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The Naira appreciated on Tuesday at the official market, trading at N1,678.93 against the dollar and recovering from a three-day trading loss.
Data from the official trading platform of the FMDQ Exchange, revealed that the Naira gained N11.44.
This represents a 0.67 per cent gain when compared to the previous trading date on Monday when it exchanged at N1,690.37 to a dollar.
Similarly, the Naira yesterday appreciated to N1,730 per dollar in the parallel market from N1,735 per dollar on Monday.
However, the total daily turnover reduced to 128.59 million dollars on Tuesday down from 173.14 million dollars recorded on Monday.
At the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,698 and N1,631 against the dollar.
(NAN)
The Dangote Petroleum Refinery has begun the export of refined petroleum products to neighbouring West African countries, a sign to traders that the mega-refinery’s operations could soon potentially shake up regional fuel markets.
A report by Bloomberg on Tuesday, quoting data sourced from Vortexa, Kpler, Precise Intelligence, a port report, and ship-tracking platform, said a tanker has hauled a shipment of gasoline from the Dangote Petroleum Refinery to waters off the coast of Togo, a neighbouring West African country.
The report said a CL Jane Austen recently loaded more than 300,000 barrels from Dangote and sailed west.
Recall that last month, the chairman of the Ghana National Petroleum Authority, Mustapha Abdul-Hamid, said the country is considering buying petroleum products from the Dangote refinery to help the country cut more expensive exports from Europe which cost the country about $400m monthly.
The chairman of NPA, Ghana, who spoke at the OTL Africa Downstream Oil Conference in Lagos, said importing from Nigeria rather than Europe would reduce the prices of other goods and services by removing freight costs.
“If the refinery reaches 650,000bpd a day capacity, all that volume cannot be consumed by Nigeria alone, so instead of us importing as we do right now from Rotterdam, it will be much easier for us to import from Nigeria and I believe that will bring down our prices,” Hamid said.
Similarly, The PUNCH exclusively reported two weeks ago that the refinery was set to begin fuel exports to South Africa, Angola, and Namibia.
It added that four other African countries – Niger Republic, Chad, Burkina Faso, and Central Africa Republic – had also started negotiations with the refinery.
A highly credible source, who confirmed this exclusively to one of our correspondents, said the management of the 650,000bpd capacity refinery was at the advanced stages of talks with the countries to start lifting fuel.
“I can confirm to you that talks are actually at the advanced stage with Ghana, Angola, Namibia, and South Africa, while the initial discussion is coming up with Niger, Chad, Burkina Faso, and the Central African Republic,” the source said.
The report further stated that the petroleum product shipment is now floating off the coast of Lome, a popular area for ship-to-ship transfers.
It’s also not certain where the CL Jane Austen’s cargo will ultimately end up.
Although it’s off Togo, the area is often used for Ship-to-ship transfers, meaning the fuel could subsequently be taken elsewhere.
“While the shipment is tiny in the context of the global gasoline market, it signals the ramp-up of Dangote’s production and the potential to export significant volumes of gasoline beyond Nigeria, which could upend regional markets.”
The refinery last month shipped its first seaborne gasoline cargo to the nearby commercial hub of Lagos.
Whether large amounts of Dangote’s gasoline output end up being exported remains to be seen.
Last month, the Federal Government ended its state-owned oil company’s monopoly on buying the fuel from the plant for domestic use but has allowed the continued importation of fuel from Europe and the US in line with the regulatory act.
According to the report, a Dangote spokesperson didn’t respond to a request for comments.
An audit report has uncovered financial irregularities totalling over N4.64bn in the Federal Ministry of Works (Housing Sector), raising concerns about systemic non-compliance with financial regulations and procurement laws.
The findings, contained in the Auditor-General for the Federation’s Annual Report, cover activities between 2020 and 2021 and reveal significant lapses in internal controls under Babatunde Fashola, the former Minister of Works and Housing.
The report details several issues, including payments made without proper documentation, extra-budgetary expenditures, mobilisation fees exceeding approved thresholds, and contracts awarded without following due process.
A sum of N1.08bn was paid from the Government Integrated Financial Management Information System account without the requisite payment vouchers, violating Paragraph 601 of the Financial Regulations, 2009.
Also, N546m was transferred to project accounts without adequate documentation or budgetary provision.
The Auditor-General’s report attributed these anomalies to weak internal control mechanisms in the Ministry and warned of risks such as fund misappropriation and loss.
Despite queries, the ministry failed to respond to these issues.
The Auditor-General recommended that the Permanent Secretary justify the payments, recover the funds, and remit them to the Treasury.
