THE court-reinstated deputy governor of Edo State, Mr. Philip Shaibu, yesterday, said his fight against his impeachment was to protect the office of the deputy governor in Nigeria, which he said has been ridiculed by some governors since 1999.

Shaibu spoke to journalists after a thanksgiving service at St. Paul’s Catholic Church, Benin City, where he said his reinstatement by the court was an act of God.

He also wants the Federal Government and the Inspector General of Police to investigate the killing of a policeman while he was on the way from the airport.

He said the policeman was an orderly to the governorship candidate of All Progressives Congress, APC, Sen. Monday Okpebholo.

According to him, “The governor (of Edo State) said he will destroy me and that is why I decided that the office of the deputy governor of Edo State, I will fight to make sure that sanity and respect is brought back to that office. 

“All what I am doing is not to earn anything but to make sure that the sanity of the office of the deputy governor is restored in line with the Constitution of the Federal Republic of Nigeria. 

“What other deputies cannot fight, I will fight on their behalf, so that governors will start respecting that office.”

On his victory in the court, he said: “I challenged God and I told Him that I want Him to prove His power in my life, that people that are anti-God and anti-democracy are at it again and they want to use me as scapegoat, I told God to show to the world that I am truly your son.

“They said they will impeach me and I will go to court and that by the time judgment will come, the tenure would have been over.  I now challenged God to it, to prove to them that they have touched His anointed and that the judgment will come more faster more than expected, I said I will need the judgment to come before the election.

“By the grace of God, democracy has come to stay and we that fought for democracy will protect it, anti-democratic forces must be flushed out and by the grace of God we will succeed.”

Shaibu said ahead of the coming election in the state, youths should not allow themselves to be used but should vote in the election to remove “anti-democratic people” rather than allowing themselves to be used for violence.

“This election is the time to change anti-democratic forces and you must do it through the ballot, don’t engage in violence. I have been preaching this for the past year when the intimidation and harassment against me started.”

On the attack that led to the death of a policeman, Shiabu said: “I refused to call anybody to the streets because they were saying we know him, he will soon call people to the streets. 

“They know what they have done and they are trying to cover up, but this one, they cannot cover it up, not when a police officer was a victim, they cannot cover this, all of them must be picked. 

“They orchestrated it, the men of the vigilante did that. The vigilante in Edo State killed a policeman, the IG must look into it. They are struggling to see who they can rope in, they cannot rope anybody in. I am urging the president and IG to set up an enquiry to investigate the killing, not only the killing but proscribe vigilante in Edo.”

Popular hair vendor, Nwanneka Nkumah, has debunked rumours of a romantic affair with the Senate President, Godwill Akpabio.

Naija News reports that an Instagram gossip blog had called out Akpabio over alleged illicit affairs with some famous Nigerian celebrities after humiliating Kogi female senator, Natasha Akpoti on the floor of the senate.

However, Nwanneka, whose picture was included in the list of side chicks, dismissed the reports in a lengthy post via her Instagram page.

She stated there might be a mistake in identity because she has often spoken against people destroying other women’s homes and will never be part of such a thing.

She wrote, “Woke up this morning to my picture on a flyer. First off, I’m still trying to make sense of why my picture is in this mix, could it be a mistake from the graphic designer or what?

“I’d like to assume this was a complete mistake and was never intended. Gistlover please go back and do this research well or
just reconfirm from who your source is as I believe there might be a mistake somewhere.

“I am one woman who hates, condemns and publicly speak against people destroying other women’s homes and I will never ever be a part of something like that.

“I have been a married woman almost all my life as I even came to Lagos a married woman. I have never met, seen, talked, come in contact personally or otherwise with this man or any other politician in Nigerian or anywhere in the world.

“All my life I have worked hard for every penny 1 have, if I have $2m I can account for every dollar. If I have gotten any help, it is from my ex husband and my current husband. I am a happily married woman with 4 kids and do not want my name associated with something like this.

