The 2023 presidential candidate of the Labour Party, LP, Peter Obi, has said he is more interested in Nigeria’s success today than in the future.

This follows speculations on social media that he was looking to make former Kaduna State governor, Nasir El-Rufai, his running mate in the 2027 polls.

But Obi, while speaking with journalists in Gombe State shortly after donating a borehole to the ram market in Tike Pantami on Sunday, insisted he was not looking far ahead.

When asked about a possible collaboration with El-Rufai, he said: “Well, I’m more interested now in Nigeria’s success today than tomorrow.

“We are always concentrating on the election rather than what Nigerians are going through.

“My commitment is about Nigerians living in a better society, given a better life, and that’s my concern.”

Nigeria’s foreign exchange reserves have taken a significant hit, dropping by approximately $1.02bn within 18 days as the Central Bank of Nigeria steps up efforts aimed at defending the naira.

On March 18, 2024, the FX reserves stood at $34.45bn, but by April 3, it had dropped to $33.50bn, based on the latest data from the CBN.

Before the current decline, the reserve had been steadily growing, witnessing a remarkable 43-day surge between February 5 and March 18, 2024, during which it appreciated by $1.28bn.

The CBN attributed this rise to increased remittance payments from Nigerians abroad and heightened interest from foreign investors in local assets, including government debt securities.

Additionally, reforms in the foreign exchange market and an increase in oil production contributed to the reserve growth.

However, the trend since March 18 indicated a significant drawdown in the reserve. After peaking at $34.45bn, it gradually declined; $34.39bn on March 19, $33.57bn by April 2, and finally $33.50bn by April 3.

This rapid decline of $1.02bn within 18 days underscores the pressure on the reserve as efforts continue to stabilise the local currency.

The CBN has been actively intervening in the foreign exchange market to support the naira, which has faced pressure from various economic factors. These interventions often involve the sale of dollars to maintain liquidity in the market, a strategy that has likely contributed to the decrease in FX reserves.

During the 18 days under review, the Central Bank of Nigeria made two significant announcements. First, it declared the complete clearance of the valid foreign exchange backlog. Second, it facilitated the sale of foreign exchange to Bureau De Change operators in Nigeria at an exchange rate of N1,251/$1.

Usually, Nigeria’s foreign exchange reserve reflects the country’s balance of payments and its ability to meet international obligations. A substantial decline in reserve can erode investor confidence and potentially lead to a credit rating downgrade, which would further impact the nation’s borrowing costs.

The International Monetary Fund recently projected that Nigeria’s foreign reserve would experience a significant reduction, plummeting to $24bn by 2024. The IMF foresaw a challenging period for Nigeria’s financial account through 2024–25, driven by the absence of new Eurobond issuances, substantial repayments of existing funds and Eurobonds totalling $3.5bn, and continued portfolio outflows.

Meanwhile, the federal government has said it will issue domestic bonds denominated in foreign currency in the second quarter of this year, precisely in the month of June, a move which some economists believe would stabilise the naira and nation’s reserve.

The Federal Government has declared Tuesday and Wednesday, April 9 and 10, 2024, as public holidays to mark the Eid-el-Fitr celebration.

The Minister of Interior, Olubunmi Tunji-Ojo, disclosed this in a statement on Sunday by the ministry’s permanent secretary, Aishetu Ndayako.

The minister congratulated all Muslims for the successful completion of the fasting in the holy month of Ramadan.

Tunji-Ojo called on them to imbibe and practise the virtues that entail kindness, love, tolerance, peace, good neighbourliness, and compassion, as exemplified by the Holy Prophet Muhammad (Peace be upon Him).

The statement read, “The Federal Government of Nigeria has declared Tuesday, 9th and Wednesday, 10th April, 2024 as public holidays to mark Eid-el-Fitr celebration.

“The Minister of Interior, Dr. Olubunmi Tunji-Ojo, congratulates all Muslim Ummah for the successful completion of the fasting in the holy month of Ramadan.

“Tunji-Ojo calls on Muslim Ummmah to imbibe and practise the virtues that entails kindness, love, tolerance, peace, good neighbourliness, compassion as exemplified by the Holy Prophet Muhammad (Peace be upon Him).

“He urged Nigerians to continue in the spirit of unity in order to improve and achieve peace and oneness in the country.

“The minister wishes all Muslim Ummah a happy Eid-el-Fitr celebration and prays that the peace, blessings, and favour of Allah be with everyone and our great nation.”

