The Central Bank of Nigeria has introduced a foreign exchange price verification system designed for importers to have access to forex.

The apex bank in a statement from its Trade and Exchange Department on Thursday night, said a price verification report from the portal is now mandatory for all Form M requests while it takes effect from August 31, 2023.

The statement read, “Following the successful conduct of the pilot run and various trainings held with all the banks, the Central Bank of Nigeria hereby announces the Go- Live of the Price Verification System (PVS),” the statement reads.

“All applications for Forms M shall be accompanied by a valid price verification report generated from the price verification portal.

“For the avoidance of doubt, by this circular, the price verification report has become a mandatory trade document precedent to the completion of a Form M.”

While urging all authorised dealers to inform their customers of the development, the CBN also said any case of infraction would be appropriately sanctioned.

“Please, ensure compliance,” the apex bank added.

poor revenue persists

At least 77 percent of both North-Central and North-West states struggle with low revenue, poor foreign investments and huge debt profiles amid rising incidences of banditry, according to findings by The PUNCH.

Analysis done by The PUNCH showed that states battling banditry are Zamfara, Katsina, Niger, Plateau, Kano, Jigawa, Kebbi, Nasarawa, Sokoto and Kaduna.

However, there are 13 states in total for North-Central and North-West, excluding the Federal Capital Territory in the North-Central.

This means that only 10 out of the 13 states were covered in our analysis, which was about 76.92 percent of the total states.

A cursory analysis of internally generated revenue in the states showed a relatively poor performance, compared to other states of the federation.

In the first quarter of 2021, the states earned N43.39bn as internally generated revenue, which was only about 34.24 percent of the IGR of Lagos State for the same period.

By the first quarter of 2023, the states increased the total IGR slightly to N55.51bn, which was only about 30.85 percent of the IGR of Lagos State for the same period.

However, Sokoto was excluded from our IGR calculation due to the lack of data for Q1 2023.

A breakdown showed that in the first quarter of 2023, Zamfara State generated only N4.28bn in IGR. This was a sharp contrast to figures generated by other states in the country such as Delta (N40.51bn), Kwara (N18.48bn), Edo (N18.84bn), and Anambra (N13.03bn).

Last year, the Zamfara State House of Assembly reduced the budget presented to the House by the former Governor Bello Matawalle due to low internally generated revenue caused by the insecurity situation in the state.

A statement by the Director-General, Press Affairs and Public Relations of the House, Mustafa Kaura, said the budget was trimmed down from the initial N126.7bn to N117. 5bn.

This year, the state is targeting N25.55bn in projected IGR earnings. The N4.28 recorded in Q1 reflects 16 percent of the targeted IGR for the year.

With four quarters in a year, it is presumed that states should have generated one-quarter (25 percent) of their projected revenue in each quarter.

From the available data, many states in the North-West and North-Central fell short of the 25 percent revenue projection for the first quarter.

For example, despite generating N17.97bn in Q1, Kaduna State could only manage 20.13 percent of its projected IGR, having targeted an annual revenue of N89.2bn and a quarterly figure of N22.32bn.

Niger State, which set its sight on a quarterly IGR of N5.84bn, could only manage 15 percent of its target (N3.04bn).

The state has perennially been plagued by poor IGR generation, a development which prompted former governor, Abubakar Bello, to explore different initiatives in a bid to boost its locally tapped revenue.

Also joining Zamfara, Niger, and Kaduna in low IGR generation are Katsina (N3.22bn), Jigawa (N4.55bn) while Kebbi and Nasarawa each generated N3.85bn in the first quarter of the year.

An analysis by The PUNCH showed that the states have a budget shortfall of 26.37 percent (N19.86bn) as they only earned about N55.51bn from the target revenue of N75.37bn in Q1 2023.

Many of the affected states, due to their low IGR, have been dubbed as states that cannot survive without federal allocations.

Also, The PUNCH observed that while the states raised their IGR by N12.12bn between Q1 2021 and Q1 2023, they borrowed N148.42bn domestically within the same period.

This means that they borrowed over 12 times more than they earned within a two-year period.

