
Distributes N100m to 2,000 youth, women farmers
Meanwhile, Governor Babagana Umara Zulum distributed over N100m to 2,000 youth and women to support them in cultivating their farmlands
Zulum said, “In addition to the food distribution, we are giving out N100m grant to 2,000 beneficiaries, each receiving N50,000. This grant is for them to use in cultivating their farmlands.
“We hope the money will help them in their farming activities”, he stated.
Speaking at the ceremony, Deputy Governor of Borno, Umar Usman Kadafur, who hails from Biu, urged beneficiaries to make good use of the food gesture and grant provided by the governor.
Dont sell palliatives given to you by government – Ndume urges constituents
Senator representing Southern Borno, Mohammed Ali Ndume has urged people in his constituency not to sale food and non -food items donated to them by Governor Babagana Zulum, but to use it in cushioning the current economic hardships.
Ndume who is the Chief Whip at the national assembly commended President Bola Ahmed Tinubu for given approval of palliatives worth N200 million to each Senator for onward distribution to people in their respective communities.
He noted he has since embarked on distribution of such palliatives to his constituents in order to complement good efforts of Borno State Government under the leadership of Governor Zulum.
His words, ” I want to use this opportunity to thank our Governor for considering the people of Southern Borno under this very difficult and expensive situation. This palliatives is coming at a right time because we are in person of Ramadan Kareem.
“At least, each of the 52,000 beneficiaries will go home with 25kg bags of rice and maize, while 2,000 youths including women were given N50,000 each as empowerment grants by the state government. This is highly commendable.
“Likewise, I thank President Bola Tinubu for supporting each Senator with grains and rice worth N200 million. As you can see Borno has taken the lead in distribution of palliatives more than any state in the whole of the federation, and I want to urge our people to maintain law and order throughout the distribution exercise,” Ndume stated.
In a related development, Governor Zulum unveiled Water projects in Azare, the headquarters of Hawul local government area.
According to the Commissioner Ministry of Water Resources, Engr Tijjani Goni, the Water tank is about 965 liters which would be powered by solar borehole that will distribute water to Azare town and it’s environs
The Federal Government has reacted to the uproar and castigation that greeted the Memorandum of Understand, MoU, it signed with Messrs MPH Rail Development Limited, a United Kingdom, UK, firm.
The MoU which was signed by the Ministry of Transport on March 13, 2024, was for the building of the Port Harcourt–Enugu–Calabar–Abuja Standard Gauge Rail Line.
The announcement of the MoU, has sparked widespread controversy and condemnation by Nigerians on social media, especially X.
They expressed concern over the decision of the government to sign such MoU with a company without palpable rail construction history.
Responding to the controversy, Minister of Transportation, Sa’idu Ahmed Alkali, disclosed that the project was still at its preliminary stage.
In a statement issued on Sunday by Olujimi Oyetomi, Director, Press and Public Relations of the Ministry, the minister noted that the documents that were signed are not legally binding.
Parts of the statement read, “For clarity, a Memorandum of Understanding or MoU is a non-binding agreement that states each party’s intentions to take actions, conduct a business transaction or form a new relationship.
“It is not a legal binding agreement.
“It provides only a platform for further agreement, discussion, scrutiny and the provisions of required guarantees by the parties to reach agreement if the parties are satisfied.
“The MoU in question arose from an unsolicited proposal presented by the British African Business Alliance, BABA, an association based in the United Kingdom with interest in businesses in Africa. It’s proposal was initially submitted to the ministry on 27th August 2019.
“As required, the business, Outline Business Case was submitted to the Infrastructure Concession and Regulatory Commission, ICRC, on 8th December 2023. The major attraction of the proposal is BABA/MPH’s initiative to achieve 100% private sector funding for the project with no loans or debt to the Nigerian government or any of its agencies as captured in the Article 3.3 of the MoU.
“The regulatory Commission on 27 December 2023 granted approval and issued a conditional OBC Certification. It is pertinent to note at this juncture that COVID-19 was a major contributor to the time lag between the initial proposal and the ICRC OBC Certification
The Senate has warned the executive against increasing the budget size through a supplementary budget, advising the government to use the excess savings that are expected to be made from the recent depreciation of the naira to fund deficit.
This came against the backdrop of the depreciation of the local currency against the United States dollar from N900/$r to over 1,500/$, following a series of moves by the Central Bank of Nigeria to unify the parallel and official market exchange rates of the naira.
The National Assembly had in December moved the 2024 budget benchmark exchange rate from N750/dollar sent by President Bola Tinubu to N800/dollar.
Giving reasons at that time, the Chairman of the Senate Committee on Appropriation, Senator Solomon Adeola, explained, “The current price of the dollar at the black market is between N1200 and N1300 and in the Central Bank of Nigeria, it is between N950 and N1000 and we have a budget which was pegged at N750, if you look at the gap, you’d realise that has covered a lot of gaps already.”
