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The federal executive council (FEC) has approved a $2.2 billion external borrowing plan to strengthen the country’s finances and support economic reforms.
Wale Edun, the minister of finance and coordinating minister of the economy, spoke to journalists at the end of the FEC meeting on Thursday, presided over by President Bola Tinubu.
The minister said the financing package will be raised through a combination of eurobonds and sukuk.
He said approximately $1.7 billion is expected from the eurobond offer and $500 million from the sukuk financing.
The minister disclosed that the borrowing would happen this fiscal year, stressing that the ultimate funding arrangement would be decided by market conditions and the transaction adviser’s counsel.
“The first objective is to complete the federal government’s external borrowing programme with the approval of the $2.2 billion financing package, which will include access to the international capital market through a combination of Eurobonds and Sukuk bonds —approximately $1.7 billion from the Eurobond offer and $500 million from Sukuk financing,” Edun said.
“The actual composition of the financing will be finalised once the national assembly has considered and approved the borrowing plan.
“After the external borrowing approval is granted, the funds will be raised as soon as possible within the year.
“The exact combination of instruments will depend on the advice of transaction advisers and market conditions when we decide to enter the market.
“Earlier in the year, we demonstrated the resilience of the Nigerian financial markets and their capacity to handle more complex and sophisticated offerings, such as the domestic issuance of dollar bonds that attracted investors from both Nigeria and abroad.”
Edun said the success of the domestic dollar bond demonstrates the Nigerian financial market’s tenacity.
He said the most recent overseas borrowing was “made possible by the government’s economic agenda, which includes market-based pricing for important economic variables like foreign exchange and petroleum goods”.
‘FEC APPROVED $250 BILLION HOUSING FUND’
The minister said the council also approved the establishment of a N250 billion real estate investment fund with the goal of addressing Nigeria’s housing deficit.
“Approval has been granted for the Ministry of Finance Incorporated (MOFI) real estate investment fund,” he said.
“This fund will serve as the basis for the revival of long-term mortgage financing in the Nigerian economy.
“The MOFI real estate investment fund will initially amount to N250 billion and will provide low-cost, long-term mortgages to Nigerians who wish to acquire homes. It will help address part of the 22 million-unit housing deficit.
“Of course, it will create jobs, stimulate economic growth, and pave the way for other private sector investors to participate in the housing construction industry, with significant benefits for the broader economy.
“The concept is long-term. Investors will have the opportunity to earn market rates of interest and returns on investment, blended with seed funding of N150 billion.”
Edun said the initiative will provide Nigerians with the opportunity to secure mortgages at interest rates significantly lower than the current market rates, which can exceed 30 percent, with tenures that could extend up to 20 years or more.
[STATE HOUSE PRESS RELEASE] President Tinubu Appoints Three Director-General And One Special Adviser On Public Communication
Admin![[STATE HOUSE PRESS RELEASE] President Tinubu Appoints Three Director-General And One Special Adviser On Public Communication](/media/k2/items/cache/32c22052715dc5bfa215c7acc3547522_L.jpg)
President Bola Tinubu has approved the appointment of three Nigerians as directors-general of various agencies and one special adviser on Public Communications and Media.
The new appointees are:
(1) Mr. Olawale Olopade -- Director-General, National Sports Commission
(2) Dr. Abisoye Fagade -- Director-General, National Institute for Hospitality and Tourism
(3) Dr. Adebowale Adedokun -- Director-General, Bureau of Public Procurement
(4) Daniel Bwala -- Special Adviser, Media and Public Communications (State House)
Olopade, the new Director-General of the National Sports Commission, is a sports administrator with many years of experience in the sector.
He served as commissioner of youth and sports in Ogun state and was chairman of the local organising committee of the 2024 National Sports Festival.
The new Director-General of the National Institute for Hospitality and Tourism, Dr. Abisoye Fagade is a marketing communication professional. He is the founder and managing director of Sodium Brand Solutions.
Adedokun, the new helmsman of the Bureau of Public Procurement, was the director of Research/Training and Strategic Planning at the bureau before his appointment.
The Special Adviser on Public Communications and Media, Mr. Daniel Bwala is a lawyer and notable public affairs analyst.
The President enjoins the newly appointed officers to discharge their duties with dedication, patriotism, and excellence.
Bayo Onanuga
Special Adviser to the President
(Information & Strategy)
November 14, 2024
The federal government, under the leadership of President Bola Tinubu, has proposed the sum of ₦47.9 trillion as the budget for the 2025 fiscal year.
The figure, which includes new borrowings of ₦9.22tn, was approved by the Federal Executive Council (FEC) during its meeting on Thursday at the Aso Rock Villa in Abuja.
The Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this to State House correspondents after the FEC meeting presided over by President Tinubu.
