FEATURES
Lucky Aiyedatiwa, the Ondo state governor-elect, and Olayide Adelami, his deputy, have presented their certificates of return to President Bola Tinubu.
Speaking to State House correspondents in Abuja on Tuesday shortly after the presentation, Aiyedatiwa thanked the president for his support during the election.
“Yes, coming here today to meet with the president is to express my gratitude to him as the leader of the country and of our party for providing a level playing ground and also, as leader of our party, to present my certificate of return to him,” the governor-elect said.
“So, both of us, myself and my deputy, are full of joy and gratitude to the good people of Ondo state, the leadership of our party, my brother, governors, and the media as well for reporting.
“Today marks the conclusion of the electoral process that started months ago. I cannot but express my gratitude to the people of Ondo state who came out en masse on November 16 to cast their votes for our party.”
He appealed to the opposition parties to collaborate with his administration and present their ideas for the development of the state.
Aiyedatiwa reiterated his commitment to delivering good governance that benefits all sectors of society in the state.
He urged the people of Ondo to be patient, noting that the current economic situation in the country is temporary.
“Good governance is what I have to give to the people; I am not just coming in as a fresher; I have been serving the state for the past 10 months,” he said.
“If the opposition parties desire to govern, they should join hands with us. Their offerings can still be communicated through our government for the benefit of all citizens.
“The people of Ondo state are economically aware of national challenges; we need to educate our people that what we are experiencing now is temporary. We must find ways to earn more and meet the rising cost of living.”
The event was attended by notable APC leaders, including Biodun Oyebanji, Ekiti state governor, and Abdullahi Ganduje, national chairman of the All Progressives Congress (APC).
Enugu State 2025 Budget Speech: 'Budget of Sustainable Growth and Development' - Peter Ndubuisi Mbah
AdminADDRESS BY DR. PETER NDUBISI MBAH, GOVERNOR OF ENUGU STATE, DURING THE PRESENTATION OF THE STATE’S 2025 DRAFT ESTIMATES OF REVENUES AND EXPENDITURES TO THE ENUGU STATE HOUSE OF ASSEMBLY, HELD AT THE HOUSE OF ASSEMBLY COMPLEX, ENUGU ON November 26, 2024
Protocols.
The Deputy Governor,
The Right Honourable Speaker,
The Secretary to the State Government
Principals Officers of the State House of Assembly
Honourable Members of the State House of Assembly
The Chairman, PDP Enugu State Chapter
Members of Enugu State Executive Council
Chairmen of Boards and Parastalals
Permanent Secretaries, Clerk of the House
Gentlemen of the Press
Ladies and Gentlemen,
- On December 5, 2023, when we rendered the 2024 budget before this hallowed chamber, we came convinced of the huge social and economic potential of this State. Hence our decision to set ambitious goals for ourselves from the onset. Today, having run this race now for about 17 months we are more than ever convinced that we were not mistaken. We have seen enough to confirm our belief that our vision to grow Enugu’s GDP from $4.4b to $30b is patently achievable. Yes, Enugu State can be one of the top three economic pillars of Nigeria, and no citizen of this state need suffer poverty or penury. It is this enthusiasm which has informed our budget for next year, which aims at ensuring that no geographical, social or economic segment or sector of this great State is left behind.
- I am, as a result, deeply pleased to present to this August gathering of our esteemed House of Assembly today the Multi-year budget for2025-2027. As the second budget by this administration, we see this as a valuable opportunity to double down and consolidate upon the achievements made in our first year.
- In our view nothing could better exemplify our commitment to the mandate Ndi Enugu gave us about One and a half years ago, than this annual event of accountability that is the budget speech. It is a responsibility we sort wholeheartedly and one we can only discharge with joy and appreciation.
- Over the last year, the Nigerian economy which our State economy is inextricably linked to experienced Gross Domestic Product (GDP) growth of about 3.49% in the third quarter.
- Other economic indicators have however, maintained negative trends so far this year. Inflation has most recently hit 33.88% and the Naira Dollar exchange rate is currently running at about N1,750 to the US Dollar. Related to this, the Monetary Policy Rate, which drives the cost of money in the economy have been most recently revised upwards to 27.25%. While, these negative trends may still be challenges to our overall economic growth, the improving GDP growth is perhaps a sign that the worst may be over and we are about to see more aggressive growth in the future.
- In Enugu, for our own part, we were able to largely meet our development targets.
