On May 29, 2023, President Bola Tinubu made several promises during his inauguration speech to rekindle hope in Nigerians searching for light at the end of the tunnel.

Tinubu promised a decline in unemployment and a reduction of interest rates “to increase investment and consumer purchasing power” in ways that sustain the economy at a higher level.

The president also said his administration would target higher gross domestic product (GDP) growth.

With 12 months gone in his four-year tenure, TheCable takes a look at some economic indicators that illustrate Tinubu’s first-year performance.

PURCHASING POWER

Tinubu has not been able to increase purchasing power as promised, as the cost of living continues to ascend on the back of soaring inflation.

The inflation rate has been on an upward trend rising from 22.41 percent in May 2023 to 33.69 percent in April 2024, while food inflation has climbed to 40.53 percent from 24.82 percent within the same period.

To rein inflation, the Central Bank of Nigeria (CBN) has increased the interest rate from 18.5 percent in May last year to 26.25 percent in May 2024.

CBN has hiked interest rates four consecutive times under Tinubu — an act against the president’s vow to reduce the cost of lending to spur investments and improve the purchasing power of Nigerians.

Within the same period, the average retail price paid by consumers for premium motor spirit, also known as petrol, rose by 194.5 percent or N463.13 from N238.11 in May last year to N701. 24 in April 2024, according to data from the National Bureau of Statistics (NBS).

The increase, driven by the removal of petrol subsidy, and the hikes in the cost of borrowing and soaring inflation contributed to the increase in the cost of living and decline in purchasing power.

This is reflected in the average price of 1 kilogram (kg) of local rice (sold loose) which was sold for N555.18 in May 2023 but rose to N1,399.34 in April — indicating a year-on-year increase of 152.05 percent or N844.16.

Similarly, the average price of 1kg of white garri (sold loose) increased by 129.33 percent on a year-on-year basis from N371.42 in May last year to N851.81 in April.

CAPITAL IMPORTATION

Within the last nine months of last year, capital importation declined by 26.15 percent ($982.41 million) to $2.77 billion, compared to $3.75 billion reported in the same period in 2022 by NBS.

Capital importation consists of foreign direct investment (FDI), foreign portfolio investment (FPI), and other investments.

It entails the foreign capital inflow to fuel investment, trade, and manufacturing within a country.

According to NBS data, total capital importation into Nigeria stood at $1.03 billion in the second quarter (Q2) last year, lower than the $1.53 billion recorded in Q2 2022 — indicating a decrease of 32.90 percent.

In Q3 2023, capital importation declined by 43.55 percent to $654.65 million, compared to $1.15 billion reported in the corresponding quarter the previous year.

Similarly, in Q4 2023, capital importation stood at $1.08 billion — 2.62 percent higher than the $1.06 billion recorded in Q4 2022.

EXCHANGE RATE

At the end of President Muhammadu Buhari’s tenure a year ago, the exchange rate was hovering around N464.51 per dollar in the official window and N762/$1 in the parallel market.

A year later, however, the exchange rate stood at N1,339.33/$ and N1,520/$ in the official and parallel markets, respectively, as of May 27.

This indicates that the naira depreciated by N874.82 or 188.33 percent in the official market and N758 or 99.47 percent in the parallel market.

The depreciation of the naira was driven by many factors, one of which is the devaluation of the local currency by the Central Bank of Nigeria (CBN) on June 14, 2023, as the apex bank unified all trading windows into the investors and exporters (I&E) window.

The presidency also blamed Binance and other crypto platforms for the woes of the currency on February 21, but the CBN’s monetary policy committee (MPC), on May 21, said the volatility in the FX market is caused by seasonal demand for forex.

On its part, the Association of Bureau De Change Operators of Nigeria (ABCON), on May 23, said the weakening of the naira is caused by unearned income pursuing the local currency and not due to demand for the dollar.

Aminu Gwadabe, president of ABCON, also said corruption was responsible for the depreciation of the naira.

GDP

The GDP under Tinubu has underperformed and outperformed when compared to Buahri’s last year in office.

A quarterly breakdown showed the GDP growth rate in Q2 2023 was 2.51 percent (year-on-year) in real terms, falling below the 3.54 percent reported in the same quarter the previous year.

In Q3 last year, the GDP grew by 2.54 percent (year-on-year) in real terms, higher than the 2.25 percent recorded in the third quarter of 2022.

However, in Q4 2023, the GDP growth rate stood at 3.46 percent (year-on-year) in real terms, compared to the 3.52 percent recorded in the corresponding period in 2022.

The fluctuation in growth movement continued in Q1 2024, as the GDP growth rate was 2.98 percent (year-on-year) in real terms, relative to the 2.31 percent recorded in the first quarter of 2023.

In nominal terms, the aggregate GDP under Tinubu has increased by 15.69 percent (N32.21 trillion).

The aggregate GDP in nominal terms stood at N237.40 trillion between Q2 2023 and Q1 2024, compared to N205.19 trillion recorded between Q2 2022 and Q1 2023.

FOREIGN TRADE

Nigeria’s foreign trade under Tinubu increased by 61.27 percent or N22.15 trillion between Q2 and Q4 2023 compared to the same period in the previous year.

Total foreign trade, according to NBS data, increased to N58.3 trillion, compared to N36.15 trillion during the review period.

This report has excluded the Q1 2023 data because the NBS has not released the country’s trade performance numbers for Q1 2024 for better comparison.

Nonetheless, TheCable Index observed that in Q2 2023, the country’s entire trade stood at N12.7 trillion, with total exports at N7.02 trillion and imports amounting to N5.73 trillion.

The total trade fell below the N12.84 trillion reported in Q2 of 2022, with total exports at N7.40 trillion, while total imports stood at N5.43 trillion.

In Q3 last year, Nigeria’s total trade stood at N18.80 trillion, with exports accounting for N10.34 trillion, while total imports stood at N8.45 trillion. This was higher than the total trade of N11.59 trillion recorded in the third quarter of 2022, when total exports stood at N5.93 trillion and total imports were valued at N5.66 trillion.

However, despite raising total trade to N26.80 trillion in Q4 last year, Nigeria recorded a trade deficit of N1.41 trillion, as the country’s exports totalled N12.69 trillion, and total imports stood at N14.11 trillion.

Compared to the fourth quarter of 2022, Nigeria’s total trade stood at N11.72 trillion, of which total exports stood at N6.35 trillion and total imports amounted to N5.36 trillion — indicating a trade surplus of over N990 billion.