Bagudu also disclosed that the Council approved the Medium Term Expenditure Framework (MTEF) for 2025-2027.
According to the Minister, the federal government pegged the crude oil benchmark at $75 per barrel and oil production at 2.06 million barrels for its budget proposal.
He added that FEC also pegged the exchange rate at N1,400 to a US dollar while 6.4 percent is targeted for the Gross Domestic Product (GDP) growth.
Bagudu said, “The Federal Executive Council approved a memorandum by the Ministry of Budget and Economic Planning, presented by the Director General of the Budget Office, Tanimu Yakubu, on the Medium Term Expenditure Framework and Fiscal Strategy Paper for 2025-2027.”
The Minister added that the framework would be transmitted to the National Assembly on Friday, November 15, or Monday, November 18.
The parameters adopted include “an oil price benchmark of $75 per barrel for 2025, oil production of 2.06 million barrels per day, an exchange rate of N1400 to $1, and a GDP growth of 4.6 per cent,” Bagudu noted.
“For 2025, the Federal Government’s budget estimate for aggregate expenditure is N47tn, including a borrowing of N13.8tn, which is 3.87 per cent of the estimated GDP.
“This includes projections, with, for the first time, provisions for contributions to the development commissions that have been approved by the National Assembly.
“The budget size approved for presentation to the National Assembly in the MTEF is N47.9tn, with new borrowings of N9.22tn to finance the budget deficit in 2025. We aim to sustain the commendable market deregulation of petroleum prices and the exchange rate, compel the Nigerian National Petroleum Corporation Limited to significantly lower its oil and gas production costs, and potentially amend relevant sections of the Petroleum Industry Act 2021 to address key risks to the Federation,” he added.
The Inspector-General of Police (IGP) Kayode Egbetokun has banned security aides and escorts from accompanying VIPs to polling booths and collation centres during the upcoming Ondo governorship election, on Saturday, November 16.
The move, announced Thursday in a statement by police spokesperson Olumuyiwa Adejobi, aims to promote a peaceful, transparent, and credible electoral process.
The IGP has appointed Deputy Inspector-General Sylvester Alabi as the coordinating DIG for the election to ensure proper security management. Assistant Inspector-General Bennett Igweh and Commissioner of Police Tunji Disu will serve as AIG and CP elections, respectively.
The statement further imposed restrictions on movement across roads, waterways, and other transportation methods in Ondo state from 6 a.m. to 6 p.m. on election day. However, exceptions are allowed for essential services such as ambulances, media personnel, and fire services.
“Security aides and escorts attached to VIPs are banned from accompanying VIPs to polling booths and collation centers to prevent disruptions,” the IGP’s statement reads. Unauthorized security and quasi-security personnel are also prohibited from operating, and a strict ban on siren use by unauthorized vehicles will be enforced.
To ensure accessibility, special accommodations will be made for individuals with disabilities, pregnant women, nursing mothers, and others with mobility challenges at polling stations. Additionally, designated election lines will be announced for inquiries and incident reporting.
President Bola Ahmed Tinubu has officially approved the acquisition of shares of Mobil Producing Nigeria Unlimited (MPNU) by Seplat Energy.
Seplat Energy disclosed this in a statement, on Wednesday.
In the statement, Seplat said it would work with all parties to bring the transaction to completion.
The oil company thanked President Tinubu for granting and acquisition and his support.
According to the statement, Tinubu‘s approval was communicated by the Nigeria Upstream Petroleum Regulatory Commission (NUPRC).
It read, “Seplat Energy Plc, is delighted to announce that the Nigerian Upstream Petroleum Regulatory Commission (“NUPRC”) has confirmed that consent has been granted by the Honourable Minister of Petroleum Resources in Nigeria, President Bola Ahmed Tinubu GCFR, to proceed with the acquisition of the entire issued share capital of Mobil Producing Nigeria Unlimited (“MPNU”) (“the Transaction”).
“Seplat Energy sincerely thanks His Excellency, President Bola Ahmed Tinubu GCFR, for granting this approval, and appreciates the support and diligence of the various Ministries and regulators for all the work on this Transaction.
“The Company will now work with all parties to bring the Transaction to completion,” it stated.
Seplat explained that further information concerning to takeover of Mobil would be made public in line with regulatory requirements after completing the transaction process.
“Further announcements will be made as and when appropriate, in line with regulatory requirements,” it added.
The Abuja Division of the Court of Appeal has disqualified Olusola Ebiseni as the Labour Party’s candidate for the Ondo State governorship election set for Saturday, November 16, 2024.
