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[OPINION] Dangote is here, at last - Abdu Rafiu
The nation can at last heave a sigh of relief; the eagerly awaited Dangote Refinery is here at last, solid. The much longed-for stability in energy flow for the country is assured. It calls for dancing and rejoicing, for clinking of glasses to toast this development. Aliko Dangote deserves hearty congratulations. The nation owes him our thanks and unremitting encouragement. We salute him for his courage, commitment and doggedness to public good, daring all odds to free the nation from the strangle-hold on her energy supply needs. To arrive at this point, it had been a thorny journey. All manner of mines were buried in the ground on his path to stop him from achieving this feat by those who placed private interest over national interest. But he was undeterred even though at some point he knew discouragement. He picked up the gauntlet again and he forged ahead.
When it became obvious that there was no stopping the refinery from coming on stream, an attempt was made to de-market its product and send cold shivers down our spine. There was this claim that its quality fell below the mark, and this was by an organization that was said to lack a laboratory of its own. Fitch ratings as of August 5 put Dangote oil at B+ which was considered as quite a drop. However, be that as it may, Dangote as of that time already had its laboratory and the lab test certified the product as meeting international standards. As of the time, its diesel oil was already being exported to the international market. The construction took him eight years. It cost $20billion Dollars. He built his own port and constructed roads within the expansive complex on a reclaimed land. Babatunde Fashola facilitated the acquisition of the land on which the refinery stands for $100million. Right now there is a ding-dong battle over the pump price and who fixes it. Is it not strange that a manufacturer is not the one fixing the price of his product? But Dangote has taken everything in his stride! The goal was far more important. It stabilizes fuel supply in the land; it is taking 100, 000 out of the unemployment queue.
President Bola Tinubu did well by bringing out a surprise from his armoury of masterstrokes: Dangote Refinery is to pay in Naira for the crude oil that it requires. This will no doubt wipe the sweat off his brow in having to source for Dollars to buy crude from our own backyard where Mele Kyari is the lord of the manor and NNPCL is the sole merchant. As we all know the language of oil business is in Dollars. Yemi Cardoso himself must know relief that he does not have to worry himself silly on how to rake the Central Bank’s safe for what may remain after paying the international creditors to whom crude oil and Dollars have been mortgaged. As I once stated on these pages, Bola Tinubu was reckless in peremptorily removing fuel subsidy in his greatest hour of glory. Yes, Finance Minister, Zainab Ahmed, had said she did not put fuel subsidy in the budget she was leaving for him to inherit; Bola Tinubu was too experienced in governance and public communication not to know the place of tact and how to couch pronouncement appropriate for a certain occasion in order to sooth nerves, especially a situation about which the public was not even aware. He should have allowed himself firm thoughts of alternatives. The Law of Gradualism is unswerving in delicate matters such as that with grave implications. As a result of the mishandling, the nation has been plunged into untold and deepening misery since then.
A smart guy, give that to him: he gave Nigerians some relief with the love letter he wrote to Oluremi, the First Lady, toasting her all over again. The letter soothed nerves no end. It relaxed tension. I was expecting the First Lady, though, to ask him to write to her in Latin. The world, indeed, has changed. Young men of my generation, and the generation before ours, had to write wooing girls in Latin, and they would not reply. Uncle B, Chief Bola Ige, a polyglot, provided a classical example in his book, Kaduna Boy, in which he narrated his experience when he wooed the then Miss Atinuke Oloko. All the notes to her in Latin did not impress her. She did not reply to them. She played very hard to get, even after Ajibola Ige became the Head Boy at Ibadan Grammar School; not until a friend of hers, placing herself as an intermediary as was the custom at the time, teased her and mounted subtle pressure on her did she give in. The couple lived happily together ever after as Chief Bola and Justice Atinuke Ige until death “did them part”! Bola Tinubu’s love letter to Oluremi worked great magic, soothing nerves in the land. Little wonder Professor Femi Osofisan once asked Tinubu the magic, what language he used in winning the heart of such a beautiful lady. When Remi is 70, the letter must be in Latin! He should not have allowed the relaxed mood to pass unutilized, again to further soothe nerves!