Ahead of the 2027 election, the 2023 presidential candidate of the New Nigeria Peoples Party (NNPP), Senator Rabi’u Kwakwanso, has said his party is the best alternative to the Peoples Democratic Party (PDP) and the All Progressives Congress (APC).

The former Governor of Kano State described the ruling APC as a failing party and the PDP as a failed party, adding that both parties do not have the competence to lead the country.

He likened the ruling APC and the PDP to birds of a feather, suggesting that both parties have inflicted immense suffering on Nigerians with their unpopular and inhumane policies.

He stated these during the party’s national convention, which took place at the A-Class Event Centre in Maitama, Abuja, on Saturday.

Kwankwaso guaranteed that the NNPP would introduce a revitalising change for citizens and the nation as a whole if it is given the chance to lead the nation.

The former Defence Minister asserted that Nigeria possesses sufficient resources and manpower to address insecurity.

He said, “We are all aware that the PDP has completely failed. Many of us decided in 2014, and 2015 to bring in some positive changes. Unfortunately, we have seen what happened from 2015 to date. This is the same APC government.

“Therefore, as far as we are concerned, we have a failing party that is the APC and we believe that this country requires an alternative to the APC and of course, the PDP and the only party, in my opinion, and based on facts, because the NNPP today is the fastest growing party in this country.

“I also believe even beyond this country, that is the only hope as we stand today. In many parts of this country, especially in northern Nigeria, particularly in my part of the north, so many people have been chased out of their homes, and so many have been killed. Some are in the bushes now in the forest under the care of bandits and other criminals. And it looks like many people don’t care.

“It is even becoming a normal thing to go and pick up people in their homes, on the roads, in the markets and so on. I believe it is only in this country that this sort of nonsense is happening. And it is the responsibility of every government, responsible government to ensure the peace of its people.

“I believe, as a former minister of defence in this country, as a former chief security officer of Kano State for eight years, and so on, I believe that we have adequate resources, we have enough manpower, we have all that it takes to protect Nigerians to peace in this country today. So it’s an opportunity for me to ensure that we bring on board a united, stronger, more peaceful, more prosperous Nigeria for all of us.”

The leadership of the Nigeria Labour Congress (NLC) has vowed not to give recognition or legitimacy to the leadership of the national chairman of the Labour Party (LP), Julius Abure.
NLC vowed not to rest until it unseat Abure as national chairman of the party.

The Congress also stated that the LP presidential candidate in the 2023 election, Peter Obi, is free to leave the party if he chooses to.

The NLC spokesman, Benson Upah stated this on Sunday during an interview with Punch.

According to him, “Our position on this matter is clear and has not changed. Abure remains unknown to us. It is not a question of removal. As far as we know, he does not exist.”

Speaking further, Upah said the issue of whether Obi should stay or leave the party should not be debated, saying the former governor was free to determine his destiny.

According to him, the NLC cannot stand in the way of the presidential candidate should he decide to defect to another political platform.

While describing him as an asset, the spokesman reiterated that the congress would not stand in his way if he chose to leave.

“The right of choice is available to Mr Obi. If he chooses to leave the party, that is his preference. We can’t sit in judgment over him on that. But if he chooses to remain, of course, Peter Obi is an asset any day. I rest my case on that,” he added.

Former Governor Nasir El–Rufai of Kaduna State has come under intense pressure to jettison the idea of dumping the ruling All Progressives Congress (APC), to form a mega political party with some like minds. That was even as an ambassadorial appointment is being dangled before him as an alternative. It would be recalled that the El – Rufai, who played a major role in the formation of the APC in 2014, recently paid a visit to the secretariat of the Social Democratic Party (SDP), in reciprocation to the earlier visit of the National Chairman of the SDP, Shehu Musa Gabam, in company with National Security Adviser, Nuhu Ribadu and a chieftain of the APC, Kashim Ibrahim – Imam. The trio went to break their fast in El–Rufai’s Abuja home. However, some people are prevailing on him not to leave the party, which he helped in its formation and winning the elections in 2015, a credible source conversant with the issue confided in Sunday Telegraph. The Source said: “Some persons are trying to broker some rapprochement, telling him not to leave the party as a founding member of the APC, who played a major role; he should not jettison the party.

“However, the trouble at home is further putting pressure on him to find a new platform to become more relevant because the governor in his home state in his revelation has further damaged him in some way, his reputation as an astute manager of resources and men. “But some of his men are saying that the money was borrowed for some developmental purposes and therefore, what the loan was used for is very visible everywhere; that when you want to kick-start an infrastructural revolution, you need extra finances. That is making him more estranged from the party.” Furthermore, our source said that it was not without reason.

