The Federal Government has begun setting up the E-Gates facility at the Nnamdi Azikiwe International Airport located in the Federal Capital Territory, Abuja.  

Olubunmi Tunji-Ojo, the Minister of Interior, announced the start of the project through his official X account following his inspection tour of the installation work currently underway at the international airport in Abuja on Monday.  

• “Today, I took a tour of ongoing projects, first the E-Gates facility currently being installed at the Nnamdi Azikiwe International Airport, Abuja,” the minister’s post on X read in part.  

The minister also mentioned that the E-gates facility will be implemented at all five international airports within the nation, which will, upon its completion, minimize human interaction at these airports.  

Moreover, alongside his visit to the Nnamdi Azikiwe International Airport to oversee the E-gates project, Tunji-Ojo indicated that he evaluated the implementation of the E-border data and control center at the Nigeria Immigration Service headquarters, targeting an enhancement of national security.  

Backstory  

• Nairametrics earlier reported that in a November 2023 interview on Channels Television’s Politics Today, Tunji-Ojo stated that e-gates would be implemented across all international airports in Nigeria by February 2024.  
• “Once you’re Nigerian and you’re coming to Nigeria, you will have no business seeing an immigration officer, except if you’re a person of interest,” Tunji-Ojo he had stated. 
• Furthermore, Nairametrics disclosed in December 2023 that Caroline Adepoju, the acting Comptroller General of the Nigerian Immigration Service (NIS), announced plans for the Service to enhance border security and manage migration more effectively nationwide by introducing electronic gates (e-gates) and additional logistics at airports and various entry points. 
• Adepoju stated that these electronic gates (E-gates) are set to be installed at certain airports to facilitate the entry and exit of passengers traveling to and from the country.  

 [Nairametrics]

The Abuja Electricity Distribution Company (AEDC) has given  86 government agencies, including the presidential villa, ministries, departments and agencies (MDAs) 10 days’ notice to pay up over N47 billion debt due as of December 2023 or risk having their establishments disconnected from grid power.

Among the list of debtors is the Chief of Defence Staff Barracks and Military Formations with over N12 billion debt, followed by the Ministry of the Federal Capital Territory with a N7.5 billion debt, Ministry of Finance with over N5.4 billion debt, and Niger State Governor-Abuja Liaison Office with N3.4 billion.

Others include: Ministry of State for Petroleum, Presidential Villa, Ministry of Education, Governor of Central Bank of Nigeria, and Nigeria Police Force, among others.

In an advertorial seen by LEADERSHIP, the management of the company said: “The Abuja Electricity Distribution Plc (AEDC) is constrained to do this publication with the details of government ministries, departments and agencies (MDAs) with long outstanding unpaid bills for services rendered to them through the provision of electricity supply, in that our previous attempts to make them honour their obligations have not achieved the desired result.

“The relevant MDAs are hereby given notice that AEDC shall, after the expiration of 10 days from the date of this publication, that is, after Wednesday, 28th February 2024, embark on disconnection of our services to them until they discharge their obligations to us by paying their debts.”

This is as electricity distribution companies (DisCos) continue to grapple with poor revenue collections.

For example, according to the Nigerian Electricity Regulatory Commission’s report, the total revenue collected by all DisCos in the third quarter of 2023 was N267.61 billion out of N349.55 billion billed customers.

[Leadership]

A digital expert, Caroline Lucas British, who is a director with a UK renowned leadership development firm, has urged Nigerian leaders to utilise strategic benefits of effective remote leadership in the digital world.

Caroline, who spoke with newsmen in Abuja, said in the fast-paced world of the global operating ecosystem, adaptability was not just an advantage, but a necessity.

Abag of cement cannot be sold below N7,000 due to the increasing cost of production, manufacturers said yesterday.

They said the rise in operating costs was responsible for the price hike.

The producers have agreed to reduce the price per 50kg bag from between N9,000 to N15,000 to between N7,000 and N8,000 depending on the location nationwide.

Representatives of Dangote Cement Plc, BUA Cement Plc and Lafarge Africa Plc made the commitment after a meeting with Minister of Works, David Umahi, which was attended by his Industry, Trade and Investment counterpart, Doris Uzoka-Anite in Abuja.

Umahi called the meeting following the skyrocketing price of cement.

The manufacturers blamed the high cost of gas, import duties, bad road network, smuggling and the prevailing foreign exchange rate for the hike.

Executive Director of BUA, Kabir Rabiu, said the manufacturers would abide by the agreement.

He said: “Our cost component of energy went from 39 per cent to 60 per cent.

“The price of gas last year was N415, then it went to N715.

“Today, we are paying over N1,500. All these issues were discussed and we gave our commitment.

“When our six million tonnes of cement is supplied to the market in a few weeks, definitely we will see a sharp drop in prices when that volume hits the market.”