“I urge you all to please say all the lies you have to about me which I never care to respond to anything but not that I, Wanneka is or was ever involved with someone’s husband, talk more a Nigerian politician that can’t even help business owners do something about the dollar rate

“I am a certified lover girl and will never be in a situation where I have to be the woman. That being said, Wanneka Women I don’t know if you were as surprised as I was but abeg, y’all should please avoid me and even as a joke, do not involve me or put up my picture or mention my name in anything like this again.

“I have built my company from the ground up and since Day 1, I have been intentional about building in public and y’all can backtrack and trace my progress to this
point.

“I feel this is not only disrespectful to me, but to all genuine hardworking women out there. This further deepens the stereotype that every woman at the top, slept her way through it.

“I am raising two beautiful daughters and I am conscious of how my actions today, will impact them in the future. Thank you and God bless.”

The International Monetary Fund (IMF), has identified some African countries with the highest indebtedness to the global financial institution.

The list of countries with the highest indebtedness was unveiled in a recent report by the IMF, which identified countries of the world including African countries with the highest outstanding IMF credit as of July 19, 2024. 

While the IMF gives loans to countries, the loans usually come with some specific conditions including economic reforms and policy changes.

The report said that Egypt ranks first in the list of African countries with massive debt to the IMF, with a total debt of $10,215,014,179.

Nigeria, with a total IMF debt profile of about $1.23 billion, ranks eight on the list.

Below is a list of the top 10 African countries indebted to the IMF and the amount owed.

Egypt: $10,215,014,179

The North African country is the first on the list, with an outstanding debt surpassing $10.2 billion.

Angola: $2,989,900,003

Angola ranks second on the list with almost $3 billion in IMF debt.

Kenya: $2,566,263,300

The country with East Africa’s largest economy has over $2.5 billion in IMF loans.

Ghana: $2,303,438,500

Ghana, located in the West African region, owes the IMF about $2.3 billion.

Cote d’Ivoire: 2,246,318,672

The country is indebted to the tune of about $2.2 billion.

South Africa: $1,907,000,000

Africa’s most industrialized country owes the IMF about $1.9 billion.

Democratic Republic of Congo:  $1,599,000,000

The East African country owes about $1.5 billion to the IMF.

Nigeria: $1,227,250,000

Nigeria, Africa’s largest economy has approximately $1.23 billion in IMF debts.

Senegal: $1,143,348,750

Senegal’s indebtedness to the IMF is put at about $1.4 billion.

Morocco: $1,056,550,000

The 10th African country on the list owes the IMF about $1 billion.

Finance institutions to pay 50% of windfall

Experts caution on timing

The proposed one-off tax on 2023 foreign exchange (forex) gain by banks may fetch the Federal Government not less than N2trillion, it was learnt at the weekend.

President Bola Ahmed Tinubu hinted at his administration’s plan to tax the banks’ gain in the proposed amendment to the 2023 Finance Act before the National Assembly.

Also before the National Assembly is an Executive Bill on the 2024 Supplementary Budget seeking to raise N6.2 trillion to fund infrastructure.

The tax on banks’ forex windfall in 2023 is meant to raise part of the funding for the supplementary budget.

The levy on forex revaluation gains, otherwise known as a windfall, will be used to finance “Renewed Hope” infrastructure projects, education and healthcare, among others.

A review of audited reports and accounts of banks and independent analysts’ reports yesterday estimated forex revaluation gains at about N4 trillion in 2023, half of which the government is seeking to appropriate for national budget funding.

For instance, three of Nigeria’s five biggest banks – Guaranty Trust Holdings Company (GTCO), Zenith Bank and United Bank for Africa (UBA), made forex revaluation gains of about N700 billion last year 2023, with GTCO accounting for about two-thirds of the total gains by the big three.

GTCO recorded a forex revaluation gain of about N442 billion in 2023, followed by Zenith Bank and UBA with N229 billion and N27 billion respectively.

If passed into law, the government will receive about N350 billion in one-off payments from the three banks.

Five other banks, including the First City Monument Bank (FCMB) Group, Fidelity Bank, Stanbic IBTC, Access Holdings, and Sterling Financial Holdings, recorded estimated forex revaluation gains of about N176 billion during the year.

The 2023 Finance Act amendment stipulates that “there shall be levied and paid to the benefit of the Federal Government of Nigeria a tax of 50 per cent on the realised profits from all foreign exchange transactions of banks within the 2023 financial year.

