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[OPINION] Governing Nigeria Is Tough, But Tinubu Is Achieving Remarkable Progress - Magnus Onyibe
Admin![[OPINION] Governing Nigeria Is Tough, But Tinubu Is Achieving Remarkable Progress - Magnus Onyibe](/media/k2/items/cache/3850439af2da9f1b28642ed2f1819eda_L.jpg)
The popular saying, “The morning foretells the evening,” seems to defy logic in Nigeria’s case. The economy, which turned frosty after President Bola Tinubu introduced radical reforms 18 months ago, now appears to be thawing rather than worsening, contrary to the predictions of critics.
Rather than witnessing a continued decline in living standards, as many feared, Nigeria seems to be gradually recovering from decades of stagnation. The current glimmers of hope—despite the widespread discontent initially caused by Tinubu’s reforms, such as the removal of petrol subsidies and the unification of multiple foreign exchange rates, which led to a sharp naira devaluation—suggest that the hardships Nigerians endured may finally be easing.
The steady improvement in the economy, driven by the president’s Renewed Hope agenda, appears to validate the Machiavellian notion that “the end justifies the means.” That is because the once-frozen economy, disrupted by these difficult but necessary reforms, is now showing signs of recovery.
This progress may also reflect Nigerians’ gradual acceptance of the transition from a subsidy-dependent consumption economy to a production-based one. The assertion above is validated by the fact that by plugging longstanding financial leakages and laying the foundation for harnessing untapped economic potential, the administration is driving a paradigm shift that promises to benefit Nigeria in the long term.
What the above scenario indicates is that, the Renewed Hope agenda, though painful in the short term, seems to be yielding lasting benefits as Nigerians adjust to the adage “no pain, no gain,” and the criticisms that resulted in branding Tinubu as “T-Pain” early in his administration are waning. In fact, increasingly, people are beginning to appreciate the broader vision behind President Tinubu’s policies and their potential to serve the majority’s interests over time.
This shift in public perception is evident in the stabilizing sociopolitical and economic landscape. For instance, the naira-to-dollar exchange rate, which had reached a staggering ₦1,750/$1, has improved to roughly ₦1,600–₦1,650/$1. This movement is closing in on the ₦1,500/$1 target set by Tinubu in the 2025 appropriation bill presented to the National Assembly on December 15.
What makes these positive developments even more noteworthy is that they are happening less than 18 months into Tinubu’s presidency. While many anti-Tinubu politicians and citizens clamored for immediate results from his reforms barely a year into office, advocacy from some of us and the voices of the likes of Nobel Laureate Prof. Wole Soyinka, who called for patience and endured criticism as government sympathizers, have been vindicated.
Clearly, the early signs of recovery are evidence of the principle that reform outcomes require time to reach fruition. Hence in less than two years—often considered a reasonable benchmark for policy impact—Nigeria’s economic indicators are shifting. Like traffic lights, these signals are moving from red to amber, with the potential to turn green as Tinubu approaches his second year in office in May 2025.
Positive Socioeconomic Developments Indicate Progress Despite Initial Hardship
Recent socioeconomic improvements in Nigeria highlight the impact of a series of bold policy actions that hold significant potential to alleviate the hardships many Nigerians have endured due to reform-induced challenges. These developments, signaling economic recovery, include:
✓ Reduction in pump prices for petrol and diesel.
✓ Strengthening of the naira against foreign currencies.
✓ Decline in religious insurgency and banditry.
✓ Decrease in herder-farmer clashes and overall insecurity.
✓ Significant reduction in crude oil theft, coupled with increased oil production and exports, boosting foreign exchange reserves.
✓ A rise in foreign direct investment, exemplified by Shell’s commitment to invest $5 billion in the Bonga deep-sea oil asset.
✓ Introduction of a ₦70,000 minimum wage for federal civil servants.
✓ Adoption of compressed natural gas (CNG) as a less expensive alternative to petrol and diesel for mass transportation.
✓ Establishment of the Nigerian Education Loan Fund (NELFUND) to enable indigent Nigerians to pursue higher education by covering tuition fees and living expenses, thereby democratizing access to education.
These positive indicators reflect President Tinubu’s commitment to managing Nigeria’s complex economy, which often defies conventional economic principles. However, it is important to acknowledge the significant sacrifices Nigerians have endured since the administration began implementing its reform agenda on May 29, 2023.
One of the most recent developments that offers hope is the announcement on December 18, 2024, of a ₦200 reduction in the price of diesel by Dangote Refinery, lowering the cost from ₦1,200 to ₦1,000 per liter. Similarly, last month, the refinery reduced the price of petrol (PMS) by ₦20 per liter.
Given the critical role of petrol and diesel in facilitating transportation, powering factories, and supplying electricity to homes and businesses, these price reductions are expected to positively impact the economy. While the immediate effects of these reductions are not yet apparent—evidenced by the latest Nigerian Bureau of Statistics (NBS) report showing inflation rising from 33.88% to 34.60%—their long-term benefits are anticipated to ease the economic burden on Nigerians.
In essence, while the price reductions in these essential commodities (PMS and AGO) are yet to fully translate into tangible benefits, they are expected to lower transportation costs and provide relief to Nigerians struggling under severe economic hardship. However, these benefits may take time to materialize, as some fuel stations have yet to adjust their prices to reflect the reductions announced by Dangote Refinery.
Once the price adjustments are fully implemented, subsequent NBS reports may capture a downward trend in inflation rates. For now, food inflation remains high, driven by rising prices of staples such as onions, tomatoes, and peppers. These increases can be attributed to seasonal demand during the festive season, high transportation costs due to fuel price hikes, and other supply chain disruptions.
While these developments indicate progress, more time is needed for the full benefits of Tinubu’s reforms to materialize. Nevertheless, they offer hope for greater economic stability and relief for Nigerians in the near future.
Tinubu’s Economic and Sociopolitical Strategies Show Promise Amid Challenges
Key drivers of Nigeria’s current high food inflation include rising transportation costs, seasonal demand, and supply chain disruptions, which have made basic cooking ingredients unaffordable for many vulnerable Nigerians. However, as the reduced costs of petrol and diesel take effect, and with the festive season coming to an end, coupled with continued security improvements, inflation may see a significant drop by the first quarter of 2025. While it may not reach the 15% target set by the Director of Budget in the Presidency, my good friend Dr. Tanimu Yakubu, the concerted efforts of various government departments—from the Central Bank of Nigeria (CBN) to the Ministry of Finance—make it unlikely to remain at its current elevated levels.
Notably, Nigeria’s debt service ratio has dropped to 65%, down from 97% when President Tinubu assumed office 18 months ago, just as the globetroting allegations against President has been vitiated by the fact that lndian Prime minister Naranda Modi and German president Frank-Walter Steinmeier have reciprocated Tinubu’s visits.
These are heads of strategic countries that are major trading and technology partners and they were in Nigeria to discuss partnerships that would benefit our nation tremendously.
That said, some analysts have suggested wrongly or rightly that Dangote Refinery’s recent price cuts for petroleum products may be part of a competitive strategy against importers. Nonetheless, businesses with significant investments—such as Dangote, which staked $20 billion in a state-of-the-art refinery—often start by charging high prices to recoup their investments. Similar trends were observed in Nigeria’s telecommunications sector, where companies spent heavily on cutting-edge technology and spectrum licenses, making SIM cards initially expensive before prices dropped significantly. With additional refineries, such as the NNPC facilities in Port Harcourt, Warri, and Kaduna, gradually resuming operations, fuel prices are expected to decline further, aligning with earlier assurances that l gave to the public that although in Nigeria we believe what goes up hardly comes down, petroleum prices will surely come down from their current high.
As we all can attest , efforts to stabilize the naira against foreign currencies have also gained traction. A bill to prohibit the use of foreign currencies for local transactions, such as school fees and rent, has advanced significantly in the National Assembly. Combined with increased local refining capacity of petroleum products, this measure is expected to reduce domestic demand for foreign exchange which hitherto channeled into fuel imports.
Notably, the CBN reported an increase in foreign reserves from $38.3 billion in September to $40.08 billion by November 7, 2024. This boost, the highest in two years, provides sufficient coverage for nine months of imports and supports further currency stabilization.
Overall, President Tinubu’s bold economic policies, such as subsidy removal and currency devaluation, have spurred these positive changes. Despite the immediate hardships, these reforms are beginning to yield results, with further momentum anticipated from recently proposed tax reform bills currently under review in the National Assembly. These initiatives suggest a comprehensive approach to economic reform, unlike past efforts, such as the introduction of Structural Adjustment Program (SAP) in mid 1980s under Gen. Ibrahim Babangida, which adopted a piecemeal approach.
If the current reforms are managed effectively, these policies that l had coined “Tinubunomics” but did not go down well Aso Rock Villa, could provide long-term relief for Nigerians. The concept of “Tinubunomics” was a focus when Tinubu’s economic policies were reviewed on 8th May during the launch of my book, Leading From the Streets: Media Interventions by a Public Intellectual, 1999–2019. At the event, the theme “Tinubunomics: What’s Working, What’s Not, and Why” was explored and it generated a heated panel discussion. One panelist vexatiously claimed the economy was in “the red,” and the statement went viral. Today, it is unlikely that the same claim would be made, as the unfolding effects of the reform measures indicate long-term potential for recovery and relief.
On the sociocultural front, Tinubu has taken steps to address allegations of marginalization and promote inclusivity. For instance, renaming the National Arts Theatre after Professor Wole Soyinka which drew critism with those against it alledging nepotism and the naming of University of Abuja after General Yakubu Gowon, an Angas man from north central Nigeria zone underscores a commitment to equity and merit. Similarly, the appointment of Sylvester Nwakuche, an Igbo man, as Acting Controller General of Immigration highlights Tinubu’s efforts to correct perceived ethnic imbalances in federal appointments.