Aliko Dangote, a business mogul, cannot be lectured on how to run a company and make it flourish. Any attempt to do so will be laughable. That he has come this far in a totally unfamiliar terrain of an oil refinery has already proven his wizardry. It is the Nigerian market that will need to exercise patience to allow him work out his cost recovery template to be able to continue in business, his capacity building plan, loan repayment, provisioning for assets replacement, recording a little surplus to fire enthusiasm and providing for reserves. A gigantic company like the Dangote Refinery cannot but give thought to parts and assets replacement. Tinubu’s gesture will undoubtedly go some way to moderate the pricing decision. Distribution of the Refinery’s product will in part be by sea. It is considering transportation in particular to Calabar, Port Harcourt, Warri, Apapa and Atlas Cove by sea, according to the organization’s Vice-President Devakumar Edwin. Above all, the Dangote Refinery must see to it that it strikes a balance in its pricing as Law of Balance governs and as the Law of Motion does in every facet of life. Do we not exhale in order to inhale? It is unwise that only NNPCL will be the soul buyer of the product and then sell to marketers. All marketers should have equal access to the refinery. Competition makes for efficiency. It is good that the NNPCL stake does not exceed the 7.2 per cent by its own choice. All lose ends should be tightened to ensure that the equity through investment of $1billion Dollars does not rise higher than that. Here is an organization that sank a whooping $4trillion into fixing the four public refineries, without much to show for it. The assurance given on television by Mele Kyari that the Port Harcourt Refinery would unfailingly roar back into production in August did not yield result and already September is running out. Before then on 8 July, 2019 he had said It was a legitimate expectation from Nigerians that “how can we be an oil producing country and be importing fuel sometimes 100 per cent of our needs”. He then gave an assurance that before the end of the Buhari Administration in 2023, the four refineries would be delivered. The pledge that received loud ovation was not kept.
According to the Report of the National Refineries Special Task Force, set up by President Goodluck Jonathan, from 1990 to 1992, Nigeria was self-sufficient in petroleum products and had enough for export. These came from three NNPC Refineries. The probing task force was set up following Jonathan’s unsuccessful attempt to remove fuel subsidy in January 2012. Warri and Kaduna produced more than 70 per cent installed capacity with FCC units producing PMS. Port Harcourt Refinery was producing at over 90 per cent installed capacity, indeed, producing PMS and other products for export to West African countries, principally Ghana and Togo. While 30, 000 dwt vessels were moved by sea to Lagos every other day, and PMS, AGO and kerosene were transported through PPMC pipelines to Aba and Enugu depots. Kaduna Refinery was pumping all its products by PPMC pipeline through Zaria to Gusau and distributing through tankers to other parts of the North. Warri was pumping through PPMC 2C pipelines from Mosimi to Ibadan. Deterioration of the refineries began in 1993 when the refineries operated at an average capacity utilization of about 20 per cent and they finally collapsed in 2019. The Task Force believed that the industry could still rise. In its words, “The Task Force believes that the Nigerian Refining Industry is potentially capable of achieving self-sufficiency in petroleum products and emerging as an export hub for Petroleum Products in the West Africa sub-region if the root causes of poor performance of the Refineries in particular, and the Industry as a whole, are vigorously resolved.”
Given the track record of Aliko Dangote, and also his courage, rooted in Margaret Thatcher’s principle that he who dares, wins, the dream of Nigerian Refining Industry becoming the hub in West Africa will be realized with the coming of the Dangote Refinery. It is hoped that the four modular refineries in the works will also come on stream before long. Governor Obaseki of Edo State has said the Edo-owned refinery is ready, but has not succeeded in receiving crude to refine and be able to contribute to reducing the current supply gap in the industry. Former President Olusegun Obasanjo gave out 16 licences for the building of modular refineries. More licencees will be expected to join the train and create competition that will be impossible to roll back and so that the land will be awash with Premium Motor Spirit and allied products.
The Law of Motion governs the universe. Energy drives motion and motion is inherent in energy. To get to Shoprite to pick a packet of popcorn will necessitate taking a tricycle or a commercial motorcycle, there is recourse to motion. And energy is required to power the means to Shoprite. This is saying, therefore, that motion governs life. It is life itself. Through motion when we sleep, we move from one end of the bed to the other. Absence of motion is absence of life. By extension motion governs all economic activities and the link and vehicles to them are powered by energy. Which is why at all times, a careful thought will need to be given to the cost implications of energy policies to trigger motion.
THE COMING OF AI AND THE EDUCATION SYSTEM
Artificial Intelligence, more known as AI, is stumping through all lands. It is advancing technology to undreamt-of dizzy heights. The modern man is dazed and he cannot wait to see Mr. AI achieve its goal of totally overhauling our lives, of breaking down and rebuilding, of discarding old beliefs and practices and replacing them with the new. Former Minister of Communications and Digital Economy, Prof. Patani, is in his elements when he talks about technology and the AI its offspring. He is the chief salesman. He is asking us to fix our gaze on the future and what technology has in store for us. For him it is leading to Eldorado. Although many see Mr. AI as attempting to even take the Creator out of our lives. Is there anything AI cannot dare and do as of now? Patani does not share such concerns, predictably, knowing as Nigerians do, how unwavering, indeed bordering on fanaticism, his hold on the spiritual values he professes.