FOREIGN RESERVES

The foreign reserves have declined by 6.83 percent or $2.40 billion since Tinubu took over from Buhari.

It decreased from $35.09 billion reported on May 30, 2023, to $32.69 billion as of May 27, 2024, according to data obtained from CBN.

During the period of the decline, the CBN had intervened in the parallel market in a bid to crash the FX rate.

The apex bank sold $20,000 to each bureau de change (BDC) operator at the rate of N1,301/$ on February 27, while the second tranche of $10,000 was sold to the BDCs at the rate of N1,251/$.

Similarly, on April 8, CBN began the third tranche of sale to BDCs at N1,101/$.

The naira gained against the dollar in the parallel market amid the intervention, appreciating from N1,900/$ on February 21 to N1,100/$ on April 13.

As of June 5, the exchange rate stood at N1,500 to the greenback.

During the same period, the local currency at the official window recovered to N1,136.04/$, from N1,551.24/$ — but last traded at N1,488.60/$ on June 5.

However, Cardoso said the reduction in the country’s reserves is due to the payment of debts, and not defending the naira.

[TheCable]

One is reminded of carved-up Christmas turkeys when considering Nigeria and how both foreigners and its citizens plunder its resources. An Igbo proverb that refers to the guidelines for cultivating newly discovered farmland that belongs to no one in the community is “okata okolu” (farm as you may). The elders would declare a day on which the people would farm the land because no one owned it. Everyone gathers on the designated day and hour, and each person tills as much of the land as their strength carries them.

That’s how Nigeria has come to be. Prebendalism – the idea held by government officials that resources owned by the government are their own – allows citizens to plunder as much of the common resources as they can. To them, stealing government funds is not theft. But they would amputate a twelve-year-old who stole a phone somewhere in the north and lynch another who stole one thousand naira down south, but they would embrace government officials who stole billions of naira and offer them front pews in churches and mosques.

Since Nigeria doesn’t seem to belong to anyone as a geographical expression, plundering is the norm. Because of this, no one in Nigeria manages for the benefit of the people or the advancement of the country. Systematic class fraud is taking place, with the deliberate goal of crippling the economy and imploding the country.

This is the reason for the escalation of insecurity. Security personnel are also exempt. They, too, are Nigerians, and, like the rest, would gather anything they could, not believing that their country even exists. Generals embezzle money intended for arms and soldiers’ living expenses, while troops who dare to ask questions face court-martial, imprisonment, or dismissal. Police investigation and judgement by courts are now mostly to the highest bidders and politically connected. Therefore, corruption, the politicisation of national security, and a lack of any sense of patriotism are core causes of Nigeria’s current state of insecurity.

Three decades ago, Nigeria was considered to be among the world’s safest countries. For Nigerians, terrorism meant something entirely alien—a fairytale from distant lands. However, because the people in command and authority turned a blind eye or colluded for less than honourable reasons, terrorists and Janjaweed bandits have taken over forests in both the north and south of Nigeria.

There are underlying reasons for Nigeria’s insecurity, which the nation must deal with to have peace, growth, and progress. Symptoms are alerts to more serious underlying conditions. Ignored or dismissed symptoms frequently result in more difficult situations later on, when the underlying illnesses manifest. That is precisely what happened with Nigerian insecurity: the nation failed to nip in the bud the sources of insecurity.

Prebendal politics and unpatriotic political leaders are Nigeria’s main causes of insecurity. Even the most horrible of the others are copies of political corruption and unpatriotic leadership. As a signature, prebendal politicians, who embezzled the country’s common resources and left the populace stranded, hungry, and enraged, are to blame for terrorism, Janjaweed banditry, killer herdsmen, insurgency, militancy, cultism, ritual murders, and Yahoo Plus, among other forms of insecurity in the land.

Bad governance is a direct result of prebendal politics and a common feature that underpins and gives insecurity its wings.

Prebendal political players score so highly on the rating because they are the ones who steal public money in large lumps. They embezzle the funds intended for economic growth, job creation, and development. They should be appropriately viewed as economic terrorists, just like the other terrorists, militants, rebels, and bandits.

To counteract insecurity, it is therefore essential to overthrow prebendal politics and recover the loot of public officials in a manner akin to how the country handled the Abacha loot. Yes, prebendalism must be addressed with decisiveness. And stopping the feeding of government officials is the right place to start. There is a report that 30 governors spent over N950 billion on entertainment in 3 months! Only Nigeria and Africa feed their leaders; no country in the West does.

The rich feed the poor in the West, but in Nigeria and other parts of Africa, the impoverished feed the rich. In psychology, this is known as means-end inversion.

The next is asset declaration, which needs to be made public both before and after an individual assumes office. It is morally and legally unacceptable for a public official to conceal his wealth and income from his employers. He or she may choose to keep their privacy by not running for or accepting any public office at all. No one enters the kitchen if they don’t want to get heated.

Third, a new law that stipulates an extremely long sentence—possibly life or death—for corruption must be passed, and the fight against corruption must be apolitical and serious. Because it is evil, corruption ought to be regarded on par with armed robbery. In addition to being theft, corruption is a moral blight and a crime of betrayal. Because of this, dishonest government officials in China are executed. That country views it as a waste, sending corrupt officials to jail. As a result of this prudent management of public resources and zero tolerance for corruption, China has grown to become the largest economy in the world, possessing reserves exceeding $1 trillion. Compare that to Nigeria, which has less than $35 billion in reserves and where prebendal public officials plunder the commonwealth.

In Nigeria, politicians founded a terrorist movement and brought in bandits to prosecute elections. Boko Haram terrorists had government positions in their early years. One even held the position of commissioner before they were forced underground and withdrew into the Sambisa jungle. Dealing with them decisively is challenging because they had been politically involved in the past.

In a similar spirit, Abubakar Kawu Baraje, a former chieftain of the ruling All Progressives Congress (APC), traced the origin of the current insecurity in the country to the influx of bandits from neighbouring countries like Sierra Leone, Mali, Senegal, Niger, and Chad. Honourable Baraje then told Nigerians about how these Janjaweed bandits were brought into Nigeria to ensure electoral victory in the 2015 presidential election and then left on their own, which led them to start kidnapping for ransom and extorting citizens for taxes. The fundamental reason it has been difficult to weed the bandits out is the political undertone of banditry. Videos and images have surfaced of their leaders posing with a governor and sporting turbans from traditional monarchs in the north.