- In the very important area of Education, we were able to award contracts for the development of all of our smart green schools across the State. These schools are at various stages of completion in 245 wards while we are still seeking suitable sites for 15 urban schools due to the built up nature of the wards where they are located. We envisage that all 260 of these schools will be completed, equipped, staffed and ready for classes by the commencement of the new school year in September 2025. We have also made extensive investments in developing Centres of Experiential learning where teachers will be trained and retrained to prepare them for the modern methods and facilities in use at the smart schools.
- To provide senior secondary education to graduates from the Smart Schools, we are developing model secondary schools across the 17 Local governments of the State. We have also commenced work on the reconstruction of our technical schools across the State, in recognition of the need to build a strong work force of technical workers to support our ambitious development goals.
- Mr Speaker and Honorable members, In the Healthcare sector, we have commenced construction of 260 of the type II, primary health Centre in each of the wards in the State, We have also commenced the completion of the Enugu International Hospital on Rangers Avenue in Independence layout. This hospital will upon commissioning reverse the trend of indiscriminate medical tourism that has plagued our Country, by providing world class medical services using cutting edge medical equipment such as we typically travel to East and West to find.
- We have also recently re-equipped and commissioned 3 type III primary health centres in Adani, Uzo uwani Local Government Area, Agbogugu, Awgu LGA, and Nara, Nkanu East LGA. These are the highest levels of facilities, in the Primary Healthcare system ranking just below the full scale General Hospitals. With the new standards of facilities we have just installed in these hospitals, they will be able to provide surgical services, initial kidney and cardiac care as well as highest levels of gynecological and Obstetric care to our expecting mothers across the State. At the tertiary level, we are expanding the facilities at the Parklane Teaching Hospital with the construction of 2 blocks of high-rise buildings. One will provide additional office spaces and accommodation for the students, while the other will house medical services departments.
- In the Power sector, we have finally commenced our journey towards building an independent power grid for Enugu State, with the effective handover of regulatory powers by the National Electricity Regulatory Commission (NERC) to our own regulator, the Enugu State Electricity Regulatory Commission (EERC). In line with this, the Enugu Electricity Distribution Company (EEDC) has now incorporated and licensed a new vehicle Main Power Limited to manage the distribution of power in Enugu State. I would like to take this opportunity to commend the Company for the deep sense of partnership they have displayed throughout this transition process. We look forward to continuing to work with them to evolve a power sector in Enugu that will be the envy of the entire Country.
- Very early in our journey as an administration, we identified Security as fundamental to the achievement of our governance vision, and established the Distress Response Squad. We have not wavered from that position in the slightest, so in the course of 2024, we have built up arguably the most extensive CCTV camera network, using AI enabled cameras to cover all areas of the State, as well as completed the construction and equipment of a world class command and control centre from where we are able to monitor all parts of the State and track criminal elements to facilitate their arrest and prosecution. We have also procured over 100 patrol vehicles mounted with wide angle AI enabled street cameras to boost the operations of the DRS, as well as procuring over 500 communication radios, helmets and body cameras for personnel. These additions are billed for a ceremonial launch in the coming weeks. Enugu State is already very uncomfortable for criminal elements, but with these imminent enhancements to our security network, I can only say to Ndi Enugu that ‘ the best is yet to come’.
- Our campaign to build or enhance up to Enugu’s Roads has continued to build steam, we have expanded the scope of our roads work from the initial 90 urban and inter-urban roads by awarding an additional 141 urban and 20 gateway roads.
- These roads include the urban roads which cover all the zones in Enugu such as Independence layout, Emene, Thinkers Corner, etc., and the rural/ cross country roads and gateways such as the Abakpa-Ugwogo-Opi road which we are converting into an ultra-modern dual carriageway and the statewide ring road networks connecting Ama-Iwollo-Umulokpa-Adani-Ogurute and Ete.
- In the Transport sector, we are on the verge of commissioning our four ultra-modern transport terminals in Holy Ghost, Abakpa, Gariki and Nsukka. These terminals are expected to be commissioned by December 22 this year.
- We are also on the verge of launching the Enugu Air Airlines in a few weeks time. In the same vein, we have completed all payments and are awaiting the arrival of over 200 dual fuel (Diesel and CNG) , high capacity urban mass transit buses. These include 50 which were formally in disrepair, which we have entered an agreement with ANAMMCO to refurbish. In our view, this particular element of our transportation intervention bears some emphasis. Beyond expanding our fleet of modern city buses, it supports domestic industry and helps boost high quality job creation in the State. It aligns with our strategy for to introduce a new and more organised transport system which will enhance the ease of movement across the City.