AI is transforming lives. Technology, its father, is showing the way. It is facilitating life. In my reflection on the subject with friends, to demonstrate how wonderful the arrival of Mr. AI has meant to human societies, the question was posed: When last were you at the post office? Does it still exist? When last were you in your bank if it is not to renew your credit card? Where are typewriters? Technology has packed them to archival non-retrievable halls. The impact of AI is mind-blowing, in fact, more on the financial system. There is hardly anything that cannot be done online today. Mr. AI has been seen directing traffic.
There is pressure directed at education authorities to begin to look at school curriculum from primary to secondary up to the university with a view to focusing more on acquisition of skills and self-employment goals. My friend, a revered Professor finds the prospect “quite frightening”, “honestly”, he says, “I do not know how humanity can confront it. AI is a technology that will impact everyone in the future whether we like it or not.” As for me, it is only when we connect education to His Will will we be correct. Mr. AI may soon be seeking to seize control of free will and initiatives from human beings! Yet as The Grail Message states: “So inadequate is the activity of a brain, the basis and instrument of science, and this limitation naturally also affects what it produces, hence all science itself. Thus science does indeed subsequently help to elucidate, classify and arrange all that it receives ready-made from the creative power which precedes it; but when it seeks to assume leadership or offer criticism, it must inevitably fail so long as it binds itself firmly to the intellect, that is to the perceptive capacity of the brain, as it has done hitherto.” It is in this mankind is inexonarably placing their destiny! Pray that we do not in future have a population without content! Without character!
Nigeria to widen tax net over revenue shortfall
…Taps 30% of Tetfund income to fund NELFUND
…To deploy tax tools to drive jobs, exports
The federal government is making plans to bring more eligible individuals and entities into the tax net to increase its revenues and meet obligations to the citizens.
It aims to actualise this objective through a project named, “Tax Identification Consolidation and Collaboration (TICC).”
The project will widen the tax net and the tax base in line with the newly proposed Economic Stabilisation Bills (ESB) set to be sent to the National Assembly.
The initiative is part of the 15 bills set for amendment as approved by the Federal Executive Council (FEC) on Monday, Taiwo Oyedele, chairman of the Presidential Fiscal Policy and Tax Reforms Committee, said on his X handle.
“Part of the plan is the introduction of ‘Tax Identification Consolidation and Collaboration (TICC)’ initiative to expand the tax base, widen the tax net, and create a level playing field for businesses,” he noted.
Collaboration with states
The government is also planning to collaborate with state governments to suspend certain taxes on small businesses and vulnerable population to give them a breath of fresh air.
The federal government intends to woo states to eliminate taxes such as road haulage levies and other charges on transportation of goods; business premises registration; animal trade and produce sales tax; bicycle, truck, canoe, wheelbarrow, and cart fees; shops, kiosks and market taxes and levies.
“The ESB seeks to amend about 15 different tax, fiscal, and establishment laws to facilitate economic stability and set the country on the path for sustained inclusive growth,” Oyedele said.
Other objectives contained in the proposed bills include changes designed to achieve inflation reduction and price stability.
The proposed bills are also expected to promote fiscal discipline and consolidation, enhance job creation and poverty alleviation, as well as serve as catalyst for export promotion and diversification.
The key changes to be made to the various laws include amendments to the income tax laws to facilitate employment opportunities for Nigerians in Nigeria within the global value chain, including the digital economy.
FG eyes TETFUND’s 30% revenue
On the amendment to the Tertiary Education Trust Fund Act, Bayo Onanuga, special adviser to President Bola Tinubu on information and strategy, told journalists in Abuja on Wednesday that the government has successfully pushed an amendment to the Tertiary Education Trust Fund (TETFUND) Act, which provides for the deduction of 30 percent of revenue accruable to the agency to fund the newly established National Education Loan Fund (NELFUND).
“There is an amendment to the TETFUND 2011 Act, which now says it shall fund the disbursement of NELFUND. This means that TETFUND, before it disburses the amount in its fund, shall set aside an initial one-third of the amount to be transferred to the Nigeria Education Loan Fund, This is 30 percent of whatever TETFUND gets from the federation account. The amount will now be passed on to a readymade source of fund to NELFUND,” he said.
Onanuga confirmed an amendment of the Nigerian Maritime Administration and Safety Agency (NIMASA) Act and that of the Nigeria Ports Authority (NPA) such that all their fees, charges, levies, fines and other monetary accruals will now be paid in naira at the applicable exchange rate.
“You will recall that, hitherto, those agencies were charging their fees in dollars. So, those agencies can now collect naira.