Likewise, politicians have used cultists as private armies and political thugs to cause unrest in Nigeria. For their elections and security, the politicians arm the cultists and provide them with political cover, and help them get away with murder and other serious crimes. Since the politicians cannot retrieve the guns they illegally bought for the thugs and cultists from the black market, many of them turn into armed robbers and kidnappers.

Under President Muhammadu Buhari’s administration, killer herdsmen gained the greatest impetus and boost. Anywhere they could, they let their animals graze. They’d become so brazen and reckless that they were uprooting crops and feeding their cattle, even going so far as to set farms on fire to force the early sprouting of grass so the animals would have food while the farmers starved. Many farmers who ventured to challenge the brazenness were raped, wounded, or killed.

The tension between farmers and killer herdsmen has also intensified after a governor revealed to Nigerians on national television that he was involved in a project aimed at resettling an ethnic group that had become stranded around Africa in the country. Communities have been sacked as a result, and their attackers have taken control of the sacked communities. What this means is that politicians are the ones bringing the killer herdsmen into the country as well. Effective containment of the situation is also hampered by the killer herdsmen’s political cover. Even on the floor of the Nigerian senate, some senators argue that herdsmen and their cattle should be allowed to enjoy the rights of citizens and should graze anywhere they may.

Insurgents and militants are engaged in economic conflicts of marginalisation as democracy has failed to bring about progress and employment possibilities. The loud protests against the Niger Delta’s oil not helping the people living there while it develops other regions of the nation are known as the Niger Delta militancy. Thus, it is a fight for inclusion and social justice, a fight for resource control as seen in other federations.

A president showed audacity by calling the Igbo ethnic group, which has potentially over 40 million people, just a dot on a circle and treating them as such. That was how the South East, which was the safest zone in Nigeria, was allowed to become home to unknown gunmen.

In addition, numerous types of insecurity and violent crimes have been brought on by economic stagnation among young people in general. With the economy growing worse, the majority of young people who graduated more than ten years ago have no chance of finding work. The outrageous displays of extravagant wealth exhibited by politicians without any labour have also instilled in young people the desire to become wealthy overnight. This led to the advent of Yahoo Boys and Yahoo Plus. Yahoo Plus is the Yahoo Boys who, supposedly, kill for rituals to spur their Yahoo activities, no thanks to the prebendal politicians and their primitive acquisition of wealth.

Bottom line: the political elites are responsible for the different types of insecurity in Nigeria. The solution to insecurity in Nigeria has therefore one silver bullet: deal with the prebendal politics and the identified root causes of insecurity decisively, and their manifestations will vanish in no time.

Dr Law Mefor, an Abuja-based forensic and social psychologist, is a fellow of The Abuja School of Social and Political Thought; This email address is being protected from spambots. You need JavaScript enabled to view it.; Twitter: @Drlawsonmefor.

The results of South Africa’s 2024 elections further illustrate what pro-democracy groups have always canvassed - good governance/leadership is tribe and race-blind.

South Africa comprises people of diverse origins, cultures, languages, and religions, including Indian South Africans, who constitute 2.7% of the population, the 8.2% coloured South Africans,  and the indigenous majority Blacks who make up more than 81% of the nation’s estimated 62 million inhabitants.

Much of the atrocities wrought by the authoritarian, minority white regimes that dominated the political, social, and economic life in the former apartheid enclaves of South Africa and South-West Africa (now Namibia) from 1948 to the early 1990s, are irreversible.

Indeed, no one expects the damage of the institutionalized racial segregation unleashed by the White South Africans on the Black majority population to disappear within 30 years.

 After decades of anti-apartheid struggles waged internally and internationally, led by African countries, the then-Organization of African Unity (OAU) and the Commonwealth Organization, while some powerful nations such as the United States and Britain, either lukewarm or in support of the apartheid regimes, the African National Congress (ANC), an off-shoot of the liberation movement, emerged as the dominant political party in South Africa from the first multi-racial elections of 1994.

However, the ANC must now undertake a serious introspection of its unimpressive scorecard for 30 years and losing parliamentary majority in the 2024 elections.

The legendary Nelson Mandela, alias ‘Madiba’ the icon of the anti-apartheid struggle gave expression to the axiom “from prison to the presidency,” by winning the presidency in the 1994 elections after his incarceration for 27 years for challenging the apartheid system.

Revered and praised for his conciliatory, non-violent philosophy even in the face of inhumane provocations, Madiba did not only succeed in relatively uniting a racially divided South Africa to create a “Rainbow Nation” that attempted to harness its diversity, he also led by example, stepping aside after serving for just one four-year term in office. He died as a World Statesman in December 2013.

Unfortunately, African leaders, including those from Mandela’s home country, have failed to emulate or follow his example.

Under South Africa’s constitution, the party or coalition that wins a majority vote and at least 201 of the 400 Parliamentary seats produces the President of the republic.

From the 1994 elections, Mandela became South Africa’s President as the flag bearer of the ANC with a majority vote of 62.5%. The Inkatha Freedom Party (IFP), which also draws much support from the black homeland of KwaZulu, came third, with 10.54%.

The then-main opposition white-dominated National Party (NP) came second with 20.39% vote, and later morphed into the Democratic Party (DP) and now the Democratic Alliance (DA).

Given the dynamism of politics, there have been realignment of political forces since 1994, when the voter turnout was 86.87%, but the much expected positive transformation of black lives under the ANC has failed to materialise.

Mandela’s then-deputy, Thabo Mbeki, more an academic than a typical politician, succeeded his boss as President of South Africa following the 1999 elections, after an ANC win with 66.36% vote. This was at a time when the opposition parties were in disarray, with the IFP getting 8.54% and the DP, just 9.54% of the vote, from a record voter turnout of 89.30%.

Mbeki was re-elected president in 2004 but could not complete his second four-year term due to serious disputes within the ANC. This resulted in Mbeki’s replacement as ANC leader and President of South Africa, by Kgalema Motlanthe from 2008 until another election in 2009.

At the 2009 election, the ANC fielded veteran and combative trade unionist Jacob Zuma, President Mbeki’s deputy who led the move for his boss’ ouster.

Internal wrangling within the ruling party worsened, resulting in the formation of the Congress of the People (COPE) by disgruntled ANC members and the strengthening of the opposition.

