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Nigeria’s inflation narratives took a controversial twist yesterday as the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), gives its own figure contradicting that of the National Bureau of Statistics, NBS, by a wide margin.

The NBS had released its Consumer Price Index, CPI, for June 2024 reporting that headline inflation rate increased by 0.24 percentage points to 34.19 per cent in June from 33.95 percent in May.
But when contacted by Vanguard for his comment, the President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Kelvin Oye, simply said, “Inflation is over 90 percent”, without giving further details.

Giving its own details NBS, also said that food inflation grew to 40.87 percent in June from 40.66 percent in May 2024 due to increase in the prices of millet whole grain, garri, guinea corn, etc (bread and cereals class), yam, wateryam, cocoyam, potatoes, yam & other tubers class, among other food items.

Meanwhile, financial analysts said the NBS’ figures outstripped both the individual and consensus forecasts.

NBS stated: “In June 2024, the headline inflation rate increased to 34.19 percent relative to the May 2024 headline inflation rate which was 33.95 percent.

“Looking at the movement, the June 2024 headline inflation rate showed an increase of 0.24 percentage points when compared to the May 2024 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 11.4 percentage points higher compared to the rate recorded in June 2023, which was 22.79 percent.

“This shows that the headline inflation rate (year-on-year basis) increased in the month of June 2024 when compared to the same month in the preceding year (i.e. June 2023).

“The rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items: Millet Whole grain, Garri, Guinea corn, etc (Bread and Cereals Class), Yam, Water Yam, Coco Yam (Potatoes, Yam & Other Tubers Class), Groundnut Oil, Palm Oil, etc (Oil & Fats Class) and Catfish Dried, Dried Fish-Sadine, Mudfish (Fish Class), etc.

According to NBS, in June food inflation on a year-on-year basis was highest in Edo (47.34 percent), Kogi (46.37 percent), Cross River (45.28 percent), while Nasarawa (34.31 percent), Bauchi (34.78 percent) and Adamawa (35.96 percent), recorded the slowest rise in food inflation on year-on-year basis.

Monetary policy is failing- Adonri

Reacting, David Adonri, Analyst and Executive Vice Chairman at Highcap Securities Limited, said : “Despite all the measures taken by CBN, inflation rate continues to rise. Continued application of monetary policy to tackle this kind of stubborn inflation is failing because what is required is not demand management but supply side fiscal policy.

“Should the monetary authority react by hiking interest rate again, it will further increase yield on debt and cause financial assets to migrate more to debt. This may harm ongoing recapitalization exercise of banks. Rising inflation is not good news for equities.”

Commenting on the further rise in inflation, analysts at Comercio Partners said: “Looking ahead, food inflation, the main driver, is expected to taper off because of the short-term federal government’s recent interventions, with a N2 trillion packages announced by Abubakar Kyari, the minister for Agriculture and Food Security, to curb rising prices and speed up stabilization and growth.

“Also, a 150-day duty-free import window has been approved, allowing tariff-free importation of maize, husked brown rice, wheat, and cowpeas through land and sea borders. This measure, with imported commodities subject to a Recommended Retail Price (RRP), aims to provide immediate relief.

“However, tackling food inflation long-term means addressing underlying issues like transportation and logistics challenges, harvest losses, and regional insecurity. Moreover, discussions around raising the minimum wage could further fuel inflationary pressures.

“On the monetary front, recent interest rate hikes have helped combat inflation, but another hike seems unlikely because of tight macroeconomic environment.

“However, a focus should shift towards addressing the root causes of inflation without stifling economic growth.”

Also commenting, analysts at CardinalStone Finance stated: “The June CPI data indicated that inflation leapt by 24 bases points (bps) to 34.2% YoY, missing analysts’ average consensus of 33.94% and our projection of 33.90%. “Our tamer inflation expectation, based on the stability in the foreign exchange (FX) market was overshadowed by a more pronounced food inflation.