Their total domestic debt (including Sokoto) rose from N754.2bn in Q1 2021 to N902.62bn in the same quarter this year.

Many analysts have attributed the low IGR generation to widespread insecurity that has greatly hampered commercial activities in the affected states.

Only last month, the Northern Emancipation Network groaned over the return of insecurity in Zamfara State, describing it as uncontrollable.

A statement by NEN’s Secretary-General, Sulaiman Abbah, said in spite of the previous government’s efforts to curtail insecurity, the situation in the state was deteriorating.

The group called on President Bola Tinubu and the governor of the state, Lawal Dare, to work for the security of the people who elected them into office

‘No foreign investments’

The PUNCH also observed that at least 60 percent of both North-Central and North-West states did not attract any foreign investments in two years due to the rising cases of banditry.

Analysis done by The PUNCH showed that states battling banditry are Zamfara, Katsina, Niger, Plateau, Kano, Jigawa, Kebbi, Nasarawa, Sokoto and Kaduna.

However, there are 13 states in total for North-Central and North-West, excluding the Federal Capital Territory in the North-Central.

Data from the National Bureau of Statistics showed that out of 10 states with cases of banditry, only four attracted foreign investments between the first quarter of 2021 and Q1 2023.

This means that out of the 10 states, only 40 percent of them attracted foreign investments within the review period.

The states that attracted foreign investments include Katsina, Niger, Plateau, and Kano.

However, The PUNCH observed that the investments attracted by these states were significantly low.

A breakdown showed that in Q1 2021, only Kano attracted foreign investment of about $2.40m, while the other nine states did not.

By Q2 2021, all the 10 states did not attract any form of foreign investment, while in Q3 2021, only Kano attracted about $0.15m, which was a significant decline from the Q1 figure.

Also, in Q4 2021, none of the 10 states had any record of capital importation.

The situation was similar in 2022 as only Katsina ($0.70m) and Plateau ($0.04m) recorded capital importation for 2022, and this was only in Q1 of 2022.

From Q2 – Q4 2022, none of the 10 states attracted any foreign investments.

However, by Q1 2023, only Niger attracted capital importation of $1.50m, while the nine others did not.

The PUNCH observed that there was a decline of 37.50 percent between what was recorded in Q1 2021 and Q1 2023.

In total, the four states had capital importation of $4.79m in two years.

Worsening banditry

Despite several measures taken by both the state and the federal government to end banditry activities, the issue is worsening as bandits continue to kidnap and kill innocent people.

In Zamfara State, checks by The PUNCH have shown that the bandits are becoming more stronger by the day and have currently invaded almost all the 14 local government areas of the state.

The bandits who now move freely in large numbers on motorcycles have issued a strong warning to the farmers particularly those in the rural areas that there will be no farming activities this year unless the state government reconciles with them.

At the time of filing this report, more than 70 percent of farmlands are currently abandoned by farmers in the state due to fear of bandits attacks.

Many farmers who spoke to The PUNCH have expressed worries that they will not be able to farm this year, considering the insecurity challenges affecting the state.

One of the farmers, Musa Garba who is a resident of Dansadau town of Maru local government area, said he used to get over 100 bags of rice, and 50 bags of millet every year, lamenting that he did not plant any crop this farming season due to fear of the bandits who are always going round the farmlands to kidnap or kill farmers.

He said, “I used to get enough food to feed my family and even sell some bags to buy other commodities. But in the last two years, I stopped going to farm”.

Another farmer, Abubakar Dauda also from Dansadau town in the Maru Local Government Area, narrated that the lingering banditry activity in the area was worrisome and dangerous which really put fear to farmers who have lost hope in this year’s farming season.

He explained that the rainy season had already started but people could not sacrifice their lives to go for the usual farming activities because the bandits would instantly kill any farmer they saw in the farmlands.

Another farmer, Sani Musa, said he was able to plant some crops this year thinking that, the present administration under the leadership of Governor Dauda Lawal would do something urgent on security lamenting however that, the bandits have completely destroyed the crops.

He called on both the state and federal governments to deploy adequate troops in some areas so as to enable farmers to return to their farms.

