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The Bola Ahmed Tinubu-led Federal Government has announced a ban on the export of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, produced in Nigeria, following a sharp rise in its price.
This was made in a statement released on Tuesday by the media aide to the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo.
The Minister voiced concerns about the surging LPG prices.
Despite previous efforts, including the formation of a high-level committee in November 2023 led by the Authority Chief Executive of the Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA), Mr. Farouk Ahmed, the price of LPG has skyrocketed from an average of N1,100–N1,250 per kg to N1,525 per kg.
The statement revealed that Ekpo held a meeting with key players in the LPG value chain to address the situation, which is placing a significant burden on Nigerians.
As part of the government’s intervention, the Minister announced several key measures:
Short-Term Solution: Starting November 1, 2024, the Nigerian National Petroleum Company Limited (NNPCL) and local LPG producers are to cease exporting LPG produced within the country. Should they continue to export, they will be required to import the equivalent volume at cost-reflective prices.
Pricing Framework: Over the next 90 days, the NMDPRA will work with stakeholders to develop a new domestic pricing framework for LPG. This framework will be based on the cost of in-country production, moving away from the current practice of using international market prices from regions like the Americas and Far East Asia.
Long-Term Solution: Over the next 12 months, the government plans to develop infrastructure for the blending, storage, and distribution of LPG. Exports will remain halted until domestic supply meets demand and prices stabilize.
These steps, the Minister emphasized, are intended to ensure that LPG is available at affordable prices, reducing the financial burden on Nigerians.
Governors of the Peoples Democratic Party (PDP) are currently meeting in Abuja over the recent crisis rocking the opposition party.
The meeting which is ongoing in Abuja is being held at the lodge of the Bauchi State Governor, Bala Mohammed.
Apart from Mohammed, governors present include Siminalayi Fubara (Rivers), Ademola Adeleke (Osun), Dauda Lawal (Zamfara), Caleb Mutfwang (Plateau).
While others are being expected, members of the PDP National Working Committee (NWC), the Board of Trustees (BoT) as well as other prominent members of the party.
Although the agenda of the meeting is unavailable to journalists, issues about having a substantive chairman for the party, the convening of a national executive committee meeting, and preparations for the forthcoming Ondo state governorship election have dominated discussions in some of their recent meetings.
More to follow…
The Nigerian Air Force (NAF) has confirmed the tragic loss of five personnel in a road accident on Tuesday near Hawan Kibo along the Jos-Akwanga Expressway. The incident was disclosed in a statement issued by the Director of Public Relations and Information for NAF, Air Commodore Olusola Akinboyewa, in Abuja.
According to Akinboyewa, the personnel were en route to a sporting event in Abuja when their vehicle collided with an oncoming truck. In response, the NAF has activated necessary administrative protocols to provide support and comfort to the bereaved families.
Akinboyewa urged the public to respect the privacy of the victims’ families during this challenging time and to avoid spreading unverified information. “May their souls rest in perfect peace,” he said, adding that further updates will be provided as appropriate.
[Nigerian Tribune]
The government of Anambra State on Tuesday, October 22, announced plans to withdraw from the suit seeking to declare the operations of the Economic and Financial Crimes Commission, EFCC, illegal.
The state, through its Attorney General, Prof. Sylvia Ifemeje, told the Supreme Court that it was no longer willing to be a part of the legal action that was originally instituted by Kogi state.
The withdrawal notice was dated October 20.
Anambra took the position on a day that Osun state, through its Attorney-General, Mr. Oluwole Bada, applied to be allowed to consolidate its grievance against the operations of the EFCC, with that of Kogi state.
Osun state told a seven-man panel of the apex court led by Justice Uwani Abba-Aji, that it is seeking the same reliefs that Kogi state listed against the EFCC.
Whereas Sokoto state, which was earlier joined as a co-plaintiff in the matter, did not send any legal representative at the resumed proceeding on Tuesday, other states that announced their appearances, were; Kogi, Kebbi, Katsina, Jigawa, Oyo, Benue, Plateau, Cross River, Ondo, Niger, Edo and Bauchi.
Others were; Adamawa, Taraba, Ebonyi, Imo and Nasarawa.
The Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, appeared as the sole defendant in the matter.