He said the huge disparity between demand and supply also played a major role in the price increase.

According to him, some manufacturing plants could not produce for some reason, which led to a reduction in production.

“Being the highest period of cement demand in the country, the tendency that demand will outstrip supply will push the price up,” he said.

He also said cross-border smuggling contributes to the scarcity of the commodity.

According to him, a bag of cement costs far more in Cameroun, which makes it attractive to move the product there illegally.

A communique issued after the meeting, read by Umahi, states: “We discussed extensively the current prices of Cement viz a viz the challenges of the manufacturers.

“The manufacturers talked about their challenges ranging from the high cost of gas, import duties, bad road network and of course the high rate of FX against the naira.

“We also talked about the smuggling of cement across the borders.

“The government noted the challenges and we agreed that the Minister of Industry, Trade and Investment will seek some remedies from the President on the high cost of gas, issue of import duties and fixing of the roads, especially within the distribution corridors.

“On the issue of smuggling, the Trade Minister will brief the National Security Adviser (NSA) on smuggling the commodity across the borders.

“The government and the manufacturers noted that depending on the location, ideally, the price should not be more than N7,000 and N8,000 per 50 kg bag of cement.

“Therefore, the manufacturers – BUA Cement Plc, Dangote Cement Plc and Lafarge Africa Plc have agreed to sell their cement at between N7,000 and N8,000 per 50kg depending on the location.

“The Federal government and cement manufacturers will set up a price monitoring mechanism to ensure compliance.

“The manufacturers have accepted to sanction, on their own, any of their distributors or retailers found wanting.

“The government expects the agreed price to drop after securing government’s interventions on the challenges of the manufacturers on gas, import duty, smuggling, and better road network.

“It was also agreed that the government will encourage the emergence of at least six cement manufacturers to augment the three existing companies.

“We also agreed to reconvene in 30 days to review progress.”

Uzoka-Anite said the government was working hard to ensure that the prices of all commodities were reduced.

[TheNation]

THERE are indications that the Federal Government may be forced to review the 2024 Appropriation Act as recent developments in the foreign exchange market may have put the financial assumptions in complete disarray.

Sources close to the Finance Ministry told Vanguard that all the major components of the budget has been affected fundamentally by a drastic change in the budget parameters occasioned by the current foreign exchange market realities.

Consequently, the Naira values have gone up by about 100 per cent. The Senate approved the 2024 Appropriation Bill of N28.7 trillion, against the N27.5 trillion estimate presented by President Bola Tinubu.

The approved budget includes N1.7 trillion for statutory transfers, N8.7 trillion for recurrent expenditure, and N9.9 trillion for capital expenditure. All these figures have now been significantly altered by the development in the benchmark exchange rate which the Senate had moved from N750/ USD1 presented by President Tinubu, to N800/ USD1. Though the high level Finance Ministry official said he doesn’t have details of what is being done, he hinted that all the relevant ministries and government agencies are already working on what may become an amendment to the Act.

M a j o r budgetary dislocation

Financial experts who spoke to Vanguard also indicated that the barely six weeks old budget has suffered a major dislocation following the massive depreciation of the Naira across all foreign exchange market segments. According to their calculations, the implication on the 2024 budget is doubled fold with revenue and expenditure rising at the same time. However, they caution that a more prudent fiscal measure is needed to prevent the worsening of the current economic situation.

Rising revenue, expenditure

The major positive impact of the rising exchange rate, according to them, will be a rise in Naira revenue from the oil sector and other US Dollar-denominated revenues, with forecast at over N15 trillion, about 88 per cent higher than the N7.9 trillion actual budgeted amount. They also noted that this development may significantly reduce budget deficit to about N2.2 trillion from N9.2 trillion, if properly managed. But this is just one side of the development.

They also see a possibility of this exchange rate revenue gain being wiped out by a corresponding rise in expenditure as a result of US dollar-denominated obligations such as debt servicing and general foreign exchange denominated expenditures in the budget. At a debt service expenditure budget of N8.25 trillion, they forecast a likely rise to over N16 trillion at current exchange rate of about N1650/ USD1. They also pointed out that a quantum leap in Naira revenue could spark off profligacy and fiscal indiscipline, which will erode the exchange gains. The impact of this fiscal misbehaviour, according to the analysts, will further compound inflationary pressures in the economy, which will also drive up cost of executing the capital expenditure budget significantly.

This development, according to them, will be further aggravated by labour union pressures for increases in minimum wage which is expected to drive up personnel cost component of the recurrent expenditure. Overall, the multiplicity of rising capital and recurrent expenditure will wipe off the expected exchange rate revenue gain and even stoke a further rise in budget deficit by over 100 per cent to about N20 trillion.