Another farmer Garba Ibrahim from the Shinkafi Local Government Area said he was no longer thinking of how to go home and go back to his usual farming in this farming season.

He stated that the consistent attacks by bandits that killed most of their people and burned down most parts of their village made those who escaped the attacks to reside in Gusau the state capital to look for survival.

Also speaking, another farmer, Malam Umar, said his farmlands were seized by bandits two years ago and no effort was made by the security agents to retrieve the farms.

He however expressed optimism that with the recent deployment of soldiers of Operation Hadarin Daji in Mada and Wonaka areas, the bandits would soon be forced to move into the forest areas. This according to him could provide opportunities for some farmers who own lands not far from the town to access them.

Speaking to journalists in his office, the Secretary to Zamfara State Government, Alhaji Abubakar Nakwada, said, Governor Dauda Lawal had assured that, his administration would do everything humanly possible to make sure that farmers go to their farms in this farming season.

Nakwada stressed that the governor had made adequate arrangements with the security agents so that the bandits would be dealt with in order to ensure adequate security in the state.

He however maintained that Zamfara State Government would not negotiate with the bandits no matter the pressure.

Also, farmers in Nasarawa State lamented that the issue of banditry had stopped many of them from going to their farmlands.

The farmers, who were victims of attacks in Keana and Obi local government areas of the state, expressed deep concern over the persistent attacks on their communities by yet-to-be-identified gunmen.

THE organised labour has knocked the Federal Government for releasing a N180bn palliative package to states to cushion the impact of the fuel subsidy removal.

The Nigeria Labour Congress and the Trade Union Congress insisted that the governors could not be trusted, noting that politicians and not the poor would benefit from the N5bn largess given to each state government for disbursement to the citizens.

The Federal Government yesterday announced an N5bn palliative for each state of the federation and 180 trucks of rice as part of measures to assuage the pains of the subsidy removal.

The policy, which led to sharp and multiple increases in fuel pump prices, has driven up the prices of goods and services, pushing millions of Nigerians into poverty and worsening the socio-economic situation in the country.

 But reacting to the government’s interventions, the Assistant National Secretary-General of the NLC, Chris Onyeka, wondered why the FG was releasing money to governors, many of whom he said had refused to pay the minimum wage.

He dismissed the palliative fund as paltry, noting that it would not get to the intended beneficiaries.

“The money will not get to the people, let them share the money as they want but what the NLC agreed with them were certain milestones. The NLC will close its eyes to what the Federal Government is trying to give to the governors.

“To us as far as we are concerned, NLC will still stick to the milestones that we have agreed on, we will insist that those things are discussed and implemented to the letter.’’

“When the Federal Government wants to subvert the instrument of dialogue, it intentionally creates problems. The Federal Government had already started engaging using this instrument when they engaged the NLC; for them now to go and sit down at the level of the Nigeria Governors’ Forum and to go and pretend to give them money is a subversion of social dialogue, subversion of peace, and a subversion of democracy because it is not democratic.”

TUC slams govs

Speaking in the same vein, the TUC Deputy National President, Tommy Etim stressed that governors could not be trusted with the implementation of the palliative funds.

“It is one thing to make pronouncements, implementation is another thing. I am sure you remember what happened to the COVID-19 palliatives in 2020 when foodstuffs were stored in warehouses and kept from hungry citizens. Same thing with the issue of the Paris Club relief fund that some governors went to hide in the bank so that they could get some from it while citizens were starving.

“We need a body that will follow up on the implementation because left to the state governors, the palliatives may not get to places where it should get. We need a body that will make them accountable. We need the citizens to be aware. The body should let everyone know when each state gets its own relief (package). Everyone should know the details that are received by each state, how the packages were distributed,’’ he suggested.

Also, the NLC President, Joe Ajaero, said the Federal Government was about sharing N2,000 and a cup of rice to poor people across the country.

He also stated that the governors could not be trusted, as most of them were not paying minimum wage, adding that no committee was established to ensure the successful implementation of the initiative.