“This affirms that the government wants to place emphasis on our national currency instead of dollarising our economy.”
Nigeria’s poor fiscal position
Nigeria wants to generate more revenue not just by raising taxes but by bringing more persons and entities into the net.
The nation’s revenue to the gross domestic product (GDP) stood at 9.4 percent in 2023, but it was a decline from 10.9 percent in 2021, according to the International Monetary Fund (IMF).
South Africa’s revenue to GDP stood at 25.1 percent in 2023, according to South Africa Revenue Service (SARS).
Ghana’s tax to GDP is estimated at 14 percent. Rwanda is currently at 24 percent, while Kenya’s is 14.3 percent, says the World Bank.
Nigeria’s total public debt stood at N121. 67 trillion in the first quarter of 2024, from N97. 34 trillion in the fourth quarter (Q4) of 2023.
Bill Gates, co-chair of Bill and Melinda Gates Foundation, in his recent visit to Nigeria said, “Nigeria’s economy has stagnated. Earlier this year, your debt exceeded 50 percent of your GDP for the first time since 2001.”
“And while your revenue-to-GDP ratio has grown, it’s still lower than what it was 15 years ago. The result is that Nigeria spends less per-capita on its people than other African countries with a fraction of your wealth.”
He further said that the Nigerian government must demonstrate that it is properly utilising tax revenues before propping the citizens to pay.
“Taxes are never popular. That’s true in America too. But they’re part of a social compact. People are more likely to pay them when they see the government spending that money to give Nigerians a better life.”
The Nigerian Economic Society (NES) recently warned that Nigeria’s slowing revenue generation may pose significant challenges to its economic growth and social wellbeing of its citizens.
This is contained in a report presented by Adeola Adenikinju, president of NES, at the 65th annual conference of the economic group in Abuja.
Adenikinju noted that with the level of revenues generated in the country, Nigeria may find itself among countries with lowest revenue collection, raising concerns over its economic sustainability.
“Nigeria’s fiscal performance benefited from the foreign exchange liberalisation in 2023, but the country still suffers a revenue problem and could remain among the bottom 10 countries with the lowest revenue in the medium-term,” NES president warned.
[BusinessDay]
[OPINION] Journalists Are Society’s Friends, Not Foes - Isaac Asabor
In my years of experience as a journalist, I have encountered situations that have caused me to reflect on the role and perception of journalists in society. One such situation occurred when I was on the verge of renting an apartment from a landlord through an agent. All seemed well until the landlord learned from the agreement form that I was a journalist. Without warning, he abruptly declined to proceed with the transaction. The agent explained that the landlord had become uncomfortable after realizing my profession. Similar experiences have played out in other settings, where conversations halt the moment I enter a room, or people suddenly grow suspicious of my presence, not because of anything I said or did, but simply because I am a journalist. These incidents reveal a broader concern about how journalists are perceived, often viewed with suspicion, mistrust, or even fear. But are these perceptions justified?
Journalists, in their essence, are the eyes and ears of society, tasked with uncovering the truth and reporting facts. Yet, the discomfort many people, especially those in positions of power or influence, feel in the presence of a journalist stems from a misplaced fear. It is as though they see journalists as enemies, waiting to expose every mistake or wrongdoing. But the reality is quite the opposite. Journalists are not enemies; they are society’s friends. Their work helps to ensure transparency, accountability, and the proper functioning of democratic societies. Rather than being afraid of journalists, particularly the elite, individuals should be more focused on doing the right things in their daily conduct, understanding that journalists are trained to observe and report, especially when wrongdoing is evident.
Journalists play a critical role in modern society, one that often goes underappreciated. Their responsibility is to keep the public informed, hold those in power accountable, and uncover the truths that might otherwise remain hidden. This task is not easy, as it frequently puts journalists in uncomfortable or even dangerous situations. But without the vital role that journalism plays, society would be in the dark about important issues, from corruption in government to corporate malfeasance to social injustices.
Journalists shine a light where it is most needed, making sure that the truth, no matter how uncomfortable it may be, is brought to the public’s attention. This transparency is not meant to cause fear or to intimidate. Instead, it is designed to create a more informed and engaged society. If individuals, especially those in influential positions, conduct themselves in ways that are ethical and responsible, they have no reason to fear a journalist’s presence.
The fear of journalists, particularly among the elite and those in power, can often be traced to a fundamental misunderstanding of the profession. Journalism is not about sensationalism or the exploitation of people’s personal lives. Responsible journalism is about reporting facts accurately and fairly. When a journalist investigates a story, they are guided by ethics that require them to be truthful, balanced, and to ensure that their reporting serves the public interest.
