As nations in the global South grapple with the mounting challenges of climate change and economic repression; it becomes imperative to examine the role of countries’ economic decisions in exacerbating or mitigating the twin problems of the climate crisis and rising poverty. Nigeria, as a populous and resource-rich nation, has faced significant challenges in managing its debt burden, amid rising poverty, meeting development gaps and the worsening pressure from adverse climate change.

This article hopefully expresses the views and voices of Nigerian teenagers and children, who will be alive to bear the burden of Nigeria’s accumulating debt and suffer most of the adverse consequences of the effect of climate change in Nigeria and the sub-Sahara region if our policymakers and citizens at large continue to behave in the same old way.

This article delves into the interplay between Nigeria’s escalating debt burden, the pains of debt servicing caused by the mismanagement of credits-loans, versus the need to alleviate poverty through conscious infrastructural development decisions, however, compromised by the impact of climate change in Nigeria and the sub-region – all a painful inheritance for the future generation.

As a Nigerian teenager, whose future and those behind me are being mortgaged consistently by successive governments through rising international loans with little or no tangible sustainable infrastructural development to show; there is a need for my peers and age grade to raise our voices and demand caution and change in Nigeria’s debt management system and at the same time appeal for responsible implementation of Nigeria climate commitment.

It is saddening that despite the problems caused by our anthropogenic activities on our environment, health, biodiversity and food security; our leaders in government, trade and other spaces are not paying attention and taking bold deliberate actions to turn the tides. Pride, ignorance, greed, corruption, and socioeconomic and environmental injustice continue to be the norm all over Nigeria. More than 45 percent of Nigerians are poor according to the 2018/19 national monetary poverty line, and 63 percent are multidimensionally poor according to the National MPI 2022. Multidimensional poverty is higher in rural areas, where 72 percent of people are poor, compared to 42 percent of people in urban areas.

Inflation in the country has consistently been on the rise, just like corruption and unemployment since the return of democracy in 2019. Over time, Nigeria has been bashed by the impact of climate change – consistent flooding, massive erosion, expanding desertification, increasing heat and reducing land mass for food production and food sustainability. The impact of climate change and poor socioeconomic decisions of the government is also evidenced in our poor development position globally, and rising debt burdens.

As of 2022, Nigeria’s debt reached an all-time high of NGN77 trillion. Over the past decade, Nigeria has experienced a notable surge in its debt levels. The debt to GDP ratio has more than doubled from 17.7 to 37.3 percent in 2022, and over 80 percent of the country’s revenue is being used to settle or service debt.

Spending over 80 percent on debt servicing leaves about 20 percent of the country’s revenue to be thinly spread across other sectors such as health, education, security, road, infrastructure, agriculture, social welfare, etc. While many academic research may argue that increased borrowing increases GDP and household income, this is obviously not the case for Nigeria as it is clear from statistics and the faces of the masses that increasing government debt and loans have amounted to increasing poverty, which can only be attributed to the poor fiscal management in Nigeria.

There are many factors fueling Nigeria’s debt crisis, the main one being fiscal mismanagement. The Nigerian government lacks fiscal discipline. The Fiscal Responsibility Act of 2007 clearly stated that the government at all levels might borrow only for “capital investment” and “human development”. This Act has been flouted over the years and efforts to amend some ambiguities in the Act has not succeeded over the year.

For instance, the Act prescribes the inclusion of “borrowing for important reforms of major national importance”. This is ambiguous and most often abused. The terminology is vague and increases the government’s borrowing power. The relevance of the Fiscal Responsibility Act is sabotaged by the lack of strict sanctions to enforce compliance. The Fiscal Responsibility Commission, just like other oversight Agencies in Nigeria lacks sanction power and is poorly supported. The existing fiscal structure in Nigeria somewhat promotes the lack of accountability, transparency and corruption. For instance, government Audit Reports from the Auditor General’s office are never made for public usage or access. Even the National Assembly and Presidency over the years have ignored this lack of transparency in a public report. How do we fight corruption without public audit reports? The Fiscal Responsibility Act also requires that borrowed funds be managed in a separate account to allow for proper monitoring and a clean spell out of what the debts are used for.

However, the norm has been to add the loans to the overall consolidated funds, without a clear public report on what capital projects are funded by the loans. It is sad that the only place where detailed progress reports of projects funded by loans, are the creditor websites, and never the Nigerian government or relevant MDAs public reports.