The AGF did not oppose Anambra state’s request to pull out of the case.
It will be recalled that 16 states of the federation had approached the Supreme Court to challenge the operations of the EFCC.
The states are contending that the anti-graft agency was not validly established by the then administration of President Olusegun Obasanjo.
It will be recalled that the EFCC was established by an Act of the National Assembly on December 12, 2002, by Obasanjo’s administration.
Following the appointment and confirmation of its pioneer Executive Chairman, Mallam Nuhu Ribadu and other administrative officers, by the Senate, the Commission commenced its operational activities on April 13, 2003, though its Establishment Act was later amended in 2004.
However, in the suit before the apex court, the states, through their respective Attorneys General, argued that section 12 of the 1999 Constitution, as amended, was not complied with before the EFCC began its operations.
According to the plaintiffs, it was a mandatory provision of the Constitution that majority of the Houses of Assembly of States must vote and agree to the passage of the EFCC Act, insisting that it was not something that only the National Assembly was legally allowed to do.
The Supreme Court has reserved its judgment on a significant legal challenge brought by 16 state governments against the constitutionality of the laws that establish the Economic and Financial Crimes Commission (EFCC).
The case, presided over by Justice Uwani Abba-Aji and a seven-member panel of justices, reached this phase on Tuesday after extensive arguments from the involved parties’ attorneys.
Originally initiated by the Kogi State Government through its Attorney General and Commissioner for Justice, the suit has seen multiple states join as co-plaintiffs.
The states involved in the suit, marked SC/CV/178/2023, include Ondo, Edo, Oyo, Ogun, Nasarawa, Kebbi, Katsina, Sokoto, Jigawa, Enugu, Benue, Anambra, Plateau, Cross-River, and Niger.
In a turn of events, the Attorneys General of Anambra, Adamawa, and Ebonyi have withdrawn from the case, with the Supreme Court panel granting their request.
The suit addresses critical questions about the federal scope of anti-corruption enforcement, challenging the legal foundation of the EFCC’s establishment under current laws.
The decision of the Supreme Court will be keenly awaited, as it holds substantial implications for federal and state powers in the governance and administration of justice.
…Asks court order to void import licenses
…Demands N100bn damages for alleged sabotage
Dangote Refinery and Petrochemicals said yesterday it was settling out of court with the Nigerian National Petroleum Company Limited, NNPCL, and six others over import licences granted them by the Nigeria Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, to import petrol into the country.
Recall that the company had approached a Federal High Court in Abuja, praying it to nullify the licenses and also award it N100billion damages against the 1st defendant which is the NNPCL
However, in a statement last night, Dangote said it was ready to settle the case amicably with NNPCL and other defendants in what it described as an old case filed in June.
The statement, signed by the Group Chief Branding and Communications Officer, Anthony Chiejine, read: ‘’This is an old issue that started in June and culminated in a matter filed on Sept 6, 2024.
‘’Currently, the parties are in discussion since President Bola Tinubu’s directive on crude oil and refined product sales in naira initiative, which the Federal Executive Council, FEC, approved.
‘’We have made tremendous progress in that regard and events have overtaken this development. No party has been served with court processes and there is no intention of doing so. We have agreed to put a halt to the proceedings.
‘’It is important to stress that no orders have been made and there are no adverse effects on any party. We understand that once the matter comes up in January 2025, we will be in a position to formally withdraw the matter in court.’’
Dangote had in the suit, marked: FHC/ABJ/CS/1324/2024, queried the propriety of the licence issued to the defendants to bring refined petroleum products into the country when there is no shortfall in its production.
Other defendants in the suit are the Nigeria Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, AYM Shafa Limited, A.A. Rano Limited, T. Time Petroleum Limited, 2015 Petroleum Limited as well as Matrix Petroleum Services Limited.
The plaintiff is equally praying the court to award N100 billion in damages against the NMDPRA for allegedly continuing to issue import licenses to NNPCL and the other defendants for the import of petroleum products such as Automotive Gas Oil (AGO) and Jet Fuel (aviation turbine fuel) into Nigeria.
It told the court that the licences were issued to the defendants, “despite the production of AGO and Jet-A1 that exceeds the current daily consumption of petroleum products in Nigeria by the Dangote Refinery.”