“We perceive that the food basket is still grappling with an uptick in input costs and persisting insecurities in the review period, thus propping up prices.

“The outlook for July’s inflation is likely to be mixed on the back of multiple factors. On upside risk, we expect the recent PMS scarcity and another electricity tariff hike for ‘Band A’ users to increase price pressure.

“Furthermore, FX volatility will likely be prevalent in July, stemming from increased FX demand for vacation and payment of foreign tuition fees.

“While these highlighted factors are expected to increase inflationary risk, we anticipate the base effect to sufficiently moderate YoY inflation.

“Moreover, the government’s decision to suspend duties, tariffs, and taxes on the importation of certain commodities like Maize, husked brown rice, Wheat, and cowpeas for the next 150 days is expected to lead to lower food prices. “The government’s plan to import 250,000MT of Wheat and 250,000MT of Maize also bodes well for the food price outlook, providing a positive counterbalance to the inflationary risks. “Overall, we expect headline inflation to moderate by 50bps to 33.7%.
“In light of the above, we expect the monetary policy authority to maintain its hawkish stance and hike the policy rate by 50 to 100bps in its July meeting”.

In his own comment Clifford Egbomeade, Public Policy Analyst and Communication expert, said: “The rise in Nigeria’s inflation rate to 34.19% in June 2024 has several significant implications for the economy. First, it reduces the purchasing power of consumers, making goods and services more expensive and diminishing the standard of living, particularly for low and middle-income households. This increased cost of living can exacerbate economic hardship and potentially push more people into poverty.”

“High inflation also creates economic uncertainty, which can deter both local and foreign investment. Investors are likely to be cautious in such an environment, leading to reduced investment and slower economic growth. “Moreover, the Central Bank of Nigeria (CBN) may be compelled to further raise interest rates to control inflation, which increases borrowing costs for businesses and consumers, potentially further slowing down economic activities.

“To address rising inflation, the government and the CBN should consider a combination of monetary and fiscal measures. Tightening monetary policy can help curb excessive money supply, although this must be done carefully to avoid stifling economic growth. Implementing prudent fiscal policies, such as reducing fiscal deficits and improving tax collection, is also crucial. Investing in supply-side interventions, such as supporting local production and reducing import dependency, can help stabilize prices in the long run”.

[Vanguard]

Akwa Ibom State Governor, Umo Eno, has described the recent Supreme Court judgment granting financial autonomy to local government areas as a welcome development and relief to state governments.

This is as he expressed concerns over its effective implementation as it relates to the ability of LGs to handle their financial responsibilities.

Governor Eno made the observations Monday evening while fielding questions from Government House correspondents at the Victor Attah International Airport, Uyo, upon his return to the state from a foreign official engagement.

“Since I assumed office, I’ve not touched any funds allocated to the local governments. The only challenge I envisage now, which we have to sit down and find a way around is how the local government workers would be paid promptly? How will primary school teachers be paid promptly? How do we clear the backlog that we have? I pray that we find a way around this.”

 

Eno added that the Supreme Court’s verdict on local government autonomy remains sacrosanct, being the pronouncement of the final court in the land.

 

He noted however, that the judgement would not impact on the Akwa Ibom State Government in anyway, adding that under his administration and previous years, local governments have been getting their due allocations, without any interference with the operations of the joint account.

The governor further explained that in furtherance to his ARISE agenda which places premium on rural development, his administration has channelled volumes of funds into offsetting arrears of gratuities, pensions, salaries and other entitlements to local government workers, noting that the autonomy granted the third tier of government is a relief to the state government.

He urged local governments, under the new arrangement, to take over the responsibility of prompt payment of salaries and other emoluments to teachers, health workers and other LG workers to avoid leaving unnecessary burden of arrears to successive governments.

He said, “The Supreme Court has made pronouncements. That’s the final court of the land, but for us in Akwa Ibom, honestly, I don’t see us having any issues. For me, this is a welcome development because I know how much we, as a state, support the local governments.