As the countries in the global West make strong efforts to shift away from crude oil and gas (a lesson well learnt from the Russia-Ukraine war) and the need to cut down on carbon emissions, Nigeria needs to rethink her over-reliance on oil revenue and our vulnerability to fluctuations in global oil prices.

With international oil prices and global crude oil demand on the low, the government is left with little or no option than to escalate and widen its domestic tax net on the already suffering masses and confront the dilemma of paying off accumulated debt or meeting the needs of the citizens through capital infrastructure development and social welfare.

Nigeria is largely dependent on the informal sector for GDP growth and revenue generation, especially in trade and agriculture, the impact of climate change on these sectors makes productivity a more herculean task. For instance, the economic value of the agricultural-related losses due to the 2022 flood was estimated to be about NGN700 billion.

The 2022 flooding situation damaged roads, bridges, and other transport networks, making it difficult for people to travel and for agricultural goods to be transported. According to the Centre for Climate Change and Development (CCCD), Climate change is already costing Nigeria $100bn per annum. This will amount to $460bn by 2050 if action is not taken to mitigate its effects.

The investment required to fulfill Nigeria’s developmental aspirations and climate-related obligations presents an unprecedented and formidable challenge.

In order to close existing gaps and alleviate the problem today, before they escalate into the future, the National Assembly should review the current institutional and legal frameworks that are relevant to debt management in Nigeria. For example, the ability to penalise and sanction violations of current fiscal laws and regulations should be granted to the Fiscal Responsibility Commission and the Debt Management Office.

Ogeri Eleri is a student of the Pan-Atlantic University Lagos and an intern at Heinrich Boell Stiftung, Abuja, Nigeria

Effective today, Saturday, August 12, diesel prices will hit N867 per litre in Lagos state and N875 in the Southwest region.

This is according to information seen by Nairametrics from industry sources familiar with the matter.

Diesel prices are skyrocketing despite being deregulated before the fuel subsidy removal because ex-depot prices are increasing. This week, sources told Nairametrics that ex-depot prices for diesel at the Apapa port now range between N790-N820 per litre.

Meanwhile, in an industry data sheet recently shared by the Major Oil Marketers Association of Nigeria (MOMAN), ex-depot prices for diesel at the Apapa port were;

July 24 – N624 per litre

July 25 – N638 per litre

July 27 – N647 per litre

July 28 – N653 per litre

July 31 – N693 per litre

August 2 – N649 per litre

August 3 – N714 per litre

Meanwhile, the same MOMAN industry sheet also highlighted diesel prices in the country during the same period as N650 per litre. The diesel price was calculated by MOMAN using the exchange rate which was 1 US dollar to N895 at the time.

Nigeria’s exchange rate is currently experiencing a high level of volatility. On Friday, Nairametrics reported that the exchange rate between the naira and dollar closed a tumultuous week quoting for as high as N955/$1 on the black market.

According to the Nairametrics report, Nigeria’s exchange rate opened the week at N895/$1 before it fell to N900/$1 on the 9th of August, the lowest in recorded history.

Meanwhile, the exchange rate has now depreciated by 8% month to date as demand continues to outstrip supply.

Since diesel is imported into Nigeria, alongside other petroleum products, which are purchased in dollars, the depreciation of the local currency against the dollar will negatively impact diesel prices, which has started to play out at the Apapa Hub

It is also important to note that diesel prices in other parts of the country have seen an increase since the second quarter of 2023.

The June 2023 diesel price watch report from the National Bureau of Statistics (NBS) showed that in June 2023, diesel in Taraba state cost N899.23 per litre, N875.67 per litre in Adamawa state and N873.33 per litre in Niger state.

Meanwhile, the average diesel price in the country was placed at N815.83 per litre, a 3.37% reduction from the N844.28 per litre recorded in May 2023, according to data from the NBS.

Manchester United Football Club has opted to postpone the decision regarding the return of young talent Mason Greenwood, as the team takes a considerate approach by consulting its Women’s World Cup players. The decision, which was initially anticipated to be revealed ahead of Monday’s match against Wolves, will now be disclosed at a later date.

Sources indicate that the club is prioritizing open communication and collaboration among its players, acknowledging the valuable perspectives of their Women’s World Cup contingent. This approach aligns with Manchester United’s commitment to fostering a harmonious and inclusive environment across all levels of the organization.

Greenwood’s return to the squad has been a topic of anticipation among fans and football enthusiasts alike. The English forward has exhibited immense potential and skill, earning him a significant place within the team. While supporters await his return, the club’s willingness to engage with its Women’s World Cup players showcases a dedication to holistic decision-making that takes into account the insights and experiences of all members.