In addition to that, the recent release of some Igbo youths detained for IPOB-related offenses signals a thawing relationship between the federal government and Biafran agitators.
To further cement national unity, Tinubu could consider releasing IPOB leader Nnamdi Kanu as a gesture of goodwill during the yuletide season. Such a move could resonate with the Igbo community, much like Muhammadu Buhari’s posthumous honor for MKO Abiola in 2018 by changing democracy day from 29 May to 12 June the day the presidential election was presumably won by MKO Abiola but was annuled by the military, won acclaim from the Yoruba people.
Looking ahead, 2025 holds promise for economic recovery and sociopolitical stability, provided Tinubu remains committed to his reform agenda and he woos and receives more support from a broader spectrum of Nigerians. Frankly, as the nation navigates these challenging times, there is hope that brighter days lie ahead.
On that note of optimism, I wish Nigerians and readers worldwide a Merry Christmas and a prosperous New Year.
Magnus Onyibe is an entrepreneur, public policy analyst, author, democracy advocate, development strategist, alumnus of the Fletcher School of Law and Diplomacy at Tufts University, Massachusetts, USA, and a former commissioner in the Delta State government (2003–2007).
For further discussions, please visit www.magnum.ng.
Elder statesman and leader of the Pan Niger Delta Forum (PANDEF), Chief Edwin Clark, has taken a firm stance against the northern governors’ opposition to the tax reform bills introduced by President Bola Tinubu.
Speaking during the Sunday edition of Inside Sources with Laolu Akande on Channels Television, Clark stressed the importance of the reforms for Nigeria’s economic stability, criticising the 19 northern governors of double standards and undue influence.
The elder statesman, however, questioned their decision to hold separate meetings after the National Economic Council (NEC), chaired by Vice President Kashim Shettima, had already deliberated on the matter.
“I was so shocked when I learned that the 19 governors of the north have met again. If 36 of you met, why are you meeting again? This arrogance of power must stop,” he said.
The elder statesman also expressed disappointment with the NEC’s recommendation that the tax bills be shelved for further consultation.
He criticized the council for overstepping its advisory role, accusing it of engaging in political manoeuvring.
“The NEC is a constitutional advisory body, but today it has been converted into an executive body.
“The 36 governors under the vice president are now playing politics rather than focusing on governance,” Clark remarked.
He further accused governors of failing to engage their constituents, claiming they prioritize trips to Abuja over addressing local concerns.
“How many times have they consulted their people? They don’t stay at home. They are always in Abuja thinking that they will get more money,” he said.
Clark also called on President Tinubu to prioritize inclusivity and merit in his administration.
He criticized the president for allegedly appointing allies and friends to key positions, warning that such actions could deepen divisions in the country.
“Nigeria does not belong to Mr. President; it belongs to everyone. Every Nigerian deserves an equal chance to rise to the top,” he emphasized.
Defending the tax reform bills, Clark insisted that they are crucial for Nigeria’s fiscal health.
He argued that all Nigerians, including the northern governors, must contribute through taxes to sustain the nation.
“When they decide to share, they must ask where the money they are sharing comes from. So, you must pay tax,” he said.
President Tinubu’s tax reform bills have been met with widespread criticism, with concerns about their potential economic burdens on citizens.
While the NEC advised the president to reconsider the bills, the 19 northern governors separately rejected them, further fueling tensions.
Popular Hollywood actor Denzel Washington has officially become a gospel minister, after receiving his minister’s license.
The 69-year-old Academy Award-winning actor was baptized by Archbishop Christopher Bryant at Kelly Temple in New York City on Saturday.
In a heartfelt message following the baptism, Washington expressed his gratitude and faith.
“It took a while, but I’m finally here. If God can do this for me, there’s nothing He can’t do for you. The sky literally is the limit,” he said.
Archbishop Bryant, who officiated the ceremony, shared the occasion on Facebook, celebrating Washington’s decision to give his life to Christ and join the clergy in the Church of God in Christ.
“We celebrate the addition of Minister Denzel Washington into the clergy, having received his minister’s license in the Church of God in Christ today, in a truly uplifting moment,” the post read.
Washington has long been open about his Christian faith, though he’s previously noted how difficult it can be to express such beliefs in Hollywood.
In a recent interview with ‘Esquire’, he revealed how religion is often a taboo subject in the entertainment industry.
“When you see me, you see the best I could do with what I’ve been given by my lord and savior,” the “Gladiator II” star wrote for Esquire.
Despite these challenges, he stressed that his faith remains central to his identity.
“I’m unafraid. “I don’t care what anyone thinks. See, talking about the fear part of it – you can’t talk like that and win Oscars. You can’t talk like that and party. You can’t say that in this town,” he added.
Though Washington is unsure how many of his peers in Hollywood share his beliefs, he made it clear that his faith is an important part of who he is.
“I’m free now. It’s not talked about in this town. It’s not talked about. It’s not talked about. It’s not fashionable. It’s not sexy. But that doesn’t mean people in Hollywood don’t believe.
“There’s no such thing called Hollywood anyway. What does that even mean? That to me means a street called Hollywood Boulevard,” he wrote.
Washington’s career has spanned more than four decades, with standout roles in films such as ‘Malcolm X’, ‘Training Day’, ‘The Book of Eli’, and ‘Fences’.
His breakthrough came with the TV series ‘St. Elsewhere’ in 1982, setting the stage for his illustrious film career.
Nollywood actress Toyosi Adesanya has shared harrowing details about her marriage and an alleged attempt on her life.
In an emotional interview with her colleague, Bimpe Akintunde on the YouTube show Iriri Mi, Toyosi recounted the challenges she endured in her 15-year marriage and the lengths she went to save it, despite her stardom.
Toyosi Adesanya revealed that her efforts to sustain her marriage included relocating from Lagos to Akure, a decision she believed would balance her career and family life.
She even travelled abroad at her own expense to salvage her relationship when her husband relocated. However, the actress alleged that malevolent forces infiltrated her marriage, leading to its eventual breakdown.
The most shocking revelation came when Toyosi recounted an alleged assassination attempt. She claimed that her life was saved miraculously, but someone else died in her place.
Bimpe Akintunde, who visited Toyosi during her marriage, corroborated some of the struggles, recalling meeting her colleague fetching water, a stark contrast to her celebrity status.
In Toyosi Adesanya’s words:
“For me, I wish to be married. For someone like me, I’ve been in a marriage and people were asking me how I would cope with stardom. I left Lagos for Akure, which is a four-hour journey, but I was determined it wouldn’t affect my stardom. I made all that sacrifice in that marriage.
“I really put in an effort in my marriage. I was married for 15 years. I tried so much in my marriage that the elder in the industry knew I did. The person I married didn’t offend me, but he allowed the devil into the marriage. The house that I built with him, I left it for him because my life is important.
“When he left me to go abroad, I went to meet him there and even used my money to transport myself there because I wanted to make my marriage work.
“The man that I am currently with, I told him I am not going to get married because I will have one wedding in life because it was a court wedding.
Bimpe Akintunde knew of my court wedding as she attended it in Akure. Anytime she came to visit, she would bring foodstuffs for me and encourage me to stay in the marriage. We were fetching water in the first house we acquired. She said I was now fetching water and I said God will perform miracles. I would be praying for my husband in the presence of my present husband.
The senior actors I usually go to the prayer mountain with came to my house in Akure and told me that there were some items planted in some designated places in my home and prayed against my corpse being taken out of the house”.
Pastor Tobi finally addresses criticism trailing secular musicians performing at his birthday
AFOLABI
Nigerian UK-based pastor Tobi Adegboyega has remained in the news amid reports of his alleged deportation.
Speaking in a recent interview, the clergyman explained why Davido, KCee, and others performed at his recent birthday party.
In November 2024, Tobi Adegboyega was berated after videos featuring Davido, KCee, and others performing at his birthday party emerged. Critics queried his reasons for opting for secular artistes instead of gospel singers to perform at his birthday, considering his status as a clergyman.
In the interview, the UK-based pastor explained that he is close to Davido and Zlatan Ibile, whom he jokingly described as gospel artists.
Pastor Tobi Adegboyega stated that he couldn’t force gospel artistes to relate with him since they joined the bandwagon against him. The clergyman also disclosed that Davido and every other artiste who performed at his birthday bash did not receive a dime.
Speaking about Zlatan Ibile, Adegboyega described the Zanku boss as a son to him, stating that his parents were recently at his home in the UK.
Top Charts Africa has unveiled its list of the ‘Most Talked About People in Africa for 2024’, with Nigerians dominating the rankings.
A total of 18 Nigerians secured spots in the top 30.
Afrobeats superstar Wizkid clinched the top spot on the list.
His presence in the spotlight was amplified throughout the year, driven by his ongoing public feud with fellow singer Davido and the release of his album, ‘Morayo’.
Kenyan President William Ruto secured the second position.
His leadership was thrust into the global spotlight following widespread protests in June over proposed tax hikes.
The unrest culminated in the storming of the Kenyan Parliament, after which President Ruto rejected the controversial tax bill and introduced the “Appropriations Bill 2024,” which addressed the country’s fiscal challenges.
Rounding out the top three is Nigerian singer Davido, whose year was marked by a series of high-profile events, including his lavish wedding to Chioma, dubbed “Chivido 2024.”
Other notable figures in the top 10 include Nigerian President Bola Ahmed Tinubu, and also business magnate Aliko Dangote.
