The Chief of the Air Staff, CAS, Air Marshal Hasan Abubakar, says the Nigerian Air Force, NAF, will take delivery of 50 brand new aircraft between December 2024 and 2026.

Abubakar made this known at the second biannual meeting with Branch chiefs and Air Officers Commanding, on Thursday in Abuja.

He said that NAF had successfully inducted 12 aircraft into its inventory over the past year, saying it was a remarkable achievement that the service had not witnessed in a very long time.

According to him, these are exciting times that demand innovative thinking, resilience, and dedication.

He encouraged officers and men to uphold the highest standards of professionalism, integrity, and loyalty as they contribute to the overall mission of the NAF.

“A few months ago, we celebrated the 60th anniversary of the Nigerian Air Force, which ushered us into a golden era of transformation and evolution.

“Over the past years, we have successfully inducted 12 aircraft into our inventory, and God willing, we shall take delivery of 50 brand new aircraft between December this year and 2026.

“This is a remarkable achievement that we have not witnessed in a very long time. Indeed, these are exciting times that demand innovative thinking, resilience, and dedication.

“I am confident that, under your leadership, the men and women under your commands will rise to the occasion and excel in all tasks set before them,” he said.

The CAS said that several critical issues were discussed leading to several resolutions and recommendations during the last meeting with Branch chiefs and AOCs in June.

He said that a number of those resolutions had been implemented including the establishment of two new staff branches, namely the Civil-Military Relations Branch and the NAF Transformation and Innovation Branch.

Abubakar said the meeting would offer them the opportunity to critically review progress, address shortcomings, recalibrate strategies, and strengthen their unity of purpose towards achieving the desired objectives.

He said the decisions made from the forum must be grounded in sound judgment and a firm grasp of their objectives.

Bauchi State Governor, Bala Mohammed has called on the President Bola Tinubu-led Federal Government to review its current monetary and fiscal policies, stating that they are not working effectively.

The governor made this call at the launch of the Nigeria Development Update in Abuja on Thursday.

Mohammed urged the government to avoid being dogmatic in its approach, emphasizing the urgent need for change due to the growing hardship in the country.

He highlighted the plight of ordinary Nigerians, warning that hunger and economic hardship have created a volatile situation. He revealed that even people in his position are facing the threat of being lynched by frustrated citizens.

Mohammed also called on the federal government to develop more effective economic policies, stressing that the funds currently being received are insufficient to address the widespread hunger.

“When the reforms started, the sub-nationals supported the President. But now, the macroeconomic policies causing inflation need to be reconsidered. There is hunger, people are suffering, and Nigerians are not benefitting from these reforms.

“What are you doing to reduce hunger? We must help the people cope.

“The purchasing power of the people has drastically diminished.

“My brother Cardoso (CBN governor), these policies are not working. They need to be reviewed. Let’s not resort to blackmail,” the governor said.

The Federal government has taken delivery of the first batch of 846,000 doses of the R21 malaria vaccines, from Gavi, the Vaccine Alliance. 

The official launch of the vaccines on Thursday was attended by officials of the Ministry of Health, the National Primary Health Care Development Agency (NPHCDA), and development partners. 

peaking to newsmen while taking delivery of the vaccines, the Minister of Health, Ali Pate, described the arrival of the vaccines as a significant milestone in the government’s efforts to eliminate malaria in the country.

He said the vaccines would first be distributed to states with the highest burden of the disease, particularly Kebbi and Bayelsa and would serve as a complement to other treatments for malaria.

Pate also cleared the air on concerns about the efficacy of the vaccine, stating that it has proven to be safe and efficient for malaria treatment.

Also, the Director General of the NPHCDA, Muyi Aina, explained the plans for distribution, adding that an enforcement team would be set up by the agency and the date and location for the administration of the vaccines would be communicated in due course. 

Aina said about 140,000 doses are expected in the coming months as the target is to make available one million vaccines for the first batch.

The R21 malaria vaccine, which would be administered in two doses per vial, was produced by the Serum Institute of India.

A bill seeking the creation of Ogoja State has scaled second reading in the House of Representatives on Thursday.

The bill, sponsored by Godwin Offiono and three other on during plenary.

The constitution alteration bill seeks to amend the 1999 Constitution to create an additional state in the South-south region. 

Moving the motion, Mr Offiono said the “essence of this bill is rested on equity.”

If the bill is passed into law, it would bring the number of states in the South-south region to seven.

The bill scaled second reading without any opposition from members and was referred to the House Committee on Constitution Review.