“The Federal Inland Revenue Service – (a) shall assess the realised profits, collect, account and enforce payment of tax payable under section 30 in accordance with the powers of the Service under the Federal Inland Revenue Service (Establishment) Act 2007.”

The amendment proposes a penalty of an additional 10 per cent for banks that have not remitted the assessed forex gains or gotten approval for instalment payment from the CBN by December 31, 2024.

Read Also: Shaibu: My legal battles will restore sanity to deputy governor’s office ridiculed since 1999
Also, principal officers of defaulting banks would face imprisonment of up to three years.

Most experts have faulted the timing and the nature of the windfall tax, noting that it could indirectly undermine the ongoing banking recapitalisation.

They said it was unfair to deny shareholders of direct benefits from forex gains on one hand, and for the government to seek to retroactively appropriate such on the other hand.

The Central Bank of Nigeria (CBN) had directed banks not to utilise their forex revaluation gains to pay dividends or for other operational expenses, but rather to save the funds as a hedge against any future volatility.

“Banks are required to exercise utmost prudence and set aside the foreign currency revaluation gains as a counter-cyclical buffer to cushion any future adverse movements in the forex rate in this regard.

“Banks shall not utilise such forex revaluation gains to pay dividends or meet operating expenses,” the apex bank had stated.

Experts at Afrinvest West Africa said while the government is constitutionally empowered to impose taxes, including on windfall gains, to strengthen fiscal accounts, the timing of the policy’s announcement is problematic.

Faulting the timing, they argued that it would create a sense of uncertainty and unpredictability among investors and industry practitioners.

Afrinvest said: “For instance, Italy in August 2023 announced a one-off 40.0 per cent windfall tax on increase in banks’ net interest margin for the fiscal year 2023.

“Although the plan was eventually modified, the announcement was made during the 2023 operating year – in contrast to the abruptness of the proposed tax on Nigerian banks, which is to be applied outside of the 2023 fiscal year.

“Unsurprisingly, the banking index shed a total of 3.0 per cent in the final trading sessions of the week, following the announcement.

“In summary, lingering concerns about uncertainty around the sector could present some headwinds amidst the ongoing recapitalisation process.

“Furthermore, there is a need for clarification on the wind-fall tax adjustments to be made for banks that already remitted income tax for 2023.

“Given the five-month window for compliance, the federal government should provide a clearer template that would take into consideration some of the nuances around implementing the tax.

“There is the issue of fairness from the perspective of capital owners, given that the CBN already barred access to foreign currency earnings via dividend payments.

“The Federal Government is seeking access to 50.0 per cent of the same profit.

“In the light of the ongoing recapitalisation, the broad steps by the regulator and the Federal Government to tighten the noose around forex income for banks might disincentivise new capital inflow into the sector, thereby prolonging the current episode of lack-lustre foreign capital inflows into the country.”

Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe, said the introduction of the windfall tax in the middle of ongoing banking recapitalisation may send wrong signals to investors and thus negatively impact the ability of banks to raise the much-needed capital.

Amolegbe said: “We also have to be very mindful of the impact on the liquidity ratio of these banks, many of which are finding things tough due to the tight monetary stance of the CBN. There is a need for caution here.

“In business, as in life, timing is everything. It will appear we are moving one step forward two steps backward.”

His counterpart at HighCap Securities, Mr. David Adonri, said the 50 per cent windfall tax amounts to an expropriation of shareholders’ wealth.

“It defeats the purpose of making banks strong enough to support the envisaged $1 trillion economy, an objective that is compelling banks to recapitalise,” Adonri said.

Veteran highlife singer, Gentleman Mike Ejeagha, has been moved to tears by the unexpected resurgence of his 1983 song, “Ka Esi Le Onye Isi Oche”.

The song, which had been largely forgotten over the years, gained new life after skit maker, Brain Jotter used it in one of his videos, creating a catchy dance move that synchronises with the music.

The song has since gone viral, garnering over 659,000 likes on Instagram and an impressive 11 million views on TikTok.