Former Kenyan Prime Minister Raila Odinga and Nigerian social media personality Bobrisky also secured their spots in the top 10, while South African singer Tyla and Nigerian politician Peter Obi rounded out the list.
In a surprising turn, Baltasar Engonga, a former public official from Equatorial Guinea, made the list following a viral scandal involving the leak of intimate videos.
The full list of Africa’s most talked-about personalities includes a mix of politicians, musicians, entertainers, and social influencers.
Other figures in the top 30 include Rema, Rigathi Gachagua, and former Kenyan President Uhuru Kenyatta, among others.
Full List of Africa’s Most Talked About People of 2024:
1. Wizkid
2. President William Ruto
3. Davido
4. President Bola Ahmed Tinubu
5. Aliko Dangote
6. Raila Odinga
7. Bobrisky
8. Tyla
9. Peter Obi
10. Liema Pants
11. Rema
12. Rigathi Gachagua
13. Khosi Twala
14. Former President Uhuru Kenyatta
15. Ademola Lookman
16. Asake
17. Very Dark Man
18. Drill
19. Nyesom Wike
20. President Cyril Ramaphosa
21. Reno Omokri
22. Rose Owusu Konadu
23. Victor Osimhen
24. Baltasar Engonga
25. Sharon Ooja
26. Toyin Abraham
27. Babu Owino Paul
28. Chidimma Vanessa Adetshina
29. Danny Walter
30. Pastor Enoch Adeboye
The federal government has called on state governors yet to implement the newly approved ₦70,000 minimum wage to do so as a special New Year gift for workers.
Minister of State for Labour and Employment, Nkeiruka Onyejeocha, made this appeal during a press briefing in Abuja. She noted that the new minimum wage aligns with improving workers’ welfare and promoting industrial harmony nationwide.
Onyejeocha expressed optimism that the New Year would encourage more governors to adopt the wage package.
She highlighted that most states have already committed to its implementation, while those yet to start have not refused but may require more time.
“All we can say to workers is to remain patient. I believe governors will use the New Year to implement the minimum wage as a gesture to their workers,” she said.
In addition, the minister revealed plans for the Labour Employment and Empowerment Programme (LEEP). This initiative, spearheaded by President Bola Tinubu, aims to create 2.5 million jobs annually over the next four years, providing critical employment opportunities across sectors.
Onyejeocha also addressed efforts to ensure industrial peace through the recently launched National Industrial Relations Policy (NIRP).
This policy seeks to foster better collaboration between labor unions and employers, reducing the frequency of strikes.
Responding to the House of Representatives Appropriations Committee’s threat to block allocations to the Ministry of Labour, Onyejeocha apologized on behalf of the ministry. She acknowledged the lawmakers’ constitutional authority to demand accountability and pledged to address the issue promptly.
“It’s unfortunate, and I apologize to the National Assembly. We must respect their oversight responsibilities and ensure compliance in future engagements,” she stated.
The minister assured that the ministry would utilize the remaining budget deliberation window to defend its proposals effectively, reaffirming its commitment to fulfilling its mandates.
The Minister of Information and National Orientation, Mohammed Idris, has advised politicians to desist from politicizing the tragic stampedes during food distribution exercises in Ibadan, Abuja, and Okija.
He argued that similar occurrences were recorded during past administrations, stressing it should not be linked to President Bola Tinubu’s reforms.
The Minister, however, sympathised with the families of the deceased, adding that the incidents show the importance of proper crowd management during such charitable activities.
“Our thoughts and prayers are with the victims, their families, and all those affected by these unfortunate incidents,” the minister said.
While acknowledging the noble intentions of organizers seeking to relieve vulnerable members of society, the minister admonished all individuals and organizations planning similar events to comply with the directive of the Inspector General of Police, Kayode Egbetokun, on liaising with police formations for effective crowd control and security measures.
He emphasized that collaboration with the police and the National Emergency Management Agency (NEMA) is crucial to safeguarding lives and ensuring that such efforts to assist those in need do not inadvertently lead to further distress.
“It is worth noting that similar unfortunate occurrences have been recorded in the past, before the current administration, as such, making any attempt to link these tragedies to the President’s reforms is unfounded and disingenuous,” he said.
Idris said the reforms, while repositioning the Nigerian economy for sustainable growth, are designed to uplift the lives of all Nigerians, particularly the vulnerable, without causing distress.
He called for a collective sense of responsibility and urged citizens to unite to ensure that the Yuletide season is marked by peace, goodwill, and joy and free of preventable tragedies.
No fewer than 10 federal ministries and agencies under their purview got over N1tn each as appropriation in the 2025 budget, The PUNCH analysis has shown.
A breakdown of the proposed allocation, contained in the 2025 Appropriation Bill presented to the National Assembly, showed that the ministries include Police Affairs, Interior, Defence, Finance, Power, Works, and Budget and Economic planning.
Others are the ministries of Niger Delta, Education, and Health.
The proposed budget showed that the finance ministry got the highest allocation of N17.52tn. Majority of this is for salary payment. The amount is an increase of 87.78 per cent or N8.19tn from the N9.33tn allocated in 2023.
This was followed by the Ministry of Budget and Economic Planning, which got an increase of N2.33tn or 52.35 per cent to N6.78tn in the 2025 budget.
Third on the list is the Ministry of Defence with an appropriation of N2.92tn, indicating an increase of N1.34tn or 84.81 per cent. The Ministry of Interior got an allocation of N1.13tn from N461bn in 2024.
While the power ministry got a 510.46 per cent increase to N2.1tn from the N344bn in 2024, the works ministry also got a proposal of N1.14tn from N657.23bn.
Similarly, the Niger Delta ministry got an appropriation of N2.23tn, Education got N2.52tn and health got N1.91tn.
The Senate and the House of Representatives, at their separate plenaries last Thursday, passed for second reading the N49.7tn ‘Restoration’ 2025 budget presented on Wednesday by President Bola Tinubu.
The budget was passed after various deliberations on the bill’s general principles by senators and House of Reps members who applauded the President for his good intentions for the country.
In the Senate, the budget was passed and referred to the Committee on Appropriations after being put to a voice vote by the Senate President, Godswill Akpabio, who presided over the session.
The budget has a revenue projection of N34.82tn to fund the aggregate expenditure of N47.9tn and a deficit of N13.0tn.
Nigerians are buying Dangote Petrol at a reduced price of N935 per litre across MRS filling stations nationwide, N105 cheaper than the price sold at the Nigerian National Petroleum Company Limited retail outlets, DAILY POST reports.
Checks by DAILY POST on Sunday revealed that MRS filling stations in the Federal Capital Territory, Abuja, have commenced dispensing petrol to motorists at N935 per litre from N1060.
This indicates a N125 price cut. This is the situation at MRS retail outlets along Kubwa Expressway, Lugbe, in Abuja.
This comes as Dangote Refinery on Saturday announced that it has commenced a partnership with MRS to sell petrol at N935 nationwide.
The Independent Petroleum Marketers Association of Nigeria also confirmed the development in a statement by its president, Abubakar Maigandi, on Sunday.
Outside Lagos State, the new N935 per litre petrol price was expected to kick off on Monday; however, as of Sunday, MRS filling stations in the nation’s capital have started selling at the price.
With the development, MRS retail fuel price templates are now cheaper than Nigerian National Petroleum Company Limited retail outlets, which stand at N1040 per litre.
This means Nigerians now buy petrol between N935 per litre and N1,100.
Recall that in the past week, both Dangote Refinery and NNPCL had reduced their ex-depot prices of PMS.
While Dangote Refinery reduced its ex-depot price to N899.50 per litre from N970, NNPCL dropped its price to N899 per litre from N1030. The development impacted retail prices of petrol.
Aliko Dangote, the president of Dangote Group, had lauded President Bola Ahmed Tinubu for his support in the implementation of crude-for-naira sales to domestic refineries, which influenced the recent petrol price reduction.
[DailyPost]
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The Central Bank of Nigeria (CBN), this year, implemented a series of interest rate hikes, raising the Monetary Policy Rate (MPR) from 26.25% in May to 27.50% by this month, to combat rising inflation and stabilise the economy. These measures, alongside foreign exchange reforms, boosted the nation’s GDP growth to 3.46% in Q3 2024, driven by resilience in the services sector and improved oil production. However, agriculture and manufacturing lagged behind, highlighting the need for targeted support to these critical sectors. Assistant Editor Nduka Chiejina looks at the developments
The year 2024 presented the Central Bank of Nigeria (CBN) with a formidable challenge: taming rampant inflation. In response, the CBN’s Monetary Policy Committee (MPC) embarked on an aggressive tightening cycle, culminating in a series of interest rate hikes. The journey began with a significant increase in May 2024, raising the Monetary Policy Rate (MPR) to 26.25%. This was followed by another 50-basis-point hike in July, bringing the MPR to 26.75%. The tightening continued unabated in September, with another 50-basis-point increase to 27.25%. Finally, at the last MPC meeting of the year, the rate was further increased to 27.50%.
These successive rate hikes underscore the MPC’s unwavering commitment to curbing inflationary pressures. The rationale behind these decisions stems from the recognition that rising prices erode purchasing power, stifle economic growth and exacerbate social inequalities. By increasing borrowing costs, the CBN aimed to dampen aggregate demand, thereby cooling inflationary pressures.
Expanding access and strengthening the financial system
Beyond monetary policy tightening, the CBN undertook several initiatives in 2024 aimed at strengthening the Nigerian financial system and expanding access to financial services for individuals and businesses. Under the banking sector expansion initiative, the CBN approved one new non-operating financial holding company, allowing for greater diversification and complexity within the banking sector. Additionally, one merchant bank successfully transitioned to a national commercial bank, signifying a vote of confidence in its operations and financial strength.