“Again, we did some external consultations, most especially in the area of oil benchmark and petroleum resources, if we had gone in that line, we’d have pegged it at N850/N900 to a dollar and we agree that we want to be conservative in our approach, so that nobody will think that we want to increase the budget for any ulterior motive, that was why we left it at N490bn out of which N44bn is for statutory transfer, so effectively, the increment is about N446bn that is going into the Federal Government pocket as consolidated revenue.”
“So, you can see that what necessitated our action is the economic reality and what is obtainable in both the black and open markets.”
However, following the depreciation of the naira from N900/dollar to over N1,500/dollar, the Senate has advised the Federal Government against increasing the budget size, saying the move could worsen the country’s already high inflation rate.
Rather, the Senate said the executive should use the excess savings to cut down on loans it would seek to fund the deficit in the budget.
The Chairman of the Senate Committee on Banking, Insurance and other Financial Institutions, Tokunbo Abiru, in an exclusive interview with The PUNCH, advised the Federal government to avoid increasing the budget size.
He also advised that gains from the budget should be spent on reducing the budget deficit.
He said, “My position will be to advise that the Federal Government not to expand the size of the budget, rather use whatever gains that come to moderate inflation excess; and even the appetite for contracting loans for deficit should be moderated.”
He also explained that it was too early to determine the workability of the budget despite the volatility of the naira.
He explained, “What you use in budgeting is average rate not spot rate. What you are seeing today in the forex market is still looking like a spot rate.
“And you can see all attempts, all efforts from the end of Central Bank of Nigeria and the federal government is to find a way to stabilize. I can’t tell what the stabilized number would be.”
Abiru added, “So it will be too hasty to begin to judge from the current spot performance, not until when we have something close to our average or stable position. That’s when you should not be thinking about any revision of the budget.”
Also speaking in the same vein, the Deputy Chairman of the Senate Committee on Appropriation, Senator Ali Ndume, said the country would be saving over N600 on every dollar in the 2024 budget.
According to him, Nigeria earns over 60 per cent of its revenue in dollars and, as such, the fall of the naira against the dollar has created huge savings for the country.
Explaining he said, “We should be talking about budget excess not deficit. We spend naira, our budget is in Naira and we are spending in naira.
“The crude oil is our major source of income and it is being sold in dollars. So, if we are to analyze things, then we are making more money than losing money. The Federal Government pegged it first at N750 but at the National Assembly we jerked it up to N800.”
Ndume added, “So, we are selling our crude at about N1400 instead of N800, so we are making about N600 budget excesses. So, we have more money to spend.
“The budget is a dolarised budget so to say, such that our income is in dollars and expenditure is in naira. We are spending naira and earning dollars.”
On the increment in the prices of foodstuff, the lawmaker said that the hike in the prices was caused by Nigerians who were taking advantage of the volatility of the foreign exchange.
Ndume added, “The problem we have is in foreign exchange, but most of our foods are produced locally. So, the increment is on people who decide to take advantage of the foreign exchange.
“For instance, we don’t import corn, beans and other foodstuff, so why are the prices of foodstuff going up?”
Economists react
A professor of Economics at Babcock University, Ilisan, Ogun State, Segun Ajibola, said the rise in dollar would affect both the budget revenue and expenditure.
“You know budget is both sides – revenue and expenditure. The first thing we should realise is that if government earns dollar, the government will monetise that dollar at the exchange rate, then expenses will be incurred at that same exchange rate, so it will affect both the revenue and the expenditure,” Ajibola said.
He noted that foreign exchange accounts for about 60 per cent of total government revenue, stating, however, that there might still be a shortfall because this year’s budget is a deficit budgeting.
“So, the onus is on the government to drive supply. If the government can drive the supply of foreign exchange earnings, not just from the monolithic earning that we have, where we earn most substantially from crude oil; If we can drive non-oil foreign exchange earnings, then it will help. However, the important thing is to stabilise the economy.
“The Federal Government should see what could be done quickly, what we call quick wins. How can we redirect our exposure in the foreign exchange market? If our local refineries work, we can cut off importation of fuel. There are some items we need not spend foreign exchange on, like toothpicks,” the don said.
He, however, observed that there might be the need to review the budget later in the year.
Speaking, the Managing Director/Chief Economist of Analysts’ Data Services and Resources, Dr Afolabi Olowookere, said that the gap between the projected benchmark of the dollar in the 2024 budget and the current rate of the dollar had multiple effects on the government and the economy.
“Devaluation will help their budget in terms of revenue because money coming from abroad will now be changed at the rate of N1,400/dollar or N1,500/dollar.