Consequently, the ANC got 65.9% of the vote in the 2009 election, while COPE ate into Black votes with 7.24% leaving the main opposition DA with 16.66%.

A combination of the intra-party differences exacerbated by ANC’s inability to deliver on its promises of Black empowerment and the creation of equal opportunities to make the lives of the majority population better have dealt a lethal blow to the black-dominated ruling party.

Zuma was re-elected as South African President in 2014 but, as a controversial persona dogged by scandals, his vigorous attempts to stamp his authority on the ANC divided the party the more.

The erstwhile party of the Great Madiba has thus, seen its share of popular votes on a steady decline, to 62.15% in 2014, while that of the main opposition DA rose to 22.23% with another ANC breakaway group, the Economic Freedom Fighters (EFF), getting a slice of 6.35%.

Voter turnout declined to 73.48% in 2014 as a further demonstration of disaffection among the population toward the ANC-led government.

However, even after being replaced as leader of the ANC by deputy President Cyril Ramaphosa, a business mogul, who succeeded Zuma as President of South Africa after the 2019 presidential election, the veteran labour leader does not want to go down alone.

In the 2019 election, the ANC won with a further reduced majority of 57.5%, while the DA got 20.77% and the EFF 10.8%, with voter turnout of 66.05% - the lowest since 1994.

Meanwhile, with several allegations of corruption still hanging on his neck and after serving a term for contempt of court, Zuma would appear to have reinvented himself politically.

In his determination to become a life-long ANC member, the 82-year-old hijacked the uMkhonto weSizwe (Zulu for 'Spear of the Nation'), or MK Party founded in 2023 and named after the paramilitary wing of the ANC.

At the 2024 election last Sunday, Zuma ran as the presidential candidate of the MK Party, and came fourth with 7.62% of the vote, according to provisional results announced by the Independent Electoral Commission (IEC).

The main opposition DA, which had John Steenhuisen, 48, as its flag bearer, made further gains by scoring 26.34%, while the EFF, led by Julius Malema, 43, got 8.1% of the vote.

Ramaphosa is seeking re-election on the platform of the ANC and as widely expected, the black-dominated ruling party has for the first time since 1994 failed to win parliamentary majority of votes in South Africa.

 The ANC managed less than 43% of the vote, and will now be forced to enter into an uncomfortable arrangement with rival parties to form a government, an uncharted course in the country’s political history.

Even by South African standards, the ANC’s 2024 electoral performance from some 27.6 million registered voters and a turnout of 58.64% from the country’s estimated population of 62 million speaks volumes.

There was great hope and expectations that Madiba’s would re-write South Africa’s dark history. But it has failed most spectacularly to deliver good governance after wresting political power from the apartheid minority white rulers.

Acknowledging the party’s underwhelming performance as a development with potentially dire consequences for its relevance and continued existence as a big player in South African politics, ANC senior officials are now suggesting the formation of a National Unity Government even as the main opposition parties position themselves as king-makers.

The World is watching with a keen interest the political development of South Africa.

A strong message for African leaders is that as the majority of Blacks in South Africa voted out the obnoxious apartheid minority White regime in South Africa, people of all races can/will punish bad governance/leadership, anywhere in the World irrespective of race or colour!

*Paul Ejime is a Global Affairs Analyst and Consultant on Peace & Security and Governance Communications

The nation was only a few steps away from potential chaos and confusion on Tuesday. We had a taste of the gloom that has been staring the nation in the face for a while with Labour flexing its muscles and threatening social and industrial peace. Not without justifiable cause, I must say. What with reckless spending assailing our sensibilities you would think the engine of public spending has gone out of control, or indeed broken down. How can anybody justify the mindless purchase of Sports Utility Vehicles, alias SUVs, one costing N160 million for each of the Federal legislators? This is an Assembly in which my old friend, Adams Aliyu Oshiomhole, sits as a Senator. He felt uneasy at first at the thought and raised a feeble protest. He, indeed, apologized for the protest he raised on Channels Television when he got to the floor of the Red Chambers a few days later. How can anybody defend the endless stretch of the Presidential convoy of Bola Tinubu that was witnessed in Lagos—about twice now? I had thought it was President Joe Biden that was in town. I had thought that Joe Biden, menaced by the heat of desperate Mr. Trump that The New York Times has said again is unfit to be President, was here to cool off. The New York Times’ first unflattering testimonial for Mr. Trump was in 2015. As part of the insensitive posture and unthinking of the Administration is the plan to build a N15 billion official residence for the Vice-President.

All of last week, the Labour principally made up of the Nigeria Labour Congress (NLC) led by Joe Ajaero and Festus Osifo’s Trade Union Congress (TUC) was determined to bare its fangs to press home their agitation for a new minimum wage regime. All of last week, they had asked their members to be on standby for last-minute instructions for a showdown. As of Monday, the air was thick with a foreboding of chaos and confusion, and the nation was made to hold its breath. Their unassailable argument was that in the economic circumstances of today, with the cost of living shooting through the roof, the current minimum wage of N30,000 is no longer realistic. At first, Labour themselves shot sky-high pressing for N615,000 per month as minimum wage for a worker. Later the figure came down to N494,000. The Federal Government first offered N48,000; it moved it to N57,000, but Labour described the government’s offer as “unserious.” As is in the nature of negotiations, the Labour’s first salvo at negotiation was a demand of a maximum of N497, 000 and the Federal Government seemingly testing waters came off with an offer of N48,000, later it jerked it up to N54,000. It raised it again slightly to N57,000. Osifo then had to say: “Our N494K demand is not fixated.”

The NLC president, Joe Ajaero attributed the minimum wage of N615, 000 tabled to the current economic situation in the country and he blamed the breakdown of negotiations on the position of the government and the Organized Private Sector. In his words: “despite earnest efforts to reach an equitable agreement, less than reasonable action of the Government and the Organized Private Sector has led to a breakdown in negotiations.” Labour’s “cost of living estimate” shows that a worker would require N270,000 to feed for 30 days and transportation would cost him N110,000. The Director-General of the Federal Budget Office said the current personnel cost for 1.5 million workers is N5trillion. If the government accedes to the Labour demand of N615,000, it would bring the personnel cost of the Federal workers to N11 trillion. The Federal Government has shifted again a little; it will consider N60,000 as the minimum wage. But Labour is insisting that nothing less than N100,000 would be acceptable.