In a unanimous decision, the three-member panel, led by Justice Hamma Barka and delivered by Justice Adebukola Banjoko, ruled that “the appeal marked CA/ABJ/CV/1172/2024 brought by the Labour Party against Chief Olusola Ebiseni and two others is allowed.”
Justice Banjoko further announced that the Certified True Copy of the judgment would be provided to all parties in due course for review.
Justice Abba Mohammed, concurring with the lead judgment, supported the panel’s decision.
This ruling reverses an earlier Federal High Court decision in Abuja, which had directed the Independent National Electoral Commission (INEC) to recognize Ebiseni and Ezekiel Awude as the Labour Party’s governorship and deputy governorship candidates for the upcoming polls on November 16.
Previously, Justice Nwite of the Federal High Court had upheld the validity of a second Labour Party primary election, which produced Ebiseni and Awude as candidates, and ordered INEC to recognize and publish their names.
Justice Nwite’s judgment noted evidence of Ebiseni’s payment of N20 million for a nomination form and an additional N5 million paid to Festus Olorunfemi as compensation for his withdrawal from the race.
However, the appellate court’s recent decision has now invalidated the Federal High Court’s ruling, thereby disqualifying Ebiseni from the governorship race.
Olugbenga Edema, the governorship candidate of the New Nigeria Peoples Party (NNPP) in Ondo, has asked a federal high court to disqualify Lucky Aiyedatiwa from participating in the election.
The state governorship election is slated to take place on November 16.
In an application, Edema said the court should compel the Independent National Electoral Commission (INEC) to withdraw the nomination of Aiyedatiwa, the incumbent governor of Ondo and candidate of the All Progressives Congress (APC), from participating in the election.
He said Aiyedatiwa and his deputy were elected in an invalid party primary election conducted by the APC on April 20.
The NNPP candidate said the primary election was in contravention of the provisions of the Electoral Act, 2022, adding that the court should interpret the application of section 15 of the third schedule to the 1999 Constitution.
“Let 1. The Independent National Electoral Commission (INEC); 2. All Progressives Congress (APC); 3. Lucky Orimisan Aiyedatiwa; and 4. Olayide Owolabi Adelami,” the court document reads.
“Within Seven (7) Days after service of these Summons on them, inclusive of the day of such service, cause an appearance to be entered for them to this Summons, which was issued upon the application of HON. OLUGBENGA OMOGBEMI EDEMA and NEW NIGERIAN PEOPLES PARTY, who are interested in the interpretation and application of the Section 15 of the Third Schedule to the Constitution of the Federal Republic of Nigeria 1999 (as Amended), Sections 82 (1)(5); 84 (1)(2)(4a,b)(13) of the Electoral Act, 2022 and the Time Table and Schedule of Activities issued by the Independent National Electoral Commission for the Ondo State 2024 Governorship Election as well as other relevant laws and constitutional provisions.
“Whether the 1st Respondent is not bound or obligated to adhere to the clear and mandatory provisions Section 15 of the Third Schedule to the Constitution of the Federal Republic of Nigeria, 1999 (as amended); and Sections 82 (1)(5); 84 (1)(2)(4a,b)(13) of the Electoral Act, 2022, in determining which political party should be included in the list of political parties for election in the Ondo state gubernatorial election coming up on the 16th November, 2024.
“Whether by the combined provisions of Section 15 of the Third Schedule to the Constitution of the Federal Republic of Nigeria, 1999 (as amended); and Sections 82 (1)(5); 84 (1)(2)(4a,b)(13) of the Electoral Act, 2022, the 2nd Defendant conducted a valid primary election for the purpose of presenting candidates for the forthcoming Ondo State gubernatorial election slated for the 16th of November, 2024 to entitle the 1st Defendant to include its candidates in the final list of candidates published on the 7th day of November, 2024.
“Whether by the provision of section 84(13) of the Electoral Act, 2022, the 1st Defendant is not obligated to exclude/delist the names of the 3rd and 4th Defendants, being the candidates of the 2nd Defendant, from the list of approved candidates for the forthcoming Ondo State gubernatorial election slated for the 16th November, 2024, having been nominated from an invalid Party Primary election conducted on the 20th of April 2024.”
Edema left the APC to join the NNPP in June after he lost in the party’s primary election to Aiyedatiwa.
He was among the party’s aspirants who alleged that the election did not hold in most parts of the state.
President Bola Tinubu says reforms in the Nigeria Customs Service (NCS) will strengthen trade and border security across the country.
Tinubu spoke in Abuja on Wednesday at the opening ceremony of the comptroller-general of customs (CGC) conference.
The president, represented by Nuhu Ribadu, the national security adviser (NSA), said the reforms align with his administration’s objective to grow Nigeria’s economy through industrialisation and diversification.
This, he said, demonstrates the service’s comprehensive modernisation agenda.