“It is also possible that the FG may also lose. There are two ways that they can lose. The first way is, if they need to import or travel, they have to look for N1,400, N1,500 to pay and most contractors, I know would have gone back to the government to say that they cannot execute their contracts at the previous rate.
“So, on one hand, the government will be making more money from the conversion, and on the other hand, the government will be paying more for everything it has to import,” he stressed.
Touching on the third impact, Olowookere said that the exchange rate was already affecting the local economy,
“Look at cement, which is largely produced here, has gone up. So, effectively, the government will benefit but not as much as it would have benefited,” he reiterated.
Similarly, the Managing Director at Afrinvest Securities, Ayodeji Ebo, told one of our correspondents that the devaluation of the naira was positive for the government, doubling revenue when converted to naira.
“However, in terms of capital expenditure or spending, it will affect the Nigerian government because the cost of those projects would have doubled. So, in that case, the government would have to channel more funds to achieve the targeted projects. For example, if they have budgeted N3tn for capital expenditure, it now means you would spend close to N6tn or more.
“Given the current situation, we need to focus on reducing oil theft. When we export oil, we earn in dollars. When you convert it to naira, it becomes a significant amount of money,” Ebo noted.
In the same vein, an economist, Dr Elias Aliyu, maintained that the government pegging the exchange rate at N750 to $1, and later adjusting it to N800 by the National Assembly, appeared to be an overly ambitious move.
Meanwhile, a professor of Economics at the University of Uyo, Akpan Ekpo, said the devaluation of the naira had rendered the government’s exchange rate peg in the 2024 budget infeasible.
According to him, the government would either have to readjust its spending or float a supplementary budget to cushion the damage the current exchange rate has done to its budget.
“The oil we are exporting now, we already got the money a long time ago through the future market. Knowing the government, they would have to borrow to implement the budget.
“The budget already had a deficit. We will now have a higher deficit. They will now have to go for a supplementary budget or adjust expenditure through what we call expenditure switching. But knowing the government. They will want to borrow,” he said.
Speaking further, Ekpo urged the government to consider reviewing some of its policies to attenuate the severe impact the economic reforms have had on the populace.
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The Senior Staff Association of Nigerian Universities and the Non-Academic Staff Union of Nigerian Universities and Allied Institutions will commence a nationwide strike today (Monday), to protest their withheld four months’ salary.
The National President of SSANU, Muhammed Ibrahim, informed The PUNCH on Sunday that the two unions were set for their nationwide strike.
But the Minister for Education, Prof. Tahir Mamman, said he was unaware of SSANU/NASU’s planned strike.
In a text message sent to one of our correspondents on Sunday, the minister said, “I am not aware of any planned strike. But I know the matter is receiving attention at the highest level of govt. I will get across to them.”
The Federal Government, implementing the no-work, no-pay policy, had withheld the salaries of university workers following a prolonged strike in 2021.
However, the Federal Government in February released four-month withheld salaries to members of the Academic Staff Union of Universities but left out SSANU and NASU.
The two unions, in several letters, demanded that their withheld salaries be equally released and gave the Federal Government an ultimatum with a threat to embark on a nationwide strike.
Speaking to The PUNCH on Sunday, the SSANU leader, Ibrahim, said, “The Joint Action Committee of NASU and SSANU has inundated the Federal Government with the need to pay the withheld four-month salaries of our members in the federal universities and inter-university centres as done for our academic counterpart to no avail.
“As a matter of fact, the attention of Rt. Hon. Femi Gbajabiamila, Chief of Staff to the President, and Prof. Tahir Mamman, SAN, the Honourable Minister of Education, was called to this injustice and unfair treatment of our members in our letter referenced JAC/NS/VOL.I/277 and dated 13th February 2024. We called on them to resolve the issue positively before it leads to an unnecessary upheaval in our university sector.
“In a similar vein, a press release was issued on 1st March 2024 and the Federal Government was given a seven-day ultimatum to do the needful in respect of the payment of the withheld four months’ salaries but nothing was done on the matter.
“Having waited patiently for the ultimatum to expire without any positive response from the government, this is to direct our members in the universities and inter-university centres throughout the country to commence a seven-day warning strike effective Monday, 18th March 2024 in the first instance.”
Also, SSANU National Vice-President, Abdussobur Salaam, said the government had not made any offer to the union since it started the agitation for payment of its withheld salaries.
“We have not heard anything from the government; they are not saying anything about payment of the salaries, no promises, no negotiation. We are not saying they should pay everything at once, at least they should show commitment, talk to us, and tell us when we should expect the payment, but nothing from them, they have been silent even after our warning strike press statement, still, nothing.”
Nearly a year and a half after his inauguration, Osun State Governor, Ademola Adeleke has finally moved into the state’s government house in Osogbo, the state capital.