- In the area of Tourism development, we are poised to finally commission the Enugu International Conference Centre (ICC) and very soon thereafter reopen the Presidential Hotel. We have also flagged off the construction of the all new over 300 room five Star ICC hotel adjacent to the Conference Centre. To stimulate tourism within the State and complement these initiatives, we are developing a number of tourism sites in the State including 5 sites namely the Magical Miliken Hill theme park (on which our development partners are currently working) the Awhum water falls and Cross, the Nsude pyramids and the Ngwo Pine Forest where we will be installing a zipline system. In addition we will be developing 5 urban recreation parks within Enugu City to enrich the leisure options available to residents and visitors.
- We have also backed our commitment to Agriculture by commencing our journey towards the mechanization of farming in the State with the acquisition of 200, 75 horse power, Danish-made tractors. These are the first batch of a fleet which will ultimately get to 1,000 units. They will be available for use across the State through a Tractor leasing Company which we will be reactivating shortly.
- We have also taken major steps in the areas of reactivating major government owned enterprises in the State either by attracting private investment to activate them or by directly funding their reactivation. Some of these entities include Enugu United palm Products Limited (EUPPL), where we have attracted over N100billion in private investment, Niger Gas, Sunrise Flour Mills where an investor is injecting over N40billion, Tractor Leasing Company etc. We have also initiated an investment in the establishment of a DNA Learning Centre in the State which will provide leading edge DNA and forensic services as well as research services making our State a major National hub in the area of the life Sciences.
- In terms of budgetary performance, the total revenue realised in the State as at October 2024 came to N459,851,309,396.47, which comes to a budget performance of 88%. Of this amount N178,354,494,502.47 related to Statutory Receipts, while N136,700,000,000.00 related to Capital Receipts and N144,796,814,894.00 to Internally Generated Revenue.
- As at October, these inflows had been applied to expenditure with N382,427,929,564.00 as Capital Expenditure and N76,546,090,116.18 as recurrent expenditure. These translated to a budget performance of 88%. Additional revenues and expenditure are still expected before the end of the year, with IGR envisaged to surpass the N200 billion mark.
- While we may make bold to say that our progress in this past year is commendable given the odds that were arraigned against the State economy, we are not yet ready to rest on our oars.
- Mr Speaker, Honorable Members, distinguished Ladies and Gentlemen, it is with great enthusiasm and pleasure that I present to you our budget of ‘Exponential Growth and Inclusive Prosperity ’for 2025. In crafting this budget, we have sort to continue to lay the right foundation in Enugu to enhance the economy and attract even more private investment.
- In spite of the dreary economic environment across the Country, for us here in Enugu, we have elected to remain bullish in our aspirations, and to double down on our commitment to elevate our State to top three status in terms of GDP nationally, and eradicate poverty from our midst. In deed, we see this as a vindication of our previously espoused view that sustainable national growth can really only be driven from the sub-national units to the Federal levels, and not the other way round as we have attempted to do to date.
- It is on account of this that we are proposing to the House of Assembly today, a budget with a total envelope of ₦971,084,000,000.00 (Nine Hundred and Seventy One Billion, Eighty Four Million Naira) as against the budget for 2024 fiscal year which totaled ₦ 521,561,386,000.00. This represents an 86.4% increase from the 2024 revised budget. The budget is broken down as follows:
|
N |
Recurrent Expenditure |
133,140,000,000.00 |
Capital Expenditure |
837,944,000,000.00 |
Total |
971,084,000,000.00 |
- In the area of our revenues, we estimated that total recurrent revenues during 2025will amount to ₦692,179,000,000 as against the approved revised provision for 2024 of ₦383,789,000,000.00. The recurrent revenues for 2025 are broken down as follows:
|
N |
Opening Balance |
32,000,000,000 |
Internally Generated Revenue (IGR) |
509,947,000,000 |
Statutory Revenue |
48,749,000,000 |
Exchange Rate Differential |
26,559,000,000 |
Value Added Tax (VAT) |
74,924,000,000 |
Total Recurrent Revenue |
692,179,000,000 |
- For 2025Fiscal Year, Recurrent Expenditure which is proposed at ₦133,140,000,000.00 is made up of:
|
N |
Personnel Costs |
58,124,000,000.00 |
Overhead costs |
53,936,000,000.00 |
Consolidated Rev. Fund Charges |
21,080,000,000.00 |
Total Recurrent Expenditure |
133,140,000,000.00 |
- With the total recurrent Expenditure at ₦ 133,140,000,000.00, this translates to a Net Recurrent Revenue of ₦ 559,039,000,000.00, which is thus transferred to the Capital Development Fund.