Specifically, Dangote Refinery, among other things, applied for an order of injunction, restraining the 1st defendant (NMDPRA) from further issuing and/or renewing import licenses to the 2nd to 7th defendants or other companies to import petroleum products.
It further sought general damages in the sum of N100 billion against the 1st defendant, as well as an order of the court directing the 1st defendant to seal off all tank farms, storage facilities, warehouses, and stations used by the defendants for the storage of all refined petroleum products imported into Nigeria.
Other reliefs the plaintiff prayed for, included, “a declaration that by the provisions of Section 8(1) of the Nigerian Export Processing Zone Act (NEPZA), Sections 23(h) and 55(1) of the Companies Income Tax Act (CIT Act), Paragraph 6 of the Second Schedule to the CIT Act, Regulation 54(2)(a)(i) of the Dangote Industries Free Zone Regulation 2020, and the Finance Act, the plaintiff, being an entity duly registered as a Free-Zone Enterprise, is exempted from all federal, state, and local government taxes, levies, and other rates.
“A declaration that it is against the NEPZA Act, CIT Act, Finance Act, and Dangote Industries Free Zone Regulation 2020, as well as legislative intent, for the 1st Defendant to impose or threaten to impose on the plaintiff an additional financial obligation of a 0.5% levy meant for off-takers of petroleum products directly and an additional 0.5% wholesale levy in favour of the Midstream Downstream Gas Infrastructure Fund, MDGIF.
“An order of mandatory injunction directing the 1st Defendant to withdraw immediately all import licenses issued to the 2nd-7th defendants and other companies other than the plaintiff and other local refineries for the purpose of importing refined petroleum products into Nigeria.”
“An order of injunction restraining the 1st Defendant from imposing and demanding a 0.5% levy meant for off-takers of petroleum products directly and an additional 0.5% wholesale levy in favour of MDGIF or any other levy or sum against the plaintiff.”
According to the plaintiff, NMDPRA acted in breach of Sections 317(8) and (9) of the Petroleum Industry Act by issuing licenses for the importation of petroleum products to the defendants.
In the processes filed through a team of lawyers led by Mr Ogwu Onoja, SAN, the plaintiff, such licenses ought to be issued only when there is a shortfall of petroleum products in the country.
It urged the court to declare that NMDPRA violates its statutory responsibilities under the Petroleum Industry Act (PIA) for not encouraging local refineries such as the one owned by the plaintiff.
In an affidavit deposed to by the Group General Manager of Government and Strategic Relations at Dangote Refinery, Ahmed Hashem, he told the court that import licenses granted to other companies by NMDPRA for the importation of AGO and Jet-A1 are crippling the plaintiff’s business which it committed substantial financial resources in billions of US dollars.
He averred that the plaintiff’s products are largely left unpatronized due to the actions of NMDPRA.
More so, the deponent told the court that NMDPRA has threatened to impose and demand a 0.5% levy on the plaintiff on wholesales and off-takers, as well as another 0.5% levy on wholesales to the Midstream and Downstream Gas Infrastructure Fund (MDGIF) via a letter dated June 10, 2024, contrary to statutory provisions that limit the implementation of levies on transactions within Free Zones.
He alleged a grand conspiracy and concerted effort by International Oil Companies and interests, in conjunction with the defendants, who are unhappy that Nigeria has an indigenous refinery ready to solve the lingering energy crisis and save the economy.
“The intervention of the honourable court has become necessary to stem the incessant violation of statutory provisions by the 1st Defendant in favour of other entities such as the 2nd to 7th defendants,” the plaintiff added.
Meanwhile, there were indications that the matter may not be heard by the court as a member of the plaintiff’s legal team, Mr George Ibrahim, SAN, notified the court yesterday that efforts to amicably resolve the issue were afoot.
He said the defendants had indicated their intention to explore an out-of-court settlement.
Consequently, Justice Inyang Ekwo adjourned the matter till January 20, 2025, for a report of settlement.
Today, the Supreme Court is slated to deliver a crucial verdict on the legality of the Economic and Financial Crimes Commission (EFCC), following a lawsuit filed by 19 state governments.