The audit report also recommended that evidence of compliance should be submitted to the National Assembly’s Public Accounts Committees, failing which sanctions under Paragraph 3106 of the Financial Regulations should apply.
Extra-budgetary spending
The audit unearthed extra-budgetary expenditures amounting to N2.89bn, including N1.88bn spent without legislative appropriation.
Also, over N1bn was paid to contractors for road projects in Katsina State, which were only included in the 2017 Appropriation Act.
These expenditures contravene Section 80(4) of the 1999 Constitution, which mandates legislative approval for all withdrawals from public funds.
The audit report read, “The sum of N1,883,795,670.51 (One billion, eight hundred and eighty-three million, seven hundred and ninety-five thousand, six hundred and seventy naira, fifty-one kobo) was expended by the Ministry without evidence of appropriation.
“The sum of N1,003,039,708.79 (One billion, three million, thirty-nine thousand, seven hundred and eight naira, seventy-nine kobo) was paid to four contractors for the construction of roads in Daura, Katsina State. The project was budgeted for in the 2017 Appropriation Act, and
“Approval for the extra-budgetary expenditures in (i) and (ii) above, totalling N2,886,835,379.30 (Two billion, eight hundred and eighty-six million, eight hundred and thirty-five thousand, three hundred and seventy-nine naira, thirty kobo) by the National Assembly was not presented for audit.
“The above anomalies could be attributed to weaknesses in the internal control system at the Federal Ministry of Works (Housing Sector).”
The lack of adherence to financial accountability standards raises concerns about the potential diversion of public funds.
No response was provided by the Ministry to clarify these expenditures.
The report called for the recovery of the unauthorised funds and recommended sanctions for those responsible under relevant financial regulations.
The report further revealed contracts worth N493.97m were awarded to companies not registered with the Corporate Affairs Commission.
Of this amount, N170.36m was paid to unregistered entities, and a company awarded a contract in 2016 was only registered in 2019, contravening the Public Procurement Act, 2007, and the Companies and Allied Matters Act, 2020.
The absence of legal registration increases the risk of contract non-execution, fund mismanagement, and payment to ghost entities.
The audit report noted, “Payment for Contracts totalling N493,967,484.24 (Four hundred and ninety-three million, nine hundred and sixty-seven thousand, four hundred and eighty-four naira, twenty-four kobo) were made to non-existing companies.
“The sum of N5,825,989.28 (Five million, eight hundred and twenty-five thousand, nine hundred and eighty-nine naira, twenty-eight kobo) was paid to a contractor vide payment voucher with Ref. No PROC/PBHD/CAP1345/2020 dated 30th December, 2020, out of the total contract sum of N493,967,484.24 without the company being incorporated.
“Three contractors were paid a total of N170,355,961.05 without evidence of incorporation with the Corporate Affairs Commission (CAC).
“A company that was awarded a contract on the 25th of November, 2016 was incorporated with CAC on the 16th of August, 2019.
“The above anomalies could be attributed to weaknesses in the internal control system at the Federal Ministry of Works (Housing Sector).”
The Ministry was advised to recover the funds, ensure remittance to the Treasury, and implement sanctions against officials involved in the irregular awards.
Other financial infractions
The report also noted that in Oyo State, the ministry paid N110.81m, representing 22.61 per cent of a total contract sum, as mobilisation fees for a project, exceeding the 15 per cent limit prescribed by Paragraph 2933 of the Financial Regulations.
The contract was also irregularly awarded on a Sunday, further raising concerns about procedural integrity.
The report called for the recovery of the excess payment and recommended strict sanctions for gross misconduct under Paragraph 3129 of the Financial Regulations.
Also, a contract worth N46.31m for classroom construction in Edo State was awarded without adhering to due process.
The report further noted that N40.83m, representing 88.18 per cent of the contract sum, was paid to the contractor, exceeding mobilisation thresholds.
The lack of documentation, such as tender evaluations and approvals, exposes the ministry to risks of incomplete projects and fund diversion.
Five contracts worth N27.84m were awarded without obtaining bids from at least three unrelated contractors, as required under Section 24(1) of the Public Procurement Act, 2007.
The ministry also failed to present essential documents, including advertisements, tender evaluations, and meeting minutes.
The Auditor-General’s report paints a grim picture of financial management in the Federal Ministry of Works (Housing Sector), citing pervasive internal control weaknesses, poor compliance, and lack of accountability.
The report stressed the need for urgent reforms to prevent further financial mismanagement and safeguard public funds.
The PUNCH earlier reported that the Senate on Monday vowed to invoke parliamentary sanctions against any head of a Federal Government agency indicted for financial infractions in the report submitted to the National Assembly by the Auditor-General for the Federation.