The Nigerian National Petroleum Company Limited is still the sole off-taker of Premium Motor Spirit, popularly called petrol, from the Dangote Petroleum Refinery despite the recent directive of the Federal Government that other oil marketers were free to start loading PMS from the plant.

Oil marketers revealed on Wednesday that NNPC would continue to be sole off-taker of the product from the $20bn Lekki-based plant until its agreement with the Dangote refinery as regards the lifting of PMS terminates.

They, however, did not tell when the agreement between both organisations would end. Officials of NNPC and the Dangote refinery also did not respond to enquiries on when the agreement would end.

On October 11, 2024, the Federal Government in a statement from the finance ministry, announced that oil marketers were now free to negotiate purchase of petrol directly from the Dangote refinery without recourse to NNPC.

“Moving forward, petroleum product marketers are now able to purchase PMS directly from local refineries without the intermediary role of NNPC. Marketers are encouraged to initiate direct purchases from refineries on mutually negotiated commercial terms, which will promote competition and improve market efficiency,” it stated in the statement.

But after meeting with officials of the Dangote refinery on Tuesday, members of the Independent Petroleum Marketers Association of Nigeria revealed that NNPC was still the sole off-taker of Dangote petrol pending the termination of an agreement between Dangote and NNPC.

In a notice to IPMAN members in the Western Zone, issued by the Zonal Chairman, South-West, Dele Tajudeen, the association said, “The IPMAN National Vice President, Zonal Chairman of Western Zone, IPMAN members, and PTD Zonal Chairman met with the Vice President of Dangote Group and many other notable staff members of the Dangote refinery yesterday, October 15, 2024.

“We had a very useful and fruitful discussion on the direct purchase of products from the Dangote refinery.  The Vice President of Dangote confirmed that the Minister of Finance/ Coordinating Minister of the Economy, and the Minister of Petroleum Resources have directed them to commence sales of products to marketers who have duly registered with the refinery, but they are still having a pending agreement with NNPC Ltd which still subsist.

“Until and when the agreement is terminated by either party, the direct sales will still be on hold.”

The notice stated that the IPMAN National Executive Council would hold a meeting in Abuja on Wednesday “in that respect.”

It added, “In view of this, marketers who are yet to officially register as IPMAN members should do so without wasting time as such marketers will not benefit from this opportunity when we eventually commence lifting from the Dangote refinery.”

Both the Dangote refinery and NNPC did not respond when contacted to react to the development.

However, major oil marketers told our correspondent that they were still lifting products from the Dangote refinery through the deal between NNPC and the Lagos-based refinery.

“There is a subsisting deal between NNPC and Dangote refinery and it is based on that deal that we major marketers are lifting PMS from the refinery using PFI (proformer invoice),” a major dealer who spoke in confidence due to lack of authorisation to speak on the matter, stated.

The Federal Government, through the Ministry of Petroleum Resources, has directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority to investigate the tanker explosion that claimed the lives of over 100 people in Jigawa State.

In a directive by the Minister of Petroleum Resources, Heineken Lokpobiri, signed by his Special Adviser on Media and Communications, Nneamaka Okafor on Wednesday, the minister also expressed regret over the circumstances surrounding the unfortunate incident.

The tragic incident in Majiya Town, Taura Local Government Area of the state, occurred at around 11:30 p.m. on Tuesday in Majiya Town, when the tanker driver lost control near Khadija University, according to the state police spokesperson, Shi’isu Adam, the explosion

The tanker, which had departed Kano and was heading to Nguru Town in Yobe State, exploded after the driver lost control.

It was reported that, following the explosion, some individuals attempted to scoop the spilt product, which led to many fatalities.

The statement read: “The Minister of Petroleum Resources, Senator Heineken Lokpobiri, has expressed deep sorrow over the tragic petrol tanker explosion in Majiya Town, Taura Local Government Area, Jigawa State, which resulted in the loss of over 100 lives and left dozens more injured.

“On behalf of the Ministry of Petroleum Resources and the Federal Government, we extend our heartfelt condolences to the families and loved ones affected by this devastating incident.

“Our thoughts and prayers are with the injured, and we wish them a swift and full recovery.

“The Minister has instructed the Nigerian Midstream and Downstream Petroleum Regulatory Authority to promptly commence a detailed investigation into the circumstances surrounding this unfortunate event.”

The Minister also urged Nigerians to avoid approaching vehicles transporting petroleum products that have been involved in accidents or mechanical failures. He called on petroleum transporters to ensure that only certified drivers who comply with safety standards, as stipulated by the Federal Road Safety Corps, are employed to transport petroleum products.