To bring a quick end to the strike, President Bola Tinubu said he was committed to implementing a National Minimum wage that might be higher than N60,000. How much higher it was not spelt out. Even if Tinubu was prepared to agree to a higher offer, the state governors and the private sector are to be carried along. This is because payment of a minimum wage has a nationwide application. It is the least any employer of labour throughout the country is expected to pay his worker. When in the language of Ajaero the strike was relaxed, not suspended or called off, it was agreed that negotiation would continue for a week to arrive at a figure acceptable to all the parties—the two tiers of government and the private sector. The Federal Government team was led by George Akume, an experienced administrator and former Governor of Benue State. With him is the National Security Adviser, Nuhu Ribadu.

For the strike to have maximum bite the nation was plunged into darkness as the national grid was shut down, the banks were closed, dockworkers shut the ports, and airport operations were paralyzed. The Railway is traditionally, indeed historically the home of national strikes. It came as no surprise that there were no train services. The existing N30,000 minimum wage was inherited from President Buhari who had also inherited N18,000 as minimum wage from President Jonathan whose Administration sanctioned it in 2011. I recall Buhari’s passionate plea to Labour in 2018 to get workers to return to work. He pleaded with them to show greater understanding, especially in the light of what he described as gargantuan problems his administration inherited. He made a particular reference to infrastructural development his Administration had embarked upon with very lean resources.

He spoke of missed opportunities between and 2015, when, as he was wont to say, the nation had huge resources at its disposal. He said: “There is no part of the country I haven’t been to, having attempted to be President four times. I know the conditions of our roads. The rails were literally killed: there was no power…” despite the humongous amount said to have been spent in the sector. Speaking for him during negotiations to avert the strike, Boss Mustapha, Secretary to the Government of the Federation, told the unions: “The concern is not only for the welfare of the workers but also every other thing should be taken on board…So, it is a balance of the welfare of the workforce with the effect of the new minimum wage and the economy. We yearn to go above basic social protection for Nigerian worker but also tie it to the ability to pay, because many states are even having difficulty meeting the basic minimum wage.” Boss Mustapha said as of the time, 27 states out of 36 are at the moment encountering difficulties paying the then minimum wage of N18,000. It is the same argument in government circles.

In my view, this is the crux of the matter; it is where the problem lies. There are compelling arguments on both sides. How can N30,000 carry anybody in the economic circumstances of today and the cost of living triggered largely by the withdrawal of petroleum subsidy with its ripple effects, and the intractable insecurity ravaging farming zones of the country? On the other hand, a government which owes arrears in the payment of the current one will see paying anything higher as a pipe dream. Unfortunately, government functionaries are not setting the right example and the right tone. There is a display of opulence everywhere. Our governors and even the President live at practically no cost to them. They are fed by the state; their vehicles are maintained and fueled by the state. Their lifestyle is obscene. In other lands, hardly can you tell a senior government official, a minister, or any other ranking public servants from the ordinary citizens. Sometimes, you have the feeling that they are emancipating! Whether it was Obama or George Bush, they looked more battered in office than before they went into the White House. Indeed, Obama became an old man in no time with grey hairs mushrooming all over his head. As I did ask in 2018 on this subject of public spending: In what way had UK Theresa May or Donald Trump changed since they got into office, whether in their manner of dressing or in their physical appearance?

But no sooner do Nigerians get into office than they begin to bloat with their complexion glowing and all potholes on their cheeks filled up. They overdress you would think it is their wedding day. I recall Peter Obi once revealing to us that when he assumed office as governor, he found that a cow was being killed every day for real, imagined, or anticipated visitors of about 50 persons to Government House. He had to stop the wastage. Enterprising newspapers should dig out photographs of our public functionaries before they were elected or appointed barely a year ago and how they look today.

Michelle Obama said to Oprah Winfrey in conversation over her book, Becoming, that President Obama got the bill every month for every dish that the White House kitchen served his family. “They count the number of peanuts and you get the bill at the end of the month. You pay for your guests and the food they eat…You get the bill.” In 2018 I accused President Buhari of being lily-livered for his reluctance to confront the National Assemblymen, who were and still are scandalously the highest-paid in the world. Professor Itse Sagay blew the lid to the whole world that each Nigerian Federal senator earns N29 million a month. The figure following the strike by the Labour Unions this week has been re-issued to circulate in the social media. The figure was never confirmed nor denied by the Senate, nor have they been outraged that both Prof. Sagay and former President Obasanjo “scandalized” them. Although Obasanjo did not give any figure, his language on the subject was unprintable! The only voice on it came from Senator Shehu Sani, the irrepressible activist, who put it at N14 million, exclusive of some allowances. In the United States, a senator is paid $174, 000 (US Dollars) a year, followed by Canada $154,000 (US Dollars) annually; and Germany $119, 500 (US Dollars) yearly. Britain pays an MP (Member of Parliament) $105, 400 (US Dollars) a year. I invite my colleague, Eddie Madunagu to convert the figures into Naira for us to see. Some other mathematician may wish to work it out and throw the Naira equivalent into our faces. I have not bothered to update the figures. These were 2018 payrolls. That year, the then US House Speaker Paul Ryan was sleeping in his office because he could not afford the rent to keep two homes. His family was living outside Washington.

With the opulence and indulgences of our public officials, executive or legislative, how can anyone persuade workers that Nigeria cannot afford N70,000 as minimum wage? It will be interesting to see how the debate will go in the National Assembly when an Executive Bill is prepared and taken there after the Federal Executive Council and the Council of State must have sanctioned what the new minimum wage should be.

Having said that, I hasten to state that the timing of a minimum wage in Nigeria today requires deep reflection. There are fears of inflation rippling through the land afresh should there be a raise in minimum wage heralded by so much noise-making. The unions have no control over inflation, rising prices, and the calculation of the market women and transporters who are keeping their ears to the ground waiting for the outcome of negotiations. There will be rejigging and restructuring in companies to be able to accommodate the new level of human capital costs. Companies will worry about asset replacement costs, taxes, and reserves. All that will in the end lead to price hikes, job erasure, and a bourgeoning labour market growing still, which will in turn have security implications. To curb insecurity, special incentives will have to be worked out for the security agents which may necessitate contemplation of higher taxes! According to reports about 300 companies have shut down and nearly as many are reassessing their continuing operations! In the end, the new minimum wage becomes a vicious circle—going round and round in circles but getting to nowhere in particular! Arguably, perhaps; but it is clear to me that the gains are all illusions. According to the Daily Times issue of November 16, 1979, the salary approved by the Senate for President Shehu Shagari was N50,000 a year, for Vice-President Alex Ekwueme, N30,000a year and for a Senator N17,000 annually. That was 45 years ago. We can all see where we are today. At the end of every struggle, the worker comes out worse. And he goes again in search of another elusive victory by declaring yet another strike. What then is to be done?