The Chairman of the Senate Committee on Legislative Compliance, Senator Garba Madoki, gave the warning at a one-day roundtable workshop in Abuja.
Madoki lamented the rate at which heads of the MDAs have been shunning Senate summons and warned that further disregard for the resolutions of the red chamber would no longer be tolerated.
….signs wage agreement with labour leaders
Ekiti State Governor, Mr Biodun Oyebanji on Tuesday approved a new minimum wage of N70,000 for workers in the state effective December 1.
The approval follows the signing of a Memorandum of Understanding (MoU) by the state Government and leaders of Organised labour in the state.
According to the MoU, the new minimum wage will cover all strata of Ekiti workers, as well as pensioners.
The wage agreement was signed on behalf of the state government by the Head of Service, Dr Folakemi Olomojobi; while leaders of the labour centres in the state signed on behalf of workers.
Dr Olomojobi said Governor Oyebanji approved the template the way it was presented by the committee based on the Governor’s commitment to prioritising workers’ welfare and wellbeing.
While describing Governor Oyebanji as a “worker - friendly Governor” who desires the best for workers in the state, the Head of Service used the opportunity to express her appreciation to the labour leaders for their understanding, patience and dexterity in achieving the best for the workers.
She also thanked Ekiti workers for waiting patiently for the outcome of the decision of the committee and for their unwavering trust in the state government that it will give them the best deal.
She called on workers to reciprocate the government gesture by enhancing their service delivery through their commitment to the success of the administration.
“Today is another landmark in the history of Ekiti State as we come together to sign the new minimum wage for Ekiti State Public servants. I want to first appreciate our Governor, who on the 31st August, 2024 put together the committee to negotiate Ekiti state public service minimum wage. This committee has taken not less than eight weeks to meet to deliberate on the minimum wage for Ekiti state.
“I want to emphasize that this was a very painstaking process, it was a process that brought to bear the funds available to Ekiti. In the midst of this, Mr Governor bent forward and backward to accommodate our yearnings, and today we have agreed on the minimum wage to be paid in Ekiti State.
“In the past few weeks, we have also put together the consequential adjustment and I am happy to announce that the Governor of Ekiti State is bringing out the best for every public worker in the state.
“I have had the privilege of looking at what is done across the nation and I congratulate Ekiti state workers for having the best deal. Today we will be endorsing the consequential adjustment, across the state, local government areas, across every parastatals and MDAs in the state. The pensioners are not left out”, The Head of Service stated.
In their separate remarks, Chairmen of Nigeria Labour Congress (NLC) in the state, Comrade Kolapo Olatunde; Trade Union Congress (TUC), Comrade Sola Adigun and Joint Negotiating Council (JNC), Comrade Femi Ajoloko commended Governor Oyebanji for his efforts at giving the best to Ekiti workers.
The Labour leaders also noted that the new minimum wage cut across all strata of Ekiti workforce including the pensioners, adding that when the table is compared with those of other states, Governor Oyebanji has given the best.
Also at the brief event were the Commissioner for Information, Rt. Hon. Taiwo Olatunbosun, Permanent Secretaries of Ministry of Finance and Office of Establishment, Training and Service Delivery.
It is recalled that Governor Oyebanji had since assuming office as the Chief Executive of the state on October 16, 2022 demonstrated strong commitment to workers welfare and wellbeing, in addition to creating economic opportunities for those in the informal sector.
Aside regular payment of salaries and pensions ( usually paid around 22nd of every month), the Governor has also ensured regular payment of deductions to appropriate channels.
In the wake of the subsidy removal last year, Governor Oyebanji also introduced a special wage award of N15,000 to workers and N10,000 to pensioners to cushion the effect of the subsidy removal and the attendant economic challenges .
The wage award, which was initially planned for six months, has since being paid along with salaries and pensions to workers and pensioners, thereby making Ekiti one of the few states paying wage award to workers and pensioners till date.
In a bold attempt to defray outstanding gratuities owed by previous administrations, Governor Oyebanji had in the last two months doled out a total N4.5 billion to pay pensioners.
The new minimum wage reflects the commitment of the Biodun Abayomi Oyebanji administration to ensure the state workforce is supported and motivated for a more effective service delivery.
The Anambra State Governor, Prof. Chukwuma Soludo, on Tuesday, presented the N607 billion 2025 draft budget proposal to the state House of Assembly.
Presenting the budget to the House, Soludo, who labelled the budget “Changing Gears 2.0” with an emphasis on acceleration and execution, stated that it represents a 48 per cent increase compared to the 2024 budget of N410 billion.
Soludo explained that N139.5 billion, which represents 45 per cent of the budget, is allocated to recurrent expenditure, while N467.5 billion, representing 48.9 per cent, is for capital expenditure.