“Our ARISE Agenda is also cantered around developing the local government areas, so with this judgement, I feel relieved, but my concern is how they would bear the brunt of the autonomy.”

[Punch]

The Kremlin on Tuesday gave a cautious reaction to Ukrainian President Volodymyr Zelensky’s apparent invitation to a future peace summit, saying that Russia first needs to understand what Kyiv means before attending talks.

Zelensky said on Monday that Russia “should be” represented at a second summit on the Ukraine conflict, following high-level talks last month in Switzerland that Moscow did not attend and heavily criticised.

“The first peace summit was not a peace summit at all. So perhaps it is necessary first to understand what he means,” Kremlin spokesman, Dmitry Peskov told the Zvezda television channel, responding to Zelensky’s comments.

Zelensky’s apparent welcoming of Russia to talks marks a change of tone from the conference in Switzerland, ahead of which the Ukrainian leader categorically ruled out inviting Moscow.

 

The surprise comments from Kyiv come as Ukraine’s forces lose ground on the front line and as the United States gears up for presidential elections that could fundamentally change the dynamic of the conflict.

Leaders and top officials from more than 90 states gathered at a Swiss mountainside resort on June 15 for the two-day summit dedicated to resolving the largest European conflict since World War II.

China and Russia were markedly absent.

The Kremlin sharply criticised the gathering, saying that any discussions on ending the conflict that did not include Russia were “absurd.”

Washington said Monday that it backed Ukraine’s decision to invite Russia to a second summit, but expressed doubt about whether Moscow was ready for talks.

 

“When they want to invite Russia to that summit, of course, that is something we support,” US State Department spokesman Matthew Miller told journalists.

“We’ve always supported diplomacy when Ukraine is ready, but it has never been clear that the Kremlin is ready for actual diplomacy,” he said.

Ahead of last month’s summit, Russian President Vladimir Putin said he was open to talks and would announce a ceasefire if Kyiv effectively surrendered territory that Moscow claims as its own.

Zelensky slammed Putin’s demands as a territorial “ultimatum” reminiscent of those issued by Adolf Hitler, and Ukraine’s Western backers including the United States reacted with scorn.

However, there is growing apprehension in Kyiv about how a potential Donald Trump victory in November’s US elections might affect continued American aid to Ukraine.

The Republican Party candidate has suggested he would end the conflict very quickly if he won back the presidency, a promise Kyiv fears would mean being forced to negotiate with Moscow from a weakened position.

Zelensky said on Monday he was “not worried” about the prospect of a Trump victory and that he was still counting on support from the United States, Ukraine’s biggest financial and military backer.

AFP

Tuesday, 16 July 2024 10:06

FG repatriates 190 Nigerians from UAE

The Federal Government has repatriated 190 stranded Nigerians from the United Arab Emirates (UAE).

This is contained in a statement signed by Mr Bashir Garga, the National Emergency Management Agency’s (NEMA) zonal director in the North Central, on Tuesday in Abuja.

He said that the returnees were received at the Nnamdi Azikiwe International Airport, Abuja, on Tuesday at 5:57 a.m.

 

He said the returnees were received by a combined team of government officials led by NEMA.

He said that the returnees were profiled and documented by the relevant agencies and sensitised to behave with decorum and responsibility on their return to Nigeria.

“The Federal Government urges all Nigerians, wherever they may be, to act as exemplary ambassadors of their country, by upholding the fundamental values of patriotism, rule of law, decency, and integrity,” the statement says.

(NAN)

Donald Trump has picked JD Vance, a senator from Ohio, as his running mate for the presidential election.

Vance, a one-time Trump critic turned loyal ally, is now the first millennial to join a major party ticket at a time of deep concern about the advanced age of America’s political leaders.

“I’m a ‘never Trump’ guy. I never liked him,” the 39-year-old had once said in an interview in 2016.

“My God what an idiot.

 

“I find him reprehensible.”