President Bola Tinubu on Thursday in Abuja called on international development financiers to see Africa as a destination for growth and prosperity.

Speaking at a meeting with a delegation of the International Finance Corporation (IFC), a member of the World Bank Group, led by its Managing Director, Mr. Makhtar Diop, President Tinubu urged global financiers to consider more strategic investments in agriculture, infrastructure, research, and development on the continent.

"The IFC and the World Bank need to see Africa differently. I am glad an African is at the helm of affairs at IFC, and as an African, understands that the potential for growth, peace, stability, and prosperity is here.

"The world has to see us as a continent that can help the rest of the world, and not perceive us as backwards, unstable, and with leadership problems.

"The expectations of the rest of the world on Africa have to change. By looking at Africa as a potential opportunity and not a danger to the rest of the free world, we can stimulate growth and propel inclusiveness.

"You are at the helm now and in a position to change the perception. We are ready to change the narrative and work with you. Africa is open for business, regardless of whatever the perception may be.

"I am an African and proud to be and will maintain the strong position to collaborate with the rest of the world to see Africa as a destination for growth and prosperity," the President told the IFC delegation led by the Senegal-born Managing Director.

Acknowledging that Nigeria holds the second-largest IFC portfolio in Africa with an active investment portfolio of $2.1 billion as of April 2024, President Tinubu highlighted the importance of some critical infrastructure projects embarked upon by his administration, such as the 700km Lagos-Calabar Coastal Highway and the Sokoto-Badagry Expressway.

"We have made various attempts in the past to create dams, but issues with reticulation and irrigation remain. When we consider the living conditions in rural areas where crops are produced, how much funding is allocated for rural roads to expedite transportation to consumer centres?

"The goal of the coastal road and the Sokoto-Badagry Highway is to address this," the President said.

In his remarks, Mr. Diop informed the President that during his working visit to Nigeria, the IFC had engaged in productive discussions with Nigerian partners to enhance agriculture, increase food production through irrigation farming, upgrade transport networks, and bolster regional integration. 

Expressing IFC's long-term commitment to growing agribusiness in Nigeria, he announced that IFC has signed a $23.3 million loan agreement with Johnvents Industries Limited, a leading agribusiness for economic development and agricultural transformation, to develop the cocoa sector.

"We are supporting small and medium enterprises in the agricultural sector, and they are doing very interesting things. We need to bring in more big players into food production in the country," the IFC Managing Director said.

Mr. Diop said the Corporation is ready to partner the Nigerian government on new investments in irrigation, road infrastructure, and logistics around the airport under a Public Private Partnership.

He congratulated President Tinubu on his one year in office and commended his bold decisions to revamp Africa’s largest economy.

He pledged IFC's commitment to long-term investment in Nigeria, adding that its single largest investment in Africa is in Nigeria, where it has invested $1.2 billion in the fertilizer industry.

"We are here to support you. The world has been facing a lot of shocks and difficult situations which have affected many African economies," Mr. Diop said. 

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

In today's world, where financial stability is essential for a secure and fulfilling life, personal finance remains a glaring omission from most educational curricula. For many individuals, the journey towards financial literacy is a self-taught endeavour, with only a fortunate few benefiting from mentorship. However, the consequences of poor personal financial management are severe and multifaceted, ranging from stress and health issues to strained relationships and even untimely death. 

The repercussions of inadequate financial management cast a dark shadow over one's life, permeating every aspect with stress, anxiety, and, at times, despair. The inability to meet financial obligations, including essential healthcare expenses, can have dire consequences, exacerbating existing health issues and perpetuating a cycle of distress. Furthermore, the lack of foresight due to financial constraints stifles personal growth and obstructs opportunities for prosperity, creating barriers to realizing one's fullest potential.

Discipline and the influence of social circles play pivotal roles in the journey towards financial freedom. According to Jim Rohn, "You are the average of the five people you spend the most time with," underscores the transformative power of surrounding oneself with individuals who prioritize financial literacy and responsible money management. Discipline extends beyond mere budgeting and saving—it encompasses resisting the allure of impulse purchases and steering clear of detrimental habits like substance abuse and gambling. By carefully selecting friends and associates, individuals can leverage positive influences to stay committed to their financial goals and aspirations.

While increasing income and enhancing earning potential are essential components of financial stability, these pursuits should never compromise one's health and well-being. Strategies such as upskilling, and advancing in education can increase one’s earning potential while pursuing additional employment opportunities can augment income streams. Moreover, cultivating mindful spending habits, identifying and rectifying financial leaks, and prioritizing savings constitute fundamental pillars of sound financial management. Effective debt management is also paramount to ensure that individuals do not become ensnared by the burdens of indebtedness, but achieve true financial freedom.

Building an emergency fund is a prudent strategy to mitigate unforeseen financial setbacks. Accumulating savings equivalent to six months' worth of living expenses provides a safety net during periods of job loss, health emergencies, or other crises. Once an emergency fund is established, investing becomes the next logical step towards wealth accumulation. Diversifying investments across various asset classes such as stocks, bonds, real estate, and retirement savings account is essential for long-term financial growth. 

Insurance is a crucial safeguard against unforeseen events, providing financial security and peace of mind. Policies covering health, life, property, and income protection offer invaluable protection. By securing comprehensive insurance, individuals can mitigate potential losses Unfortunately, this aspect of personal finance is often overlooked. However, recognizing the importance of insurance and obtaining suitable coverage are essential steps toward safeguarding financial well-being and preparing for future uncertainties.

At the heart of prudent financial management lies budgeting—a roadmap guiding individuals toward their financial aspirations. A well-constructed budget aligns expected income with anticipated expenditures, providing clarity and accountability. It enables individuals to track spending, identify areas for improvement, and make informed decisions about their finances. Moreover, adhering to a budget instils discipline and cultivates responsible money habits, laying the foundation for sustained financial success and empowerment.