As the team prepares for Monday’s encounter with Wolves, the spotlight remains on the collaborative efforts being undertaken by Manchester United’s management. This move not only exemplifies the club’s respect for its players but also underscores the significance of comprehensive and thorough decision-making processes.

Manchester United’s decision to consult its Women’s World Cup players is indicative of the club’s progressive and inclusive approach, which extends beyond the pitch. By fostering an environment of open dialogue and consideration, the club aims to strengthen its unity and enhance its decision-making strategies for the betterment of the entire team.

For more updates on this developing story, stay tuned to official Manchester United channels and trusted sports news sources.

Source: MailSport

Former Kaduna State Governor, Nasir El-Rufai, amazed many when he declined a ministerial nomination from President Bola Ahmed Tinubu and soon left the country.

Well-regarded for his achievements in both the private and public sectors, El-Rufai was among the initial 28 of 48 nominees President Tinubu selected for ministerial roles in July.

He was slated to head the new Ministry of Power and Energy, given the persistent challenges in Nigeria’s electricity sector.

During his vetting, El-Rufai confirmed his dedication to improving the country’s electricity supply, asserting, “I will do my best.”

Despite his reputation, Sunday Karimi, a representative for Kogi West, raised security concerns against El-Rufai during the screening.

Senate President Godswill Akpabio suggested such petitions be set aside for the time. Yet, the Senate later paused El-Rufai’s confirmation, along with two others, due to security clearance issues.

The news created mixed feelings, with sources telling Premium Times that the embarrassment was why El-Rufai had informed the president that he was withdrawing his ministerial interest.

The president then asked for 24 hours grace to review the petitions and the SSS report to the Senate to enable him to reach a decision.

As of Friday, there are reports that El-Rufai had left the country for Egypt after making his position clear to President Tinubu.

A source who spoke with Daily Trust on the development said, “Even after he made the decision to withdraw, he held meetings with local meter manufacturers and other stakeholders in the power and energy sector, where he urged them to work with whoever would come in as minister.”

The platform claimed that more facts have emerged on why El-Rufa was confirmed because of the petition against him.

Sources claimed that power play and gang-up against El-Rufai came from various angles, including the presidency.

It was noted that the petition and alleged security concerns were a mere ruse cooked up by some powerful persons to frustrate the former governor’s chances.

A source who spoke on condition of anonymity said, “Some very powerful Nigerians, it appears, are not comfortable with the kind of reforms El-Rufai was bringing to the power and energy sector.

“Every reform attracts some form of resistance, and so, what El-Rufai did as minister of the Federal Capital Territory (FCT) was possible because he had the tenacity to do it but also because he had the support of his principal, former President Olusegun Obasanjo. People still tried to stand in the way of the reforms but because there was political will, it was done.”

Other sources that spoke with the platform said El-Rufai decided to withdraw his ministerial appointment because of the ‘body’ language of the president.

It was noted that El-Rufai on Tuesday led some members of the team he had assembled to the Villa on Wednesday, where they made a presentation.

However, a source close to the former governor revealed that El-Rufai had made his decision to withdraw his ministerial appointment even before the meeting with the president.

A source said, “What happened on Monday couldn’t have happened except there was some nod and wink from the place where the nomination came from.”

He said for someone who never asked for an appointment, El-Rufai was unfairly treated.

Another source, “He never begged for it. In fact, he was begged to come and work for them, and when he finally agreed, they subjected him to what happened on Monday.

“Some very powerful people are not comfortable with him and the president is now part of it. Why will the State Security Service (SSS) clear people with corruption cases; some nationally and even internationally and then fail to clear El-Rufai? It is political and it is unfortunate that the president would allow himself to be part of this.”

It was also noted that El-Rufai had planned to obtain his doctorate at the time of his nomination. Those close to him said he would carry on with his studies.

A source said, “If you nominate someone and you later change your mind, you decide that the kind of things he is likely to do, you may not be able to support him, then you should invite him and say look. I think we should find a different way of working together. Maybe he should not take a full-time role.”

The First Lady of the Federal Republic of Nigeria, Oluremi Tinubu on Friday at the Presidential Villa, Abuja, received Rebecca Kabu, one of the 277 Chibok schoolgirls who were abducted by Boko Haram in 2014.

The First Lady who received Rebecca along with the wife of the Vice President, Hajia Nana Shettima, promised to ensure that Rebecca was well taken care of medically and fit to return to school willingly.