However, when people are aware that they are not acting in the public’s interest, they may become fearful of the journalist who could expose their wrongdoing. This fear is not about the journalist as a person, but rather about the uncomfortable reality that unethical behavior can come to light. Instead of perceiving journalists as enemies, individuals should see them as catalysts for positive change. The presence of a journalist should not lead to paranoia or fear but should serve as a reminder that accountability is crucial in every aspect of life.
In reality, journalists are protectors of society’s best interests. They serve the public by ensuring that institutions, corporations, and individuals operate in a transparent and accountable manner. By exposing corruption, inequality, and injustice, journalists push for reforms and changes that benefit everyone.
Take, for instance, investigative journalism that has brought attention to corruption within political institutions or exposed human rights abuses. These stories lead to public outcry and demand for change, which ultimately improves society as a whole. When wrongdoing is uncovered, it is not the journalist’s fault; it is the fault of those who perpetrated the wrongdoing. Journalists are merely messengers, fulfilling their duty to the public by revealing the truth. For this reason, they should be seen as friends who help safeguard society’s moral compass.
The elite, and everyone for that matter, should understand that the presence of journalists is a call to uphold integrity and transparency in their actions. Journalists will report what they observe, and if there is nothing unethical happening, there is nothing to fear. Instead of worrying about how a journalist might portray them, individuals should focus on ensuring that their actions can stand up to scrutiny. If everyone did what was right, there would be no need to fear the presence of journalists.
People in leadership positions, whether in politics, business, or other fields, need to remember that public accountability comes with the territory. A journalist’s role is to report on events as they happen, and if those events are positive, that is what will be reported. The fear of journalists stems from a recognition that one’s actions cannot stand up to ethical scrutiny. But the solution to this problem is simple: act with integrity. When actions are ethical, there is nothing to fear from a journalist’s inquiry.
It is important to note that journalists are trained professionals. They are taught to approach their work with fairness, balance, and accuracy. Journalists are not out to “get” anyone, but they will not close their eyes to wrongdoing. This is a key aspect of the profession. When a journalist sees something that is not right, they are obligated to report it. This is not a personal vendetta or an attack; it is simply a part of the job.
Society benefits from this level of vigilance. Journalists help to keep everyone honest. They ensure that individuals and institutions are held accountable for their actions, and in doing so, they protect the public from harm. If people are doing the right thing, they have nothing to worry about from a journalist’s scrutiny.
Journalists are friends of society, not enemies. Their work ensures that truth, fairness, and accountability are upheld, and this is to the benefit of everyone. Rather than fearing the journalist, particularly among the elite, individuals should ensure that their daily conduct aligns with ethical standards. A journalist’s job is not to cause fear but to report on what is happening, good or bad. Ultimately, society is stronger when everyone understands that journalists are there to serve the public and that accountability leads to positive change. So, instead of seeing the journalist as a threat, we should all see them as protectors of truth and justice, because that is precisely what they are.
Hackers use AI-generated code to infect devices with malware, says HP threat report
One of the strongest use cases for today’s generative AI models is using them to write hundreds of lines of code in a matter of minutes. However, hackers are reportedly misusing these tools to generate malicious code, according to new research published on Tuesday, September 24.
Security researchers at HP found that hackers launched a malicious campaign targeting French speakers. As part of the campaign, the bad actors sought to access and record victims’ screens and keystrokes by infecting their devices with malware known as AsyncRAT.
This malware contained code that was written in VBScript and JavaScript programming languages with the help of generative AI tools, as per the report.
“The structure of the scripts, comments explaining each line of code, and the choice of native language function names and variables are strong indications that the threat actor used GenAI to create the malware,” it said.
The report by HP’s threat security team is significant since it shows that hackers are moving beyond using generative AI to lure victims through phishing attacks. “The activity shows how GenAI is lowering the bar for cybercriminals to infect endpoints,” HP Wolf Security said.
Other findings of the report include an increase in ChromeLoader campaigns, which direct victims to well-designed websites offering PDF converters tools through false advertising around popular search keywords.
Hackers are also smuggling malware through vector images in SVG format. SVG images open automatically in browsers and thus, any embedded malicious code is executed when the image is viewed, the report said.
[indianexpress]
Meta's investment in EssilorLuxottica will be 'symbolic', Zuckerberg says
[OPINION] Power thirst complicates ESG investors' love affair with tech stocks - Isla Binnie
BIG SHIFT
A CHALLENGE
OpenAI considers granting Sam Altman 7% stake amid shift to for-profit structure
OpenAI, the artificial intelligence startup behind ChatGPT, is reportedly discussing a significant restructuring that would grant Chief Executive Officer Sam Altman a 7% equity stake in the company, according to people familiar with the matter.