He added that the capital budget constitutes 77 per cent of the total budget size, while recurrent expenditure accounts for 23 per cent, reflecting the same ratios as in the 2024 budget. He also noted that the budget deficit is estimated at N148.3 billion, which is 24 per cent of the budget, compared to 30 per cent in the 2024 budget.
The governor pointed out that, as with the 2024 budget, the deficit is expected to be funded through revenue growth or borrowing from financial institutions, explaining that the state did not borrow to finance budget deficits in either 2023 or 2024.
He stated, “Mr Speaker, honourable members, from the foregoing, it is evident that there is no stopping our consistent acceleration in a steadfast execution mode. For sure, 2025 is a governorship election year in Anambra State.
While the politicians will focus on politics, we will focus 100 per cent on executing our multi-faceted agenda with a deadline. Consequently, we have titled this budget ‘Changing Gears 2.0’ with an emphasis on acceleration and execution.”
“The proposed budget size is N606,991,849,118 for the fiscal year 2025. Compared to the 2024 budget of N410,132,225,272, this represents a 48 per cent increase.”
He further noted that, depending on the execution in 2025, the state may still avoid borrowing to fund the deficit. In comparison to the 2024 budget, several key sectors are seeing significant increases: the administrative sector by 45.5 per cent; the economic sector by 40.1 per cent; the judiciary sector by 51.3 per cent; the social sector by 82.7 per cent; education by 101.4 per cent; health by 57.1 per cent; and infrastructure investment by 38.9 per cent.
“We are building upon the iconic projects initiated in 2024 while introducing new ones. Infrastructure and economic transformation, as well as human capital development, remain the core of this administration. Significantly, at least 70 per cent of the budget is allocated to these sectors.”
“We are progressing the development of three new cities: Awka 2.0, Onitsha 2.0, and a new industrial city. The Anambra Mixed-Use Industrial City Master Plan and the railway master plan/feasibility study have been completed. Afreximbank and AFDB remain committed to supporting the development of the Industrial City.”
The governor highlighted plans to continue enhancing the ease of doing business in Anambra to make the state the preferred destination for investors. He mentioned that the state recently concluded the second edition of the Anambra Investment Summit, where 10 elite companies signed Memoranda of Understanding.
He also shared plans to build the largest shopping mall in Africa and develop leisure centres throughout the state.
Additionally, he noted the recent investment in equipment to enhance night landing capabilities at the Chinua Achebe International Airport.
On human capital development, the governor reiterated the focus on education and health. He said, “Our goal remains to provide free and qualitative education for every child in Anambra to enable them to succeed. We will maintain our free education policy and continue to pay the newly agreed operational costs for schools. We are transforming 22 secondary schools into smart schools (with many more to follow in the new year), setting a standard for what an ideal school should be in Anambra.”
He continued, “We will continue the aggressive upgrade of infrastructure in our primary schools through the ASUBEB programme. Indeed, by 2025, we plan to make significant investments in education so that our students and teachers will smile like never before.”
The governor also mentioned that the government currently spends over N1.2 billion a month to pay the salaries of government teachers deployed to these “returned mission schools,” excluding the pensions of retired teachers.
Fagbemi emphasised that the needs of poor and vulnerable individuals are also addressed in this budget. “More than 100,000 households will receive 10 or more seedlings of coconut, palm, ukwa, pawpaw, soursop, and other crops per household, as we did in 2024. We will also provide grants to micro businesses across 326 wards in the state as part of our commitment to our party mantra, ‘Onye Aghana Nwanneya’.”
“In 2025, we plan to expand our One-Youth, Two-Skills programme to accommodate more youths and empower them accordingly. We are also establishing a One Million Digital Tribe, scaling our digital skill training programme through the Solution Innovation District.”
Gombe State Governor, Muhammadu Yahaya, on Tuesday presented a proposed budget of N320.11bn for the 2025 fiscal year to the state House of Assembly, with a focus on capital expenditure.
The budget tagged “Budget of Transformation and Resilience,” allocates N111.09bn (34.7%) to recurrent expenditure and N209.02bn (65.3%) to capital expenditure.
In his address, Yahaya said, “In our efforts to address the developmental aspirations of the people of Gombe State in the 2025 fiscal year, I hereby present a proposed budget of N320.11bn. Out of this, N111.09bn is allocated for recurrent expenditure, while N209.02bn is earmarked for capital projects.”
The economic sector received the highest allocation of N138.04bn, followed by the social sector with N58.87bn, general administration with N9.01bn, and the law and justice sector with N3.11bn.