However, Vance became one of Trump’s steadfast allies a few years later, aligning himself with the former president’s ideology on trade, immigration, and foreign policy, particularly the US’ continued support for Ukraine.

“After lengthy deliberation and thought, and considering the tremendous talents of many others, I have decided that the person best suited to assume the position of Vice President of the United States is Senator J.D. Vance of the Great State of Ohio,” Trump said in a post on his Truth Social network, as the Republican national convention (RNC) got underway in Milwaukee.

Vance had accused President Joe Biden of playing a role in the attempted Trump assassination of Saturday.

“The central premise of the Biden campaign is that President Donald Trump is an authoritarian fascist who must be stopped at all costs,” Vance posted on X hours after the shooting.

“That rhetoric led directly to President Trump’s attempted assassination.”

Reacting to Vance’s selection, Biden described the senator as a “clone of Trump”. Other Democrats have portrayed him the same way.

 

The former president said he has shelved plans to speak on how the US has regressed under Biden at the ongoing RNC.

Trump said he now wants to speak about overcoming the political divide in the country.

[TheCable]

A legal firm, Falana Chambers, has written to the Independent National Electoral Commission (INEC) warning the commission against recognizing Julius Abure as the Acting National Chairman of the Labour Party.

The firm, which represents the National Transition Committee of the Labour Party, stated that Abure’s tenure has expired and any further recognition would be in violation of a Federal High Court judgment in Suit No: FHC/ABJ/IC/866/2014 between Labour Party & 3 Ors Vs Com. Salisu Muhammed, and an INEC-brokered agreement of June 27, 2022.

The letter, dated July 4, 2024, and signed by Marahal Abubakar, LP, requested that INEC desist from fraternizing with Abure and his cohorts, and restrain officials from undermining the administration of justice and respect for the rule of law.

 

The firm attached a report of the mediated settlement and a certified true copy of the Federal High Court judgment to the letter.

The letter noted that the Labour Party has not conducted any election for over four years, contravening Section 233(1)(a) and (2)(a) of the 1999 Constitution, as amended, read alongside Section 82(3) of the Electoral Act, 2022. It also emphasized that the Nigeria Labour Congress (NLC) is the platform of the Labour Party, and that the party has been unable to conduct elections due to the expired tenure of Abure and his National Working Committee.

The legal firm warned that failure to comply with the request will lead to contempt proceedings against the INEC Chairman at the Federal High Court. The letter stated, “TAKE NOTICE that unless you comply with the foregoing request forthwith, we shall approach the Federal High Court and institute contempt proceedings against you.”

[OpinionNigeria]

First, let me thank tosyne2much who helped with the heart of the mocking post explanation, I only added a few edits and did the comparative.

Nigeria is one of the countries in the world that are passionate about football. Both young and old people from this part of the world love football and can go through physical stress to show their undying love for it.

When growing up as a kid, we used to play street football which we call “monkey post”. I know many of us have no idea what monkey post is all about, so let me introduce you to it.

 

Monkey post is a street football that is played by a few players. It’s a type of football that is usually played in an open place. It could be on the street or an abandoned plot of land. The goal post is usually made with tires, blocks or wood and it’s measured with a player’s foot.

In almost every area, there’s always this undeveloped or abandoned plot of land where people easily convert it to a football pitch until the owner is ready to farm on it or build a house on it. The pitch is sometimes named after popular stadiums like Old Trafford, San Siro, etc

Monkey post allows just a few players on the pitch (let’s 10 players) that’s 5 players from each side, unlike a normal football pitch that can contain 22 players. This type of football doesn’t have a referee, linesman or a goalkeeper. Although, the last man does the work of a goalkeeper but he’s not allowed to use his hands to prevent goals but only his legs

 

Here are slangs used in Monkey Post

Allow

This is a slang usually made by a player to alert his fellow players that he wants to go on a counter attack and that nobody should impede his movement. As soon as a player shouts “alloooooooow”, he goes on counter attack with the aim of dribbling his opponent and scoring while one of his players is expected to take his position until he finishes the job and returns back.