This move marks a major shift for the company, as it pivots from its original nonprofit roots towards a for-profit model.
The company, founded in 2015 as a nonprofit research organization with the mission of developing AI that is safe and beneficial to society, is now considering transitioning into a public benefit corporation.
This type of entity aims to balance profitability with a broader commitment to societal good, the sources said. The restructuring discussions remain ongoing, and no specific timeline has been set for the change.
In a statement, OpenAI reaffirmed its commitment to developing AI for the benefit of all, stating that “the nonprofit is core to our mission and will continue to exist.” The spokesperson declined to comment further on Altman’s potential stake or the restructuring timeline.
This shift comes at a time of significant internal change at OpenAI. Mira Murati, the company’s chief technology officer and a influential figure in its development, announced her departure this week.
The company has also seen leadership transitions, with co-founder Greg Brockman currently on leave.
What to know
OpenAI’s move to restructure and grant Altman equity ownership shows the company’s ambition to attract more investment as it continues to scale. Since the launch of ChatGPT in late 2022, OpenAI has become a key player in the global AI race, attracting major funding from Microsoft and drawing interest from investors like Thrive Capital and Apple. The company’s valuation has soared, from $14 billion in 2021 to a potential $150 billion, as discussions over a new convertible debt round are underway.
The restructuring will likely allow OpenAI to raise more capital by removing current caps on returns for investors. This would make the company more competitive as it continues to develop advanced AI systems and position itself at the forefront of artificial general intelligence (AGI).
Despite the leadership changes and restructuring plans, OpenAI remains focused on its broader mission of advancing AI safety and ensuring that its technologies have a positive impact on society. However, as the company continues to navigate the balance between innovation, safety, and profitability, these changes signal a new phase in its evolution from nonprofit research lab to a major player in the for-profit tech landscape.
More insight
Sam Altman, the 39-year-old CEO of OpenAI, is a serial venture investor and one of the leading figures in the tech industry today. According to Forbes, Altman has an estimated net worth of $1 billion.
Altman became a partner at the renowned startup accelerator Y Combinator around that time and eventually served as its president from 2014 to 2019. Under his leadership, Y Combinator nurtured several successful companies, making it a cornerstone of Silicon Valley’s startup ecosystem. In 2019, Altman left Y Combinator to become the CEO of OpenAI, a leading artificial intelligence company currently valued at approximately $80 billion.
His wealth largely stems from his investments in other high-profile ventures, including stakes in companies like Stripe, Reddit, and nuclear fusion startup Helion. In addition to his ranking among the world’s billionaires, Altman was featured in Forbes’ “30 Under 30” in Venture Capital in 2015.
[Nairametrics]
History Of NYSC Allowance (Allawee) Increment In Nigeria
The National Youth Service Corps (NYSC) in Nigeria has undergone several adjustments regarding the monthly allowance (also referred to as “allawee”) given to corps members over the years.
Naija News understands that the Federal Government just yesterday approved an increase in the monthly allowance of corps members in the NYSC from ₦33,000 to ₦77,000.
This was disclosed in a statement on Wednesday by the Acting Director of Information and Public Relations of the NYSC, Caroline Embu.
The allowance at different times has been increased due to the level of inflation in the country and in line with minimum wage increases.
Here’s a detailed overview of how the NYSC allowance has changed:
1. Initial Allowance: When the NYSC was established in 1973, the monthly allowance for corps members was relatively modest. Initially, it was set at a mere ₦120 (approximately $0.30) per month, which was intended to cover basic living expenses during the one-year mandatory service.
2. Increment Over the Years: As inflation and the cost of living increased, the allowance was periodically reviewed. By the late 1990s and early 2000s, the NYSC allowance had increased to around ₦4,000 (approximately $10.50) monthly.
3. 2009 Adjustment: In 2009, the then-Minister of Youth Development, Bolaji Abdullahi, announced a significant increment, raising the monthly allowance to ₦7,500 (about $19).
This adjustment was part of a broader effort to improve the welfare of corps members and address the rising costs associated with living expenses.
4. 2016 Increase: Following discussions about the economic hardships faced by corps members, the allowance was raised again in 2016 to ₦19,800 (approximately $51). This increase was well-received, as it aimed to provide better financial support during the challenging period of national service.
5. 2022 Increase: In 2022, the NYSC allowance saw another increment to ₦33,000 (around $86). This change was made amid ongoing economic challenges and was part of efforts to enhance the welfare of corps members in light of rising costs.
6. Latest Increase:The federal government, on the 25th of September, 2024 approved an increase in the monthly allowance of corps members in the National Youth Service Corps (NYSC) from ₦33,000 to ₦77,000.