“He has two reasons why he is looking for another party,” our source adds: “Number one: He believes that he was deliberately schemed out of being minister of the federal republic by some entrenched interests and he believes that he was not duly rewarded for the key and critical role he played in the emergence of candidate Bola Ahmed Tinubu as the candidate of the APC and also his emergence as the president of the Federal Republic of Nigeria. “He believes that he has not been well treated by the leadership of the party and by the government. His critical role has not been acknowledged and rewarded like others, who did not play half of the role he played. “So, it is obvious that he is very angry with the system and he believes that what he did in 2014, and 2015, leading to the formation of the APC can be done again. However, some persons from within the party are also said to be reaching out to him that he should not be angry.

“They are dangling before him the ambassadorial compensation. Whether that will materialize is another thing. “He also needs to be cleared in one way or the other. He is reluctant to take that leap because he believes that it may lead to another humiliation and of course, he also believes that some of the things happening in his home state are orchestrated to haunt him. “That is their response to his move in the last few days by people who believe that they will pay you back, you want to form a mega party. He believes that what is happening in his home state is being orchestrated by the same people, who denied him the ministerial slot.

The Abuja Chamber of Commerce and Industry (ACCI) says the recent hike in electricity tariffs could impact negatively on the ease of doing business in Nigeria.

Emeka Obegolu, ACCI’s president, spoke in an interview with NAN on Saturday in Abuja.

Obegolu acknowledged the various challenges already faced by entrepreneurs and investors in the country.

He said small and medium enterprises (SMEs), which are crucial to the country’s economy, would be greatly affected by the hike in tariff.

“The ease of doing business is a critical factor for fostering economic growth, attracting investments, and creating job opportunities,” he said.

“Regrettably, the increase in electricity tariffs can hinder these efforts by imposing additional financial burdens on businesses, especially SMEs, which are the backbone of our economy.”

According to Obegolu, any disruptions or cost increases associated with electricity supply could lead to higher operational expenses.

He said it would hinder businesses’ ability to invest in innovation and expansion and impede their competitiveness in both domestic and international markets.

Obegolu also expressed concern that the tariff hike, combined with other economic challenges such as the removal of fuel subsidy and foreign exchange unification, could further compound difficulties faced by businesses.

“Many enterprises are already struggling with reduced demand, supply chain disruptions, and financial constraints. The burden of higher electricity tariffs exacerbates their challenges and threatens their long-term viability,” he said.

“As advocates for the business community, we urge relevant authorities to reconsider this decision and explore alternative solutions that prioritise the needs of businesses and support ease of doing business.

“It is vital to strike a balance between ensuring a sustainable energy sector and mitigating the adverse effects of tariff hikes on businesses, particularly during these trying times.”

The ACCI president called for constructive dialogue with stakeholders to find collaborative solutions that addressed concerns from both energy providers and businesses.

“Through fostering open communication, promoting transparency, and adopting policies that facilitate business growth and competitiveness, we can create an environment conducive to sustainable economic development and prosperity for all,” he said.

Obegolu said ACCI stands ready to collaborate with stakeholders to address challenges posed by the tariff.

The Nigerian Electricity Regulatory Commission (NERC) has directed all electricity distribution companies (DisCos) to refund customers wrongly billed with the new rate.

Abba Terab, NERC deputy general manager in charge of market competition and rates, disclosed this in a statement on Saturday.

According to NERC, customers should be refunded through energy tokens no later than April 11, and file evidence of compliance with the commission by April 12.

On April 3, NERC approved an increase in electricity tariff for customers under the Band A classification.

The commission said customers under the classification, who receive 20 hours of electricity supply daily, will pay N225 per kilowatt (kW), starting from April 3 — up from N66.

The NERC also directed all electricity distribution companies to provide as much clarity as possible to all affected customers.

“All DisCos shall ensure that only the newly approved Band A feeders listed in their April 2024 supplementary orders are maintained as band A for the purpose of vending to prepaid customers and billing for post paid customers on their networks,” Terab said.

“All DisCos are required to immediately post on their websites the schedule of approved Band A feeders that have been affected by the rate review.

“All DisCos shall set up a portal by 10th April 2024 on their website that allows all customers to check their current Bands by entering their meter or account numbers.