 

Lastman

The last man is just like a goalkeeper in normal football just that he’s not allowed to use his hands but his leg to prevent goals. When the ball touches the hand of a lastman, it’s a penalty and that’s why every lastman avoids having a hand contact with the ball.

Ojoro

 

Ojoro simply means “we’ve been cheated”. In monkey posts, there are no referees or linesmen, therefore, there are usually disagreements in decision making. The norm of monkey posts is that decisions are usually made by spectators, so if the spectators make a biased judgement the word “ojoro” means they made by a team means “we’ve been cheated”. If majority of the spectators decide that it’s penalty or a foul, then it’s a foul and vice versa

Set

Since monkey post is a type of football that allows not more than 10 people on the pitch, other players that want to play will form a group of five people and will be waiting for a team to trash the other so that they will play. This is what we call a set and it’s usually formed by those who came early to the pitch.

 

Here are some interesting things about Monkey Post

  1. Decisions are made by spectators, no referee and lines men except in case of competition ref will be appointed.
  2. The match ends when everyone is tired or when it’s getting dark.
  3. The owner of the ball is more like a king. If he gets angry he can decide to end the game by taking his ball home. He also decides who plays.
  4. The most skilful player always gets automatic selection.
  5. The game is usually fun when it’s raining.
  6. Most times people play with their barefoot so you need to be very careful so that you will not sustain injury.
  7. The match is not more than 10-15 minutes. No first or second half If the match ends in a draw, a penalty will follow suit.
  8. Penalty is played from one goal post to the other without anybody trying to prevent it. It’s just a far range penalty without a goalkeeper preventing it, and it is mostly awarded only if an injured player curses a lot.
  9. The fat kid was always the defence.
  10. No matter how many goals you score, the winner will be determined by the last team to score.
  11. If you don’t participate in repairing the ball you are given a match ban.
  12. If you’re picked last, you’re a loser.
  13. The guy who’s never picked was to fetch the ball from the tree/gutter/other compound when it got stuck, under the car or tunnel to play in the next game.
  14. Also, if there is too much argument, we will throw the ball in the air, and the team that gets it continues with the game.
  15. No doctor to attend to you when you sustain injury. You just have to be careful.

Now to the main “mocking” or monkey post, in the course of last week, the Nigerian Bureau of Statistics stated that Nigerian public officials received at least ₦721 billion (approximately $1.26 billion) in bribes in 2023, which is about 0.35% of Nigeria’s GDP.

– Despite a decrease from 2019, bribery remains widespread, with an average of 5.1 bribes paid per bribe payer, totalling around 87 million bribes nationwide.

– Most bribes (95%) were paid in cash or through money transfers.

 

– Public officials are more likely to demand bribes, while private sector actors, including doctors in private hospitals, are also involved.

– The average cash bribe increased to ₦8,284, but its value decreased by 29% when adjusted for inflation.

– 56% of Nigerians interacted with public officials in 2023, down from 63% in 2019.

 

– 27% of those who interacted with public officials paid bribes, a slight decrease from 29% in 2019.

– 70% of those asked to pay bribes refused at least once, with the highest refusal rates in the North-West zone.

– Bribery is becoming less accepted, with fewer citizens viewing it as acceptable to expedite administrative procedures.

 

– 60% of public sector workers were hired due to nepotism, bribery, or both between 2020 and 2023.

– The use of bribery is lower when the recruitment process includes formal assessments.

– Bribery is more common in rural areas, with rural residents paying an average of 5.8 bribes compared to 4.5 bribes in urban areas.

 

– Corruption is a significant concern for Nigerians, ranking fourth among the most important problems affecting the country in 2023.

– Confidence in the government’s anti-corruption efforts has declined, with less than a third of citizens thinking the government is effective in fighting corruption in 2023, compared to over half in 2019.