These states contest the constitutional basis of the laws establishing the anti-graft agency.
This decision is eagerly anticipated by both the state governors and the EFCC, with significant implications for the agency’s operations across the nation.
The contention arises from a previous Supreme Court judgment in the case of Dr. Joseph Nwobike Vs. Federal Republic of Nigeria, where it was noted that the EFCC Establishment Act originated from a United Nations Convention against corruption.
The state governments argue that the enactment of the EFCC law in 2004 did not adhere to Section 12 of the 1999 Constitution, as amended, which requires any international convention to be ratified by a majority of state assemblies before being domesticated into Nigerian law.
This lawsuit, initiated by Kogi State and supported by states including Ondo, Edo, and Oyo among others, posits that the EFCC, as currently constituted, operates unconstitutionally in states that did not ratify the convention.
They argue that any actions by the EFCC in these states are therefore illegal.
The seven-member panel, led by Justice Uwani Abba-Aji will determine the suit.
On the defense, the EFCC expressed concerns that the challenge to its framework stems from entities affected by its anti-corruption efforts.
The EFCC’s Director of Public Affairs, Wilson Uwujaren emphasized the necessity of the commission’s role in combating corruption during a recent interview on Channels Television’s The Morning Brief.
Uwujaren said, “We are shocked by what is happening. Nigerians should see through this shenanigan and oppose it because I don’t see how this country can survive without the EFCC, given the kind of corruption problem that we have. Nigeria cannot do without the EFCC.
“I am worried that, with the kind of problem we have with corruption in this country, some people would go to court to challenge the legality of the EFCC.
“For citizens in their states, I am not sure that the EFCC is their greatest problem. I doubt that this is the case. What you see playing out is simply people who are feeling the heat of the work of the EFCC and who want to derail what is going on within the EFCC.
“They see the EFCC as a threat, which is what is playing out. I think Nigerians can see through the gimmick of those who are behind the challenge to the legality of the commission.”
The EFCC official noted that those behind the call for the overhaul were determined to “derail” the commission’s anti-corruption fight.
“So, people who are concerned about transparency and accountability will wish for the EFCC to be ‘killed’. Let me use the word ‘killed’ because that is the agenda.
“They simply want to derail the fight against corruption because they don’t want accountability in their domains,” he said.
[PRESS RELEASE] African Leaders Appoint IGET Founder, Professor Kingsley Moghalu, as Inaugural President of the African School of Governance (ASG)
Admin![[PRESS RELEASE] African Leaders Appoint IGET Founder, Professor Kingsley Moghalu, as Inaugural President of the African School of Governance (ASG)](/media/k2/items/cache/a4d1805f5c4aad4f1c736d9664830ff8_S.jpg)
The Institute for Governance and Economic Transformation (IGET) is pleased to announce that its Founder, Professor Kingsley Moghalu, has been appointed as the inaugural President of the newly established African School of Governance (ASG). The ASG, launched today in Kigali, Rwanda, is a pan-African graduate institution designed to deliver world-class public policy education, research, and engagement programs aimed at transforming governance and leadership across the continent.
The initiative brings together visionaries committed to creating a sustainable governance model rooted in African realities. The ASG initiative was founded by H.E. Paul Kagame, President of Rwanda, H.E. Hailemariam Desalegn, former Prime Minister of Ethiopia (both co-founders of the ASG Foundation) in consultation with other African leaders, academicians and philanthropists.
ASG is supported by the Mastercard Foundation as part of its Young Africa Works strategy, which aims to enable 30 million young Africans, 70 percent of whom are women, to access dignified and fulfilling work opportunities by 2030.
Professor Moghalu’s appointment as President of the African School of Governance represents a significant milestone, not only for ASG but also for IGET. As the Founder of IGET, Professor Moghalu has long been at the forefront of promoting good governance, sustainable development, and economic transformation in Africa. His new role at ASG underscores his continued commitment to advancing these ideals on a larger scale, with a particular focus on equipping the next generation of African leaders with the knowledge, skills, and mindsets needed to address the continent's most pressing governance challenges.