“Responding to our administration’s call for enhanced trade facilitation and economic growth, the service has introduced significant reforms, including the advanced ruling system and the authorised economic operator programme,” NAN quoted Tinubu to have said.
“These initiatives align with global best practices and show how agencies can innovatively implement solutions that advance our national economic objectives while meeting international standards.
“Such reforms enhance trade facilitation and create a more predictable business environment that supports our broader financial goals.”
Tinubu said the reforms contributed to Nigeria’s improved global ranking and ease of doing business.
The president pledged support for the agency’s modernisation and reform efforts, committing to back policies designed to strengthen the service’s capacity to fulfil its duties.
He said the NCS has shown progress in revenue generation, enhancing the government’s ability to fund essential development projects.
Tinubu said upon assuming office, he outlined a vision of strengthening Nigeria’s economy by building on existing frameworks and implementing necessary reforms.
He said his administration is determined to improve Nigeria’s trade and investment status globally as part of the reform initiatives.
“This goal is being pursued through strategic efforts to enhance trade facilitation, modernise port infrastructure, and streamline business processes to minimise trade barriers,” he said.
Tinubu said in less than two years of his administration, over $30 billion in foreign investment commitments have been secured, “reflecting the positive impact of these policies on both domestic and international investor confidence”.
He said the conference’s theme reflects the evolving economic landscape, noting that sustainable progress depends on strengthening existing alliances and forging new ones.
“Your deliberations should chart a path for enhancing our trade processes and compliance frameworks in ways that position Nigeria to maximise the opportunities presented by regional and continental integration while maintaining robust border security,” he said.
He said the outcome of the conference should provide a clear roadmap for achieving the objectives in line “with our national economic aspirations”.
The Nigerian National Petroleum Company (NNPC) Limited has appointed Adedapo Segun as its chief financial officer (CFO).
In an X post on Wednesday night, the NNPC said Segun previously served as the executive vice-president (EVP) of its downstream arm, where he made significant contributions to the company’s downstream operations.
The national oil firm said Isiyaku Abdullahi will be taking over as its new EVP, downstream.
The company also named Udobong Ntia as the new executive vice-president (EVP) of its upstream operations.
“The Board of Directors of NNPC Limited is pleased to announce a series of strategic leadership appointments. These changes reflect our continued dedication to enhancing corporate governance, improving operational efficiency, and ensuring long-term success in Nigeria’s energy sector,” the post reads.
“These appointments align with NNPC Limited’s commitment to building a unified and competent leadership team to drive operational excellence and support the organization’s strategic objectives.
“The Board and Management also extend their deepest appreciation to Mr. Umar Ajiya and Mrs. Oritsemeyiwa A. Eyesan for their outstanding dedication and service to NNPC Limited.”
The NNPC restated its commitment to achieving operational excellence, enhancing global competitiveness, and ensuring financial sustainability, while prioritising the interests of the Nigerians in the petroleum industry.
The Abia state government has announced free education irrespective of states of origin from primary one to Junior Secondary School three in all public schools.
The government said the free education will start from January 2025.
The Commissioner for Information, Prince Okey Kanu, disclosed this while briefing the press after the State Executive Council meeting.
He said that parents and guardians who flouted the new policy would face prosecution.
He said from January 2025, parents and guardians who fail to send their children or wards to school will face legal consequences. Kanu emphasised that non-compliance with the education directive will be treated as a punishable offence.
“In line with the Abia Child’s Rights Law 2006, it’s now an offence for parents not to send their children or wards to school because the Government has made education free and compulsory,” Kanu warned.
The policy, according to him, is pursuant to the quest by the Governor Alex Otti-led administration, to deliver quality and affordable education to the state.
“There is no reason whatsoever why parents should not send their children to school,” he said.
“The issue of indigency is no longer the reason for non-acquisition of free and basic education in Abia State.
Also, he said there was no going back on the proposed relocation of the Law Faculty of the Abia State University, Umuahia campus, back to Uturu main campus. He explained that the decision was taken in the overall public interest.
He also disclosed that the government would attend to all issues arising from the implementation of the new minimum wage.
The Commissioner further said that the governor had directed the Commissioner for Works to effect immediate repairs on the failed portion of the Osisioma ‘fly-over’ built by the immediate-past administration of Gov Okezie Ikpeazu.
He regretted that “the ‘fly-over’ which is the signature project of that administration has started failing within two years”.
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[PRESS RELEASE] UBA Announces Appointment of Henrietta Ugboh as an Independent Non-Executive Director
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Owanari Duke Retires from Group Board
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has announced the appointment of Henrietta Ugboh as an Independent Non-Executive Director.
The appointment has been approved by the relevant regulatory bodies, including the Central Bank of Nigeria.