Its popularity has transcended borders, with the song being used in content from Nigeria to Asian countries.

The viral sensation has prompted content creators to pay homage to Mike Ejeagha, with one Tiktoker, @anyigoldtv, presenting him with an envelope containing money and sharing the achievement of his new song.

Overwhelmed with emotion, the aged singer broke down in tears, clearly touched by the unexpected revival of his music and the appreciation from a new generation of fans.

The Lagos State Government has denied media reports that from October 2024, it would charge churches and worshippers in the state, who park vehicles on designated streets around places of worship.

In a letter addressed to the Pentecostal Fellowship of Nigeria (PFN), Lagos State branch, the Lagos State Parking Authority (LASPA) had informed the religious body that vehicles parked by churches and members on designated streets will be charged hourly.

The agency noted that indiscriminately parked vehicles will be enforced upon accordingly.

“I am directed to inform your revered organisation that LASPA will be commencing its on-street parking scheme at designated streets within the Lagos State metropolis.

“In view of this, I am using this medium to inform your eminence, that vehicles parked on designated streets by the church and its members, will be charged hourly and indiscriminately parked vehicles will be enforced upon accordingly.

“Consequently, we advise that this piece of information be adhered to as a law-abiding organisation,” the letter dated July 19 and signed by the Head of Operations of LASPA, Ayokunle Akinrinmisi, stated.

But in a statement, LASPA’s General Manager, Adebisi Adelabu, said the state is not imposing parking fees on churches or worshippers for parking on streets around religious houses.

According to her, LASPA is rather implementing the Lagos State Parking Policy to mitigate parking induced traffic congestion across the state.

“To clarify the matter, LASPA wishes to emphasize that this information is inaccurate and does not reflect the true intent of our communication. The Lagos State government is not imposing parking fees on churches or worshippers for parking on streets around religious institutions. Rather, LASPA is implementing the Lagos State Parking Policy to mitigate parking induced traffic congestion across the state.

“Like many other major cities worldwide facing similar challenges, Lagos is experiencing a high demand for parking spaces that exceeds available supply. Therefore, we are adopting a regulated on-street parking model to better manage parking resources efficiently,” Adelabu said.

She explained that Governor Babajide Sanwo-Olu had early this year approved the introduction of regulated on-street parking, which was announced during a stakeholder’s forum held in February.

The LASPA boss stated that the state government has mapped roads for onstreet parking across major zones such as Ikeja, Surulere, Victoria Island, Ikoyi, and Lekki, adding that the letters sent to religious institutions were to notify them of their respective roles and the financial aspects of utilizing these designated parking lots.

“As part of our efforts to inform stakeholders, including religious organizations who were adequately represented at the forum, about the upcoming implementation in October, LASPA communicated with umbrella bodies representing these groups. One of such correspondences was referenced in a news release making the rounds.

“It is important to clarify that no specific religious group is being singled out by this policy. Our aim is to ensure all stakeholders are informed and prepared for the implementation of the regulated on-street parking scheme.

“Additionally, Lagos State Government has designated and lane-marked suitable roads for onstreet parking across major zones such as Ikeja, Surulere, Victoria Island, Ikoyi, and Lekki, creating approximately 1800 additional parking slots.

“The communication sent to religious institutions serves to notify them of their respective roles and the financial aspects of utilizing these designated parking lots. The management of these facilities will be overseen by concessionaires under the regulation of the Lagos State Parking Authority,” Adelabu added.

President Bola Tinubu has presented the state of Economic Community of West African States (ECOWAS) report at the mid-year coordination meeting of the African Union in Accra, Ghana.

The mid-year coordination meeting, initiated in 2017, serves as the principal forum for the AU and Regional Economic Communities (RECs) to align their work and coordinate the implementation of the continental integration agenda, replacing the June/July summits.

This year’s meeting, themed “Educate and Skill Africa for the 21st Century,” brought together the Bureau of the AU Assembly, RECs chairpersons, the AU Commission, and regional mechanisms (RMs) on Saturday. 

In a statement on Sunday, Ajuri Ngelale, presidential spokesperson, quoted Tinubu, who is the chairman of ECOWAS, as saying the community “has activated a standby force to counter-terrorism and will continue to explore funding options”.