Speaking on his appointment, Professor Moghalu said: “The establishment of ASG is a powerful expression of a clear vision on the part of the founding leaders. I share this vision of a transformed Africa driven by competent leadership and governance, and I am honored to have been tasked with leading ASG’s critical contribution to making that vision a reality.”
A New Chapter for IGET
Professor Moghalu’s leadership at ASG marks an exciting new chapter for IGET, which will continue to focus on its core mission of driving policy innovation and economic transformation across Africa. With Professor Moghalu at the helm of affairs at ASG, IGET under a new management will yield to the powerful synergy of combining IGET’s deep expertise in governance and development research with ASG’s academic excellence and leadership training.
IGET will remain a key player in promoting governance reforms, policy research, and capacity building across the continent. The envisioned partnership between IGET and ASG opens up new opportunities for collaboration on research initiatives, policy engagement, and leadership programs aimed at tackling Africa’s governance challenges. This will enhance IGET’s impact and further its mission to transform governance and foster economic development across the continent.
About IGET
The Institute for Governance and Economic Transformation (IGET) is a leading think tank dedicated to promoting governance reforms, sustainable economic development, and policy innovation in Africa. Through its research, policy advocacy, and capacity-building programs, IGET aims to contribute to the transformation of African societies and economies.
About the African School of Governance (ASG)
ASG offers academic programs, including a Master of Public Administration (MPA) and Executive Master of Public Administration (EMPA), designed to equip emerging leaders with the skills and knowledge needed for effective leadership across Africa. In addition to its educational programs, ASG is committed to advancing governance through its research centers and policy engagement initiatives.
For more information, please contact:
Evelyn Dan Epelle, FMNES
MD/CEO
Institute for Governance and Economic Transformation (IGET)
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Chiemerie Ken-Ahukannah
Executive Officer (Administration)
Institute for Governance and Economic Transformation (IGET)
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
[PRESS RELEASE] DHQ Clarifies: No Appointment of Acting Chief of Army Staff; Calls For Military Coup is Treasonable
Admin![[PRESS RELEASE] DHQ Clarifies: No Appointment of Acting Chief of Army Staff; Calls For Military Coup is Treasonable](/media/k2/items/cache/9f4eca8a64345ea029a13f2f4a6bced4_S.jpg)
The Defence Headquarters (DHQ) wishes to clarify that it has not announced the appointment of any senior officer as the acting Chief of Army Staff (COAS), contrary to speculation by certain media outlets. For the record, no such appointment exists within the Armed Forces of Nigeria (AFN).
The Chief of Army Staff, Lieutenant General Taoreed Lagbaja, is currently on a well-deserved rest as part of his 2024 annual leave. The AFN is professionally managed and all the Service Chiefs are performing their duties as stipulated in the Constitutionof the FGN. Major General Abdulsalam Bagudu Ibrahim, the Chief of Policy and Plans, is providing routine briefs to the COAS in accordance with standard military procedures.
The DHQ urges individuals spreading unfounded rumours to desist from doing so immediately. The COAS is hale and hearty and will soon resume normal duties at the end of his leave.
Media organizations are advised to verify information with the appropriate authorities before releasing fake news to the public. The CDS had only spoken with the COAS a few minutes ago.
Additionally, those advocating for a military takeover, as seen in a viral video, should be aware that such actions are treasonable under the Constitution.
The AFN is steadfastly committed to the preservation and advancement of our democracy and are loyal to President Bola Ahmed Tinubu's administration. The military remains focused on achieving its statutory responsibilities of protecting the nation's integrity.
The relative peace being enjoyed today is a direct result of the President's support for the military and the dedication of the AFN leadership.
To this end, the AFN and relevant security agencies have been mandated to take necessary action against any individual or group advocating for unconstitutional changes in the country. The CDS appreciates Nigerians for their support and prayers. Victory is assured.
Signed
TUKUR GUSAU
Brigadier General
Director Defence Information
•Customs agents hint at confusion among implementation agencies
•Inflation, exchange rate defeat policy objectives – Analysts
•Policy not optimal – Afrinvest
Hopes of many low-income Nigerians for lower food prices may be dashed as the zero import duty policy on essential food staples appears to have hit fresh hitches.
Stakeholders cite citing lack of coordination, unclear directives, and underlying agronomic and infrastructural challenges as major obstacles.