UBA’s Group Chairman, Tony Elumelu, CFR commenting on the appointment, said, “Henrietta Ugboh brings a track record of professional success, integrity and leadership, which will further strengthen the UBA Group Board, underlining once again the Group’s commitment to robust corporate governance.”
Ugboh holds a degree in Economics and Statistics from the University of Benin, an MBA from ESUT Business School, and is an alumnus of the Harvard Business School’s Executive Management Program. She has over 30 years experience in banking with Citibank and is an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria and a Fellow of the Institute of Credit Administration (FICA).
Elumelu added that with her considerable experience and expertise, which includes commercial banking, credit, and risk management, the UBA Board is delighted to welcome Mrs Ugboh to the Group Board, “We look forward to her invaluable contribution to the Group, as we continue to execute our unique growth strategy across Africa and globally.”
The Board also announced the retirement of Mrs. Owanari Duke, an Independent Non-Executive Director, who joined the UBA Group Board in October 2012.
During her tenure, Mrs. Duke provided distinguished leadership, serving on Committees of the Bank including the Board Governance Committee, Board Audit, Governance, Nomination & Remuneration Committee, Board Credit Committee, Finance & General Purpose Committee and Statutory Audit Committee.
On behalf of the board, Mr. Elumelu expressed UBA’s deep appreciation to Mrs. Duke for her dedication and significant contributions to the Group, wishing her the best in her future endeavour.
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than forty-five million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and related banking services
The Federal Government spent $3.58 billion servicing the country’s foreign debt in the first nine months of 2024.
Data sourced from the Central Bank of Nigeria (CBN) report on international payment statistics showed that the amount represents a 39.77 per cent increase from the $2.56bn spent during the same period in 2023.
According to the report, while the highest monthly debt servicing payment in 2024 occurred in May, amounting to $854.37m, the highest monthly expenditure in 2023 was $641.70m, recorded in July.
The trend in international debt servicing by the CBN highlights the rising cost of debt obligations by Nigeria.
Further breakdown of international debt figures showed that in January 2024, debt servicing costs surged by 398.89 per cent, rising to $560.52m from $112.35m in January 2023. February, however, saw a slight decline of 1.84 per cent, with payments reducing from $288.54m in 2023 to $283.22m in 2024.
March recorded a 31.04 per cent drop in payments, falling to $276.17m from $400.47m in the same period last year. April saw a significant rise of 131.77 per cent, with $215.20m paid in 2024 compared to $92.85m in 2023.
The highest debt servicing payment occurred in May 2024, when $854.37m was spent, reflecting a 286.52 per cent increase compared to $221.05m in May 2023. June, on the other hand, saw a 6.51 per cent decline, with $50.82m paid in 2024, down from $54.36m in 2023.
July 2024 recorded a 15.48 per cent reduction, with payments dropping to $542.50m from $641.70m in July 2023. In August, there was another decline of 9.69 per cent, as $279.95m was paid compared to $309.96m in 2023. However, September 2024 saw a 17.49 per cent increase, with payments rising to $515.81m from $439.06m in the same month last year.
Giving rising exchange rates, the data raises concerns about the growing pressure of Nigeria’s foreign debt obligations.
On Monday, Channels Television reported a rise in debts of the 36 states of the federation.
The total debts of the 36 states in Nigeria rose to N11.47tn as of June 30, 2024, despite allocations by the Federal Accounts Allocation Committee (FAAC), and their respective internally generated revenues (IGR).
An analysis of data from the public debt reports released by the Debt Management Office (DMO) said the rise was 14.57 per cent higher than the N10.01tn recorded in December 2023.
External debt for the states and the Federal Capital Territory also climbed from $4.61bn to $4.89bn within the period under review.
In naira terms, the debts increased by 73.46 per cent, from N4.15tn to N7.2tn, following the devaluation of the naira from N899.39/$1 in December 2023 to N1,470.19/$1 by June 2024.
However, domestic debt for states and the FCT declined from N5.86tn to N4.27tn.
In total, states and the FCT accounted for Nigeria’s public debt of N134.3tn in June 2024, a decrease from their 10.29 per cent share in December 2023, even as their nominal debt levels increased.
Channels Television had earlier reported that the sub-national governments continued to grapple with a persistent reliance on borrowing to finance their budgets in 2023, as the total debt stock of the 36 states surged by 38.1%, from N7.25tn in 2022 to N10.01tn.
According to BudgIT’s 2024 State of States report released on Tuesday, the debt growth was partly driven by a N606.12bn increase in domestic debt, resulting in an average year-on-year growth rate of 11.4%. By 31st December 2023.
The total domestic debt stood at N5.86tn.