[NaijaNews]
Senator Kalu Urges Tinubu To Convene Emergency Economic Meeting Over Hardship
Senator Orji Uzor Kalu has urged President Tinubu to convene an emergency meeting to address Nigeria’s current economic hardship.
Chairman, Senate Committee on Privatisation, Senator Orji Uzor Kalu, has urged President Bola Tinubu to call an emergency meeting of his economic team and come up with strategies to urgently address the current biting hardship in the country.
Kalu, who is representing Abia North Senatorial District, made the appeal on Tuesday while addressing questions from journalists, who ambushed him at the federal parliament.
The former governor of Abia State attributed the cause of the current hardship to removal of fuel subsidy but was quick to explain that it was the best way to go.
He suggested that the federal government should come up with economic plans that would make life bearable for the poor masses.
“Even in my village, everywhere I go, companies, everybody, there is hardship, but I appeal to the federal government, the president to know how he can bring succor quickly to the people of Nigeria.
“He has to do something not yesterday, but today. He must do something like yesterday because the condition of the Nigerian people is not too good.
“I believe that no president in the world elected by people would want his people to suffer. I’m not in the economic team, I have not seen the president or anyone to ask but this is what (return of subsidy) has caused.
“The president has to sit with his economic team to discuss, but the decisions he has taken is what no president in the 60 years of the republic, no president has been able to take that decision.
“The hardship is true, people are suffering. We have hundreds of thousands of workers, we have about 10,000 workers in our group that we run.”
[Leadership]
Hardship: Civil Servants Go To Work Twice A Week
Many civil servants at the federal, state and local government areas now go to work twice or three times a week to cut down the cost of transportation, Daily Trust’s findings have revealed.
Cost of living has risen in the last one year due to several economic policies of the government, especially the removal of fuel subsidy.
However, in order to save costs in the face of stagnant salaries, many civil servants have resorted to self- help.
Daily Trust reports that Lagos, Ogun and Osun governments, respectively, approved two-day work-from-home policy for junior civil servants, while those on senior cadre were given a day.
Governor Babajide Sanwo-Olu introduced the policy in February and extended it by three months on September 4.
He directed that workers on grade levels 01 to 14 were allowed to work from home for two days a week, while those on grade levels 15 to 17 were allowed to work from home for one day a week. Ogun State governor, Dapo Abiodun, adopted that Lagos template on September 11.
Osun’s Governor Ademola Adeleke followed suit on Tuesday in a circular from the Office of the Head of Service.
“By this circular, therefore, and until another directive is given, the working day schedules for public servants in the state have been approved as follows:
“Public servants on GL.01 to GL.10 – three days a week; public servants on GL.12 to GL.17 – four days a week,” a statement from the government reads.
A Labour leader in Lagos, Comrade Yusuf Bello described the work-from-home directive as an admittance of the failure of policy.
According to him, “If the policy of the government is working and it is working for the welfare of the people, they wouldn’t move in that direction.
“To pronounce that kind of policy suggests that the government itself understands that its policy is not working. Because when workers are supposed to work for five days or six days as the case may be but they are only able to work for two days, something is lost not just to the workplace but the economy in terms of the informal workers who trade around offices, who live on people who come to work. So there is a multiplier effect on the economy that is lost.
“What I would rather add is for the government to rethink its policies in a manner that those policies would address the welfare of the workers and the people generally, not to look for quick fix temporary solutions. We need an enduring long term solution that would address the challenges of the economy and the welfare needs of the people”, he said.
Other govs silent
Daily Trust reports that other governors have been silent on the work-from-home policy but civil servants in those states have resorted to ‘self-help’ to cut down cost of transportation.
Borno
Speaking to Daily Trust in Maiduguri, Mallam Baka, who works with the state government, lamented that life has been unbearable due to the high cost of living.
“My take home is N87,000; I have been working for 14 years now, but things are very difficult for us as workers. We have family and aged parents who depend on us for everything, including feeding, which is increasingly becoming difficult,” he said.
Babagana Mohammed, an assistant director said his salary is a little above N100,000.
“In the last one year, the prices of food items have quadrupled; unfortunately, our salary has not increased,” he said.
Reacting, the Chairman of Borno State chapter of the Nigeria Labour Congress (NLC), Comrade Yusuf Inuwa, explained that the workers enjoy transportation N50 per drop, which significantly reduces their expenses.
He added that N2 billion loans given to workers were part of the palliatives of the state government to reduce hardships faced by workers in the state.
“The state government rolled out metro transit, so we paid N50 instead of N200 for the transportation in Maiduguri. This has helped a lot as workers and the disbursement of N2 billion loans to workers equally assisted our members,” he said.