This comes against the backdrop of renewed inflationary pressure on the purchasing power of vulnerable citizens, the main reason for the measure with the objective of moderating the prices of essential food items.
Nigeria’s inflation has consistently maintained an upswing since the assumption of office by President Bola Tinubu in May 2023 with a May 2024 figure at 33.95%, up massively from the 22.4% he inherited in May 2023.
Amidst the inflationary pressures President Tinubu, marking his one year in office, announced a 150-day duty-free import window for food commodities to ensure a reduction in food inflation in Nigeria.
However, Nigeria’s inflation rate which peaked at 34.19% in June 2024 before declining for two
consecutive months of July at 33.4% and 32.15% in August, reversed the progress in September, rising to 32.7%, according to data released last week by the National Bureau of Statistics. This indicates that the hardship is far from moderate.
Amidst this development, Financial Vanguard findings show that the softening measures through the zero-duty food imports are not going to happen any time soon as the government agencies involved have been tied down by role conflicts in the process of the implementation.
The initial setback, Vanguard learnt, was the need for the Ministry of Finance to issue relevant directives for commencement, a situation which led to an initial two-month delay.
Also, the Nigeria Customs Service (NCS) said that the federal government would forgo N188.4 billion in revenue over the five-month window for the duty waiver and this may have unsettled both the Finance Ministry and the Federal Inland Revenue Service.
On August 15, 2024, Customs announced that the program was ready to commence following a letter of implementation from the Finance Ministry to this effect dated August 08, 2024.
But two and half months after the letter, Vanguard learnt that the programme had been further bogged down by bureaucracy and major disagreements amongst the implementing agencies.
Vanguard further learnt that the government agencies are now evasive in responding to inquiries from stakeholders due to obvious ambiguity surrounding the implementation.
Customs agents hint at confusion
Giving further insight into the controversies, a key stakeholder in the policy implementation value chain, Lucky Amiwero, who is the President of the National Council of Managing Directors of Licensed Customs Agents (NCMDLCA), expressed frustration over the unclear status of the zero import duty implementation.
Amiwero, speaking to Vanguard cited lack of coordination among the government agencies as the primary cause of the logjam.
He stated: “After our last petition seeking clarification on the implementation date, the government hasn’t responded. We only received feedback from the Federal Inland Revenue Service; there has been no clarification from any other government agency. We cannot waste money writing to a government that came up with a policy they cannot implement.”
Expressing frustration with the situation Amiwero said, “Look at the economy now, the economy is in comatose. So we are doing all these things to intervene to see how the government can reduce costs, but look at the policy they came up with, we cannot find the policy. We don’t know what is going on’’.
According to him, ‘‘the implications of this delay in implementation are severe, with many companies facing potential closure due to escalating energy costs, exchange rates, and oil prices. There’s no capital flow in the country, and the import system is dwindling because of the government’s inability to intervene and reduce costs.”
Policy not optimal
Meanwhile, Afrinvest Research, an arm of Afrinvest West Africa, a Lagos-based investment house, has questioned the policy’s effectiveness, suggesting that the protectionist approach may not yield optimal results due to Nigeria’s agronomic and infrastructural challenges.
The analysts at the investment house, in a report titled, ‘Suspension of Import Duties on Food Staples, Silver Bullet to Inflation Crises?’ stated: “The 150-day suspension period may need to be extended for more impactful results.
“However, adopting this stance without addressing gaps in the domestic agriculture value chain might deliver a weak outcome.
“Although the exact commencement date of the tax-free importation window is yet to be announced, the near-term objective policy is to paper cover cracks in domestic supply gaps induced by persistent conflict along the food belt, adverse weather conditions, as well as poor quality and high cost of agriculture inputs’’.
Inflation, exchange rates defeat policy objectives
Also pointing to the implications of the delay in the implementation of the zero-duty program on prices of the food items, the analysts at Afrinvest noted that both inflation and exchange rate have already overtaken the expected price moderation on those commodities targeted by the measure.
‘‘We note that the renewed pressure on the headline inflation rate was mainly fueled by the food inflation sub-basket.