- The total Capital Expenditure for the year 2025is projected at ₦ 837,944,000,000.00 as against ₦414,334,120,000.00 for 2024 Revised Budget. The current capital expenditure estimate will be funded from, the sum of ₦ 559,039,000,000.00 to be transferred from the Consolidated Revenue Fund, and the capital receipts of ₦278,905,000,000.00 to be realized as follows:
|
N |
External and Internal Aids and Grant |
15,200,000,000.00 |
Other Capital Receipts |
80,202,000,000.00 |
Domestic loans/ Borrowings receipts |
55,000,000,000.00 |
International loans/ Borrowings receipts |
128,503,000,000.00 |
Total |
278,905,000,000.00 |
- On a sectoral basis, the Capital expenditure is broken down as follows:
|
N |
Administration Sector |
26,873,613,000.00 |
Economic sector |
462,068,808,000.00 |
Law & Justice Sector |
1,660,448,000.00 |
Regional Sector |
1,554,350,000.00 |
Social sector |
345,786,781,000.00 |
- To throw more light on the specifics of our fiscal plans for 2025, I will spend some time to unpack the capital expenditure outlined above.
- As we must all know by now, Education both our ‘sword’ and ‘shield’ in this battle to achieve economic growth in our state and banish poverty and want among our population. Consequently,we are maintaining the ambitious direction we charted in 2024 by voting a total of ₦320,609,059,000,00 for that sector, This represents representing 78% of the social sector of the budget and 33.2% of our Capital Expenditure this year. These funds will be applied towards the completion, equipping and staffing of our 260 Smart, Green basic Schools in readiness to school commencement in the third quarter of 2025. We will also be executing our model senior secondary schools in the 17 local government areas as well as rebuilding and reequipping the Government Technical Schools across the State. Finally, we will also be boosting the capacity of our tertiary schools by enriching their curricula and pedagogy to convert them to experiential teaching.
- There can be no economic growth without quality healthcare. Not only because economic growth required a healthy work force, but also because private investment required a conducive environment with quality medical and related services. This is why we are spending N45,830,896,000.00 on the sector this year. This will go towards the completion of our new International Hospital, as well as the construction, re-equipment and staffing of the entire healthcare value from our new 260 type II primary Health centres, to the 22 new cottage hospitals and the various general hospitals across the State slated for renovation, refurbishment and re-equipment.
- In the area of Works and Infrastructure, we will continue our relentless advance towards our target to build or refurbish all key roads across the State by 2031. In line with this, we will spend a total of N213,120,267,000.00 in 2025. Prominent among the projects in this envelope are the completion of the first phases of the New Enugu City for which sales are expected to commence next year, the completion of the ICC 5 Star hotel, the dualisation of the Abakpa -Opi-Nsukka Road, the dualisation of the Enugu Airport to Ebonyi Border road, the completion of the Owo-Amankanu-Ikem road which will open up the Eastern flanks of the State to economic development and many other road and infrastructure projects, such as:
- Oduma - Nomeh
- Nome-Mburumbu- Nara - Nkerefi
- Umabi-Ehuche- Achi with spur to Agbudu - ihe- Owelli - Ogugu-Amodu
- We kicked off our entry into government in 2023 with our daring achievements in the water sector, but our work in that area is far from done. That is why we plan to spend another N23,223,150,000.00 on this sector this year. This spend would be towards the completion of the second transmission line from Ninth Mile to New Market twin tanks, and the refurbishment of a number of secondary lines to carry water into a number of zones which are yet to get reliable water supply. We will also be commencing work on the Scheme for the Nsukka metropolis, as well as a number of other small rural water schemes across the State.