Experts’ insight

Giving insight into the impact of the exchange rate development on the Federal Government’s 2024 budget, Ayorinde Akinloye, an investment analyst, noted that the rise in postbudget exchange rate would be positive for the FG’s revenue performance in naira terms in 2024. He explained that a weaker naira ensures that USD revenues generated through oil sales and taxes are higher when converted to Naira. “However, this will require the budget exchange rate for recognizing revenues to be adjusted to current realities’’, he said.

He further stated: “While revenue is likely to be higher, USD-based expenditure like foreign debt servicing will also increase in naira terms. “In addition, it is important to note that exchange rate and inflationary pressures could force actual expenditure to exceed the budgeted sums for different capital projects. “Also, a consistently weaker naira will force upward adjustment of minimum wage which will contribute to higher recurrent expenditure for the FG. “Thus, the impact will likely be mixed with marginal positive effects on budget deficits.” Speaking on the impact of the exchange rate on the 2024 budgeted debt servicing expenditure, Akinloye said: “Actual debt servicing will end up higher than the budgeted sum. This will largely be driven by higher naira value for USD debt servicing costs.”

Also speaking on the likely implications of the depreciation of the Naira on the 2024 revenue estimate, Gafar Bashiru, Senior Associate, Parthian Partners, a financial investment and advisory firm, said: “A weaker Naira, higher than the N800 exchange rate budget benchmark, can potentially boost government’s revenue from exports denominated in dollars, such as oil and gas. “This is because more Naira are received for each dollar of export earnings. A weaker Naira can, however, also increase the cost of imported goods and services, which the government relies on for some of its operations and projects. “This can lead to higher spending and potentially reduce the net impact on revenue. “I would expect a fiscally responsible government to make an effort to push for a net positive impact.” On the implication of the new exchange rate on the 2024 budget deficit, Bashiru, said: “The increased Naira revenue from oil sales by the NNPCL could reduce the budget deficit, as long as spending remains within budget. “However, this depends on how effectively the government manages the additional revenue. If the government uses the additional revenue to increase spending, it could lead to a wider deficit. “Additionally, the higher exchange rate could increase the cost of servicing external debt, given that 38% of Nigeria’s debt is denominated in foreign currencies as of June 2023.

“This proportion is expected to grow significantly, given the currency devaluation.” Continuing, he said: “Higher exchange rate will likely increase the Naira cost of servicing external debt. “This is because each dollar of debt translates to more naira to repay. This could put a strain on the budget, especially if the government’s Naira revenue does not increase proportionally. “If the government leans more on Naira borrowing, they might be able to mitigate the impact of higher exchange rate on debt servicing costs.” Also commenting on the post-budget exchange rate for the 2024 revenue estimate, Tajudeen Olayinka, Analyst/ CEO, Wyoming Capital and Partners, said: “It will improve collectable Naira revenue and could also increase Naira component of the budget as multiple Naira expense heads adjust to Naira/Dollar realities.” On the implication of the new exchange rate on 2024 budgeted deficit; he said: “It will, on a balance of probability, reduce the size of the deficit, as government cedes certain economic funding to private sector players who are obliged to recover costs fully.

“More Naira will be available for servicing Naira related debts, especially local debts. And certainly too, more Naira will go into circulation, further raising the prospect of inflationary spiral.” In his own comment, Analyst and Vice Executive Chairman, David Adonri, Highcap Securities Limited, said: “Recent computation of official foreign exchange rate means that FGN will convert its Dollar income at the new rate which will multiply it’s revenue in 2024.” On the implication of the new exchange rate on 2024 budgeted deficit, he said: “The increase in revenue to FGN that can arise from the new exchange rate ought to reduce 2024 budget deficit but impact of external debt service may neutralize the FX gain.

“At the new exchange rate, more Naira will be needed by FGN beyond the budget estimate to service external debt. ‘‘What FGN has done is to forecast a forward exchange rate based on current trajectory for planning purposes. ‘However, if the market is truly deregulated, market forces will ultimately determine the exchange rate.” Commenting as well, Victor Chiazor, Analyst and Head of Research & Investment, at FSL Securities Limited, said: “The constant

[Vanguard]

Hark! As I alit in London, on that bleak December's day,
The tidings struck me deep, sorrow held its sway.
A cherished brother lost, a loss I strive to keep,
For four decades in Ibadan, city of Seven hills, our lives entwined, so deep.

Thou, a son of Anglican clergy, I, an Anglican bookseller's child,
Our paths converged, our spirits reconciled.
Admiration flowed, like a river pure and wide,
Thy presence, charismatic and urban, a soothing tide.

Stylish and bold, fearlessly thou didst tread,
Speaking thy mind, where others oft'ly fled.
Imperfections adorned thee, like threads of grace,
Yet thou embraced them all, with humility and embrace.