“All customers wrongly billed at the new rate should be refunded through energy tokens no later than Thursday 11th April 2024, and file evidence of compliance with the Commission by 12th April 2024.

“The Commission shall monitor compliance with the requirements listed above and shall continue to provide support to all stakeholders as required.”

On Aprile 5, NERC fined Abuja Electricity Distribution Plc (AEDC) N200 million for overcharging customers.

NERC said AEDC must reimburse affected customers by April 11.

The leadership of the Nigeria Labour Congress has vowed not to rest until it unseat Julius Abure as national chairman of the Labour Party.

Disclosing this in an interview with Sunday PUNCH, the NLC spokesman, Benson Upah, said that despite the ‘illegal’ national convention that returned Abure to office, the union would never confer legitimacy or give recognition to his leadership.

He said, “Our position on this matter is clear and has not changed. Abure remains unknown to us. It is not a question of removal. As far as we know, he does not exist.”

The development is coming at a time when a group of retired workers under the aegis of Lagos Assembly of Labour Veterans and Trade Unionists also called for the resignation of the embattled national chairman of the party and the NLC President, Joe Ajaero, over their contentious leadership struggle.

The party’s presidential candidate, Peter Obi, also seems to be at loggerheads with the leadership of the LP over the manner it conducted the convention in Nnewi, Anambra State, despite his plea for wider consultation.

The former Anambra governor had expressed his frustrations at an X (formerly Twitter) Space session organised by Parallel Facts last Friday night.

While explaining his absence at the national convention that got Julius Abure re-elected as the party’s national chairman, Obi told his audience that he didn’t attend the event because the party’s leadership failed to heed his appeal for wider consultation with relevant stakeholders before the exercise.

His speech has since set tongues wagging and further fuelled earlier speculations that the LP presidential candidate may have started shopping for a new platform despite being guaranteed the 2027 ticket at the convention.

But Upah said the issue of whether Obi should stay or leave the party should not be debated, saying the former governor was free to determine his destiny.

According to him, the NLC cannot stand in the way of the presidential candidate should he decide to defect to another political platform.

While describing him as an asset, the spokesman reiterated that the congress would not stand in his way if he chose to leave.

“The right of choice is available to Mr Obi. If he chooses to leave the party, that is his preference. We can’t sit in judgment over him on that. But if he chooses to remain, of course, Peter Obi is an asset any day. I rest my case on that,” he added.

Barring any last-minute change of mind by Edo State Governor, Godwin Obaseki, a former member of Edo House of Assembly (1999 – 2003), Pascal Ugbomhe, has been tipped to replace the state’s Deputy Governor, Comrade Philip Shaibu, till November 12, 2024, when his second term will end.

Ugbomhe, also an Etsako man as Shaibu, is a frontline member of the Chief Dan Orbih-led Legacy Coalition in Edo chapter of the Peoples Democratic Party (PDP), with his choice being to get the support of the party’s National Vice Chairman, Southsouth (Orbih), and his teeming supporters, ahead of the September 21, 2024 governorship election.

It was also learnt yesterday in Benin by our reporter that Obaseki wouldn’t want to take chances in Edo North Senatorial District, which has as representative, Senator Adams Oshiomhole, a former National Chairman of the All Progressives Congress (APC), who is an ex-governor of Edo state.

Ugbomhe, who hails from Ekperi in Etsako Central Local Government Area of Edo, according to a source close to Obaseki, would ensure victory for PDP’s governorship candidate, Dr. Asue Ighodalo, in Edo North senatorial district, thereby reducing the influence of Oshiomhole and Shaibu, since Ighodalo is from Edo Central with the least voting strength, and his running mate, Osarodion Ogie, is an indigene of Benin Kingdom in Edo South, with the highest voting strength.

Ugbomhe, a Law graduate of the University of Benin (UNIBEN), who is a former Chairman of Etsako Central Local Government Council, according to the permutation in Obaseki’s camp, would be able to convince the preferred governorship aspirant of legacy coalition, Omoregie Ogbeide-Ihama, an influential former member of the House of Representatives, to also support Ighodalo’s aspiration, thereby ensuring unity and peace in Edo PDP.

The Justice Stephen Omonua (rtd.)-led seven-member probe panel, put in place by Edo Chief Judge, Justice Daniel Okungbowa, on March 25 this year, to probe the allegations levelled against Shaibu, rounded off its three-day sitting on Friday, and would soon submit its report to Justice Okungbowa, for the state’s 24 lawmakers to proceed or not, with Shaibu’s removal.