- Food inflation is a major component of core inflation in Nigeria. Consequently, food production is critical to moderation of the currently high levels of inflation in the Country. As a result, we will be spending up to N82,300,761,000.00 in the agricultural and agro-industrialisation sector this year. Among other things, this amount will serve to fund the procurement of Tractors for use in the State, most of which will come from the local assembly plant of the Danish investors who established within the State earlier this year. In addition to this, we will be launching our new, modern farm estate projects across the State. This project will entail the earmarking of 200 hectares of land in each of the 260 wards in the State for the cultivation of staple and cash crops such as Cassava, Soya bean, Maize, peppers, vegetables etc. Government will collaborate with the various local governments to provide access to improved farming inputs, extension services and storage to help manage post-harvest losses. We will also work with the programme leadership to ensure improved access to market to assure the farmers of their just rewards for work done. We will also be collaborating with Development partners to establish a Special Agro processing Zone project together with 3 complementary Agro-Transformation Centres in the State.
- In the area of Transport we will be spending a total of N41,132,463,000.00 to expand Enugu Air with the acquisition of 4 additional aircraft. In addition, we will be consummating the concessioning of the Akanu Ibiam international airport as well as the construction of an international cargo terminal. We will also be floating a new taxi scheme in collaboration with the private sector to modernize urban and inter-urban transportation for Ndi Enugu.
- Other areas of the government activities which will continue to benefit from our focused activities during the year will be the security sector, where we will continue to boost the capacity of our security agencies both Federal and State with enhanced training and equipment
- Mr Speaker, We will also invest additional and considerable time and resources towards boosting our capacity to collect internally generated revenues by redoubling our efforts to digitize various elements of revenue collection. In this light, in the next few weeks we should be commissioning the offices of the new Enugu Geographical Information System (ENGIS) which will provide more efficient and effective digital land management services to Ndi ENugu.
- Mr Speaker and honorable members, as you may be aware, we have been awarded the hosting rights for the National Sports Festival in 2026. Consequently, we will be spending over N13b in upgrading our stadia and games facilities including the Nnamdi Azikiwe stadium where we will include aqautic sports facilities, and the Agwu games villages which will be fully revamped.
- Speaker and Honourable Members, let me once more seize this opportunity to recognise and commend your tireless support to this administration.It is only trite to mention that the progress we have made in the course of 2024 is due in no small measure to the spirit of understanding you have shown in working with our executive. We appreciate this and do not in any way take it for granted.
- Mr Speaker, Honorable members, distinguished Ladies and Gentlemen, Permit me to close by noting that this our budget of exponential growth and inclusive prosperity is engineered to deliver, more jobs for Ndi Enugu, more investment, better government services and improved quality of life for all. We hereby enjoin all residents of the State to continue to accompany us on this journey towards greatness and a return to our historical preeminence. I am convinced that with you all backing us wholeheartedly, there is no mountain too high for us to surmount.
- Thank you all and God bless you. I wish you all the best of the remaining year, a joyful holiday season and prosperity in the course of 2025. Our Tomorrow is here!
The Central Bank of Nigeria has issued fresh guidelines for interbank foreign exchange trading via the Electronic Foreign Exchange Matching System, mandating a minimum trade value of $100,000.
The directive, dated 25 November 2024 and signed by Dr Omolara Duke, CBN’s Director of the Financial Markets Department, is part of efforts to ensure transparency, efficiency, and compliance within Nigeria’s FX market.
According to a new set of guidelines released by the CBN on Tuesday, the EFEMS is designed to streamline interbank FX trading, reduce counterparty risks, and ensure adherence to CBN regulations.
The apex bank has designated Bloomberg’s BMatch as the official order-matching platform for interbank transactions, with trading hours set between 9:00 am and 4:00 pm West Africa Time on business days.
One notable provision in the guidelines is the enforcement of a $100,000 minimum tradable amount, with incremental clip sizes of $50,000.
The EFEMS is also limited to spot FX transactions involving the Nigerian naira and the United States dollar.
The CBN, however, retains the discretion to introduce other currency pairs when deemed necessary.
The guidelines document read, “All trades consummated on EFEMS are binding unless canceled by mutual agreement of both parties with written approval from the CBN.
“The minimum tradable amount is US$100,000.00, with incremental clip sizes of US$50,000.00.
“Participants must set credit and settlement limits for other counterparties in the system. Transactions exceeding these limits will not be executed.
“Participants must have adequate credit and settlement limits set for the CBN as its counterparty bank.
“Participants are required to comply with the Nigerian Foreign Exchange Code and other CBN regulations.”
Participation in the EFEMS is limited to authorised dealer banks licensed by the CBN, while other institutions wishing to join the platform must first obtain prior approval.
Participants are also required to execute agreements with the CBN-approved platform provider, maintain accurate profiles, and operate within prescribed credit and settlement limits.