“While we understand the temptation to scavenge, the dangers of attempting to collect spilt fuel cannot be overstated. The tragic loss of lives in this incident serves as a stark reminder of the severe risks involved.

“The Ministry remains committed to ensuring the safety of Nigerians in all aspects of petroleum product distribution and transport. We will continue to work closely with all relevant stakeholders to enforce stricter safety measures and prevent future occurrences.”

The Vice President, Senator Kashim Shettima, will depart Abuja for Sweden on a two-day visit to represent Nigeria in bilateral engagements with the Scandinavian nation.

A statement by the Senior Special Assistant to The President on Media & Communications (Office of The Vice President), Stanley Nkwocha on Wednesday, said Shettima’s visit is at the instance of President Bola Tinubu.

The Vice President, during the working visit, will engage in high-level bilateral talks with key government officials, including a meeting with Crown Princess Victoria of Sweden and the Swedish Prime Minister.

Senator Shettima will use the visit to explore opportunities for strengthened collaboration between Nigeria and Sweden in areas such as ICT, innovation, education, digitalisation, sustainable transport, mining, and agriculture.

He will meet with key stakeholders in both the Government and Private Sector.

The Vice President will also meet with Norrsken, a Stockholm-based venture capital impact investor, which recently launched Norrsken22, a USD 205 million tech investment fund for Africa.

Norrsken22 is a technology growth fund, backed by over 30 prominent unicorn founders, partnering with exceptional entrepreneurs to build Africa’s next tech giants.

The meeting with Norrsken will provide insights into how Nigerian entrepreneurs can benefit from this fund and further strengthen the technology ecosystem in Nigeria.

Notably, 40% of the investments from Norrsken22 are expected to be allocated to Nigerian technology entrepreneurs.

Twelve (12) Nigerian private sector companies that are doing business with Sweden are going independently as a private sector bloc.

While in Sweden, VP Shettima is also expected to articulate Nigeria’s economic vision and the reforms being undertaken by the administration to create a business-friendly environment in Nigeria for investors. The myriad of opportunities that abound in Africa’s largest economy will also be showcased.

The Vice President is expected back in the country on Saturday.

There are strong indications that the nation’s university system may be crippled any moment from now as members of the Non- Academic Staff Union of Educational and other Associated Institutions, NASU, have threatened to resume their suspended strike over four-month withheld salaries by the Federal Government.

General Secretary of NASU, Prince Peters Adeyemi, gave this hint on the sideline of the ongoing National Executive Council, NEC, of the Union taking place in Abuja.

Though he declined to give the exact date of the commencement of the strike, it is expected that the NEC members will take the decision in the course of their meeting.

Details soon.

The Minister of Sports Development, John Enoh, has accused the Libyan Football Federation of deliberately mistreating the Super Eagles during their recent stay in Libya.

The Nigerian players and officials faced a distressing ordeal on Sunday when they were stranded for several hours at a Libyan airport, denied access to food and the internet as they prepared to honor their 2025 Africa Cup of Nations (AFCON) qualifier against the Mediterranean Knights.

The situation raised serious concerns about the treatment of the national team in a foreign country.

Enoh’s comments came two days after the incident during an interview on Channels Television’s Politics Today.

He expressed outrage over the conditions faced by the Super Eagles, stating that the conduct of the Libyan Football Federation was unacceptable.

It took considerable diplomatic efforts and social media outcry for the Super Eagles to finally be cleared to leave Libya.

He said, while dismissing allegations by the Libyan side that their players were badly treated during their first encounter in Nigeria, “The Port Harcourt Airport where they arrived is one of our best airports. That Port Harcourt Airport, there is no circumstance that will lead to a team having the footballers lie on the floor.

“All these things were created deliberately to create some make belief. If this was an issue, it should have been made an issue there and then.”

When asked if the Confederation of African Football (CAF) was explicit in the whole saga, the minister did not categorically answer the question.

Rather he said the CAF Secretary General did not allow the NFF President an opportunity for communication.

He decried a situation whereby the CAF did not comment for about 13 hours after the Nigerian players were subjected to that harsh treatment in Libya.

The minister said, “I called the attention of CAF yesterday morning to the fact that when that happened and the NFF was on the ground trying to sort out whatever logistics, the CAF Secretary General didn’t allow the President one minute of continuous contact and pressure.

“Yesterday morning, it was about 12, 13 hours. How come 13 hours after our team is so subjected, there is no indication that CAF is in direct communication with the Libyan Football Federation?