He added that ECOWAS has actively supported member states in enhancing electoral and governance processes, recently deploying election observation missions to Senegal and Togo, both of which were deemed “peaceful, transparent, and fair”.

He highlighted the facilitation of the national unity agreement signing in Sierra Leone, while noting that ECOWAS will continue to work with stakeholders to implement the agreement’s provisions.

The president said consultations are ongoing to revise the ECOWAS 2001 Supplementary Protocol on democracy and good governance.

On economic integration, Tinubu stated that ECOWAS has consolidated the free trade area, customs union, and common market through various activities.

“We supported six Member States in ratifying the WTO Fisheries Subsidies Agreement, and thirteen Member States have ratified the AFCFTA agreement,” Tinubu said.

“The ECOWAS interconnected System for the Management of Goods in Transit (SIGMAT) is also operational in twelve Member States.”

On the humanitarian and social development front, Tinubu noted that ECOWAS has allocated $9 million to assist refugees, internally displaced persons, and asylum seekers.

“The frontline Member States in the fight against terrorism have also been supported with USD4 million under the ECOWAS Counter Terrorism Humanitarian Response,” the president said. 

“On education, the West African Network of National Academies of Sciences, and the African Forum for Research and Innovation have been established.

“Our regional academic mobility scheme has continued to equip the youth with practical skills and is harmonizing education systems.

“While in the area of health, ECOWAS continues to provide support to women with obstetric fistula, empowered women entrepreneurs in agribusiness, and focused on gender equality in education and the green economy.”

Tinubu highlighted progress in energy, mines, and agriculture, with ECOWAS advancing electrification efforts in The Gambia, Guinea Bissau, and Mali through the ECOWAS-Regional Electricity Access Project (ECOREAP).

“It is also implementing the Regional Off Grid Electricity Access Project (ROGEAP). Thirty-two Solar Off Grid SMEs have been approved, including nine SMEs led by women. A total of 3 million US dollars will be disbursed to finance the SMEs. More than 400 SMEs in 13 countries were trained in 2023 and 2024,” Tinubu said.

“To achieve sustainable electricity access within the ECOWAS and Sahel countries, we will provide a total grant of 38 million US dollars to SMEs in Member States. ECOWAS will extend this to Mauritania, Central African Republic, Chad and Cameroon through Commercial and Financial Institutions. An additional loan of 140 million US dollars will also be made available to the solar SMEs.

“Within the period under review, ECOWAS has supported Experts from Member States in international meetings and negotiations on environmental issues, including environmental governance. We provided support to our members in the implementation of the Paris Agreement and the establishment of a regional carbon market.

“With respect to food security, the ECOWAS Bank for Investment and Development (EBID) has approved the instruments to operationalize the Regional Fund for Agriculture and Food (RFAF). A Regional Food Security was developed to achieve self-sufficiency in rice production.

“Furthermore, our support for pastoralism in the Sahel has targeted the improvement of animal health, with a record vaccination of over 490 million livestock. We have established common rules for controlling veterinary medicine products at borders. In addition, ECOWAS launched a project for Member States to access the Green Climate Fund. This will promote climate-smart agriculture through the use of technologies.”

Tinubu noted that the sixth legislature of the ECOWAS parliament elected Maimunatu Ibrahim, its first female President from Togo.

He added that the ECOWAS community court of justice reviewed fifteen new cases, held thirty-three court sessions, and delivered eleven judgments.

However, the ECOWAS chairman warned of multiple threats facing the bloc, including member states withdrawing, geopolitical rivalries, terrorism, food insecurity, climate change, and the spread of misinformation.

He assured that ECOWAS will continue dialogue with Burkina Faso, Mali, and Niger to maintain unity and will convene a special extra-ordinary summit on the future of the community.

On the sidelines of the AU meeting, Tinubu held a bilateral meeting with Ismail Omar Guelleh, Djibouti president.

Kamala Harris, US vice-president, says she is honoured to be endorsed as the presidential nominee of the Democratic Party.

On Sunday, President Joe Biden withdrew from the presidential race, saying his decision not to seek reelection is in the best interest of the Democratic Party and the country.