Two banks received “Approval-in-Principle” (AIPs) for regional commercial bank licences, while another received an AIP for a regional non-interest banking licence. This move aims to deepen financial inclusion in underserved regions by encouraging the establishment of regional banks better equipped to cater to the specific needs of local communities. The CBN recognised the crucial role of microfinance institutions in financial inclusion by licensing 16 new microfinance banks and re-licensed 53 previously revoked institutions. This action was intended to revitalise the microfinance sector and enhance access to credit for small businesses and low-income individuals. In addition, five new finance companies were granted operating licenses, further diversifying the financial landscape and providing alternative sources of financing for businesses and consumers.
In November 2023, the CBN announced a new directive requiring banks to meet higher capital thresholds by March 31, 2026. This move was made to strengthen the resilience of the banking system and enable banks to better withstand economic shocks and support the growing needs of the economy. Banks have been given the flexibility to meet these new capital requirements through various options, including equity issuance, mergers, or adjustments to their business models. Implementation strategies commenced on April 30, 2024.
The CBN updated guidelines for Bureau de Change operators, introducing new licensing requirements, capital standards and a franchise model. These reforms aim to enhance the regulation and oversight of the foreign exchange market, improve transparency, and combat illicit financial flows. The Financial Services Regulation Coordinating Committee (FSRCC) continued to play a vital role in fostering inter-agency collaboration and coordination on key regulatory issues. Regular meetings and joint initiatives on matters such as cryptocurrency frameworks and infrastructure financing have enhanced regulatory effectiveness and ensured a consistent approach across different sectors. Furthermore, the CBN conducted a comprehensive review of its consumer protection regulations in February 2024 to address emerging risks, particularly those associated with Fintech innovations. This review was intended to strengthen consumer protection standards, enhance financial literacy, and promote fair and ethical practices within the financial sector.
These initiatives demonstrate the CBN’s commitment to strengthening the financial system, promoting financial inclusion and fostering a conducive environment for sustainable economic growth. By expanding access to finance, improving regulatory frameworks, and enhancing consumer protection, the CBN aims to build a more robust and resilient financial sector that can better serve the needs of the Nigerian economy.
Enhancing consumer protection and driving financial inclusion
The CBN, in 2024, demonstrated a strong commitment to consumer protection, financial inclusion and the responsible development of the financial sector. The introduction of a pilot Consumer Protection Risk-Based Examination represents a significant step forward. This approach allows the CBN to proactively identify potential risks and address emerging issues within the financial sector, complementing traditional compliance checks. The CBN rigorously enforced sanctions against financial institutions that violated regulations, deterring unethical behaviour and promoting a culture of compliance within the sector.
The apex bank addressed numerous consumer complaints, resolving a significant portion and facilitating refunds to customers who had disputes with financial service providers. This demonstrates the CBN’s commitment to fair treatment of consumers and ensuring their rights are protected. The implementation of the Unified Complaints Tracking System (UCTS) and the development of a USSD code (*959#) for verifying licensed financial institutions have significantly improved service delivery and enhanced transparency for consumers. In addition, the launch of the Women Entrepreneurs Finance Initiative (We-FI) Code in June 2024 marks a significant step towards closing the gender gap in financial inclusion. This initiative aims to improve access to financial services for women-owned MSMEs, empowering female entrepreneurs and contributing to economic growth. Also, the CBN updated the National Financial Literacy Framework and the Financial Education Curriculum (FEC) in Nigerian schools, aligning them with global best practices and promoting sound financial decision-making among youth.
The adoption of ISO 27001 standards and the introduction of a Risk-Based Cybersecurity Framework demonstrate the CBN’s commitment to enhancing the resilience of the financial sector against cyber threats while the CBN has revised guidelines to include Virtual Assets Service Providers (VASPs) within the anti-money laundering/combating the financing of terrorism (AML/CFT) framework, reflecting the evolving nature of financial crime in the digital age.
During the year, the CBN actively engaged with the fintech sector, promoting transparency and disclosure while ensuring compliance with regulatory standards. New guidelines were introduced to address cybersecurity threats, facilitate diaspora remittances, and improve capital inflows. Furthermore, the CBN implemented stricter Know Your Customer (KYC) and AML requirements, including linking Tier 1 and wallet accounts to Bank Verification Numbers (BVNs) or National Identification Numbers (NINs), to combat fraud and enhance the integrity of the financial system.
The CBN implemented several key regulatory reforms, including revising the minimum Loan to Deposit Ratio (LDR), prohibiting foreign currency (FCY) denominated collaterals for local currency (LCY) loans, and adjusting the Cash Reserve Ratio (CRR) framework. These measures aim to support monetary policy objectives, stabilise the financial system, and ensure the soundness of financial institutions. The bank introduced a crucial measure to enhance market integrity and strengthen bank resilience by prohibiting banks from distributing unearned income, such as foreign currency (FCY) revaluation gains, for the financial year ending December 31, 2023. This ensures that investors have a clearer picture of bank performance, fostering informed investment decisions and promoting market transparency. These initiatives demonstrate the CBN’s multifaceted approach to strengthening the Nigerian financial system. By prioritizing consumer protection, fostering financial inclusion, and embracing technological advancements, the CBN aims to create a more robust, resilient, and inclusive financial sector that supports sustainable economic growth.
Strengthening the financial system and enhancing global standing
The CBN undertook several crucial initiatives in 2024 to further strengthen the Nigerian financial system and enhance its global standing. It intensified efforts to combat money laundering, terrorist financing, and proliferation financing (AML/CFT/CPF). Through enhanced supervision and conducting spot checks on Nigerian banks and their foreign subsidiaries, the CBN aimed to address the concerns raised by the Financial Action Task Force (FATF) and expedite Nigeria’s delisting from the Grey List. Delisting from the Grey List is crucial for attracting foreign investment, improving Nigeria’s international reputation, and fostering a more secure and stable investment environment.
In July 2024, the CBN issued new guidelines to improve the management of dormant accounts, unclaimed balances, and other financial assets. These guidelines are intended to: identify and reunite dormant accounts and unclaimed balances with their rightful owners; hold these funds in trust for their rightful owners; standardize management practices across the financial system and establish clear procedures for reclaiming warehoused funds. These guidelines address concerns regarding inadequate compensation for funds held in dormant accounts and the risk of fraudulent transactions, thereby reinforcing trust and confidence in the financial system.
Recognising the importance of cash in the Nigerian economy, the CBN suspended processing fees on cash deposits exceeding N500,000 for individuals and N3,000,000 for corporates from May 6 to September 30, 2024. Additionally, a three-month waiver was granted to Deposit Money Banks (DMBs) for depositing lower denominations (N50 and below) with the CBN at no cost. These measures aim to encourage cash deposits, strengthen financial intermediation, and facilitate the effective transmission of monetary policy. The CBN enhanced its Early Warning Systems (EWS) to proactively identify and mitigate potential systemic risks and vulnerabilities. Key developments include: enhanced monitoring of financial soundness indicators and net open positions and implementation of regulatory sanctions on non-compliant banks. These measures enable the CBN to intervene promptly to address potential contagion risks and ensure the safety and soundness of the financial system.
In the outgoing year, the CBN continued to support the growth of the fintech ecosystem, building upon the successes of the Payments System Vision (PSV) 2020. Fintech innovations, such as mobile banking, online payments, and block-chain technology, have democratised financial services, reduced costs and enhanced efficiency, particularly benefiting underserved regions. Under the leadership of Governor Mr. Olayemi Cardoso, the CBN has strengthened consumer protection regulations to enhance consumer confidence and safeguard against unethical practices. This includes increased focus on consumer education and awareness initiatives to empower consumers to navigate the financial system effectively. The CBN has vowed to remain committed to maintaining a robust regulatory framework to support sustainable economic growth and stability. The CBN aims to position Nigeria as a leading financial hub in Africa, driving long-term economic development and growth through innovation, collaboration, and a commitment to sound financial practices.
Fostering economic stability and confidence
The CBN has taken significant steps in 2024 to enhance economic stability and foster investor confidence. Through the implementation of sound economic policies, the CBN has cultivated an environment of increased confidence in the Nigerian economy. These policies have attracted foreign investment and encouraged business growth. It has enhanced its communication strategy by, providing clear and timely information on monetary policy decisions and economic developments. This transparency has minimised economic uncertainties and built trust among investors and the public.
The apex bank has adopted a contractionary monetary policy stance, including raising the Monetary Policy Rate (MPR) and adjusting the Cash Reserve Ratio (CRR) and Liquidity Ratio, to combat inflationary pressures. The implementation of an Inflation-Targeting (IT) framework is meant to stabilize price levels, reduce currency volatility, and foster sustainable economic growth. The pace of inflation has slowed down significantly. While inflation remains a concern, recent data from the National Bureau of Statistics (NBS) shows a reduction in headline inflation year-on-year, indicating progress in the fight against inflation.
The CBN streamlined the foreign exchange (FX) market into a single framework, enhancing liquidity and reducing market distortions. The clearing of a $7 billion backlog of valid FX forwards has stabilised the exchange rate and boosted market confidence. These reforms have contributed to reduced FX volatility and an increase in external reserves. The introduction of EFEMS for FX transactions in the Nigerian Foreign Exchange Market (NFEM) aims to curb speculation and market distortions.
The development of the Fiscal and Monetary Policy Coordination Framework (FMPCF) has improved the synergy between monetary and fiscal policies, ensuring a more coordinated and effective approach to economic management. The CBN has significantly improved its communication of monetary policy decisions through strategic planning and increased engagement with media and stakeholders. The introduction of podcasts and enhanced social media presence has provided timely updates and increased public engagement with the CBN’s activities.