Ajaero said, “N5bn multiplied by 36 states is going to give you N180bn. So if you divide that with the official figures from the National Bureau of Statistics, which says that 133 million Nigerians are multi-dimensionally poor, and calculate it, you will get about N2,000 each for those who are poor.

“That is the official statistics of the government, but you and I know that the actual figure is more than that. So is that what to celebrate? And then, five trucks or there about, of rice to a state. The poor people of these states cannot get one cup of rice. It will not go round.

“Even if you pick them from the poverty bracket, it will be difficult for them to get one cup of rice. Is that the best we can do? Is that the best approach to governance? So do we look at our people as people we should give one cup of rice and N2,000? Is that palliative?”

He said the government should be serious with governance that served the interest of the people.

Allegation untrue, we are waiting for last batch - says govt

Osun State chapter of the All Progressives Congress has accused the state governor, Ademola Adeleke, of refusing to distribute bags of rice received from the Federal Government as palliatives to cushion the effects of fuel subsidy removal on the people.
The APC said Adeleke received the consignment from the FG twelve days before Thursday, and noted that Adeleke was playing a dangerous game by refusing to disclose or distribute the items.

The party further said five trailer-loads of rice with other items donated by the FG were sent to Osun as the state’s shares of the people’s palliatives to cushion the effect of the fuel subsidy removal.

A statement signed by APC state Chairman, Tajudeen Lawal, however, wondered that the state government, after receiving the items, refused to announce to the people of Osun that it has taken possession of the FG’s palliatives.

It further read, “I can’t fathom the reason why Governor Adeleke is finding it difficult to announce the arrival of the federal government palliatives to the state and also why it has been pretty difficult to distribute same. Is Governor Adeleke waiting for the people of the state to die of hunger before he deems it fit to make the palliatives available to serve its purpose at the right time?

“All genuine stakeholders in the Osun State project should plead with Adeleke to release the rice palliatives sent to the state by the Federal Government to get to the needy on time as the purpose for sending it down is not to be locked up in a hidden warehouse in the state.
“The diversion of the rice palliatives by the state government as it is being touted by some concerned discerning minds in the state would have a debilitating effect on the image of the reigning state government. Again, if the news spreading like a wild fire across the state that Adeleke is trying to play a fast one on the palliatives from Abuja by inscribing ‘Imole De Rice’ on it is anything to go by, it shall be resisted by all legal means.”

But responding in a statement signed by the Commissioner for Information and Public Engagement, Mr. Kolapo Alimi, the state government while describing APC’s claim as propaganda, said m last batch of the palliatives was still being expected before distribution will commence.

Alimi, who assured people that Ademola Adeleke administration would not deny them of the palliatives, also urged them to disregard APC’s claim regarding alleged hoarding of the items.

“Federal government approved a total of three thousand bags of rice palliatives to Osun state. Six hundred bags were loaded per each truck and disbursed through four trailers: making two thousand and four hundred received so far. Out of the five trailers of bags of rice palliative to the state, we are waiting for the completion of the palliative supply before the announcement and distribution.

“Cushioning the effect of the subsidy is a necessity, our government will not withhold what belongs to the citizenry from them.

The rice palliatives will be distributed as soon as the last tranche comes into the state by today or tomorrow.

“We assure the good people of Osun that the government of Ademola Adeleke will not deny them of the rice palliatives, and we urge all to disregard the propaganda of the APC. This government is a responsible one, we are not hoarding the rice palliatives but waiting for the supply to be completed by the agency of the federal government before we commence distribution.

“Osun people know that the Adeleke family even before being elected into office has always shared thousands of bags of rice to the populace during an emergency. Now in Government, this administration can never and will never divert 2hat belongs to the people,” Alimi said.

Troops of the Economic Community of West African States have pledged readiness to participate in a standby force that could restore civil rule in Niger Republic should diplomatic efforts to reverse a coup there fail.

All member states, except those under military rule and Cape Verde, pledged to participate in the standby force at a meeting in Accra, Ghana capital, on Thursday.