Infirmities sought to hinder, to curtail thy grand design,
But thy spirit blazed on, a flame that would not decline.
For thy state, thou fought with unwavering might,
Infrastructure, thy beacon, guiding toward a future bright.

Challenges besieged, yet thou stood tall,
Defending thy people, heeding wisdom's call.
Amotekun, a shield raised to protect and defend,
Marauders scattered, their reign brought to an end.

In the face of hardship, thy resolve held strong,
A leader steadfast, enduring trials along.
Now I bid thee farewell, dear Aketi, heavy my hearts,
Thy memory etched, woven in life's intricate arts.

May thy soul find eternal rest, released from life's strife,
Embraced by serenity, where troubles fade, where light thrives.
Farewell, dear Governor, thy impact shall endure,
In lives touched, thy vision and wisdom secure.

Through boldness and fearlessness, thou hast set the stage,
Inspiring a morrow, built on a righteous sage.
In this tapestry of memories, where emotions intertwine,
I bid adieu to a luminary, a soul so divine.

Governor Oluwarotimi Odunayo Akeredolu, SAN, CON, thy grace we embrace,
May thy soul find eternal peace, in eternity's infinite space.

-Dr. Olukayode Ajulo, SAN, OON

The Nigerian Breweries Plc recently announced an upward price change for its Stock-Keeping Units (STUs) with effect from February 19.

A letter dated February 12 titled: ‘Price review notification,’ by the Zonal Business Manager (West), Lekan Awosanya, reads in part: “This is to inform you that we are constrained to review the prices of some of our SKUs effective from Monday, 19th February 2024. This review has become necessary because of the continued rising input cost and the need to mitigate the impact.

“In appreciation of our great partnership and your commitment, we will deliver at the current prices all open orders that are fully funded and created in our system before 00.00hrs on Monday, 19th February 2024.

“While thanking you for your commitment to our great partnership, be rest assured that we will continue to support your sales/distribution efforts as always. For further clarification, please do not hesitate to contact your Regional Business Manager.”

1. GULDER – N950

2. STAR – N850

3. 33 EXTRA – N850

4. HEINEKEN – N1300

5. LIFE – N850

6. LEGEND – N1250

7. TIGER – N750

The officers of the Economic and Financial Crime Commission, EFCC, raided and arrested over 50 illegal Bureau De Change operators in Wuse Zone 4 Abuja, the continued free fall of the Naira in the Foreign Exchange Market, DAILY POST reports.

Dayyabu Mistila, a Bureau De Change operator in Wuse Zone 4, disclosed this to DAILY POST on Monday.

According to Mistila, the operatives said the raid was because of the rising exchange rate of the US dollar and other currencies against the Naira at the forex market.

“Around 3 pm on Monday, officers of EFCC raided Wuse Zone 4 and arrested over 50 of our members. They were complaining that BDC operators are responsible for the rising exchange rate of the Dollar, the parallel exchange market”.

When asked the rate of Dollar to Naira on Monday, he told our Correspondent that it traded for N1,660 per Dollar.

Similarly, official FMDQ data showed that Naira dropped to N1574.62 per US dollar on Monday.

Efforts to speak with the spokesperson, Dele Olyewale, were unsuccessful at the time of filing this report.

DAILY POST recalls that the Minister of Finance, Wale Edun, Governor of Central Bank of Nigeria, Olayemi Cardoso and the Chairman of EFCC, Ola Olukoyede, met on February 3 2024, in an effort to curb the continued fall of the Naira in FX market.

The Obafemi Awolowo University (OAU) community was on Monday thrown into mourning after a lion at the school’s zoo killed a veterinary technologist Olabode Olawuyi.

According to the school’s spokesman Abiodun Olarewaju, the victim who has been in charge of the Zoological garden for over a decade was attacked on Monday afternoon when he was feeding the nine-year-old male lion and its mates in their den.

The other members of staff who were at the scene of the incident did everything within their power to rescue their boss but the wild cat had already caused severe fatalities, Olarewaju said.

On hearing the sad news, the management team led by Vice-Chancellor Adebayo Simeon Bamire abruptly ended an ongoing meeting for an on-the-spot assessment.

Upon arrival, the Acting Director of the University Health and Medical Centre Dr. Tirimisiyu Olatunji informed the Vice-Chancellor that all first aid and medical efforts to save the life of the victim proved abortive.

Saddened by this tragic event, the aggressive lion has been euthanized.

Mr Olawuyi has been taking care of the lions since they were born on campus about nine years ago but, tragically, the male lion killed the man.

The university management has sent a delegation to the widow and children of the deceased, imploring them to take solace in God who gives life and also has the power to take life.

Meanwhile, Vice-Chancellor Bamire has ordered a comprehensive investigation into the immediate and remote causes of the incident.