I will conclude by saying that Nigeria’s street football known as “monkey post” epitomizes both the passion and the informality in the country’s daily life, where rules are flexible, and decisions are made by spectators, mirroring the nation’s struggle with corruption.

 

Just as monkey posts operate without formal referees, the lack of stringent oversight in Nigeria allows bribery and nepotism to thrive, with bribery being more prevalent in rural areas and a significant proportion of public sector workers being hired through corrupt practices. This enduring issue undermines confidence in the government’s anti-corruption efforts, highlighting the need for systemic reforms to restore faith in public institutions—May Nigeria win.

Story Highlights 

  • The Nigerian presidency has spent at least N16.06 billion on foreign currencies for international trips under President Bola Tinubu’s administration, according to data from GovSpend by BudgIT. 
  • From June 2023 to May 2024, the expenditures included significant amounts for the President, Vice President, First Lady, Chief of Staff, and the Presidential Air Fleet, with the President’s trips accounting for the majority at N10.93 billion. 
  • The sharp depreciation of the naira, which has fallen by 70.3% against the dollar since May 2023, has significantly increased the cost of these international trips, highlighting the need for fiscal prudence amid ongoing economic challenges. 

The Presidency through the State House has spent at least N16.06 billion to buy foreign currencies for international trips in the past one year under the administration of President Bola Tinubu. 

This is according to an analysis of data from GovSpend, a platform by BudgIT, which tracks, analyses and presents Federal Government spending over time. 

Covering a period from June 23, 2023, to May 25, 2024, the data includes spending by the president, vice president, First Lady, and the Chief of Staff to the President.

 

It also includes the purchase of foreign exchange (forex) for the Presidential Air Fleet. 

In the 2024 budget, the State House, President, and Vice President have a total budgetary allocation of N14.5 billion for international trips. There is no allocation for the First Lady and Chief of Staff to the President for international travel. 

The GovSpend data shows that about N6.24 billion was spent in 2023 between June and December. By 2024, about N9.82 billion has been spent between January and May. 

It means that the Presidency has spent about 67.72% of its international trips budget in the first five months of 2024. 

What the data is saying 

President’s spending: The majority of the amount was spent by the president for his international trips. The President’s forex purchase was significantly higher, totalling N10.93 billion.

These funds were allocated for numerous international trips, including high-value purchases of foreign currency to support diplomatic missions and engagements abroad. 

The President’s spending includes N82.04 million for the purchase of $176,392.80 for a trip to Ghana on July 28, 2023.

For various other international trips and replenishments of foreign exchange reserves, amounts such as N152.37 million, N228.55 million, and N146.65 million were expended on August 4, 2023, for purchases of $200,000, $300,000, and $315,300, respectively.

At least four times, N197.70 million was utilized for the purchase of $1,000,000 for presidential trips dated July 19, 2023. Further expenditures include N71.74 million, N18.33 million, and N135.93 million for purchases of €300,000 each for the President’s trips on September 6, 2023. 

Vice President’s spending: The total expenditure for the Vice President amounted to N101.68 million. This includes expenses for purchasing foreign currency for various international trips and other related costs. On June 23, 2023, N58.66 million was allocated for the purchase of £1,000,000 (approx. $1,000,000) in UK Pounds for the Vice President. 

On February 24, 2024, an additional N426.88 million was used to acquire $483,277.00 for the Vice President’s trip to Switzerland. On September 6, 2023, N43.02 million was spent on the purchase of €300,000 for the Vice President’s trips. 

First Lady’s spending: The total expenditure for the First Lady’s international trips amounts to N623.05 million. On January 4, 2024, N149.79 million was allocated for the purchase of $152,831 for the First Lady’s trip to France. In March 2024, N202.39 million was spent on purchasing $126,834 for the First Lady’s trip to Mozambique. On February 9, 2024, N144.57 million was allocated for the purchase of $96,118 for the First Lady’s trip to Addis Ababa, Ethiopia. Additionally, in March 2024, N126.3 million was spent on purchasing $83,967 for the First Lady’s trip to London. 