Data-driven decision-making and a positive outlook
The CBN has prioritised data-driven decision-making and technological advancements to enhance the effectiveness of its monetary policy. It has leveraged big data analytics through tools like Dynamic Integrated Analytic Modeling (DIAMoND) and the Macro Diagnostic Framework to gain deeper insights into economic trends and inform more accurate policy decisions. It has maintained high forecast accuracy and developed news-based indices to better assess and quantify policy uncertainty. In 2024, the CBN invested heavily in capacity-building programmes for its staff, enhancing their expertise in economic analysis, policy-making, and the use of advanced analytical techniques. The integration of mobile technology has improved data collection and analysis, enabling the CBN to make more informed and timely policy decisions.
In May 2024, Fitch Ratings revised Nigeria’s economic outlook from stable to positive, reflecting improved financial stability and the effectiveness of the CBN’s policy measures. This positive rating upgrade signals increased confidence in the Nigerian economy and its future prospects. The year has been marked by significant strides in financial regulation and market conduct under the guidance of the CBN Governor. From enhancing market transparency through the restriction on unearned income distribution to facilitating Nigeria’s delisting from the FATF Grey List, the CBN has demonstrated a steadfast commitment to strengthening the financial system.
The introduction of new guidelines for dormant accounts, the suspension of processing fees to encourage cash deposits, and the advanced use of Early Warning Systems further underscores the Bank’s dedication to promoting stability and trust within the financial sector. As we celebrate these accomplishments, we acknowledge the Governor’s role in driving progress and ensuring a resilient financial environment for Nigeria.
The CBN faced significant challenges in 2024, primarily cantered around managing inflation while supporting economic growth. In 2025, the key challenges the CBN will face include: balancing price stability with economic growth; addressing potential shocks like global recession or geopolitical instability; enhancing regulations and mitigating emerging risks and deepening financial inclusion, expanding access to finance for underserved populations. Others are: maintaining a stable and competitive exchange rate; ensuring effective collaboration with other government agencies; integrating climate considerations into monetary policy; navigating the opportunities and challenges of fintech and ensuring transparency and clear communication of policies.
Success in addressing these challenges will be crucial for maintaining macroeconomic stability and fostering sustainable economic growth in Nigeria. The CBN has demonstrated a strong commitment to fulfilling its mandate of promoting price stability and supporting sustainable economic growth. Through a combination of monetary policy tightening, regulatory reforms, and a focus on financial inclusion, the CBN has taken significant strides in strengthening the Nigerian financial system and enhancing its resilience. While challenges remain, the CBN’s proactive approach, data-driven decision-making, and commitment to continuous improvement position the apex bank to effectively navigate the complexities of the global and domestic economic landscape.
As part of efforts to prevent tragedies at public events, several states have started the implementation of strict precautionary measures, The PUNCH reports.
This comes after 67 people, 35 of them children, died in stampedes in Ibadan, the Oyo State capital; Okija, Anambra State and Abuja during a funfair and food distribution ceremonies.
In the rush to secure free food items from the organisers, some of the participants were trampled upon, resulting in fatalities. While 35 children were confirmed dead by the police in Ibadan, 10 people died in Abuja, while 22 were reported killed in Okija.
In a decisive action, the Lagos State Government mandated individuals and groups to register with state safety agencies when planning for events expected to host more than 250 attendees, both during and after the Yuletide.
The government emphasised that failure to comply with this directive would result in sanctions for event organisers.
At a media briefing on Sunday, the State Commissioner for Special Duties and Inter-Governmental Relations, Gbenga Oyerinde, and his counterpart in the Ministry of Information and Strategy, Gbenga Omotosho, alongside heads of state safety commissions, stressed the importance of adequate crowd control measures in preventing tragedies.
“The Lagos State Government is seriously concerned about the stampede incidents in Oyo, Anambra, and Abuja. Any individual, group, or organisation planning to distribute items or host large gatherings must obtain clearance from the state government and register with the safety commissions,” Omotosho stated.
He added that event organisers could also request ambulances from the state government at a reasonable fee.
Oyerinde encouraged residents to utilise the state’s toll-free emergency lines, 767 and 112, for prompt assistance during emergencies.
The Director-General of the Lagos Safety Commission, Lanre Mojola, announced that the registration process for large gatherings had been streamlined online.
Also, Ondo State’s Attorney General and Commissioner for Justice, Dr. Olukayode Ajulo, SAN, on Sunday introduced new crowd control guidelines for law enforcement, event organisers, and local authorities on Sunday.
Ajulo explained that the guidelines were established under the legal authority of the Constitution of Nigeria 1999 (as amended), the Ondo State Administration of Criminal Justice Law 2015, and the Nigeria Police Act 2020.
The directives partly read, “Law enforcement must assess risks for all public gatherings, considering factors like expected attendance, venue suitability, and potential security challenges.
“Also, organisers are required to inform local authorities of their events in advance, providing details such as the venue, expected crowd size, and timing.
“Adequate police and security personnel are to be assigned to events to monitor proceedings and prevent incidents. Others are event organisers and law enforcement must maintain open communication channels for real-time updates. Tools like CCTV cameras and drones may be used to monitor crowds.”
It added, “Events with over 300 participants must have on-site medical teams, ambulances, and emergency response plans. Organisers must ensure attendees have access to drinking water and mobile toilets.
“Events must be held in venues with multiple access points to allow for easy movement.
“Organisers and participants must comply with Nigerian laws, and violations will attract legal consequences.”
Ajulo stated that all stakeholders must work together to ensure compliance with these directives.
“These measures are designed to prevent avoidable tragedies. Our aim is to create a safer and more organised environment for public events in Ondo State.”
Also, Governor Chukwuma Soludo of Anambra State called for more structured and safer approach to distributing relief materials to prevent stampedes and loss of lives.
Soludo, in a statement on Sunday signed by his Chief Press Secretary, Christian Aburime, expressed grief on the tragic loss of lives and sympathised with families of those who lost their loved ones.
“The event was with the noble intention of sharing relief materials to the less privileged during this festive season. However, the resulting tragedy underscores the urgent need for a more structured and safer approach to distributing such assistance to prevent stampede and loss of lives,” he said.
He urged individuals and groups engaged in charitable activities to prioritise the safety and wellbeing of beneficiaries.
“It is strongly advised that future distributions of relief materials be conducted in a more organised and decentralised manner, with adequate crowd control measures in place.
“This may include establishing multiple distribution points within the community to reduce overcrowding at a single location.
“Implement a system to prioritise vulnerable groups such as the elderly, pregnant women, children and people with disabilities; as well as employing trained personnel to manage crowds.
“Ensure orderly queues, provide assistance to those in need; and conduct public awareness to educate the public on safety protocols during such events,” he said.
Abia State Governor, Alex Otti, has also taken measures to forestall similar incident in the state.
In a statement Sunday issued by the Special Adviser to the Governor, Media and Publicity, Ferdinand Ekeoma, on ‘Public Safety Alert’, Otti stated, “Organisers of any event that would require a large crowd of people, should get across to the Abia State Homeland Security or Local Government Authority for the necessary guide and support to ensure safety of attendees.”
The statement added, “The Governor of Abia State, Dr. Alex Otti, wishes to commiserate with the families and loved ones of victims of stampede that happened in Oyo, Abuja and Anambra.
“Following this frightening upsurge in cases of stampede being witnessed in different parts of the country, especially this festive period, as a result of challenges with crowd-control by organisers and participants in different events/programmes, the Governor wishes to call on organisers of all kinds of programmes that would require a reasonable crowd, to make sure they put in place all safety measures to avoid a stampede of any type that may lead to loss of lives.
“The government also wishes to strongly warn against any unethical practices like spraying or throwing of money, or gift items into a crowd of people, given its propensity to lead to a stampede.
“The government shall come down very hard on any person or group that ignores this safety directive.”
Also, the Akwa Ibom State Government said it had taken measures to avoid stampede in the state by decentralising palliatives sharing that attracts large crowd in the state.
The state commissioner of Information and Strategy, Ini Ememobong, who spoke to one of our correspondents in Uyo, said during palliatives sharing the state ensures LG chairmen coordinate the distribution to avoid large crowds in any particular area.
He said, “We have been sharing palliatives this season but we distribute them to the local governments. The LG chairmen distribute to villages. We are sending 20 bags of rice to every village. That way we are dissipating the crowd, so people are not gathering in large numbers. If they are gathering, they are gathering in their villages and it’s just a sizeable number of people who can gather in the village
“So, this is our own logistics plan which has been operationalised for a long time now and it’s working for us.”
Kogi State Government also applied measures similar to that of Akwa Ibom State.
The state information Commissioner, Kingsley Fanwo, said, “The state government commenced the distribution of foodstuffs since last week to enable the citizens to enjoy their Christmas and New Year holidays.
“Catering for the welfare of the citizens is what we have been doing almost on a quarterly basis, so we have developed a template to ensure we do not harm the people we are seeking to help.
“We take the foodstuffs to each Local Government Area and from there, they take it to each ward and finally to each polling unit. By so doing, we deal with a very organised and manageable number of people.
“This is the reason we have never experienced such stampede when distributing food items in the state.”
The Rivers State Commissioner for Information and Communications, Joseph Johnson, said they had placed measures down to ensure such tragedy don’t happen in the state.
He stated, “I’m sure that the states that these incidents happened, including the FCT, didn’t envisage that things would turn out that way, especially at this period of the year that people are celebrating.
“But for us as a government what we will do is to leverage on what has happened and forestall it should we have that situation. I believe strongly that we will have a better approach to it because our state is wonderful.”