Addressing the assembled Defence Chiefs from ECOWAS member countries, the Commissioner for Political Affairs, Peace and Security, Abdel-Fatau Musah, “Let no one be in doubt if everything else fails, the valiant forces of West Africa…are ready to answer to the call of duty.

“By all means available, constitutional order will be restored in the country.”

According to Ghana News Agency, Musah said ECOWAS would go to Niger with its resources and any organisation willing to help was welcome.

The commissioner said, “The request for Chapter VII is often done in order to secure resources, and access contributions from the UN offer. The Heads of State are saying we are going to Niger with our resources. Anyone who wants to help us, fair enough.”

Chapter VII of the United Nations Charter sets out the UN Security Council’s powers to maintain peace. It allows the Council to determine the existence of any threat to peace, breach of the peace or act of aggression, and to take military and non-military action to restore international peace and security.

Al Jazeera quoted Nigeria’s Chief of Defence Staff, Gen Christopher Musa, to have said, “Democracy is what we stand for and it’s what we encourage.

“The focus of our gathering is not simply to react to events, but to proactively chart a course that results in peace and promote stability.”

Meanwhile, the Foreign Affairs Ministry in Germany has thrown its weight behind the European Union sanctions against the Niger Republic military junta.

EU foreign ministers are expected to discuss the Niger situation, including sanctions, at a meeting in Toledo, Spain, on August 31, 2023.

The EU, one of the biggest providers of aid to Niger, said last month it was suspending security cooperation and financial support that had been set at EUR 503 million in 2021-2024 to help improve governance and education.

During a visit to Abuja, German Development Minister, Svenja Schulze, also met with representatives of the West African bloc ECOWAS, the ministry said.

Also, the Southern Africa Development Community bloc in Nigeria on Thursday supported the actions taken by the African Union and the ECOWAS to restore democracy in Niger.

The Federal Government has mandated each state to buy 100,000 bags of rice, beans and other food items for citizens to cushion the drastic effects of the removal of fuel subsidy, the Governor of Borno State, Babangana Zulum, told State House Correspondents on Thursday.

Zulum had earlier noted that the FG approved N5bn for each state of the federation and the Federal Capital Territory.

Speaking on the purpose of the funds, Zulum noted that it is for the “procurement of food items.”

He further explained that it was part of measures to “bring temporary solutions to the high cost of living caused by the subsidy removal as government continues to work with more enduring programmes.”

He said, “The states are to purchase 100,000 bags of rice and beans among other items,” while adding that each of the state is also to receive five trucks of rice.

He also said the National Economic Council agreed that the frontier states bordering Niger Republic are to be assisted with more palliatives than other states, considering the influx of refugees into their domains from the beleaguered neighbouring country.

The long-awaited commissioner nominees’ list forwarded by Governor Mai Mala Buni to the state assembly was finally unveiled by the speaker, Hon. Buba Chiroma-Mashio.

Daily Trust checks reveal that the first batch of the list which was purportedly released on July 27 remained unveiled until during last Tuesday’s plenary when a second batch was brought.

The development had fuelled suspicions that the first batch was a blank list meant to beat the constitutionally required 60 days deadline.

However, both the state government and leaders of the state house of assembly said four names were pencilled in the first list.

A member of the state assembly confirmed to Daily Trust that indeed the letter earlier sent to them through the Secretary to the State Government contained no names.

But the speaker, Hon. Buba Chiroma-Mashio, in an interview with newsmen in Damaturu on Tuesday said there was nothing like a blank list to beat the deadline, adding that the house received the first batch of the list on 27 July.

Daily Trust reports that the final list released at Tuesday’s plenary contained 20 nominees; 18 men and 2 women drawn from all the local government areas of the state.

Those on the list are: Hon. Mohammed Garba Gagiyo – Bade; Engr. Usman Ahmed – Bursari; Hon. Musa Mustapha – Damaturu; Ya Jalo Badama – Damaturu ; Prof. Bello Kawuwa – Fika; Alhaji Ibrahim Jajere – Fune; Ali Goniri – Gujba; Aji Yerima Bularafa – Gulani; Alhaji Mohammed Abatcha – Gulani; Dr. Mairo Amshi – Jakusko; Abdullahi Bego – Jakusko; Hon Sidi Yakubu Karasuwa – Karasuwa and Barma Shettima – Machina.