Withdrawal from the platform must be preceded by a 30-day notice, along with the resolution of any outstanding obligations.
Also, trades conducted via the platform will remain anonymous until matched. Counterparty details will only be revealed once transactions are concluded, in line with settlement protocols.
Transactions exceeding set limits or conducted outside EFEMS parameters must be reported promptly and logged onto the FX blotter within 10 minutes.
The CBN emphasised that it will closely monitor all transactions on EFEMS to ensure market integrity and transparency.
Participants are required to submit daily reports detailing trade volumes, settlement statuses, and counterparties.
The central bank also reserves the right to publish aggregated or disaggregated trade data for market analysis, subject to confidentiality agreements.
Any violations of the EFEMS guidelines or related regulations will attract strict penalties, including the suspension or revocation of access rights.
The CBN further stated that it will periodically review the platform’s operations to ensure efficiency and compliance with its directives.
In a separate document on Tuesday, the CBN announced that the Bloomberg BMatch system will officially go live as the EFEMS for foreign exchange trading on December 2, 2024.
The CBN outlined that all authorised dealers and banks in the interbank FX market are required to deploy the Bloomberg BMatch system for their trading activities.
The system aims to ensure uniformity and seamless trading among market participants while enabling the CBN to effectively monitor market performance and data management.
The central bank urged banks to liaise with Bloomberg representatives to expedite the onboarding process and address any technical or operational issues promptly.
The Board and Management of the Nigerian National Petroleum Company Limited (NNPC Ltd) have expressed their heartfelt appreciation to Nigerians for their unwavering support following the safe and successful restart of the 60,000 barrels-per-day Old Port Harcourt Refinery.
In a statement released on Tuesday, NNPC described the refinery’s restart as a significant milestone in Nigeria’s journey toward achieving self-sufficiency in petroleum refining.
The statement released by the Chief Corporate Communications Officer, Olufemi Soneye, reads, “We are, however, aware of unfounded claims by certain individuals suggesting that the refinery is not producing products.
“For clarity, the Old Port Harcourt Refinery is currently operating at 70% of its installed capacity, with plans to ramp up to 90%. The refinery is producing the following daily outputs:
“Straight-Run Gasoline (Naphtha): Blended into 1.4 million litres of Premium Motor Spirit (PMS or petrol)
“Kerosene: 900,000 litres
“Automotive Gas Oil (AGO or Diesel): 1.5 million litres
“Low Pour Fuel Oil (LPFO): 2.1 million litres
“Liquefied Petroleum Gas (LPG): Additional volumes
“It is worth noting that the refinery incorporates crack C5, a blending component from our sister company, Indorama Petrochemicals (formerly Eleme Petrochemicals), to produce gasoline that meets required specifications. Blending is a standard practice in refineries globally, as no single unit can produce gasoline that fully complies with any country’s standards without such processes.
“Additionally, we have made substantial progress on the new Port Harcourt Refinery, which will begin operations soon without prior announcements.
“We urge Nigerians to focus on the remarkable achievements being realized under the able and progressive leadership of President Bola Tinubu and to support efforts aimed at delivering more dividends to the nation. Malicious attacks on clear progress only undermine the significant strides made by NNPC Ltd and the country.
“Let us move forward together in building a stronger and more self-sufficient energy sector.”
Video-sharing platform Rumble announced that it plans to allocate up to $20 million in Bitcoin for its crypto treasury.
The video-sharing and cloud services company announced yesterday that its board has approved a strategy to diversify its corporate treasury by allocating up to $20 million of spare cash to Bitcoin.
“We believe that the world is still in the early stages of the adoption of Bitcoin, which has recently accelerated with the election of a crypto-friendly U.S. presidential administration and increased institutional adoption. Unlike any government-issued currency, Bitcoin is not subject to dilution through endless money-printing, enabling it to be a valuable inflation hedge and an excellent addition to our treasury,” said Rumble Chairman and CEO Chris Pavlovski.
The Chairman went further to reveal his vision for Rumble to become the leading video and cloud services platform for the crypto community.
“We are also excited to strengthen our ties with crypto and to bolster our efforts to become the leading video and cloud services platform for the crypto community,” Pavlovski added.
Rumble announces this move when Bitcoin is retracting and has failed to breach the $100,000 mark. Rumble however noted that the strategy is flexible and might be paused or discontinued at any time.