In conclusion, the necessity of personal finance education cannot be overstated in today's complex world. It is not merely a luxury but a fundamental tool for navigating life's intricacies. By embracing discipline, surrounding oneself with positive influences, and prioritizing budgeting, individuals can overcome financial hurdles and pave the way for a brighter future. However, to truly thrive financially, there must be a paradigm shift—a recognition that personal finance education should be seamlessly integrated into educational curricula, and accessible to all regardless of background or circumstance. Seeking professional advice, especially in areas; like investing and debt management, is crucial for making informed decisions and maximizing financial potential. With budgeting as a guiding principle and professional guidance as a compass, financial freedom ceases to be an elusive dream but a tangible reality for all who dare to pursue it.

Author: Kenechukwu Aguolu FCA, PMP, CBAP

Business Analyst | Project Manager | Chartered Accountant | Public Affairs Analyst

Abuja, Nigeria         This email address is being protected from spambots. You need JavaScript enabled to view it.

I’m opposed to minimum wage. And I know I’m saying this at the risk of losing readers. The minimum wage hurts the poor and vulnerable in whose name and interest Labour claims to strike.

Sounds foolish, right? How can more naira in the pocket of the Nigerian worker currently on a minimum wage of N30,000 be bad?

In a country where each of 469 lawmakers earns N13.5 million monthly, minus allowances, and office holders in the executive branch use large convoys and maintain large personal staff at the public expense, why should there be any fuss about the government paying N494,000 monthly as minimum wage to workers?

Bad example

The obscenity of public sector waste has been one of the strongest arguments for a new minimum wage. On top of that, there has been the inflationary impact of the adjustments announced last year by President Bola Ahmed Tinubu, especially after the removal of the petrol subsidy and efforts to close the arbitrage in the foreign exchange market.

The argument for minimum wage is that if some folks, especially politicians, have assumed the prerogative of helping themselves to the treasury by ingenious means, what is sauce for the goose must also be sauce for the miserably impoverished gander.

Yet, a minimum wage is one slippery slope guaranteed to take the gander from economic misery to wretchedness. Basic Economics by Thomas Sowell makes the point very clear, and the lives of those who might disagree will bear out the evidence.

Wage law trap

One, minimum wage laws set artificially high wages that can lead to lower employment opportunities, particularly among low-skilled workers. Take Nigeria, for example. Of the estimated 80 million labour force, skills among the largest demographic of this population (those between 25 and 34 years of age) are inferior.

A 2022-23 study showed that only one in 10 workers are managers, professionals, technicians, clerical support workers or occupations that require high skill levels. Most need to be better skilled and would be seriously disadvantaged in competing for any opportunity that may attract relatively high wages.

Remember that the essentially overpaid, underworked, and yet restive public service – whether at the federal, state or local government levels – comprises only a tiny fraction of the workforce. Nearly 90 per cent of Nigeria’s workforce, which may be affected by any artificial wage adjustment, are in the informal sector, that is, outside white-collar jobs.

Cutting your nose

If employers are forced to make hard economic choices about hiring or firing due to artificially fixed wages, the low-skilled and vulnerable ones whose battle Labour claims to be fighting would be the first to go. Minimum wage laws do not necessarily guarantee jobs, yet they make it more expensive to hire or retain low-skilled workers that such laws are supposed to protect.

Two, minimum wage may lead to further increases in prices. In 1974, when the government of General Yakubu Gowon accepted the Udoji commission report and nearly doubled salaries across the board, taking primary school teachers from N540 to N1,080, for example, price levels skyrocketed, even before the government implemented the new wages in the public sector! It’s convenient to say it won’t get worse until your maize seller or maiguard hears you’re now on a monthly salary of N494k!

Third, another unintended consequence of minimum wage is that it might reduce job opportunities for young people because employers may be forced to prioritise experience and skills. Also, minimum wage laws could reduce the chances of employment amongst groups, like the physically challenged, for example, who may be perceived to be less productive.  

Of course, there is the other side – those who argue that if left alone, the typical employer would squeeze the last productive juice from the worker before any wage adjustments.

Supporters of this position say that the fair thing to do to reduce income inequality, boost economic growth, reduce labour turnover, and promote social mobility, among other things, is to fix wages. Prominent economists Paul Krugman and Joseph Stiglitz belong here.

I don’t. And I have no regrets. Not that I don’t believe that fair is fair. My point is that that is not a lesson the government is competent to teach the market. If an employer – any employer – decides to mistreat its workers, it would only be a matter of time before such an employer would be out of business. In a free market, the skills and talents of the worker will, sooner than later, find better, more rewarding opportunities.

Other options

And who says minimum wage laws are the only way to encourage fairness and social mobility in the workforce? Earned Income Tax Credits (EITC), which target low-to-moderate-income earners or a more transparent variety of the Nigerian equivalent – conditional cash transfers (hopefully with a more reliable database) – is another way. Several African countries, including Kenya, South Africa and Ghana, have modified and adopted this system.

Also, market-indexed wages (here again, Ghana could serve as an example) remove the unending, disruptive cycle of national minimum wage negotiations and strikes. There are other options, including performance-based pay and flexing compensation.

Many workplaces today were built on the expensive brick-and-mortar model, which has become too costly and inefficient. Employers could consider flexible work hours or more remote options to reduce commute and overhead costs and encourage moderate wage compensations.

On whichever side you belong, the consensus among economists is that minimum wage laws increase unemployment among low-skilled workers, a bitter truth that Labour may be unwilling to face.

Of course, it’s not only minimum wage that is bad for jobs. Over-regulation concerning capital, high corporate taxes and levies, poor infrastructure and bureaucratic hurdles to contract enforcement are also bad for jobs, businesses, and workers.

Thatcher way

I don’t like Magaret Thatcher, primarily for her duplicity over apartheid. But she gets full credit in my books for saving Britain from the wild strikes of wild unions that brought the country to its knees.

Of course, it’s also fair to say that, unlike Nigerian governments, Thatcher did not break workers’ eggs to make her omelettes. She was not for the turning in her determination to free the economy from the shackles of unions and in her government’s example of austere living.

Yet today, Britain appears to be losing its competitive business edge. Partly a result of the resurgence of the unions and right-wing rhetoric, it falls among countries which have been worst for income in the last 15 years, with incomes across the board growing by just six per cent since 2009, making it a laughing stock among countries in its league.