The governor disclosed plans to generate N160.27bn in recurrent revenue and N71.52bn in capital receipts while projecting an estimated closing balance of N11.68bn for 2024.
Yahaya assured the people that the 2025 budget reflects the state’s commitment to inclusive development.
He stated, “This budget aligns with local, national, and global economic realities.
“It prioritises the developmental needs of our people while emphasising sustainability, equity, and inclusiveness. It reflects our commitment to fostering growth, providing opportunities, and addressing pressing challenges in key sectors of the economy.”
The Edo State House of Assembly has given its approval for Governor Monday Okpebholo to appoint 20 Special Advisers to support his administration.
In addition, the Assembly received a nomination for Emmanuel Okoebor as Commissioner for Finance.
The Secretary to the State Government, Musa Umar Ikhilor, conveyed these requests in a letter addressed to the Speaker of the House.
According to the governor’s letter, the appointment of Special Advisers and the confirmation of Okoebor as Commissioner for Finance are essential for ensuring the effective management of the state’s affairs.
It is worth noting that the Assembly had previously confirmed two other commissioners—Samson Osagie as Commissioner for Justice and Attorney General, and Dr Cyril Oshiomhole as Commissioner for Health.
Edo State House of Assembly on resumption of plenary Monday, cleared Oshiomhole, Governor Monday Okpebholo’s nominee for the position of Health Commissioner.
Naija News reports that Oshiomhole’s clearance was following the house consideration of the report of the committee on Rules business and Government House in a letter from Governor Okpebholo last Wednesday containing the name of the nominee.
This latest development is part of the governor’s ongoing efforts to strengthen his cabinet for efficient governance.
President Bola Tinubu has addressed world leaders at the ongoing 19th Heads of State and Government Summit of the Group of 20 (G20) in Rio de Janeiro, Brazil.
The President of Brazil, Lula da Silva, is hosting the 2024 G20 summit, having held the group’s rotating presidency since December 21, 2023. His tenure ends on November 30.
The summit, with the theme: “Building a just world and a sustainable Planet,” will focus on three dimensions of sustainable development – economic, social, and environmental – and the reform of global governance.
In a post on his verified “X” handle (formerly Twitter, Tinubu said: “In my address to fellow world leaders at the G20 Summit in Brazil, I endorsed the creation of the Global Alliance Against Hunger and Poverty, championed by President Lula.
“This bold initiative aligns with my administration’s renewed hope agenda and our commitment to eradicating poverty and fostering sustainable development.
“This Global Alliance unites governments, international organizations, and civil society, to address both immediate needs and structural causes of hunger and poverty.
“Nigeria is ready to leverage international cooperation to meet Sustainable Development Goals, particularly zero hunger and poverty eradication while improving citizens’ lives.
“I also emphasised the urgent need for UN Security Council reform to reflect global diversity and reiterated Nigeria’s readiness to represent Africa.
“Furthermore, we must prioritise reforming global taxation for equitable development to bridge the North-South global divide and create a fairer global financial system.”
[TheNation]
President Bola Tinubu has re-designated the positions of two recently appointed officials in the State House media and communications team to “enhance efficiency within the government’s communication machinery”.
In a statement on Monday night, Bayo Onanuga said Sunday Dare, the special adviser on public communication and national orientation, is now the special adviser on media and public communications.
Onanuga added that Daniel Bwala, announced last week as a special adviser on media and public communication, will now function as the special adviser on policy communication.
“These appointments, along with the existing role of special adviser, information and strategy, underscore that there is no single individual spokesperson for the presidency,” the statement reads.
“Instead, all three special advisers will collectively serve as spokespersons for the government.
“This approach aims to ensure effective and consistent communication of government policies, decisions, and engagements.”
There had been some confusion as Onanuga, designated as special adviser on communication and strategy, had been the presidential spokesman since the exit of Ngelale Ajuri, who was special adviser on media and publicity.
However, on Monday, Bwala announced himself as the presidential spokesperson.
“Today, I resumed officially as the Special Adviser, Media and Public Communications/Spokesperson (State House). I am happy to have joined a meeting of the robust and fantastic communication team of Mr. President. I love the existing unity among the team and hope we can leverage on that even for more synergy,” he wrote on his X handle.
[STATE HOUSE PRESS STATEMENT] President Tinubu Approves Restructuring Of Media And Communications Team
Admin![[STATE HOUSE PRESS STATEMENT] President Tinubu Approves Restructuring Of Media And Communications Team](/media/k2/items/cache/f379a890dd949601d5225cc2b3fe4c7d_S.jpg)
President Bola Tinubu has re-designated the positions of two recently appointed officials in the State House media and communications team to enhance efficiency within the government's communication machinery.