Rumble joins the ranks of Microstrategy and other corporate firms investing in Bitcoin and setting up strategic reserves. Microstrategy remains the largest corporate holder of Bitcoin.
The Business intelligence firm got into Bitcoin in 2020 during the lockdown and has grown its Bitcoin holdings to $386,700.
Other Firms investing in Crypto
Rumble’s move to put $20 million into crypto is not an isolated case as several firms have also made moves to invest in crypto especially Bitcoin.
- These public companies are usually seeking to leverage Bitcoin and a store of value and hedge against inflation.
- Genius Group, an artificial intelligence firm, recently disclosed plans to invest $4 million to the crypto as part of its “Bitcoin-first” strategy.
Other firms include Anixa Biosciences, a cancer-focused biotech firm, which announced on Nov. 22 its decision to allocate a portion of its treasury to Bitcoin stressing the crypto asset’s ability to serve as a perfect hedge against inflation.
What to Know
- Bitcoin is currently exchanging hands for $93,649 dropping from its peak $99,000 price level from days ago. Analysts still believe the asset will cross the psychological $100,000 barrier before the year ends.
- Microstrategy stocks are highly sought after due to its heavy investment in Bitcoin. The business intelligence firm has acquired the most of BTC and plans to buy even more over the next three years.
[Nairametrics]
Former Vice President of Nigeria, Atiku Abubakar has described the Rivers State Governor, Similayi Fubara as a restorer of the glory of the oil-rich state, saying, “he is the Moses of our time.”
Naija News reports that Atiku made the remarks in Port Harcourt through one of his aides, Hon. Dimeji Fabiyi who represented him at an event in commemoration of the United Nations Day Against Women-based Violence, organised by a body known as Nice Esther For All Foundation and hosted by its founder, Mrs. Nice Alameyeseigha.
According to Atiku, “Women have continued to be agents of positive change through generations. Our common destiny to a better future is only a reality when we give women the support and encouragement that they require to lead the charge for social reforms.”
“Today (Monday) , we are all seated here in the beautiful city of Port Harcourt. This gathering is itself a manifestation of positive change that was brought about by women’s action.
“In Rivers State, there is a leader called Governor Similayi Fubara, who possesses a manifestation of the prophecy of Moses, by being a restorer of peace and glory to his people,” Fabiyi said on behalf of Atiku.
Continuing, he remarked that, “Rivers State, we must all remember, has a long history of being the political capital of the South-south.
“The city of Port-Harcourt occupies a pride of place in our beautiful country and that is a fact that no one can deny.
“We give thanks to the Almighty God that He has chosen to add to the many blessings of Rivers State by making His Excellency Similayi Fubara the Governor of this great state today.
“One of the stories in the scriptures that both main religions in Nigeria have in common is the story of Moses. God favours the people of Israel and He sent Moses to deliver them from the wickedness of Pharaoh.
“The major lesson in the story of Moses is that Moses was raised in the palace of the Pharaoh. Anyone who knows that story very well will know that Governor Fubara is the Moses of today and that the people of Rivers State are God’s people.
“Today, in Port Harcourt, we have a governor who has flushed away the footprints of political godfathers who thought they could play God. And today, we are proud and certain that God is on our side, not just in Rivers State but also all over Nigeria.
“I am here to represent a true friend of Rivers State in the person of Atiku Abubakar. And I am happy to announce to everyone here present, that when the new dawn comes in Nigeria, it shall be remembered that Port Harcourt played the first part by standing strong against the tyrants of today.”
Fabiyi said further that Atiku specifically asked him to thank Governor Fubara for, “his enviable courage, doggedness and wisdom in the face of provocations, and also to assure the governor of his solid support in the his quest to make good impact in the lives of the people of Rivers State.”
Atiku further urged the people of Rivers State to stand firmly behind Governor Fubara as he leads them, saying: “Fubara is the Moses God has blessed you with to take you to the promised land and he must be supported by all in the mission.”
The former Vice President commended the effort of the organizers of the event for promoting seminars on non-violence against women, saying that he would have personally been at the event, which coincides with his birthday anniversary, but for his tight schedule.
“To our host of today, Dr. Nice Alameyeisigha, I recognize your efforts and appreciate you for what you’re doing. As my unapologetic supporter, if not for my birthday that coincides with this event today, I should have been there to honour you in person.
“I thank you immensely and appreciate you for being a shining light and strong voice in the advocacy for women and children development, care and empowerment. There is nothing like impacting humanity,” Atiku said.