The Delta State Government said it “received with deep shock and sorrow, the news of the recent stampedes in some parts of the country.”
The state Commissioner of Information, Ifeanyi Osuoza, stated, “We are therefore calling on all those who wish to organise such charity events during this festive period to ensure and put in place, stricter measures in crowd management and control during large gatherings, as this is very important for safeguarding lives and prioritising the welfare and wellbeing, especially those of children who most of these events are meant for, at public events.”
In an exclusive interview with The PUNCH, a nursing mother, who identified herself as Amarachi, said her child sustained injuries during the Abuja incident.
She recounted her journey from Mpape, a community about 9 to 11 kilometres away, to the church in hopes of receiving rice for Christmas.
“This is not my first time attending such a programme. The church provides us with rice every year. So this year, I came with my neighbour. I never anticipated such a crowd. I only came to collect the rice for Christmas. I thank God that I didn’t lose my life or that of my child,” she said.
A source at Maitama Hospital, who requested to remain anonymous due to lack of authorization to speak to the press, informed our correspondent on Sunday that most of the patients brought in from the incident were discharged the previous day.
The source confirmed that two children with serious injuries are still receiving medical care but are expected to be discharged soon.
However, one of our correspondents was denied access to the ward where the children were being treated.
Consequently, Inspector General of Police, Kayode Egbetokun, expressed concern over the recorded deaths and advised event organizers to involve the police in future events.
Reacting, the PDP National Publicity Secretary described it as heartbreaking that, despite Nigeria’s abundant resources, citizens have allegedly been subjected to an agonizing life where they die struggling for food.
He stated “Peoples Democratic Party (PDP) describes the widespread food stampede in the country as an ugly testament of the alarming level of misery, poverty, hunger, starvation, sense of hopelessness and desperation for survival currently plaguing our nation under the overtly insensitive, corrupt and rudderless Tinubu-led All Progressives Congress (APC) government.
“The Party laments the tragic stampede at private events in Oyo and Anambra States as well as the FCT, Abuja which claimed the lives of about 60 vulnerable citizens including children in their desperate struggle for food as a result of the pervasive hunger in the land occasioned by the anti-people policies of the APC administration.
“The PDP is devastated that the APC-led administration has wrecked our once thriving economy and pushed millions of Nigerians deeper into abject poverty and hunger with many citizens, not being able to afford their daily meals, now resorting to suicide and desperate measures including slavery mission abroad and fighting for crumbs for survival.
“It is heartbreaking that despite our abundant resources as a nation, Nigerians have been subjected to agonizing life where they die struggling for food.”
Ologunagba further stated that the situation in the country reinforces the view of the APC as a party of “political vampires and buccaneers” who allegedly have no respect for human life and instead take pleasure in the suffering and death of citizens, including innocent children.
The PDP Publicity Secretary criticized the ruling APC for allegedly failing to make the necessary investments to strengthen the productive sector, especially in agriculture and food production.
The statement read in part “This also explains why the APC administration has rejected all advice and suggestions by the PDP and other well-meaning Nigerians to review the hasty implementation of the suffocating policies of abrupt increase in the price of petroleum products and the floating of the Naira, despite the crippling consequences on the productive sector and life-discounting effect on the citizenry.
“More provoking is that instead of deploying the nation’s resources for the wellbeing of the people, the APC leaders are engaged in massive looting through direct pillaging of government vaults, budget padding, contract inflation, oil subsidy scam, palliative racketeering and phony programmes which have no benefit to the lives of the citizens.
“The PDP calls on Nigerians to hold the Tinubu-led APC administration responsible for the remote cause of these tragic occurrences for which it must recompense.
“Our Party insists that any administration that is sensitive and cares for the people would have since introduced intervention programmes to ease the suffering and improve on the welfare of the masses which is the primary purpose of government.”
In addition, PDP Deputy Youth leader called for President Tinubu’s resignation over the incidents.
Osadolor, in an exclusive interview with our correspondent, expressed that he expected President Tinubu to use the opportunity of these deaths to apologize to Nigerians for his failure to lead and manage the economy, and to resign with dignity.
He stated “Well, I believe that the incidents are a referendum on the maladministration of President Bola Ahmed Tinubu. It vividly showcases all that we have been saying—that this government has lost its grip on economic policy and there is no full security under this administration.
“Nobody ever envisage that anyone will die of hunger and stampede for food like this in this country. Even Ukraine, which has been fighting a war for almost two or three years now, cannot have a food stampede because there is food security and the President is managing the economy very well.
“I would expect that President Tinubu would seize the occasion of the deaths of these people to apologise to Nigerians for his failure to lead and manage the economy, and resign honorably. It is a matter of honor and dignity for him.
“It is most unfortunate that our people are dying of hunger and our President has no response to any of this. I am fully aware. I am more than convinced that life has never been as bad for Nigerians in this country as it is now. This government has failed woefully, and Nigerians are dying in large numbers because they cannot cope.”
On his part, the CUPP National Secretary stated that President Tinubu’s APC-led administration has not made any intentional efforts to improve the lives of Nigerians.
In an exclusive interview with our correspondent, Ahmeh called for comprehensive and realistic plans to address Nigeria’s economic challenges.
He stated “It is the failure of leadership that the leaders are not objective enough. Their priorities are not right, and they are not doing what is possible to take Nigeria from being a perpetual struggle to a country where there is a breakfast for the world—where we eat enough and export to the world, because we have about 39.6 million arable hectares of land.
“The government is supposed to provide an enabling environment for farmers to survive, and for farmers to involve investment to drive in the agricultural sector. We have the capacity to do so, but then we start to see this kind of thing because there is no intentionality by the APC President Tinubu led administration to rescue Nigeria from this issue of hunger and malnutrition that is occurring across Nigeria, both in the north and the west and beyond.
“We need a very realistic plan that can actually remove us from this disgraceful episode that is affecting Nigerians. About 67 Nigerians have died, lost their lives because of hunger.
“Because this government have failed to set right priorities and a lack of having the interest of the masses at heart. The current leadership has become so selfish, so self-centered, and irresponsible. They’re not responsible to the yearnings and aspirations of our people, or to the plight and poverty of our people. They’re not interested. The leadership continues to live in luxury while our people suffer. This is a call to action.”
Morseso, the LP national youth leader wondered why people of a country could be allowed to die in a disastrous manner as a result of the hardship brought about by the reforms of the President.
He stated “My heart goes out to the parents of the victims. When you look at those who have died, the majority of them are handicapped people, poor, old people and children. Those families, no matter how much Tinubu mourns, can never recover from this loss. It is impossible.
“How can people lose their lives just because of some cup of rice with fee days to Christmas? This has further shown that we have a government that is not compassionate. It shows the government is not really working for the people. It’s quite unfortunate and pathetic.
“This government has failed the people. We have not had it this bad before. This is not something we should be projecting this to the international community. It doesn’t look good for Nigeria. May God make a way for those who lost their parents and children in that tragedy.”
The Peoples Redemption Party also lamented that the incidents starkly highlight the alarming conditions that many Nigerians are compelled to face.
In a statement released in Abuja, the Acting National Publicity Secretary urged Nigerians to redeem their bad choice by ensuring that the APC and PDP are not allowed to return to office in 2027.
Ishaq further said the Federal Government and the President in particular should be held accountable for the escalating hardships following the removal of the fuel subsidy and implementation of other policies that have impacted the most vulnerable in society.
He said, “Such anti-people policies have plunged countless families into abject poverty, forcing them to make desperate choices just to survive. We equally strongly call on the Nigerian electorates to at every next opportunity vote out the APC and its twin sister, the PDP that have brought poverty and misery to our lives.
“The scenes of chaos and panic at these gatherings underline the extreme poverty and desperation that exist in our society—conditions that have been exacerbated by years of persistent and systemic misgovernance.
“While we mourn the lives lost and share in the grief of affected communities, we must also recognize that these tragedies are indicative of a societal crisis. The happenings expose a failure to prioritize the welfare and safety of citizens amidst increasingly dire socio-economic conditions.”
However, the National Publicity Director of the APC disagrees, stressing that it would be unjust to hold the President responsible for the ‘unfortunate’ incidents.
According to him, incidents like stampedes happen all over the world, especially when adequate security measures are not put in place.
He said, “It’s unfortunate the initiatives resulted in stampede. But if you look at the issue of generosity all over the world, even in missions, churches, mosques and religious institutions where hands of fellowship or generosity are extended to the public, it always results in stampede if there is no adequate security measure.
“By nature, human beings are insatiable. The more they get, the more they want. So this is not the failure of the government, but actually the failure of adequate arrangement to contain the situation. The organisers did not anticipate such a thing. That probably explains why they did not provide adequate security.
“If you are to arrange a distribution of food, money or palliative, even in the villa where you have the seat of government, there will be stampede if there is no adequate arrangement. People will always want to take more. In advanced society, even in the US and Britain, you have such situations.
“So it is not just an issue of people starving or a situation of terrible hardship. If there is no proper structure in place to organise and make arrangement for distribution of amenities, they will always want to rush thinking that it will not go round. It is unfortunate that it happened, but I think we just have to look at the issue of security henceforth.”
CAN mourns
Meanwhile, on Sunday, the Federal Government and the Christian Association of Nigeria offered their condolences to the families of the deceased.
Minister of Information and National Orientation, Mohammed Idris, described the incidents as deeply saddening and expressed solidarity with the victims’ families and others affected.
“Our thoughts and prayers are with the victims, their families, and all those affected by these unfortunate incidents,” Idris said in a statement issued by his media aide, Rabiu Ibrahim.
He emphasised the need for organizers of such activities to prioritise safety measures to prevent similar occurrences.