The situation was further complicated by rising foreign debt, which increased by 4.1%, from $4.43bn in 2022 to $4.61bn in 2023.
According to the report, the liberalisation of the exchange rate exacerbated the financial strain on states, significantly raising their foreign loan repayment obligations in naira terms.
Lagos State remained the most indebted in foreign currency, accounting for 26.9% of the total foreign debt, equivalent to $1.24bn.
The DMO’s report comes after BudgIT’s report said that the 32 states of the federation relied on FAAC for at least 55 per cent of their total revenue in 2023.
According to the 2024 report released last week, the development paints the over-reliance of state governments on federally distributable revenue and accentuates the vulnerability of the state governments to crude oil-induced shocks and other external shocks.
The report further said that 14 states relied on FAAC receipts for at least 70 per cent of their total revenue. Furthermore, transfers to states from the federation account comprised at least 62 per cent of the recurrent revenue of 34 states, except Lagos and Ogun, while 21 states relied on federal transfers for at least 80 per cent of their recurrent revenue.
In the 2023 fiscal year, the combined revenue of all 36 states in Nigeria increased significantly by 31.2 per cent from N6.6tn in 2022 to N8.66tn.
This growth rate exceeded the previous year’s increase of 28.95 per cent, indicating a notable improvement in fiscal performance.
Of the total revenue generated in 2023, Lagos State contributed N1.24tn, representing 14.32 per cent of the cumulative revenue of the 36 States.
Gross FAAC, which grew by 33.19 per cent from N4.05tn in 2022 to N5.4tn in 2023, contributed to 65 per cent of the year-on-year growth of the combined revenue of the 36 states.
“32 states relied on FAAC receipts for at least 55 per cent of their total revenue, while 14 states relied on FAAC receipts for at least 70 per cent of their total revenue.
“Furthermore, transfers to states from the federation account comprised at least 62 per cent of the recurrent revenue of 34 states, except Lagos and Ogun, while 21 states relied on federal transfers for at least 80 per cent of their recurrent revenue.
“The picture painted above buttresses the over-reliance of the state governments on federally distributable revenue and accentuates their vulnerability to crude oil-induced shocks and other external shocks.”
The report provides a detailed analysis of states’ fiscal sustainability, examining how well they balance internally generated revenue against federal allocations.
President Bola Tinubu has returned to the country after his participation in the Riyadh Joint Arab-Islamic Summit on the Middle East.
Recall that during Tinubu’s participation in the summit, President Tinubu called for an end to Israeli aggression in Gaza, warning that the conflict in Palestine has persisted for far too long, inflicting immeasurable suffering.
Addressing the extraordinary Arab-Islamic Summit, convened to address the current situation in the Middle East, President Tinubu expressed deep concern on the humanitarian conditions in Gaza.
The one-day summit was a follow-up to the Riyadh summit last year, and was attended by Heads of State and Government of the Organization of Islamic Cooperation (OIC) and the League of Arab States.
Edo State Governor, Monday Okpebholo and the Deputy Governor, Dennis Idahosa, were sworn in on Tuesday in Benin City.
Following his victory in the state governorship election held on September 21, 2024, Okpebholo officially took over from former Governor Godwin Obaseki.
Amid heavy crowd and security presence, Okpebholo, accompanied by his two daughters, took the oath of office and allegiance at 1:00 pm administered by the state Chief Judge, Justice Daniel Okungbowa.
Earlier, Idahosa, accompanied by his wife, mounted the podium to take the oath as the deputy governor of the state.
The governor later went ahead to inspect the guard of honour as well as a parade by the officers and men of the Nigeria Police.
Supporters of the party at the stadium cheered all through the oath-taking exercise meant to usher in the new administration in the state.
Speaking after his swearing-in, Okpebholo unveiled a five-point agenda for the development of the state.
In his inaugural speech, he pledged to prioritise security, infrastructure, healthcare, food sufficiency, and education.
The governor declared war on criminals, saying the era of incessant kidnapping and other violent crimes was over.
“Our citizens are a top priority for us. To achieve this, we shall implement programmes carefully outlined in my five-point agenda, designed to grow robust economic growth and improve the lives of our people.
“We will not betray this confidence you have reposed in me and the Deputy Governor, Rt. Honourable Dennis Idahosa,” Okpebholo said.
Bemoaning incessant cases of kidnapping and other crimes, the governor said his administration would be firm in dealing with criminals and improve the security of the state.
“For a long time now, our people have become victims of kidnapping and other violent crimes.
“To end this ugly situation, we will be firm in dealing with criminals and improve the security of our land, so that farming and other business activities will flourish again.
“The deplorable condition of our roads has made it difficult for people to move from one part of the state to another.
“Our policy to develop road infrastructure is targeted at constructing roads, drainages, and bridges to ease transportation for all.