Half-full

Nigeria is not listed among countries with the slowest wage growth at least in the last 15 years, a list which includes countries like South Sudan, Central African Republic, the Democratic Republic of Congo, Niger, Malawi and so on. Apart from bureaucracy and corruption, the main challenge for Nigeria has been the tendency, especially among states, the main power blocs, to prioritise rent and politics over creativity and competition.

The strikes and disruptions over wages are not funny at all. In the cauldron of Nigeria’s post-election politics, this may look, smell, and even feel like a continuation of the war by other means. But in the end, we all pay a price. And you know what? The serious world doesn’t care. It is moving on!

The attention of the Presidency has been drawn to two fiscal policy documents in circulation that are being given wide coverage by the mainstream media and social media platforms.

One of the documents titled Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024 is being shared as if it were an executive order signed by President Bola Ahmed Tinubu. 

The other is a 65-page draft document with the title "Accelerated Stabilisation and Advancement Plan (ASAP), which contains suggestions on how to improve the Nigerian economy. President Tinubu received a copy of the draft on Tuesday. 

We urge the public and the media to disregard the two documents and cease further discussions on them. None is an approved official document of the Federal Government of Nigeria. They are all policy proposals that are still subject to reviews at the highest level of government. Indeed, one has ‘draft’ clearly written on it. 

According to the Coordinating Minister of the Economy, Mr. Wale Edun, “It is important to understand that policymaking is an iterative process involving multiple drafts and discussions before any document is finalised. 

“We assure the public that the official position on the documents will be made available after comprehensive reviews and approvals are completed."

Emanating from the two documents have been reports second-guessing government's policy on customs tariffs, fuel subsidy and other economic matters.

"The government wants to restate that its position on fuel subsidy has not changed from what President Bola Ahmed Tinubu declared on 29 May 2023. The fuel subsidy regime has ended. There is no N5.4 trillion being provisioned for it in 2024, as being widely speculated and discussed,” Edun stated.

The Coordinating Minister of the Economy further clarified: “As previously stated by government officials, including myself, President Tinubu announced the end of the fuel subsidy program last year, and this policy remains firmly in place. 

“The Federal Government is committed to mitigating the effects of this removal and easing the cost of living pressures on Nigerians. 

“Our strategy focuses on addressing key factors such as food inflation, which is significantly impacted by transport costs. With the implementation of our CNG initiative, which aims to displace high PMS and AGO costs, we expect to further reduce these costs. 

“Our commitment to ending unproductive subsidies is steadfast, as is our dedication to supporting our most vulnerable populations”.

We call on the media to always exercise necessary checks and restraints in the use of documents that do not emanate from official channels so that the members of the public are properly informed, guided and educated on government policies and programmes. 

Bayo Onanuga 

Special Adviser to the President on Information and Strategy 

In recent times, Nigeria has witnessed labor strikes as workers press for a substantial increase in the minimum wage to ₦459,000. While the demand highlights the struggles faced by many Nigerians, it's essential to consider the broader economic implications and strive for a balanced approach.

Economic Realities

Nigeria has faced significant economic challenges, including high inflation, currency depreciation, and fluctuating oil prices. As of May 2024, the inflation rate is 33.69%, and the exchange rate is $1/₦1,468.18. These factors have eroded the purchasing power of the average Nigerian worker.

The demand for a wage increase to ₦459,000 underscores the financial strain on workers. However, such a substantial hike may not be economically feasible.

The Demand: ₦459,000 Minimum Wage

Unrealistic Expectations

Inflationary Pressures: A sudden increase to ₦459,000 could worsen inflation as businesses pass on increased labor costs to consumers.

Economic Strain on Businesses: SMEs may face reduced hiring, layoffs, or closures, worsening unemployment.

Government Budget Constraints: Meeting such high wage demands could require significant tax increases or service cuts, harming the economy further.

A Realistic and Ideal Landing

Incremental Increase to ₦121,367:

Basis: This figure adjusts for inflation over the past 10 years, ensuring wages keep pace with the cost of living.

Feasibility: This increase provides meaningful relief to workers while being manageable for businesses and the government.

Steps Forward:

Structured Wage Reviews: Regular reviews and adjustments of the minimum wage based on inflation and economic growth.

Economic Diversification: Investing in sectors beyond oil to create more jobs and stabilize the economy.

Strengthen Social Safety Nets: Enhancing social programs to support vulnerable populations, reducing financial pressure on workers.

Improve Business Environment: Policies that support business growth, ensuring enterprises can afford to pay fair wages.

Conclusion

While the call for ₦459,000 minimum wage highlights workers' financial difficulties, it's crucial to balance this with economic realities. An incremental increase to ₦121,367, along with structured wage reviews and economic reforms, offers a realistic and sustainable path forward. By working together—government, businesses, and labor unions—we can ensure fair wages and economic stability for all Nigerians.

 - Suanu Natureal Nkipnee, ACA, ACIPM

Negotiations on the new national minimum wage hit a snag yesterday as the Federal Government’s negotiating team failed to present a new offer beyond the previously stated ₦60,000.

This development follows President Bola Tinubu‘s directive on Tuesday to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, to finalize the cost implications of the new minimum wage and submit an affordable, sustainable, and realistic proposal.

The President had emphasized the urgency of the matter, mandating that the government’s new offer be ready by Wednesday to serve as a basis for resumed negotiations with Organised Labour.

This instruction was part of a broader call to expedite all processes involved in the discussions to reach a timely conclusion.

However, during the negotiation meeting that resumed at 3:30 pm on Wednesday, it became apparent that the government team was not ready to present a new proposal.

Sources close to the negotiation table told Vanguard that the government’s absence of an updated offer limited progress in the talks.

A source at the meeting said: “The meeting was adjourned to give the Minister of Finance time to meet the deadline given to him by the President to present cost implications to him.

“We just deliberated generally and then they (the Federal Government team) said we needed to adjourn because they needed to get to the President. You know he (President Bola Tinubu) gave them an ultimatum to give him the cost implications.

“So we could understand that they did not have anything to give us since they had not given the President the cost implications. Those present at the meeting were the Minister of Finance, Minister of Budget and Economic Planning and the Minister of State for Labour. So, we will be resuming negotiation tomorrow (today) by 2pm.”

On whether the Finance Minister gave any assurance of getting the President’s mandate before today’s meeting, the source said: “They do not have a choice, we are not bothered about them. We do not think they have a choice because they cannot disobey the President.

“If they decide to disobey the President or if the President decides to renege on his promise, we all know the consequences.”

[NaijaNews]