The minister advised all individuals and organizations planning charitable events during the festive season to collaborate with the police and the National Emergency Management Agency for effective crowd control and security.
Idris also cautioned against politicising the incidents, stating that the stampedes are unrelated to the economic reforms introduced by President Bola Tinubu’s administration.
He highlighted that similar tragedies have occurred in the past and called for a focus on unity and shared responsibility rather than assigning unwarranted blame.
“It is worth noting that similar unfortunate occurrences have been recorded in the past, before the current administration, as such, making any attempt to link these tragedies to the President’s reforms is unfounded and disingenuous,” he said.
The minister reiterated that the administration’s reforms aim to promote sustainable economic growth and improve the lives of all Nigerians, particularly the most vulnerable, without causing additional distress.
In a statement on Sunday titled “A Heartfelt Response to the Tragedy at Holy Trinity Catholic Church”, CAN President, Archbishop Daniel Okoh, described the death of the individuals as “not just statistics” but a representation of real families who were hurting.
Okoh further said that the incident was part of a troubling pattern, noting two other instances of stampedes recorded in Oyo and Anambra States during the week, adding that the incidents highlighted “the challenges of managing large crowds during charitable events”.
He called for togetherness and support for the grieving families, while stating that the concern shown since the sad incident highlights our shared humanity
Part of the statement read, “The National Leadership of the Christian Association of Nigeria (CAN) is disturbed by the tragic events at Holy Trinity Catholic Church in Maitama on Saturday morning. We have learned that at least ten people, including children, lost their lives in a stampede while trying to seek help from the church.”
“This tragedy is not just statistics; it represents real families who are hurting. Each person lost was someone’s beloved family member. We wish to express our heartfelt condolences to the Catholic Church and to the families affected by this terrible incident. We stand together with you in this time of sadness and prayer.”
“This incident is part of a troubling pattern, as Nigeria has experienced two other tragic stampedes this month. On December 18, during a Christmas funfair at a school in Ibadan, a stampede resulted in the deaths of 35 children, with six others critically injured. The event aimed to distribute cash and food to over 5,000 children. This tragic event is currently under investigation, focusing on better crowd control measures.”
“Just a few days later, another stampede occurred during a rice distribution event at a centre in Anambra State. Reports indicate that at least 22 people lost their lives, and 32 others were injured. These heartbreaking incidents highlight the challenges of managing large crowds during charitable events. In the face of these tragedies, we recognise the importance of coming together to support those who are grieving. It is crucial that we listen to one another, share our feelings, and offer help in any way we can. This is a time for compassion and understanding as we help one another heal.”
[Punch]
THE banking sector witnessed several policy measures in 2024 which were largely influenced by three major factors, namely the persistent rise in the inflation rate, policy measures to reform the foreign exchange market and the recapitalization programme announced for the industry.
Inflation The steady rise in prices of goods and services worsened in 2024, due to a combination of further increase in pump price of petrol and continuous naira depreciation.
In 2024, the naira depreciated by 34% and 56% to N1,662 and N1540 per dollar in the parallel and official market, from N1, 240 and N988.46 per dollar at the beginning of the year.
The depreciation of the naira combined with fuel subsidy removal led to 76.4% increase in national average price of petrol to N1,184.83 per liter.
This worsened the rise in prices of goods and services, which started in 2022. Reflecting this trend, the impact on the welfare of Nigerians, the national average Cost of a Healthy Diet, CoHD, rose by 74 per cent to N1.371 in October from N786 in December 2023, according to the National Bureau of Statistics, NBS. As a result, the headline inflation rate rose steadily to 33.88 per cent, in October from 28.92 per cent in December 2023.
Interest rate hikes
In response to the persistent rise in the inflation rate, the Central Bank of Nigeria, CBN, implemented measures to reduce money supply in the banking system. The apex bank raised the benchmark interest rate eight times and by 875 basis points to 27.5 per cent in November from 18.75 per cent at the beginning of the year. The CBN also increased the Cash Reserve Ratio, CRR of Commercial and Merchant banks to 50 per cent and 16 per cent respectively from 32.5 percent and 10 per cent at the beginning of the year. Furthermore, the apex bank conducted a liquidity mop up through regular sale of Open Market Operations, OMO, treasury bills.
Vanguard analysis of data from the apex bank showed that the CBN sold N12.83 trillion worth of OMO TBs from January to December 5th, up from N716.7 billion in the whole of 2023. This development led to acute scarcity of funds in the interbank money market, with banks regularly resorting to borrow from the CBN to meet short term cash needs. Reflecting this, the interbank interest rate rose to 31.5 per cent on Friday December 13, 2024, from 15.38 per cent on December 29th 2023.
In line with the hikes in the MPR, interest rate on 365-days treasury bills rose 22.9% in December from 12.24% at the end of last year. While the high interest rate regime triggered by the MPR hikes, attracted criticism from manufacturers and other real sector operators, it however enhanced investors’ returns on fixed income investment like TBs, Commercial Papers, and bonds, as well as on banks’ interest income and profitability.
For example, the interest income of the top 11 commercial banks rose sharply by 141.75 per cent to N6.89 trillion in the first half of the year, H1’24 from N2.8 trillion in H1’23. FX market A major highlight of 2024 for the banking industry and the economy is the raft of policy measures introduced by the CBN in its bid to enhance transparency, confidence and boost dollar supply in the foreign exchange market. Hence within one week, the CBN introduced five circulars which changed the dynamics of the forex market and triggered momentary appreciation of the Naira.
Price Transparency
First, the CBN on January 29, issued a circular titled ‘Financial Markets Price Transparency’, which addressed the malpractice of inaccurate and misleading information on transactions concluded in the official forex market. The circular stated: “Ongoing investigations have revealed instances of under-reporting of transaction rates and the practice of second cheque and fixed income transactions. This behaviour is not compliant with ethical standards associated with sound financial markets and deliberate attempts to create price distortions by reporting false transactions details amounts to market manipulation which will not be tolerated and will henceforth face sanctions.”
Reflecting the transparency engendered by this warning, the naira depreciated sharply in the official market to N1348.63 per dollar, and as a result, the gap between the official market and parallel market exchange rates narrowed to N76.37 per dollar from N508.1 per dollar last weekend.
Restriction on Banks’ FX holdings
Next, the CBN on January 31st, in a bid to improve forex supply, and address excess dollar holdings by banks, ordered the banks to sell their excess dollar holdings within 24 hours. In a letter on Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks, the CBN warned banks against excess dollar holdings. “The Central Bank of Nigeria has noted with concern the growth in foreign currency exposures of banks through their Net Open Position (NOP). This has created an incentive for banks to hold excess long foreign currency positions, which exposes banks to foreign exchange and other risks,” the CBN said.
Consequently, the apex bank pegged the Net Open Position, NOP, the difference between a bank’s foreign currency assets and its foreign currency liabilities to 20 per cent of shareholders’ funds. Hence it directed that banks with current NOPs exceeding these limits should adjust their positions to comply with the new regulations latest by February 1, 2024.
IMTOs & Diaspora Remittances
On the same January 31st, and to also boost Diaspora remittances through official channels, the CBN issued a circular titled, ‘Removal of Allowable Limit of Exchange Rate Quoted by the International Money Transfer Operator’ The circular removes the exchange rate cap for IMTO, namely the peg of -2.5% to +2.5% around the previous day’s closing rate of the Nigerian Foreign Exchange Market.
“IMTOs are hereby allowed to quote exchange rates for naira payout to beneficiaries based on the prevailing market rates at the Nigerian Foreign Exchange Market on a willing seller, willing buyer basis,” the CBN said. To complement the above, the CBN, in a bid to enhance the operations of IMTOs and also improve ease of doing business for them, issued a ‘Reviewed Guidelines of International Money Transfer Services in Nigeria.’ Among other things, the reviewed guidelines stipulated minimum operating capital of $1 million, raised application fee for IMTO license to N10 million, and banned banks and FinTechS from offering IMTO services. To further enhance ease of doing business for IMTOs, the CBN created a window for them to access Naira to pay beneficiaries of diaspora remittance.
“Henceforth, eligible IMTOs operators will be able to access the CBN window directly or through their Authorized Dealer Banks (ADBS) to execute transactions for the sale of foreign exchange in the market. ”The option of same day settlement will be available for transactions executed and confirmed before 12 noon on a trading date; “The pricing for transactions executed with the CBN will be based on prevailing Nigeria Autonomous Foreign Exchange Market, NAFEM, rates, as referenced by an observable and acceptable market benchmark,” the apex bank stated. Spread on FX rate removed On February 8, the CBN issued a circular to further liberalise the forex market.
The circular titled ‘Removal of the Spread on Foreign Exchange Transactions’, removed the 2.5 per cent cap spread on interbank foreign exchange transactions, thus allowing banks to determine the gap between their offer and selling rate for forex transactions.
E-payment for PTA/BTA
In a bid to sanitise the forex market, the CBN on February 14th, restricted the payment of Personal and Business Travel Allowances (PTA/BTA) through electronic channels only.
“In line with the Bank’s commitment to ensure transparency and stability in the foreign exchange market and avoid foreign exchange malpractices, All Authorized Dealer Banks shall henceforth effect payout of PTA/BTA through electronic channels only, including debit or credit cards. For the avoidance of doubt, payment of PTA/BTA by cash is no longer permitted,” the apex bank stated in a circular.
FX backlog controversy
A major issue that dogged the banking industry in 2024 was the overdue $7 billion foreign exchange forward transactions. In February, the CBN Governor, Olayemi Cardoso, in an interview, said a forensic audit of $7 billion of overdue foreign exchange transactions, the bank has been trying to clear had uncovered irregularities affecting $2.4 billion worth of the transactions.