“We shall immediately commence work to make the roads passable again.
“We are also ready to partner with the Federal Government, the private sector, non-governmental organisations, those in the diaspora, and other stakeholders, to develop our state across all sectors,” he said.
The governor promised that the new administration would support small businesses and market women with soft loans.
“Our teeming youthful population will not be left out. We shall support them in acquiring relevant skills for self-empowerment.
“My administration shall immediately swing into action to recruit teachers and rebuild the deplorable classrooms.
“Tertiary education will be strengthened in many ways, too, to ensure quality education,” Okpebholo added.
He added, “Fellow citizens, my administration is ready to link communities that have not yet been connected to the national grid to ensure that they have electricity.
“Our traditional institution shall be given the necessary support to play their role as custodians of our rich cultural heritage.
“It is in recognition of this that my administration shall support the decision of the Federal Government to uphold the Oba of Benin as the exclusive owner of the returned artefacts, which were looted by British colonial forces during the Benin Massacre of 1897,” he said.
He promised to work closely with other arms of government to strengthen democracy and good governance in the state.
The governor also announced a panel of inquiry into the remote cause of the failure to inaugurate 14 members-elect of the House of Assembly in 2019.
Okpebholo names new appointees
The governor appointed Dr Cyril Adams Oshiomhole, son of the former governor of the state, Adams Oshiomhole, as the Commissioner for Health-designate.
In a press statement by his Chief Press Secretary, Fred Itua, on Tuesday, the governor also appointed Musa Ikhilor as the Secretary to State Government and a former member of the House of Representatives, Samson Osagie, as the Attorney General and Commissioner for Justice-designate.
Cyril’s academic journey began at St. Anne’s Primary School, followed by Command Secondary School.
He later pursued higher education at Ahmadu Bello University, Zaria, where he earned his Bachelor’s degree in Medicine and Surgery.
He enrolled at Tulane University School of Public Health and Tropical Medicine, New Orleans, LA, where he obtained a Master of Science in Public Health, majoring in Environmental Health, Toxicology, and Disaster Management.
His academic pursuits continued at Harvard University, Boston, where he underwent postgraduate training in Clinical Research and at Queen Mary University, London, where he studied Gastroenterology.
Ikhilor was born on the 6th of August 1980 at the University of Benin Teaching Hospital, Benin City, Edo State.
He attended Ahmadu Bello University, Zaria, where he obtained an LL.B in 2008 (Second class Upper Division). In 2009, he obtained a B.L. (Second Class Upper Division) at the Nigerian Law School and was enrolled as a Barrister and Solicitor of the Supreme Court of the Federal Republic of Nigeria.
In 2017, Ikhilor proceeded to acquire his Masters degree in Telecommunications Law (LL.M) from Ahmadu Bello University, Zaria.
He has over 11 years of experience in legislative drafting, parliamentary administration, lawmaking procedures and processes, constitutional drafting and amendment, and general legislative governance issues working in various capacities at the National Assembly.
In 2019, he was appointed a Consultant to the House of Representatives on the review of the 1999 Constitution of the Federal Republic of Nigeria, where he had been closely analysing and reviewing matters on gender equity, human rights, strengthening institutions of government and creating efficient and transparent processes and systems to deliver good governance.
Also in 2019, he was appointed as Senior Special Assistant and later Special Adviser to the Deputy Speaker of the House of Representatives who also doubled as the first Deputy Speaker of the ECOWAS Parliament.
In May 2022, he was assigned to act as the Chief of Staff to the Deputy Speaker of the House of Representatives when the substantive Chief of Staff resigned to contest in the 2023 parliamentary elections.
In June 2022, Ikhilor was appointed by the Supreme Court of the Federal Republic of Nigeria as a Notary Public.
He is active in business, corporate legal practice and social works where he serves as the Managing Partner of Springfield Legal Consult and as the Executive Director and Board of Trustees member of Amana Legacy Foundation.
“In addition to these roles, he also provides consultancy services to several private and public sector entities. He is married and union blessed with children,” the statement read.
Itua said Osagie, the nominee for Attorney-General, is a private legal practitioner, having been called to the Nigerian Bar on March 22, 1995.
He is also the current Vice President of the African Bar Association (West Africa).
Born on November 11, 1967, Osagie hails from the Uhunmwode Local Government Area of Edo State.
He was a two-term member of the Edo State House of Assembly and also the House of Representatives where he rose to the position of the Minority Whip.
He has been involved in intensive legal practice across Nigeria and the African continent.
He holds a first degree in Law from the prestigious Obafemi Awolowo University, Ile-Ife, a qualifying Certificate for Law practice from the Nigerian Law School, and triple Master’s degrees in Law, Public Administration and International Relations.