Naija News recalls that Governor Adeleke, who was sworn in on November 27, 2022, diverged from the norm established by his predecessors by choosing not to move into the state’s government house immediately.
His decision had drawn criticism, especially from the opposition All Progressives Congress (APC), but it was defended with the explanation that the Government House was undergoing renovations.
However, on Sunday, a statement from the Governor’s spokesperson, Olawale Rasheed, announced the completion of the renovation works, paving the way for Adeleke’s move into the government house.
The renovation encompassed extensive work on the main house, completion of a previously abandoned multi-bedroom guest house, remodelling of several structures, and repairs to numerous facilities that had fallen into disrepair.
During the unveiling ceremony of the refurbished Government House, attended by top state officials, Governor Adeleke affirmed his administration’s commitment to upgrading state assets, regardless of their origin.
“I have upgraded the Government House just as I rehabilitated the Governor’s Office. We ensured the Government House was rescued from the open neglect we inherited,” Adeleke stated, emphasizing the importance of maintaining state assets for future generations.
The Governor also highlighted that his administration is not only focusing on completing inherited projects but is also initiating new ones, aiming to fulfil the five-point agenda promised to the citizens of Osun State.
However, reacting to the development, Osun APC Chairman Tajudeen Lawal criticized the project as a misplaced priority, especially in light of the economic challenges faced by the state’s residents due to the removal of the federal fuel subsidy.
Lawal accused Governor Adeleke of focusing on less impactful projects while his counterparts in other states were seeking ways to alleviate the economic burden on their citizens.
The lawmaker representing Delta South Senatorial District, Joel-Onowakpo Thomas, has called for a thorough investigation into the murder of 16 military personnel in Okuama Community, Ughelli South Local Government Area of Delta State.
The lawmaker, in a statement on Sunday in Warri, condemned the act and described it as “a crisis taken too far”.
While calling for calm, he noted that the military operatives were on a peace mission to rescue one Mr Anthony Aboh, who was allegedly kidnapped in Okuama Community.
Thomas, who is also the Vice-Chairman of the Senate Committee on Defence, commiserated with the military authority and families of the slain soldiers.
He called for a holistic investigation to unearth the remote causes of the crisis and urged both the state and federal governments to urgently intervene to prevent it from escalating.
“There is a need for the security agencies to go after the masterminds of the heinous crime.
“There is also the need for the military to tactically deploy intelligence in tracking the masterminds to avoid the killing of innocent people in Okuama Community.
“I commiserate with the military authority, families of the slain soldiers as well as others who may have lost their loved ones to the crisis.
“I urge the people of Okuama Community to assist the military to fish out the killers of the gallant soldiers,” Thomas said.
The Nigerian Army had in a statement issued on Saturday confirmed the death of 16 soldiers in the conflict between the military and youths of the community.
According to the statement issued by the acting Director of Defence Information, Brig.-Gen. Tukur Gusau, a Commanding Officer, two Majors, one Captain, and 12 other soldiers were affected.
Statement on the killing of Nigerian soldiers on a peace mission to Okuama Community in Delta State
AdminOn Saturday morning, the Nigerian people and I woke up to the dreadful news of the unprovoked killing of our brave military personnel during a rescue mission in Okuama Community in Ughelli South Local Government Area of Delta State.
The incident occurred on Thursday, March 14, 2024, when our troops, responding to a crisis between Okuama and Okoloba communities in Delta State, were ambushed. A Commanding Officer, two Majors, one Captain, and twelve soldiers sadly lost their lives. One civilian was also killed.
As the Commander-in-Chief, I join all well-meaning Nigerians and the men and women of our armed forces to mourn and express my profound grief over the needless death of our gallant soldiers.
I extend my profound condolences to the families of these fallen soldiers, their colleagues, and their loved ones. The military high command is already responding to this incident. The cowardly offenders responsible for this heinous crime will not go unpunished.
This incident, once again, demonstrates the dangers faced by our servicemen and women in the line of duty. I salute their heroism, courage, and uncommon grit and patriotism.
Asa nation, we must constantly remember and honour all those who have paid the ultimate price to keep our nation safe, strong, and united. The officers and men who died in Okuama community have joined the pantheon of great men and women who gave their all, with honour, in the service of our fatherland.
Members of our armed forces are at the heart and core of our nationhood. Any attack on them is a direct attack on our nation. We will not accept this wicked act.
The Defence Headquarters and Chief of Defence Staff have been granted full authority to bring to justice anybody found to have been responsible for this unconscionable crime against the Nigerian people.
My government will not relent until we achieve peace and tranquillity in every part of Nigeria.
May God continue to bless the Federal Republic of Nigeria and keep members of our armed forces safe.
Bola Ahmed Tinubu President & Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria 17th March 2024