The restructuring is as follows:
1. Mr. Sunday Dare – hitherto Special Adviser on Public Communication and National Orientation is now Special Adviser, Media and Public Communications.
2. Mr. Daniel Bwala – announced last week as Special Adviser, Media and Public Communication, is now Special Adviser Policy Communication.
These appointments, along with the existing role of Special Adviser, Information and Strategy , underscore that there is no single individual spokesperson for the Presidency.
Instead, all the three Special Advisers will collectively serve as spokespersons for the government.
This approach aims to ensure effective and consistent communication of government policies, decisions, and engagements.
Bayo Onanuga
Special Adviser to the President
(Information and Strategy)
More...
Nigerian human rights activist, Femi Falana, SAN, has urged the Federal Government to promptly reinstate Tajudeen Baruwa as the National Union of Road Transport Workers (NURTW) President.
In a press statement released to the media on Monday, Falana specifically appealed to the Attorney General of the Federation, Minister of Justice, Lateef Fagbemi, and the Inspector-General of Police, Kayode Egbetokun, to ensure adherence to the rulings of the National Industrial Court and the Court of Appeal.
The senior advocate recounted the events of August 2023, when the National Secretariat of the NURTW was allegedly stormed by armed assailants who killed the security personnel on duty, took control of the secretariat, and forcibly removed Baruwa from his position as President of the Union.
Falana emphasized that following the successful legal challenge against that takeover, the courts have affirmed and acknowledged Comrade Baruwa as the legitimate President of the NURTW.
Read the full press release below:
FG SHOULD RESTORE COMRADE TAJUDEEN BARUWA AS PRESIDENT OF NURTW WITHOUT DELAY
“On August 28, 2023, a gang of armed thugs invaded the National Secretariat of the National Union of Road Transport Workers at Abuja. One of the security men guarding the said Secretariat was killed by the armed invaders.
At the end of the violent invasion, the Secretariat was seized while the elected President, Comrade Tajudeen Baruwa and members of his Executive were arrested and charged with murder before a Magistrate Court in the Federal Capital Territory. However, the charge of murder was withdrawn and struck out after the successful but illegal seizure of the Secretariat!
As a law abiding citizen, Comrade Baruwa approached the National Industrial Court for legal redress. In a judgment delivered on March 11, 2024, the Court confirmed Comrade Baruwa and members of his Executive as the elected leaders of the NURTW.
Dissatisfied with the judgment, the opponents of Comrade Baruwa appealed to the Court of Appeal. On November 8, 2024, the Court of Appeal delivered its judgment. The Justices of the Court dismissed the appeal and confirmed the judgment of the National Industrial Court which had recognised Comrade Baruwa as the President of the NURTW.
In view of the foregoing, we call on the Attorney-General of the Federation and Minister of Justice, Mr. Lateef Fagbemi SAN and the Inspector-General of Police, Dr. Kayode Egbetokun to ensure that Comrade Baruwa is restored to his office in strict compliance with the judgments of the National Industrial Court and the Court of Appeal.”
Dangote Refinery and the Independent Petroleum Marketers Association of Nigeria have signed a 60 million-litre weekly Premium Motor Spirit supply deal.
This comes as IPMAN confirmed that fuel prices have marginally reduced across its member filling stations nationwide.
The Spokesperson of IPMAN, Chinedu Ukadike, disclosed this to DAILY POST on Sunday while giving an update on the direct petrol deal with Dangote Refinery.
Recall that on November 11, 2024, IPMAN announced that it had reached an agreement with Dangote Refinery to lift petrol directly.
The development raised hopes of a fuel price drop.
In a fresh development, Ukadike stated that Dangote had agreed to supply its members with 60 million litres of fuel weekly.
He noted that petrol prices had dropped by between N10 and 50 across filling stations due to the deal it secured with Dangote Refinery.
“While the discussion is still ongoing, Dangote has offered to give us over 60 million litres depending on our patronage.
“The 60 million litres is to be given weekly. And we can take and distribute it across the country once we start lifting the product from the refinery.
“It is obvious now that the prices of the products have crashed. You would have noticed the drop in prices by N10, N15, something N50 or so, and this is due to competition and deregulation in the oil and gas sector,” he stated.
The Presidency has maintained silence in response to criticisms of President Bola Tinubu’s reforms by former President Olusegun Obasanjo and the International Monetary Fund (IMF).
Obasanjo, speaking at the Chinua Achebe Leadership Forum at Yale University in New Haven, Connecticut, United States, described Nigeria as being under “state capture” and in a dire situation.
The remarks were relayed in a statement by his media aide, Kehinde Akinyemi.