Biden subsequently endorsed Harris, adding that he has offered his full support to the vice president as a nominee of the party in the November 5 presidential election.

In a statement, Harris said she would “earn and win” the nomination, adding that she would work hard to unite the party and country to defeat Trump.

“On behalf of the American people, I thank Joe Biden for his extraordinary leadership as President of the United States and for his decades of service to our country. His remarkable legacy of accomplishment is unmatched in modern American history, surpassing the legacy of many Presidents who have served two terms in office,” the statement reads.

“It is a profound honor to serve as his Vice President, and I am deeply grateful to the President, Dr. Biden, and the entire Biden family.

“I first came to know President Biden through his son Beau. We were friends from our days working together as Attorneys General of our home states.

“As we worked together, Beau would tell me stories about his Dad. The kind of father and the kind of man he was. And the qualities Beau revered in his father are the same qualities, the same values, I have seen every single day in Joe’s leadership as President: His honesty and integrity. His big heart and commitment to his faith and his family. And his love of our country and the American people.

“With this selfless and patriotic act, President Biden is doing what he has done throughout his life of service: putting the American people and our country above everything else.

“I am honored to have the President’s endorsement and my intention is to earn and win this nomination. Over the past year, I have traveled across the country, talking with Americans about the clear choice in this momentous election. And that is what I will continue to do in the days and weeks ahead.

“I will do everything in my power to unite the Democratic Party and unite our nation to defeat Donald Trump and his extreme Project 2025 agenda.

“We have 107 days until Election Day. Together, we will fight. And together, we will win.”

Mr. Biden’s decision came four months before the country’s 2024 presidential election.

Joe Biden’s campaign has been thrust into pressure, as panic and worry about his election chances pour in from the highest levels of the Democratic party.

Below are some incidents and people who called for his withdrawal:

According to BBC, Senate Majority Leader Chuck Schumer, House Minority Leader Hakeem Jeffries and former House Speaker Nancy Pelosi had expressed concerns in private to Mr Biden about his candidacy.

His former running mate, former President Barack Obama, had reportedly said Mr Biden’s chances of winning the election have greatly diminished.

Why Biden should leave the race

On why he should quit, US senator Joe Manchin, a West Virginia Democrat said it was time for Biden to “to pass the torch to a new generation”. Leaving the race, Manchin said, would allow Biden to focus on issues the president cared about, including helping Ukraine fend off Russia’s invasion and ending Israel’s war on Gaza.

“He will go down with a legacy unlike many people, as one of the finest and truly a [patriotic] American,” Manchin said. “So, with that, I come with a heavy heart to think the time has come for him to pass the torch to a new generation,” he said during an interview on ABC’s This Week.

Similarly, a 6 July letter from high-ranking congressman Jamie Raskin, a Maryland representative, compared the president to a baseball pitcher whose arm has “tired out”.

Mr Biden, 81, has repeatedly and defiantly declared he is “not going anywhere”, urging his party to refocus on the task of defeating Donald Trump.

But the calls to exit are nearing a crescendo as Democratic politician, donors and voters speak out against the president’s candidacy.

Who wants Biden to go

Lawmakers on both sides of the Capitol came out in growing numbers against the idea of Mr Biden staying in the race.

It began five days after the June 27 debate with Lloyd Doggett, a 15-term Texas congressman, who said that it was time for Mr Biden to “make the painful and difficult decision to withdraw”.

Mr Doggett, 77, who sits on the powerful House Ways and Means Committee, said he respected “all that President Biden has achieved” but that the Democrat had failed to “effectively defend his many accomplishments” on the debate stage.