Others are: Engr. Umar Wakili Duddaye – Nangere; Dr. Muhammad Sani Idriss – Nguru; Bar. Sale Samanja – Potiskum ; Yusuf Umar Potiskum – Potiskum; Arch. Ahmed Buba Abba Kyari – Tarmuwa; Dr. Mohammed Lawan Gana – Yusufari and Hon. Kaigama Umar – Yunusari

The Secretary to the Yobe State Government (SSG), Alhaji Baba Malam Wali, reportedly forwarded a letter containing a list to the Yobe State Assembly for screening and confirmation on July 27 but the house failed to unveil the names to the public.

Consequently, rumours had circulated in the last two weeks that in a bid to beat the 60-day constitutionally required deadline to form an executive council; Governor Buni sent a letter without attaching a list of commissioner nominees to the state assembly.

The development sparked discussions among politicians, citizens, and the media given the fact that the speaker at their emergency meeting on that day only announced the receipt of the letter from the governor without reading the content to members.

An insider (a lawmaker) in the assembly revealed that the 24 members, except the speaker, were not on the list as claimed by the speaker and the state government.

“Although I have been working here for over a decade, we heard that the SSG submitted the list of nominees on that day but some of my colleagues were asking who made the list, but could not get an answer.

“Some people said nothing was contained in the list; it was just a blank paper sent to the house by the state governor so that people could say they had met the deadline to form an executive council,” the source who wished to remain unnamed due to the sensitive nature of the matter said.

The source said it was unrealistic for the assembly to have held onto the commissioner nominees list for more than two weeks without screening or making it public if indeed it was true that the SSG submitted it.

Concerns over late cabinet formation

Meanwhile, there are concerns among the youth and party stakeholders in the state on why the list is coming late as many state governors have constituted their cabinets to move their agenda forward.

However, a Damaturu-based youth, Hussaini Muhammad, said politics in Yobe State seemed to be a game by the same players without substitute and new tactics.

“Usually, governors in Yobe used to send their commissioner nominees list to the state assembly as early as possible but this present governor spent at least 2 months searching for his cabinet and that is why many people think that new faces would arrive, but unfortunately things have not changed.”

‘Nothing like blank list’

But the speaker, Hon. Buba Chiroma-Mashio, in an interview with newsmen in Damaturu on Tuesday said there was nothing like a blank list of commissioner nominees to beat the deadline, insisting that the house received the first batch of the list on 27 July.

He said the first batch of names submitted to the assembly contained four names, adding that the delay in the confirmation process was due to the assembly’s commitment to ensuring that all nominees were confirmed at once.

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“We received four names from the first batch of the commissioner nominees last time. After receiving the second batch, we merged them for screening to follow the serial. That is why you could see that they are separated; first and second batches.

“In short, Yobe State assembly received the first batch of the four nominees from the executive on 27 July and the second batch last week, making them 20 in number.

‘‘The reason why I did not disclose the list is that we might not go for their screening and people would be asking why we did not call them (nominees) for screening. Since we had a first batch list, we just waited for His Excellency to send the second list to us,” he said.

He said the nominees will be screened in batches starting from the 16th, 17th, and 18th of August.

Similarly, Mallam Mamman Muhammad, the Director General of Press and Media Affairs to Governor Buni, said the state government had submitted the list of commissioner nominees to the assembly for screening and confirmation on 27 July, 2023 to beat the 60-day constitutional deadline.

While admitting that there was a delay for the second batch list because new ministries would be created, he insisted that nothing was done outside of the constitution.

‘‘The state government wants to expand ministries which is why the second batch list was delayed. The state assembly was given a good time to screen the nominees before the second batch. So, I think the house will answer this question.

‘‘The first list was given to them within the timeframe for screening while the second batch came thereafter so they are the ones that you will ask why they did not start screening till they received the second batch,’’ he said.

Efforts to speak with the SSG were unsuccessful as he neither responded to calls nor a text message.