Mrs Tinubu, while promising that the remaining girls in captivity are not forgotten, appreciated the office of the National Security Adviser, National Intelligence Agency and other security agencies and those who were involved in Rebecca’s rescue.

She said, “Cases of amnesia should be treated; it is difficult to get by, but since you are still here, God has plans for you. I thank the office of the NSA and NIA for not relenting and everyone that is assisting in her rehabilitation.

“Rebecca will be our first comeback story and returnee; she is our first fruit; she is a case I am quite interested in to see that she can go back to school at her own pace.’’

The First Lady said her NGO, Renewed Hope Initiative, was strongly working on how mature girls who were forced out of school could return to school for quality education.

She promised that Rebecca would be one of the first recipients of her benevolence.

Tinubu said the younger ones, if well educated, would be able to fit into the society and inherit the good legacies the older ones are leaving behind.

“Earlier, I talked to the NSA representative about cases of alternative high school where girls like Rebecca can go back and learn at their pace, because education is important for her and others.

“They need education as tool for the market place, to be able to understand and manage the inheritance and legacies that shall be handed to them.”

Responding, Rebecca, in her low voice, told the first lady that she could barely understand English Language, but the first lady consoled her, saying that she would overcome the challenge.

Earlier, Rear Admiral Yaminu Musa, the Coordinator, Counter Terrorism Centre, NSA, said Rebecca, kidnapped at age 13 in 2014 and now 22 years old, was rescued by the government security agencies on July 17.

He said the returnee had been certified medically and mentally fit to be reunited with her parents in Zana village in Borno state.

He said subsequently, the NSA office would follow up and present her case alongside the 15 other rehabilitated girls that were also rescued for Federal Government education support.

The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor E.A. Adeboye, on Friday night spoke about wars and challenges bedevilling Nigeria.

Speaking during the ongoing 2023 convention of the Church at the Redemption City of God in Mowe, Ogun State, Pastor Adeboye said Nigeria still needs a lot of prayers so the citizens can enjoy peace.

Sharing his slight experience with war, Pastor Adeboye said: “Nigeria still needs a lot of prayers… If anybody asks me to choose between war and peace, I will choose peace.”

Adeboye noted that though he was not in the force, he was once at the battlefield, and he had a glimpse of what war looks like. The revered cleric noted that Nigeria is still battling a lot of challenges bordering on the herders’ crisis, banditry, kidnapping and war against hunger.

He said: “Surely we do not want more wars, we want to win the ones we are fighting, and we do not want fresh ones.
So those of you who believe in peace in every section… Stand and cry to God.”

..suspect providing other supports to terrorists

A ‘repentant’ Boko Haram terrorist who has been reintegrated back to Bama community in Borno State has been caught on his way to Sambisa Forest to supply various logistics to Boko Haram terror group.

According to a counter-insurgency publication, Zagazola Makama, the suspect was apprehended alongside two other collaborators at Barraram Village also known as Daula Merket.

“The three repentant terrorists who were residing in Bama community have been providing support ranging from food items, fuel, motorcycle tubes and tyres as well other Logistics to the terrorists. Bama town has recorded many of such incident of repentant collaborating with terrorists against the NA troops,” the report said.

In a related development, no fewer than eight Boko Haram terrorists have surrendered in the Bama Local Government Area of Borno State following a weeklong sustained offensive by the troops of Operation Hadin Kai in Sambisa forest.

Bama is about 60km from Maiduguri, the state capital.

The terrorists from Birnin Abuja Village in Sambisa forest laid down their arms to the troops of the 21 Armoured Brigade on Friday.

The militants, Julebeb, Munkaila, Zarkawi, Sadiq, Baba, Abu Harira, Hamza And Bakura, who were active fighters loyal to the Jamā’at Ahl as-Sunnah lid-Da’wah wa’l-Jihād, Boko Haram faction, surrendered their AK-47 rifles.

It was learnt that they surrendered due to the troops’ onslaught as well as the Boko Haram-ISWAP infighting.

One of the surrendered terrorists said they lost hope in the fight. as the forest became inhabitable and their people were dying due to harship, bad living considitons and diseases.

“Every day we keep asking ourselves who are we fighting and why are we fighting. We keep killing ourselves. There is no joy in Boko Haram.

“Many of our people are tired, they want to surrender but they are scared. They think that when they come out they will be killed. We also have the same thought. But they did not kill us,” he said.

Recall that over 100,000 terrorists with their families have surrendered to troops of Operation Hadin Kai within the last year.