“If there are such two authorities in Libya, does Libya offer a good environment for international matches of this nature to be hosted in the country?”

Nigeria’s external debt is the largest amongst all sub-Saharan African nations, despite the fact that it received debt waivers from the Paris Club, London Club or from Independent Creditors.

The arrears of this debt have accumulated inexorably, putting Nigeria in the bad books of international financial communities. Also, Nigeria’s huge debt profile has negatively affected its economy, hence, a big reason to worry.

Nigeria’s Vivid Debt History

The Pre-independence Debts

Nigeria’s public debt dates back to its colonial rule. The first recorded public borrowing was in 1923-24 when a loan of £5.7 million was taken by the Nigerian Protectorate at an annual interest rate of 2.5 percent and with a structured repayment time of 20 years. In 1927, another £1 million loan was taken from the Bank of England to finance the construction of the Lago-Port Harcourt Railway. This loan was guaranteed by the British Government and was repaid in 1938. In 1936, the Nigerian Protectorate took another loan of £4.89 million. From 1946 to 1948, it took additional loan of £5.74 million. In 1958, the Nigerian Protectorate took a loan of £28 million from the International Bank for Reconstruction and Development, IBRD, which is also known as the World Bank to finance the expansion of the Kainji Dam and the Ugheli Power Station. This was repaid in 1978.

By the end of the Colonial rule, Nigeria had a national debt of $31 million at an interest rate of 3.5 percent per annum and a repayment period spanning two decades.

Post Independence Debts

Following its independence in 1960, Nigeria continued incurring both domestic and external debt to finance its development needs. It borrowed from the World Bank, the International Development Association, the International Monetary Fund, the African Development Bank, the European Economic Community and bilateral creditors such as the United States, Britain, France, Germany, Japan and China.

The main sources of domestic loans are the Central Bank of Nigeria, the Nigerian Industrial Development Bank, the Nigerian Agricultural and Cooperative Bank, and the Nigerian Bank of Commerce and Industry.

1. Debts under the First Republic
   It is noteworthy that Nigeria took no external loan from 1963 to 1966 when Dr. Nnamdi Azikiwe was president.
2. Debts under the Military Rule from 1966 till 1979
   Post independent. It was under the military that Nigeria started taking foreign loans.
   a. Under the rule of General Yakubu Gowon from 1966 to 1975, Nigeria’s debt profile rose by $1.687 billion.
   b. From 1975 to 1976 under the rule of General Murtala Mohammed, Nigeria’s debt dropped from $1.69 billion to $1.33 billion.
   c. Under the rule of General Olusegun Obasanjo from 1976 to 1979, Nigeria’s debt increased by $4.90 billion.
3. Debts under the Second Republic: Nigeria’s debt increased by $11.33 billion from 1979 to 1983 under the democratic leadership of Alhaji Shehu Shagari
4. Debts under the Military Rule from 1983 to 1993
   a. Under the rule of General Muhammadu Buhari from 1983-1953, Nigeria’s debt increased by $1.078 billion.
   b. Under the rule of General Ibrahim Babangida from 1985 to 1993, Nigeria’s debt increased by $12.04 billion.
5. There was no recorded debt under the Third Republic
6. Debts under the military rule from 1993 to 1999
   a. Under the rule of General Sani Abacha from 1993 to 1998 Nigeria’s external debt dropped from $30.7 billion to $30.31 billion.

b. Under the rule of General Abdulsalami Abubakar from 1998 to 1999, Nigeria’s debt dropped from $30.32 billion to $29.1 billion

7. Debts under the Fourth Republic
   a. Chief Olusegun Obasanjo met a foreign debt of $28.04 billion and domestic debt of N798 billion in 1999. Chief Obasanjo was worried about the foreign debts, hence he embarked on a world tour meeting with the Paris Club and other creditors of Nigeria and he pleaded for the forgiveness or reduction of Nigeria’s debts.