The black market recorded another day’s improvement in the naira-dollar exchange rate on Thursday, 17th August 2023. Following the same trend, the official I&E window witnessed a positive movement on Thursday, 16th August 2023 

The naira appreciated by 1.92% to close at N759.86 per dollar, compared to the previous day’s closing rate of N774.77 per dollar. This means that the naira gained N14.91 against the dollar in one day in the I&E window. 

Breakdown of data 

• I&E FX window – The data from the I&E FX window showed that the Niara started the day at N781.66/$1, but it fluctuated during the day, reaching a peak of N799/$1 and a trough of N740 per dollar. It then recovered and ended the day at N759.86 per dollar.

• A sharp drop of 36.17% in the forex supply at the I&E window was recorded on Wednesday, as it plunged from $95.79 million to $61.14 million in the intraday market session. This resulted in a $34.65 million loss in forex turnover.
   
• Parallel market – The Naira gained 2.25% against the dollar on Thursday 17th August 2023, closing at N870/$1 among traders, compared to N890/$1 on Wednesday.
   
• The black-market exchange rate continued its gain trajectory from the significant gains the previous day as dealers bought it at N850 and sold it at N870.
   
• The naira has made considerable gains in the parallel market since the week started, following the Central Bank of Nigeria’s statement on sanctioning foreign exchange speculators at the beginning of the week.

• The Naira to dollar rate at the P2P exchange market continued to improve on Thursday, 17th August 2023. The Naira gained 2.25% from the previous session’s rate of N890/$1 and traded at N870/$1.
   
• the Naira gained again today against the British pound, rising by 2.95% from N1185/£1 on Wednesday to N1150/£1 on Thursday.  

External Reserves:

The central bank’s latest data shows a slight drop in the country’s external reserves, which went down from $33.845 billion to $33.094 billion as of August 15th, 2023. 

Former Rivers State governor, Nyesom Wike’s decision to work against the interests of his political party, the Peoples Democratic Party (PDP), has paid off after President Bola Tinubu named him the minister of the Federal Capital Territory (FCT).

The FCT is unofficially Nigeria’s 37th state and Wike could now be regarded as the governor of the nation’s capital city.

The former Rivers State governor will become the 17th minister of the FCT when the President inaugurates the new cabinet next week.

Wike is still a card-carrying member of the PDP and only time will tell if he would remain on the books of the main opposition party while occupying a very prominent position in the All Progressives Congress (APC) government.

About 24 hours before Tinubu revealed the portfolios of his ministers, Wike visited new APC national chairman, Abdullahi Ganduje.

The visit fueled speculations that the ex-Rivers governor would formally defect to the ruling party.

Ganduje also gave filip to the rumour when he said Wike will strengthen the APC ahead of several elections stopping short of saying when the former governor will join the party he once likened to a stage four cancer.

He had said, “We discussed that when he becomes minister fully, he will work very hard in order to move the ministry he is given forward and he is ready to cooperate.

“But we didn’t discuss the issue of his coming to APC or not coming to APC. That issue will arise later,” Ganduje had said when former Plateau State governor and Director General of the dissolved APC Presidential Campaign Council, Simon Lalong, now Minister of Labour and Employment visited him at the party’s national secretariat in Abuja on Wednesday.

Indeed, Wike and the APC have cooperated effectively, and reaped immense benefits from each other, without him being a member of the party.

But while Wike basks in the euphoria of his emergence as one of the most influential ministers of the Tibubu-led APC administration, it is a different story for his comrades in the PDP G5 governors alliance.

A Public Affairs Analyst, Katch Ononuju said Wike is being rewarded for working for Tinubu’s success.

“He (Wike) is being rewarded for undermining Peter Obi and working for Tinubu in Rivers State.

“Tinubu is rewarding those who worked for him irrespective of the party they come from.

“Wike is not the leader of the APC in Rivers State. Wike led the governors who worked against Atiku and this shows that Tinubu appreciates those who caused the implosion in the PDP,” said Ononuju, who’s the Director General, The Heritage Centre, Abuja

He believed that, “Tinubu seems to be telling them ‘thank you’ and Wike is the leader of the G5 governors who contributed to the implosion. I think PDP’s loss is being celebrated with this national recognition.”