Kano
A senior civil servant said in spite of the rising cost, some servants do report to work except on Fridays.
“You know, in Kano, there is no work free day, unlike in other states.
“I live at Yakasai Quarters in the ancient city and I trek to this place every work day and my salary is nothing to write home about.
“While I was leaving for the office today (yesterday), my wife asked for money to buy charcoal but I did n’t have any,” Yakasai said.
However, the chairman of the state chapter of the NLC, Kabiru Ado said civil servants do not even want to talk about rising cost of transportation because it agitates their minds.
“The federal government is yet to begin payment of the N70,000 minimum wage signed into law, and we have not seen the template. The Kano State government has set up a committee on the minimum wage implementation. The committee has submitted its report.
“Hopefully, when negotiations are completed, the payment could begin and that may bring succour to workers, but I can tell you the situation is critically difficult,” he said.
Abuja
In Abuja, the nation’s capital, our correspondent reports that federal civil servants across ministries, departments and agencies (MDAs) have made a series of arrangements to cushion the effects of rising costs of transportation, occasioned by fuel price hike.
Some workers at the Office of the Head of Civil Service of the Federation (OHCSF) and Office of the Secretary to the Government of the Federation (OSGF), in separate interviews with Daily Trust, said they have devised various “arrangee” models in their various offices.
One of the workers said that the arrangements depend on the offices or departments where one works, and also on the directors or other supervisors they are working with.
“For me, I go to work (office) two times. I know other workers who come to the office twice or three times a week.
“I also know of some others that their directors or superiors asked them to stay at home or work from home, but should be available when they are called,” he said.
Another civil servant said it was unfair for workers to come to office, especially the junior ones, even when the new minimum wage has not been implemented.
While the leadership of the labour unions were not available for comment, an executive of one of the chapels in Abuja, told Daily Trust that there have been some meetings where labour leaders defended workers who were reported to be skipping office due to high cost of transportation.
Some workers who spoke with Daily Trust at the FCTA’s Secretariat in Area 11, Garki, Abuja, said that since the upward adjustment of the petrol price, transporters have jacked up fares.
One of the workers, who gave her name as Mrs. Mary John, said they made an arrangement among themselves.
She said: “In our department, what we do is to divide ourselves into two sets; one set will come Mondays and Tuesdays while the other go Wednesdays and Thursdays every week.
“This is necessary because, for instance, I stay in Bwari and will have to spend N3,400 every day on transportation aside from food. So, how can I cope with that amount five times in a week when my salary is less than N100,000?” she asked.
Benue
Some of the civil servants, who spoke on condition of anonymity to our correspondent in Makurdi, the Benue State capital, said it was practically impossible for them to go to the office five times a week.
“I go to the office only on Tuesdays and Wednesdays in a week. We have the arrangement in my office and our boss supports us since we can’t afford daily transportation to be at work”, one of them said.
Another respondent, a senior civil servant, decried the hardship, saying he had long parked his car at home.
“I occupy a sensitive position in one of the ministries, so I try to be at work daily but without my car,” he said.
Zamfara
A civil servant working with Zamfara State House of Assembly, who preferred anonymity, said he could not afford going to office five days in a week because of the economic hardship.
“I am lucky, the director gave me the go ahead to report to my duty post three days in a week. At least, I will save the transport fares for the remaining two days to do something else,” he said.
A director in one of the ministries, who said he should be addressed with the name of his hometown, Dansadau, confirmed that many civil servants go to office twice a week.
“There is no way we can sanction them, honestly. We simply pretend that we are not aware. Even the permanent secretaries also pretend that they are not aware. This is because, what justification do you have to punish them?” he asked.
Rivers
Some respondents who spoke with our reporter said that they select the days they go to work.
“In every situation one has to devise a means of survival,” said James Abo.
“With the biting economic hardship ravaging the country, some of us have devised a means of surviving the high cost of transportation,” he said.
Alice Daniel, who works in one of the ministries, said, “it’s not possible for one to go to work on a daily basis.”
Kwara
Speaking on the issue, a civil servant in the state who gave his name as Mr. ‘B’, said their response to the situation varies.
“It depends on how you look at it. For the core civil servants, we have some that now go to work three times a week. It’s only senior management staff of those in public service that may not have options”, he said.
It’ll lead to low productivity – Analyst
An economic analyst, Prof. Adebayo Adams, said the policy, though a good idea, can only work in the public service, saying it cannot work in the private sector.
“It is going to cause a lot of low productivity. As it is now, a lot of companies would still leave the country. The implication is that more workers would go and in the private sector, the policy of the government asking workers to spend some days at home would not work.
“There is no way you can work for only three days and you think you would have good results,” he said.
[DailyTrust]