‘‘Precisely, the food inflation rate rose by 25 bases points year-on-year and 27 bps month-on-month to 37.8% and 2.6% sequentially, reflecting the negative pass-through effect of energy price surge and transportation cost MoM, and the devastating impact of flood in key agrarian communities during the period.
‘‘A similar trend was observed on imported food inflation surging by 3.1 percentage points to 39.5%.’’
In addition, the analysts noted that the exchange rate has also moved against the policy objects while the delay lasted, stating that Naira has depreciated by more than 5.5% in the official market and nearly 10 per cent in the parallel market since the policy was announced, a development which has ultimately increased the prices of those commodities.
More...
A draft legislative bill seeking to protect Nigeria’s raw materials processing and local production has passed the the first reading at the Senate.
A statement by Director, Corporate Affairs of Raw Materials Research and Development Council (RMRDC), Mr. Chuks Ngaha, noted that the bill if passed into law will chart the pathway to industrial growth and development in Nigeria, the statement said.
The draft legislative bill, sponsored by Senator Peter Nwebonyi (Ebonyi North), seeks to fortify Nigeria’s local manufacturing sector, reduce dependency on imports and ensure sustainable economic development through the promotion of local processing and value addition to the nation’s raw materials resources.
It also seeks to promote domestic processing while ensuring that no raw materials are exported from Nigeria without undergoing a minimum of 30% processing, thereby fostering value addition within the country.
On protection of local industries, the legislative bill seeks to prohibit the importation of raw materials that are available for local production, safeguard local manufacturers from unfair competition and encourage the growth of the domestic industry.
“The objective is to ensure that no raw materials are exported from Nigeria without undergoing a minimum of 30% processing, and prohibit the importation of raw materials that are available for local production,” the statement added.
The bill emphasised that no raw materials shall be exported from Nigeria without certification by the Council confirming that the materials have undergone the required processing.
On import prohibition, the bill indicates that no raw materials that can be processed or produced locally shall be imported into Nigeria, and that the Federal Ministry of Trade and Investment in consultation with RMRDC shall compile and maintain a list of raw materials that are locally available for local production and the exercise shall be subject to periodic review.
Former President Olusegun Obasanjo has said that the country needs to do something urgently on insecurity which, he said, has taken over some parts of the nation.
Obasanjo stated this in Bauchi State, on Sunday, where he inaugurated road projects constructed by Governor Bala Mohammed.
He said insecurity in Nigeria today is worse compared to his time in office when he prioritised the security of lives and property across the country.
The former president insisted on community policing, where members of communities know their neighbours, adding that this was crucial to easily identify and address security threats within communities.
Speaking at the palace of the Emir of Bauchi, Alhaji Rilwanu Suleiman-Adamu, Obasanjo stressed the importance of community policing in addressing the rising insecurity in the country.
He said the current state of insecurity in Nigeria needed immediate action to address the situation.
“The best form of security is community policing because everyone knows his/her neighbours within the community. With that, it is very easy to identify the bad eggs.
“The situation of insecurity in Nigeria today is so bad, unlike during our terms in office when we prioritise the security of lives and properties across the country. We need to do something urgently about this.”
He urged traditional rulers to encourage community policing in their communities to reduce the spate of crimes.
“During our service to the nation, we did everything collectively, our decisions were taken together to have a uniform focus.
“My brother, Ahmed Adamu Mu’azu, is seated here, and he will bear me witness. Whatever we achieved then was a collective effort.
“We need peace, unity, and collective support in this country if we must move forward. Things can be right and good again in the country, all we need to do is to get united and do things collectively,” he noted.
The former President equally disclosed the donation of hearing aids to 2,000 people with hearing difficulties in Bauchi.
He explained that many people suffered deafness unknowingly until medical checks revealed to them their hearing capacity.
Obasanjo narrated how he discovered being partially deaf when he was abroad and could not hear clearly while someone was talking to him.
He had insisted nothing was wrong with his ears when the man asked for his permission to check on his ears.
He stated that after the result came out, it was revealed that he was 25 per cent deaf.
“After my result came out, I had to ask the man to also check on my Chief Security Officer then, but shockingly, he was more deaf than I was,” he said.
He said the experience informed the establishment of the Olusegun Obasanjo Foundation, where thousands of Nigerians had benefited from its ear treatments and provision of hearing aids.