Also, Olu Omotayo who’s the President of Civil Rights Realisation and Advancement Network (CRRAN) said, “I think Wike’s case is different from that of the three other former governors in the G5 because he (Wike) still commands the respect of his people unlike the others.”

He pointed out that, “Ugwuanyi, Ikpeazu and Ortom lost their senatorial bids because they did not perform well in office but Wike has a strong record of performance as governor in Rivers State.”

He argued that, “Politics should not be about compensation, it should be about performance. You don’t compensate people for doing nothing.

“I believe Tinubu has confidence in Wike because of what he achieved in Rivers State and Makinde won reelection in Oyo State because of his performance in the first term.

Other members of the G5 governors led by Wike, include immediate past governors of Benue, Enugu and Abia states, Sam Ortom, Ifeanyi Ugwuanyi and Okezie Ikpeazu, respectively, and governor Seyi Makinde of Oyo State.

A shared grievance over the election of Atiku Abubakar as presidential candidate of the PDP ahead of the 2023 general elections was the basis for the emergence of the G5 governors.

Members of the G5 were among governors of Southern states who had collectively, under the aegis of the Southern Governors Forum, demanded power shift from the North to the South in 2023.

Wike had finished as runner up, behind Atiku, in the keenly contested PDP presidential primaries and he was still smarting from the manner of his loss – following former Sokoto State governor Aminu Tambuwal’s decision to step down for Atiku – when ‘insult was robbed into the injury’ after he was overlooked in the selection of the party’s vice presidential candidate.

A PDP committee headed by Ortom had reportedly recommended Wike as the VP candidate but Atiku opted for then Delta State governor Ifeanyi Okowa.

Subsequently, Wike, Ortom, Ikpeazu, Ugwuanyi and Makinde, now referred to as G5 governors, pulled out of the PDP Presidential Campaign Council, demanding that Ayu resign his position as national chairman of the party.

They argued that a southerner should become the national chairman since both Atiku and Ayu were northerners.

They vowed to support the rival candidates unless Atiku honoured his alleged pledge that Ayu would step down if he (Atiku) won the PDP ticket.

The PDP lost the election with Wike and Makinde supporting Tinubu. The latter won his re-election bid in Oyo while other members of the G-5 lost their Senatorial bids.

It remains to be seen whether Wike will, somehow, carry his embattled G5 comrades along as he reaps the rewards of working against the PDP in the 2023 presidential election.

Omotayo argued that, “I don’t think Ugwuanyi, Ortom and Ikpeazu deserve any compensation from Tinubu or Wike.”

Pep Guardiola has moved to second on the all-time most successful managers list after Manchester City's penalty win over Sevilla in the UEFA Super Cup on Wednesday, August 16.

The trophy sealed Guardiola's 36th title in spells with Barcelona, ​​Bayern Munich, and Man City.

However, the Spanish coach will have to win 13 more trophies to catch up with Sir Alex Ferguson's impressive haul of 49 successful tournaments during his long tenure as one of the world's best managers.

The titles were earned across 39 years in management, but Guardiola has raced to 36 in just 14 active years on the sidelines, making his achievements all the more impressive - at an average of 2.5 champions per season, according to Marca.

Guardiola also made history by being the first coach ever to win the European Super Cup with three different teams, having won with Barcelona in 2009 and 2011, Bayern Munich in 2013, and Man City in 2023.

Guardiola has achieved a wealth of success across Europe with three of the continent's biggest clubs.

During four years with Barcelona, he won 14 trophies, including three La Liga titles, two Champions Leagues, and the FIFA Club World Cup twice as well.

As Bayern's boss between 2013 and 2016, he won three Bundesliga titles and the FIFA Club World Cup among seven trophies in Munich.

Since joining Man City in 2016, he has led them to five Premier League trophies, two FA Cups, four League Cups, two Community Shields, the Champions League in June and the Super Cup on Wednesday night. That totals 15 trophies across the last seven years.