“The country’s situation is bad,” Obasanjo reportedly said, adding that reforms have failed to deliver meaningful relief to Nigerians.
Similarly, the IMF, in its latest economic outlook report for sub-Saharan Africa, highlighted Nigeria as one of the Resource-Intensive Countries (RICs) struggling to realize the benefits of its reforms.
“While some countries in the region are experiencing positive outcomes, it is not looking good yet in Nigeria,” the IMF noted, raising concerns about the pace and impact of Tinubu’s economic adjustments.
The presidency has yet to issue a formal statement addressing these criticisms. However, a source at the State House told Daily Trust on condition of anonymity that Obasanjo is a statesman and that the Presidency “will not want to join issues with him.”
What Obasanjo said
Obasanjo, in his address titled “Leadership Failure and State Capture in Nigeria”, described Nigeria’s situation as bad.
The former leader also alleged that Nigeria’s failing status under President Bola Ahmed Tinubu was “confirmed and glaringly indicated and manifested for every honest person to see.”
He alluded to a World Bank and Transparency International’s definition of what a state capture was, saying it was described, “as one of the most pervasive forms of corruption,“a situation where powerful individuals, institutions, companies, or groups within or outside a country use corruption to shape a nation’s policies, legal environment, and economy, to benefit their own private interests.”
He noted that state capture is not always overt and obvious as it can also arise from the more subtle close alignment of interests between specific business and political elites through family ties, friendships, and the intertwined ownership of economic assets.
He said: “What is happening in Nigeria – right before our eyes – is state capture: The purchase of national assets by political elites – and their family members – at bargain prices, the allocation of national resources – minerals, land, and even human resources – to local, regional, and international actors. It must be prohibited and prevented through local and international laws.
“Public institutions such as the legislature, the executive, the judiciary, and regulatory agencies both at the federal and local levels are subject to capture. As such, state capture can broadly be understood as the disproportionate and unregulated influence of interest groups or decision-making processes, where special interest groups manage to bend state laws, policies, and regulations.
“They do so through practices such as illicit contributions paid by private interests to political parties, and for election campaigns, vote-buying, buying of presidential decrees or court decisions, as well as through illegitimate lobbying and revolving door appointments.
“The main risk of state capture is that decisions no longer take into consideration the public interest, but instead favour a specific special interest group or individual. Laws, policies, and regulations are designed to benefit a specific interest group, often times to the detriment of smaller firms and groups and society in general.
“State capture can seriously affect economic development, regulatory quality, the provision of public services, quality of education and health services, infrastructure decisions, and even the environment and public health.”
Obasanjo also alleged that Nigeria’s failing status under President Tinubu was “confirmed and glaringly indicated and manifested for every honest person to see.”
He was quoted to have stated, “As the world can see and understand, Nigeria’s situation is bad.
“The more the immorality and corruption of a nation, the more the nation sinks into chaos, insecurity, conflict, discord, division, disunity, depression, youth restiveness, confusion, violence and underdevelopment.
“That’s the situation mostly in Nigeria in the reign of Baba-go-slow and Emilokan. The failing state status of Nigeria is confirmed and glaringly indicated and manifested for every honest person to see through the consequences of the level of our pervasive corruption, mediocrity, immorality, misconduct, mismanagement, perversion, injustice, incompetence and all other forms of iniquity. But yes, there is hope.”
Obasanjo while copying from a short, classic treatise published in 1983, called ‘The Trouble with Nigeria’ by Chinua Achebe admitted that, “The trouble with Nigeria is simply and squarely a failure of leadership. There is nothing basically wrong with the Nigerian character. There is nothing wrong with the Nigerian land or climate or water or air or anything else. The Nigerian problem is the unwillingness or inability of its leaders to rise to the responsibility, to the challenge of personal example which are the hallmarks of true leadership.
“In hindsight, this forty-one-year-old prescriptive analysis on the root causes of Nigeria’s leadership crisis is quite moderate and appropriate. It is at least not as desolate as the diagnosis provided by Robert Rotberg and John Campbell, two prominent US intellectuals – the latter a former United States ambassador to Nigeria to boot: ‘Nigeria has long teetered on the precipice of failure,’ they argue.
“Unable to keep its citizens safe and secure, Nigeria has become a fully failed state of critical geopolitical concern. Its failure matters because the peace and prosperity of Africa and preventing the spread of disorder and militancy around the globe depend on a stronger Nigeria.”
Nigeria’s reforms not looking good – IMF
Presenting the IMF’s report at the Lagos Business School on Friday, IMF Deputy Director, Catherine Patillo, said the economic growth is expected to remain stagnant in Nigeria this year.