He noted that he would kick off the distribution of hearing aids to over 10,000 indigent people in the North-East, starting from Bauchi State, where 2,000 people would benefit.
Obasanjo expressed the belief that African countries were not created by God to be poor, adding that their poverty resulted from bad leadership.
Speaking on the inaugurated road, the governor said his blueprint, which included the roads, was designed even before he was returned elected as governor of the state.
“I instructed them to develop a road map for the project that will serve our people regardless of the outcome of the election.
“I believe that leadership is not about personal ambition but about collective progress and well-being of our people.
“The project we are inaugurating today is part of our larger ambition for the state,” he said.
Mohammed said his administration prioritised the construction and rehabilitation of roads in the state to aid development.
“As of today, we have undertaken the construction of 116 road projects, totalling 1,482.25km across Bauchi State.
“The roads we are commissioning today have significant milestones in our journey to build a new Bauchi.
“They are 7km dualisation of Awala-Maiduguri road, dualisation of 17.7km Kano road to Sir Abubakar Tafawa Balewa International Airport, Bauchi, 30KM Gubi Gari, Ruda Bida, Siyi to Nasarawa road connecting two local government areas of Bauchi and Ganjuwa,” he said.
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has revealed why he moved for the removal of Uche Secondus as the national Chairman of the Peoples Democratic Party (PDP).
Secondus, an elder statesman, was the Chairman of the PDP National Working Committee in 2017 and was suspended by the party in 2021.
The former governor of Rivers State, while addressing his followers and members of the PDP in Port Harcourt on Saturday, said he kicked out Secondus because as National Chairman, he wanted to bring Tele Ikuru to run for the governorship position of the state.
Wike further stated that he does not regret kicking Secondus out of office.
According to him, “Why did we kick out Secondus? We kicked him out because he wanted to bring his cousin Tele Ikuru. Get out, get out, who are you?
“We kicked him out. I have no regret about it. And it’s true. We kicked him out. I heard some leaders say, ‘how can a ward Chairman remove a national chairman?’
“No ward Chairman removed a national chairman. What the ward did was suspend him from the party. When you’re suspended from the party, can you hold that position? People don’t even understand the facts.”
President Bola Tinubu has tasked Vice President, Kashim Shettima, with leading Nigeria’s delegation to the 2024 Commonwealth Heads of Government Meeting (CHOGM).
In a statement issued on Sunday by Stanley Nwokocha, the spokesman for the Vice President, it was confirmed that Shettima will represent Nigeria at this significant international gathering, which is set to take place in Apia, Samoa, from October 21 to 26.
The upcoming CHOGM will see participation from King Charles of England and leaders from 56 member countries, all converging to discuss critical issues affecting the Commonwealth.
The theme for this year’s meeting is “One Resilient Common Future: Transforming our Common Wealth.”
The statement reads, “The theme will focus attention on how member countries can harness their strengths through resilience, unlocking potential, leveraging the ‘Commonwealth Advantage’, and fostering a connected, digital Commonwealth.”
“At this meeting, Nigeria and other member countries will also elect and appoint the next Commonwealth Secretary-General.
“In line with the Agreed Memorandum on the Establishment and Functions of the Commonwealth Secretariat (revised 2022) and the principle of regional rotation, the next Commonwealth Secretary-General will come from the Africa Region.
“The candidates for the role are from Lesotho, Ghana, and The Gambia, while Nigeria will have a major role to play as the largest African member in this regard.
“Consolidating the progress made at CHOGM 2022, VP Shettima and other world leaders will also deliberate on the global economy, environmental and security challenges, discussing how Commonwealth countries can work together to build resilience, boost trade, innovation, growth, and empower the Commonwealth’s 1.5 billion young people for a more peaceful and sustainable future.
“The Vice President is expected to use the platform provided by the Commonwealth Business Forum to further attract investors to Nigeria, as global experts from businesses and the private sector convene to recommend and champion solutions to global challenges.
“Senator Shettima will also participate in the People’s Forum, the single largest opportunity organized by the Commonwealth Foundation for people to engage with leaders on global development issues. He will also engage in bilateral meetings and other executive sessions.”