This led to a huge reduction of Nigeria’s external debt from $28.04 billion to $2.11 billion. Consequent upon his efforts and prudent management, he left the presidential office in 2007 with an external debt of $2.11 billion and domestic debt of N2.17 trillion. This was a total of 31.8% decrease in the Federal Government’s debt from N3.55 trillion to N2.42 trillion.

b. President Umaru Musa Yar’Adua ruled from 2007 to 2011. Within this time, domestic debt increased from N2.17 trillion to N5.62 trillion. Foreign debt increased from $2.11 billion to $3.5 billion. That is an increased debt from N2.4 trillion to N5.62 trillion in four years. Dr. Goodluck Ebele Jonathan completed President Yar’Adua’s tenure. In that one year, the Federal Government debt increased from N4.94 trillion to N6.17 trillion.

c. Dr. Goodluck Jonathan commenced his tenure in office in 2011 with a foreign debt of $3.5 billion and left with a debt of $7.3 billion. Domestic debt increased to N8.4 trillion by 2015. This translates to an increase in national debt from N6.17 trillion to N9.8 trillion.

d. President Muhammadu Buhari increased the domestic debt from to N8.4 trillion to N19.24 trillion and external debt from $7.3 billion to $33.62 billion.

e. On assumption of office, Asiwaju Bola Tinubu inherited a domestic debt of N19.24 trillion and external debt of $33.62 billion. By the end of the first quarter of 2024, Nigeria has domestic debt of N65.65 trillion and external debt of $42.12 billion, totalling N121.67 trillion. In addition to this, the states owe a total of N4.07 trillion.

IN 2020, DEBT SERVICE COSTS ACCOUNTED FOR A STAGGERING 83 PERCENT OF REVENUE. BY JANUARY 1, 2024, THE FEDERAL GOVERNMENT’S REVENUE WAS N449.7 BILLION WHILE IT SPENT N755.9 BILLION ON DEBT REPAYMENT. NIGERIA’S DEBT IS NOW 168% OF ITS REVENUE.

THE SAD REALITY IS THAT NIGERIA IS NOW REPAYING DEBTS WITH DEBTS, SINCE ITS REVENUE CAN NO LONGER PAY ITS DEBT.

It is therefore worrisome that Nigeria is reported to be taking more debts. In September 2024, the world bank approved a $1.57 billion loan for Nigeria to support its health and education sectors and help provide sustainable power. In June 2024, the World Bank approved $2.25 to be disbursed to Nigeria for Economic Stabilization. In the same year, Nigeria took $8.8 billion debt to be repaid with unexplored oil. This is a total of $12.62 billion in addition to already existing debt.

The questions are:

1. What have we done with all these loans and what are we proposing to do with these additional loans?
2. Where will the Federal Government draw the line on financing the Nigerian economy with debt?
3. When are we repaying the loans?
4. Where are we going to get the money to repay the loans?

The several trillions of Naira taken as loan has not reflected positively on the economy. Where are the projects on which we spent all these monies? Regrettably at 64 years post-independence, Nigeria still suffers from infrastructural decay, declining foreign investments, declining educational standards from infrastructural deficits, increase in the rate of poverty, unrivaled rates of inflation and an astronomical fall of the value of the Naira in international market.

NEWSPAPER REPORTS ABOUT EMBEZZLEMENT OF PUBLIC FUNDS, EXTRAVAGANT SPENDING, POOR INFRASTRUCTURES, NON-PAYMENT OF SALARIES AND PENSIONS, INFLATION, HUNGER AND POVERTY HAVE RESULTED IN LARGE “JAPA” SYNDROME.
A passionate plea to rescue Nigeria

The Nigerian debt burden has retarded internal development and hindered economic growth in Nigeria. Most government funds are diverted towards debt servicing rather than essential public services. Governments have also taken to financing their debts through other debts. All these have exacerbated the poverty rate in Nigeria leading to the conclusion that Nigeria urgently needs an economic rescue.
Recommendations

In view of the dire state of the economy of Nigeria, the Federal Government should:

1. Adopt Chief Obasanjo’s laid down example by approaching the lenders for total forgiveness of the debts or reduction, and in any event the waiver of the payment of the interests on the debts.
2. Set up committees to investigate and ascertain the actual amounts borrowed, the purposes for which they were borrowed, the accounts into which the monies were paid into and the projects for which the debts were utilised.
3. Enquire into whether it is true or not that Nigeria’s unexplored crude oil was sold in advance. If so, what the money was spent on.
4. Urgently revive national oil refineries to reduce the importation of refined oil in Nigeria. This will leave more monies in government coffers which can then be utilised in the repayment of our debts.
5. Reduce the cost of governance by adopting the practice in the First Republic where law makers regarded their positions as opportunities to serve and only took sitting allowances.
6. Place premium on infrastructural development and reduce recurrent expenditures on politics or governance.
7. Use all recovered proceeds of corruption to service national and international debts.
8. Encourage, promote and finance the development of the agricultural sector and discourage the mindset of Nigerians that politics is the only lucrative business in Nigeria.

All imaginable economic woes have visited Nigeria. However, there is still hope for our beloved nation. A hope that needs political will to thrive.

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