The report urged Nigeria to close the gender gap in a bid to improve its Gross Domestic Product (GDP), saying that could grow the GDP by 30 per cent.
The report said: “Resource-intensive countries (RICs) continue to grow at about half the rate of the rest of the region, with oil exporters struggling the most.
“Second, both domestic and external financing conditions remain tight. Third, the region has recently witnessed several episodes of political fragility and social unrest. Political and social pressures are making it increasingly challenging to implement policy adjustments and reforms.”
The IMF projected “significant increases” in Ghana, Botswana, Senegal and others, but said Nigeria was confronted with “adjustment fatigue” citing the double-digit inflation which is not backing down anytime soon.
“Inflation is still in double digits in almost one-third of countries, including Angola, Ethiopia, and Nigeria, and above target in almost half of the region, particularly where monetary policy is not anchored by exchange rate pegs.
“Significant increases are anticipated in Ghana, as it continues reestablishing macroeconomic stability; Botswana and Senegal, reflecting rising resource exports (diamonds, oil, and gas); and Malawi, Zambia, and Zimbabwe, as they recover from drought. Growth is also expected to improve in South Africa, given positive post-election sentiment and a reduction in power outages,” the report said.
It added, “In the face of popular frustration, there is also an opportunity to work to mobilize support for large, deep reforms, of the sort that, for instance, Ethiopia, Ghana, Kenya and Nigeria are pursuing.
“Realizing this opportunity requires rethinking reform strategies, to build and maintain pro-growth coalitions among constituent leaders and the general public. This will require greater attention to communication and engagement strategies, reform design, compensatory measures and rebuilding trust in public institutions.”
The report said the average economic growth rate in the region would remain at 3.6 per cent for the full year 2024, but Nigeria’s growth rate, put at 3.19 per cent, was below the average.
The IMF report also touched on the rising debt burden, saying debt service capacity is generally low.
“In almost one-quarter of countries, interest payments exceed 20 per cent of revenues, a threshold statistically associated with a high probability of fiscal stress. And rising debt service burdens are already having a significant impact on the resources available for development spending.
“The median ratio of interest payments to revenues (excluding grants) currently stands at 12 per cent. Some three-quarters have already witnessed an increase in interest payments (relative to revenue) since the early 2010s (comparing the 2010–14 average with the 2019–24 average). In Angola, Ghana, Nigeria, and Zambia, this increase in interest payments alone absorbed a massive 15 per cent of total revenue,” the report stated.
Former President Olusegun Obasanjo says Nigeria must appoint new, credible leaders for the Independent National Electoral Commission (INEC) with short tenure to prevent corruption and re-establish trust.
Obasanjo spoke during the Chinua Achebe leadership forum held at Yale University in New Haven, Connecticut, USA.
In his keynote address at the forum titled ‘Leadership failure and state capture in Nigeria,’ Obasanjo described the 2023 general elections as a “travesty”.
The former president said reforming the electoral system is a key issue for the country, adding that INEC officials need thorough vetting to prevent partisan appointments.
“As a matter of urgency, we must make sure the INEC chairperson and his or her staff are thoroughly vetted,” Obasanjo said.
“The vetting exercise should yield dispassionate, non-partisan actors with impeccable reputations.
“Nigeria must ensure the appointment of new credible INEC leadership at the federal, state, local government, and municipal—city, town, and village levels—with short tenures—to prevent undesirable political influence and corruption and re-establish trust in the electoral systems by its citizens.
“The INEC chairperson must not only be absolutely above board, but he must also be transparently independent and incorruptible.”
Obasanjo said Nigeria must prevent electoral interference at every level, protecting elections from foreign and local malevolent actors to safeguard democratic integrity.
He added that there should be an implementation of clearly defined financial regulations for political campaigns to ensure transparency and accountability.
“On the local level, we should implement and enforce clearly defined financial regulations for political campaigns and establish effective control and enforcement mechanisms to ensure compliance with financial regulations,” the former president advocated.
“And intensify activities to prepare and secure the voting infrastructure, such as safeguarding the technology used to collate, transmit, verify, and disseminate election results.”
Obasanjo alleged that INEC intentionally failed to utilise the bimodal voter accreditation system (BVAS) and election viewing portal (IReV) technologies during the 2023 presidential election.
“The BVAS and IReV are two technological innovations that, prior to 2023, were celebrated for their potential to enhance the accuracy and transparency of our election results, eliminate the threat of election rigging, and boost public trust in electoral outcomes,” he said.
“These technologies were touted by the INEC chairman himself. In the end, these technologies did not fail.
“INEC willfully failed to use or implement them, which resulted in widespread voting irregularities. It was a case of inviting the fox into the henhouse”