Chief of Staff’s spending: The total amount spent by the Office of the Chief of Staff to the President was N59.24 million. This included expenditures for purchasing foreign currency for specific international engagements and preparatory activities for global forums such as the United Nations General Assembly.  

The Office of the Chief of Staff to the President also saw expenditures such as N46.51 million for $100,000 for presidential trips to the UK on August 10, 2023. 

Another allocation of N12.73 million was made for purchasing $79,740 for preparations towards Nigeria’s participation in the 78th session of the UNGA in the USA on November 22, 2023. 

Presidential Air Fleet: The expenditures for the Presidential Air Fleet were also substantial, amounting to N4.97 billion. This category reflects the operational needs and readiness of the Presidential Air Fleet, including regular high-value allocations for forex transit funds to support the fleet’s international activities and maintain its operational capacity. 

The Presidential Air Fleet received substantial funds for forex transit. Significant allocations include N387.60 million on August 15, 2023, N2 billion on August 16, 2023, and N713.22 million on August 29, 2023. 

Dollar dominates spending 

Based on the disclosed currency for some transactions, the dollar was the dominant foreign currency that was purchased as about N6.42 billion was spent to buy $9.98 million. 

The expenditures on UK Pounds were relatively lower, totalling N58.66 million for £1 million. For Euros, about N269.02 million was spent to get €1.2 million. 

The largest category of expenditure was on Forex Transit funds, amounting to over N9.42 billion. However, the type of foreign currency purchased was not disclosed.  

More Insights 

The exchange rate from the naira to the dollar has crashed by 70.3% so far under the administration of Bola Ahmed Tinubu. 

On May 30, 2023, the naira traded for N464.5/$1 on the official market. However, the naira hit a July low at the end of last week, closing at N1,563.80/$1 on Friday, July 12, 2024 

This steep decline in the value of the naira means that the cost of acquiring dollars has more than tripled within this period. 

This depreciation has had a profound impact on the expenses incurred for international trips by the Nigerian presidency. The substantial increase in the naira-to-dollar exchange rate means that more naira is needed to purchase the same amount of dollars as before. 

For example, if the presidency needed $1 million for an international trip in May 2023, the cost would have been N464.5 million.

By July 2024, the cost of the same $1 million would be N1.56 billion, except maybe the State House gets foreign currencies at a discount rate. 

The data raises critical questions about the prioritization of government spending, especially given the ongoing economic challenges faced by many Nigerians.

The substantial amounts dedicated to international trips highlight the high costs associated with maintaining diplomatic engagements and the operational needs of the Presidential Air Fleet.

The government’s commitment to maintaining a robust international presence is evident; however, this financial outlay also highlights the necessity for transparency and judicious use of public funds, and the need for a balance between necessary governmental functions and fiscal prudence. 

[Nairametrics]

Islamic cleric Sheikh Ahmad Gumi has called on Nigerians to peacefully protest against President Bola Tinubu’s administration.

Gumi emphasized the importance of peaceful demonstrations as a way to express public grievances to the government.

 

In a video message, the Islamic scholar reminded viewers that former President Muhammadu Buhari had protested against ex-President Goodluck Jonathan’s administration.

Gumi said, “Politicians are very stubborn; mass protests are the only thing that disturb them.

“In countries like Sudan and Liberia, conflicts were akin to family feuds, which are very dangerous. But Nigeria is different, with its diverse ethnicities, religions, cultures, tribes, and sects. Protest is the only language the government understands.”

He continued, “In 2015, Muhammadu Buhari and other top officials of the All Progressives Congress (APC) came out to protest, claiming that the previous government had ruined Nigeria. Back then, protest was legal; now it’s considered illegal. God willing, the protest will proceed peacefully, and the government must understand and respond positively to the language of protest.”