Only three members of the Senate publicly called for Mr Biden to drop out. They are Peter Welch of Vermont, Martin Heinrich of New Mexico and Montana’s Jon Tester, who is fighting for re-election.
They have been joined by House colleagues including the likes of Adam Schiff, California’s likely next senator, and several members in tight re-election races of their own. The others are:

Raul Grijalva of Arizona, Seth Moulton of Massachusetts, Mike Quigley of Illinois, Angie Craig of Minnesota, Adam Smith of Washington, Mikie Sherrill of New Jersey, Pat Ryan of New York, Earl Blumenauer of Oregon, Hillary Scholten of Michigan, Brad Schneider of Illinois, Ed Case of Hawaii, Greg Stanton of Arizona, Jim Himes of Connecticut, Scott Peters of California, Eric Sorensen of Illinois, Marie Gluesenkamp Perez of Washington state, Mike Levin of California, Brittany Pettersen of Colorado, Jim Costa of California, Sean Casten of Illinois, Jared Huffman of California, Marc Veasey of Texas, Chuy Garcia of Illinois, Mark Pocan of Wisconsin, Greg Landsman of Ohio, Zoe Lofgren of California.

Biden quits presidential race

President Joe Biden bowed to pressure yesterday and withdrew from the United States Presidential race. 

He made the announcement on his X platform (former Twitter).

‘Heartfelt appreciation’

In his statement, President Biden thanked his Vice President Kamala Harris, saying she was an “extraordinary partner”.

“And let me express my heartfelt appreciation for the American people for the faith and trust you have placed in me,” his statement added.

“I believe today and always have: that there is nothing America can’t do – when we do it together. We just have to remember we are the United States of America.”

He wrote that he would address the nation on the matter next week.

Last week he returned to his home in Delaware after being diagnosed with Covid, but said on Friday he was looking forward to “getting back on the campaign trail next week”.

He has previously said only the “Lord Almighty” could make him withdraw, but then later said he would consider withdrawing if he had a health condition.

Responding on his Truth Social platform, Republican nominee Donald Trump said that Joe Biden “was not fit to run for President”

Biden endorses Kamala Harris as Democratic presidential nominee

In another development President Biden has endorsed his Vice President Kamala Harris as Democratic presidential nominee.

In his statement Biden said: “My fellow Democrats, I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term. 

“My very first decision as the party nominee in 2020 was to pick Kamala Harris as my Vice President. And it’s been the best decision I’ve made. Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year. Democrats — it’s time to come together and beat Trump. Let’s do this”.

Biden wasn’t fit to run — Trump

Reacting to Biden’s withdrawal from the 2024 election, former President Donald Trump said his former opponent was “not fit to run.”

Trump, in a statement, said: “Crooked Joe Biden was not fit to run for President, and is certainly not fit to serve – And never was.

“All those around him, including his Doctor and the Media, knew that he wasn’t capable of being President, and he wasn’t.

“We will suffer greatly because of his presidency, but we will remedy the damage he has done very quickly. Make America great again.”

THE Bishop of the Anglican Diocese of Owo in Ondo State, Revd Stephen Fagbemi, has lamented that the economic challenges in the country have left  Nigerians in pain and frustration just as he urged President Bola Tinubu to as a matter of urgency intensify efforts to address the security challenge and economic hardship facing Nigerians.

He stated this in his Charge delivered during the third session of the 14th Synod of the Church held at St Stephen’s Church, Ipele in Owo local government area of the state.

The cleric noted that the effects of the current economic hardship are real and painful.

Fagbemi said: “Unless urgent and effective steps are taken to curtail the effects of the current economic situation in the country, Nigeria may witness an uncontrollable rise in crime.

“Nigeria has become a harder place to live in as evident in the fact that many people are leaving the country for greener pastures while many are finding themselves in difficult situations where they fled to.

“Nigeria and its people have encountered acute economic hardship within the past year owing to the sudden removal of petroleum subsidy and due to devaluation and instability of the foreign exchange.

“The resultant effects of these actions are the harsh economic reality that Nigerians are facing daily. Inflation is almost out of control and prices of goods and commodities have risen astronomically.

“It has become hard for people to feed their families. Perhaps only very few wealthy individuals can claim to be comfortable at the moment.

“We urge our government to work harder at diversifying our economy. Already it is evident that unemployment is very high, as so many graduates are walking about without any job or means of livelihood. This makes the future look bleak and hopeless for many.”

He noted that despite the economic quagmire, Nigeria has continued to borrow while “the political class is not undergoing any serious economic adjustment as their monthly take-home which is humongous is a shameless inconsideration of the plight of their electorate.”