He also bagged a Doctorate in Political Economy and Development Studies.
He has been a legal adviser, solicitor, and consultant to many corporate organisations and development partners.
Tinubu congratulates Okpebholo
President Bola Tinubu on Tuesday extended his heartfelt congratulations to Okpebholo on his inauguration as the Edo State governor.
Tinubu conveyed his felicitations through a statement signed by his Special Adviser on Information and Strategy, Mr Bayo Onanuga.
The statement is titled “President Tinubu congratulates Senator Okpebholo on Edo governorship inauguration.”
In his message, the President urged Okpebholo to diligently work to enhance the living standards of the people of Edo State and make a significant impact during his tenure.
Reflecting on the transition, the President noted that after eight years under Obaseki’s administration, Edo State was rejoining the ranks of the All Progressives Congress.
“He emphasised the importance of Governor Okpebholo justifying the confidence placed in him and the APC while fostering true democracy and effective governance in the state.
“The President encouraged Okpebholo to empower the legislature and other vital government institutions throughout his administration, underscoring that a robust and independent legislature is essential for achieving democratic good governance,” the statement read.
Expressing concerns, Tinubu lamented the previous administration’s attempts to undermine the legislative branch, which hindered its effectiveness for much of its tenure.
Additionally, Tinubu commended the Independent National Electoral Commission for the successful conduct of the Edo State governorship election and encouraged the commission to strive for even greater excellence in the upcoming Ondo State governorship election, scheduled for November 16, 2024.
The President celebrated this milestone as a new chapter in Edo State’s democratic journey and rejoiced with the people of Edo for this momentous occasion.
As Okpebholo and Idahosa were sworn in, Tinubu assured Nigerians that the nation’s most challenging economic period was now behind them.
In his address, Tinubu, who was represented by Vice President Kashim Shettima, celebrated what he termed “democracy in its truest form,” stressing the significance of the popular will in shaping Nigeria’s political landscape.
Shettima leads delegation
Vice President Shettima led the Federal Government delegation to grace the inauguration.
Shettima was joined by governors across the country, who were elected on the platform of the APC.
The governors included AbdulRahman AbdulRazaq of Kwara, Sanwo-Olu of Lagos, Dapo Abiodun of Ogun, Hope Uzodimma of Imo, Bassey Otu of Cross River, and Ahmad Aliyu of Sokoto, among others.
The National Chairman of the APC, Dr Umar Ganduje and his predecessor, Adams Oshiomhole, were also part of the ceremony, at the Samuel Ogbemudia Stadium, Benin.
Other dignitaries included the Deputy President of the Senate, Barau Jibrin; Deputy Speaker of the House of Representatives, Benjamin Kalu, among many others.
Parliament calls for youth inclusion
The Edo State Youth Parliament has urged Okpebholo to include youths in his government.
They promised to support the new administration in building a prosperous and inclusive future for the people of the state.
The Chairman of the State Youth Parliament, Fawaz Muhammad, at the inauguration ceremony on Tuesday, congratulated the governor and his deputy, expressing confidence that this would be the beginning of a new era of impactful leadership in the state.
He also expressed the parliament’s readiness to support the new administration in achieving its set objectives for the people of the state.
He said, “The Edo State Youth Parliament is calling on the new governor, Senator Monday Okpebholo, to include youths in his government, as they are ready to support the new administration in building a prosperous and inclusive future for the people of the state.
“We congratulate the governor and his deputy, Dennis Idahosa. We are confident that this will be the beginning of a new era of impactful leadership in the state.
“We believe that under your leadership, Edo State will experience significant advancements in youth development, education, economic empowerment, and community welfare.
“We are confident that this administration will bring hope, opportunity, and progress to every young person in Edo State.
“In this spirit, we humbly encourage your administration to prioritise youth inclusivity within the cabinet and in policies that impact our state.
“By engaging the perspectives and energy of Edo youths, this administration has the unique opportunity of fostering a more innovative, united, and dynamic state.”
Obaseki in Lagos, aide says
An aide to Obaseki has denied claims in some media outlets that the former governor has fled the country.
The aide, who craved anonymity, told The PUNCH that Obaseki was in Lagos on Sunday, where he was hosted by friends and business associates.
He also stated that the governor, in a broadcast on Monday night, spoke to the Edo people, thanking them for the support they gave him while he was in the saddle.
He noted that the former governor was passionate about Edo and he would always be a regular feature in the state.
He said, “There is no truth that the former governor has fled the country. There is no need for him to do that. His friends hosted him in Lagos on Sunday and he spoke to the Edo people in a broadcast on Monday.
“It is mischievous to say that Obaseki has run away from the country. He will remain in Nigeria and still support the Edo people.”