This appeal comes as activist-politician Omoyele Sowore calls for a revolutionary protest in August to address the country’s hardships.

Recall that President Tinubu along with Professor Wole Soyinka, among other All Progressives Congress (APC) chieftains led an Occupy Nigeria protest in 2012 against ex-president Goodluck Jonathan’s administration’s policy to remove fuel subsidy.

On 1 December 2013, Tinubu wrote, “Nigeria needs a democratic revolution that will unleash infrastructural development and massive industrialization. Nigeria is a blessed.”

[NaijaNews]

On a bright, randy day in Lagos in the year 2015, a judge hurriedly used the law to dissolve a troubled marriage. Three months later, the woman was discovered impregnated by the tender-hearted judge. I pray that won’t be the case with the benevolent presidency of Bola Ahmed Tinubu and Nigeria’s local governments.

Roman orator, Marcus Tullius Cicero, said “the closer the collapse of the Empire, the crazier its laws are.” He is also credited with saying that “the more corrupt the state, the more numerous the laws.” These interventions from antiquity came to my mind as I read the Supreme Court’s epochal decision on the relationship between our states and our local governments last week.

Local governments are now free to have their money the way they had it before the 1999 constitution tied them to the apron strings of the states. Governors cryptically reacted that the judgment had relieved them of the burden of feeding those who should starve among the councils. I am interested in how the Supreme Court’s order is implemented. I am also interested in knowing the motive and the motivations of the initiators of the case. I hope the councils have not been discharged into the house of death from the bedroom of disease.

How will the states handle this situation? How did Tinubu handle his own 20 years ago? If you are bold and brave and you are in power and you have the Lagos-Ibadan press behind you, the Supreme Court and the law are nothing. On December 10, 2004, the Supreme Court, in the celebrated case on the seizure of Lagos State’s local government funds by the government of President Olusegun Obasanjo, ruled that statutory allocations be released to only the 20 local governments recognized by the constitution. Specifically, the Supreme Court ordered that: “The 57 Local Government Areas established by (Lagos) Law No. 5 are inchoate until the National Assembly passes the Act necessary under Section 8(3) of the Constitution. Therefore, the new 57 Local Government Councils are not entitled to receive funds from the Federation Account. Accordingly, the declaration sought (by the Federal Government) is granted.” That order of the apex court did not stop the then Governor Bola Ahmed Tinubu (with his successors) from using the funds of 20 local government councils to fund his illegal 57 councils. He did it yesterday and got what is famously known as Conference 57 – a crowd of well-heeled, monied foot soldiers of the Godfather at the grassroots of Lagos. He is doing it now, enlarging that coast to a potential Conference 774 of Halleluyah choristers. He will do it tomorrow – even if you jump into the Lagoon. Our state governors, if they want, can go learn from him.

In my column of 3 June, 2024, I expressed some fears on what was eventually unveiled last week Thursday by the Supreme Court of Nigeria. I wrote that: “Those who allowed themselves to be distracted slept last night as free people; they woke up this morning in slavery. So, please refuse to be distracted. As you discuss the president’s strange choice of anthem over people’s hunger, pay due attention to everything his government is doing. Pay more than ordinary attention to the local government autonomy case at the Supreme Court. That is a case with a potential to determine (or undermine) your freedom, the health of our country and the safety of our democracy. Why is fox suing hawk in defence of chicken? Autocracy incubates itself in populist confusion. The case is about that. We need vibrant states to checkmate the behemoth in Abuja. We need the local governments to drive development at the grassroots. The rapacious Federal is the elephant unsettling the room. Think of an imperial president with very rich 774 ‘liaison officers’ sitting as council chairmen across the country. Think of a federal government with limitless powers engaging a disparate set of 36 weakened, impotent states. Think of Nigeria as a unitary state. The court case …has the potential to achieve that. The deft moves of today have replicas in history… Think of the aftermath. Think.”

That was last month. I don’t know if it is not too late to think now.