Following this disclosure, the CBN in March announced that it has cleared all valid FX backlog, including the $600 million belonging to foreign airlines operating in the country. However, members of the Organised Private Sector, OPS, faulted the claim by the CBN saying many businesses still have funds trapped at the banks without any communication from the CBN regarding what constitutes a valid forex request and those deemed invalid. The National Vice President of the Nigerian Association of Small-Scale Industrialists, Segun Kuti- George, argued that the claim by the CBN that some of the forex requests were invalid was ‘propaganda’ and that some of the affected businesses are contemplating taking legal action against the banks in order to force the CBN’s intervention in the matter.
”Some of the requests have been cleared, but there are others that they are saying were illegal and did not meet their criteria, but the importers are not aware of the reason why the requests have been rejected. Their money is still with the bank, and they are groaning,” he said.
Following the intervention of the Presidency, the CBN Governor, in October, said that the apex bank has commenced a re-validation exercise to ascertain complaints of manufacturers and importers over foreign exchange claims worth $2.4 billion.
Speaking at a special summit dinner organised by the Nigerian Economic Summit Group in Abuja, Cardoso said the CBN has finalised its first stage of verification and is currently going through a second stage to authenticate claims by manufacturers.
IOC dollar remittance
In another move to enhance dollar supply in the forex market, the CBN stopped International Oil Companies, IOCs, from immediately remitting 100 percent of their dollar proceeds to their parent company abroad. Hence the apex bank said IOCs will only be allowed to immediately remit 50% while the balance can be remitted 90 days later. In a circular signed by the Director of Trade and Exchange, Hassan Mahmud, the CBN said: “Banks are allowed to pool cash on behalf of IOCS, subject to a maximum of 50% of the repatriated export proceeds in the first instance. The Balance 50% may be repatriated after 90 days from the date of inflow of export proceeds.”
BDC sector Reforms
The apex bank on February 28th announced sale of $20,000 to each BDCs Explaining the rationale for this move, the CBN, in a circular said, “Following the ongoing reforms in the foreign exchange market, aimed at achieving an appropriate marketdetermined exchange rate for the Naira, the Central Bank of Nigeria has observed the continued price distortions at the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium. To this end, the CBN has approved the sale of foreign exchange to eligible Bureau De Change to meet the demand for invisible transactions.
This was however followed with the revocation of the license of 4,173 bureaux de change, BDCs, operators on March 1st. According to the apex bank, the licenses of the BDCs were revoked due to their failure to pay all necessary fees, including license renewal, within the stipulated period in line with guidelines, rendition of returns in line with the Guidelines, and compliance with guidelines, directives and circulars of the CBN, particularly Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.
Two months later, the apex bank announced new operating guidelines for BDCs on May 23rd. The new guidelines introduced two categories of BDCs, Tier 1 and Tier 2, with minimum capital requirements of N2 billion and N500 million respectively, with a six months deadline for existing BDCs to apply for new licenses based on the new categories and minimum capital requirements.
The new guidelines also limited the foreign currency holdings of BDCs (Net Open Position, NOP) to 30 per cent of shareholders’ funds unimpaired by losses. It also limited total borrowing to 50 per cent of shareholders’ funds unimpaired by losses.
Electronic Foreign Exchange Matching System (EFEMS)
In line with its efforts to enhance transparency in the forex market, the CBN on October 3rd announced the introduction of the Electronic Foreign Exchange Matching System (EFEMS) for Foreign Exchange (FX) transactions in the Nigerian Foreign Exchange Market (NFEM).
“This development is expected to reduce speculative activities, eliminate market distortions, and give the CBN improved oversight capabilities to effectively regulate the market,” the apex bank explained. Following a two-week test run in November, the apex bank, in a circular announcing the commencement of the EFEMS on December 2nd, said: “The CBN hereby states that effective from December 2, 2024, Authorised Dealers will go live in the use of the Bloomberg BMatch as the Electronic Foreign Exchange Matching System (EFEMS) for its FX trading activities in the FX market.
The Bloomberg BMatch platform will enhance the integrity and operational efficiency of the FX market by providing transparent and automated matching of trades leading to market efficiency and greater price discovery.” The CBN also pegged the minimum foreign exchange trade on the Electronic Foreign Exchange Matching System (EFEMS) platform at $100,000, with incremental clip sizes of $50,000.
In the first week of the commencement of EFEMS, the Naira appreciated for five consecutive days in the forex market, the first time since May. The Naira appreciated by 9.8 per cent in the official market to N1,535 per dollar and also by 7.7 per cent in the parallel market to N1,555 per dollar, reflecting the impact of the EFEMS on the forex market. Foreign Currency Disclosure Scheme Another notable and novel forex market related development this year, is the “Foreign Currency Disclosure, Deposit, Repatriation, and Investment Scheme”, announced by the Federal Government on October 31st.
The scheme allows a 9-month grace period for Nigerians with foreign currency to voluntarily disclose and deposit the same in banks According to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, the Disclosure Scheme, outlined by the “Foreign Currency Disclosure, Deposit, Repatriation, and Investment Scheme Guidelines, 2024,” seeks to encourage Nigerians to voluntarily disclose and formalize their foreign currency holdings, whether domestically or abroad. He added that the scheme is also designed to “integrate foreign currency outside the formal financial system into the formal economy” and “strengthen transparency and economic resilience.”
Consequently, the CBN issued guidelines, which among other things directed Commercial, Merchant, and Non- Interest Banks (CMNIBs) to, among other things, open domiciliary accounts for participants in the scheme.
OTHER BANKING DEVELOPMENTS
Wigwe’s transition On February 9th, the banking industry and corporate Nigeria was jolted with the news of the tragic death of Mr. Herbert Wigwe, Chief Executive Officer, Access Corporation, in a helicopter crash near the California-Nevada border, United States of America. The crash also claimed the lives of Wigwe’s Wife, Chizoba, his son, and a former President of Nigeria Exchange Group, Abimbola Ogunbanjo. The late banker played a huge role in the emergence of Access Bank as the largest bank in the country, first as Deputy Managing Director and later as the MD/CEO of the bank. The late Wigwe has played a leading role in the banking industry as the Chairman, Body of Bank CEOs, a position he held till his transition.
Banking consolidation
The banking industry on March 28th commenced another recapitalisation exercise, when the CBN announced new minimum capital requirements for the various categories of banks, with a two-year deadline.
According to the CBN, “The new minimum capital base for commercial banks with national authorisation is now N200 billion, while the new requirement for those with regional authorization is N50 billion. “The new minimum capital for merchant banks would be N50 billion, while the new requirements for noninterest banks with national and regional authorisations are N20 billion and N10 billion, respectively.
All banks are required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026.” However, to the surprise of the industry, the CBN excluded retained earnings in the computation of the bank’s minimum paid up capital.
According to the apex bank, the minimum capital shall comprise paid-up capital and share premium only, stressing that the new capital requirement shall not be based on the Shareholders’ Fund. The announcement prompted a flurry of capital raising exercises, including Public offer, Rights Issue offer, as banks besieged investors for fresh funds to meet the new minimum capital.
Jimoh Abdulquadri, a resident of Ilorin, Kwara state capital, who was arrested and detained, has reportedly died in police custody.
Abdulquadri was reportedly arrested on Friday at his residence for allegedly owing a friend N220,000.
On Saturday, his family members were informed that he had died in police custody.
In a viral video taken at the deceased’s house, family members could be seen crying and mourning his death.
In the video, Aishat Biola, the older sister of Abdulquadri, narrated how his brother was deceived from the house and whisked away by some police officers.
“My younger brother is the one who was killed. We were all here making jokes when they came to pick him up,” she said.
“They sent people to deceive him away from here. Those who came to carry him away were on the road waiting.”
SEE VIDEO:
Attention of the @PoliceNG is drawn to the questionable death of Tunji Abdulkadir in its custody at the Kwara Command. He’s arrested on Friday for allegedly owing a friend N200k. He was refused bail, only for his parents to be later told he’d died. @officialABAT, @Princemoye1 pic.twitter.com/xsEfAV12i9
— Usman Aliyu (@alihyshow) December 21, 2024
POLICE REACT
In a statement on Sunday, Adetoun Ejire-Adeyemi, the police spokesperson in Kwara, said the deceased was “invited” over “an alleged case of obtaining money by false pretence to the sum of N220,000”.
Ejire-Adeyemi said a “discreet investigation” has commenced to ascertain the cause of the death.
“The Kwara State Police Command is aware of an unfortunate incident that led to the tragic loss of one Mr. Jimoh Abdulquadri, which occurred on 20th Dec, 2024,” the statement reads.
“The deceased was invited on an alleged case of obtaining money by false pretense to the sum of 220,000 thousand Naira.
“Discreet investigations into this incident have commenced to ascertain the cause.
“Further developments on the outcome will be communicated as it progresses, as no stone will be left unturned.”
IGP VISITS DECEASED’S FAMILY
On Sunday, Kayode Egbetokun, the inspector-general of police (IGP), visited the family of the deceased in Ilorin, Kwara state capital.
Egbetokun assured the family that the circumstances that led to the death would be investigated.
POLICE AND CIVIL MATTER
The case of Abdulquadri appears to be a civil matter.
On numerous occasions, police officers have been warned against being involved in civil matters, including loan recovery, land, and marriage cases.
Despite the numerous warnings, police officers are still involved in civil cases.
Section 32 (2) under Part VI (Powers of Police Officers) of the Nigerian Police Act 2020 stipulates that the police should not be involved in issues of civil wrong or breach of contract.
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