[Naijanews]
The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has voted to unanimously increase benchmark interest rate by 25 basis points to 27.50% from 27.25%
All 12 members of the committee were in attendance and voted unanimously for the raise.
Members also voted to retain the asymmetric corridor around the MPR at + 500 and – 100 basis points.
The meeting held on the backdrop of renewed inflationary pressures as the headline food and core measures rose year-on-year in October 2024
Reading out the decision of the committee, the CBN Governor, Olayemi Cardoso, said the committee was particularly concerned that all three measures also inched up on a month-on-month basis, suggesting the persistence of price pressures with attendant adverse impact on income and welfare of citizens.
Members therefore agreed unanimously to remain focused on addressing price developments.
He said while food prices remain a key contributor to the uptick, members commended the efforts of the federal government for the improved security especially in the north east of the country, which would likely improve food production.
The committee also noted the role of rising energy prices on the general price level due to its impact on factors of production.
Cardoso said the recent increase in the price of premium motor spirit, PMS has also impacted the cost of production and distribution of food items and manufactured costs.
The committee was optimistic that the full deregulation of the downstream sub sector of the petroleum industry would eliminate scarcity and stabilize price levels in the short to medium term.
[DailyTrust]
The House of Representatives has concurred with the Senate on the removal of the Chairman of the Code of Conduct Tribunal, CCT, Umar Danladi.
This resolution was a sequel to a motion moved by the Majority Leader of the House, Julius Ihonvbere, on Tuesday.
Ihonvbere’s motion asked the House to invoke Section 17(3) of the Fifth Schedule of the 1999 constitution. He listed some of the offences of the CCT chairman, including a public brawl with a security guard at the Banex Plaza Shopping Complex in Abuja.
“Aware of the conduct of the Chairman, Code of Conduct Tribunal, who recently engaged in a public brawl with a security guard at the Banex Plaza Shopping Complex, which necessitated an invitation from the Senate Committee on Ethics, Code of Conduct, and Public Petitions, and after his first appearance, where he admitted to having been involved in the brawl, he refused to attend subsequent sittings, thereby frustrating the efforts of the Committee to investigate the allegations against him,” the motion read.
Ihonvbere, in the motion, stated that Danladi Umar’s removal “seems to be the only way out to safeguard the sacred image of the Code of Conduct Tribunal, in line with the resolution of the 10th National Assembly to uphold the rule of law and sustain the ideals of corporate governance structure in Nigeria”.
Following the presentation of the motion, a constitutional point of order was raised by Mansur Soro that the House is not following the right procedure, noting that President Bola Tinubu ought to have written a letter to the House requesting the removal of the CCT chairman.
However, he was ruled out of order by the Speaker Tajudeen Abbas.
When the motion was put to vote, the “ayes” had it.
It would be recalled that a similar motion was moved, and passed in the Senate.
However, the resolution by the Senate was knocked by senior lawyers because of an error as the Senate used Section 157 of the Constitution, instead of Section 17(3) of the Fifth Schedule of the 1999 Constitution.
Earlier, the Senate corrected the mistake, and used the proper process to finalize the CCT chairman’s removal.
[DailyPost]
President Bola Ahmed Tinubu will depart Abuja on Wednesday, November 27, for a three-day state visit to France at the invitation of French President Emmanuel Macron.
The visit aims to strengthen political, economic, and cultural ties between Nigeria and France, with an emphasis on building partnerships in key sectors.
According to a statement issued on Tuesday by Special Adviser to the President on Information and Strategy, Bayo Onanuga, during the visit, President Tinubu and his wife, Senator Oluremi Tinubu, will participate in a series of high-profile events and engagements.
On Thursday, they will be received at Les Invalides, a historic French military museum, and at the Palais de l’Élysée by President Macron and First Lady Brigitte Macron.
The two leaders are expected to hold bilateral discussions on key areas, including agriculture, security, education, health, youth engagement, innovation, and energy transition.
A significant portion of the talks will centre on creating opportunities for skill development, particularly for Nigerian youth, in automation, entrepreneurship, and leadership.
Additionally, the visit will feature political and diplomatic meetings, focusing on shared interests in finance, solid minerals, trade and investment, and communication.
Both presidents will attend a session of the France-Nigeria Business Council, a platform for private-sector collaboration in economic development.
The First Ladies will also engage in discussions, with Mrs. Macron set to hear from Senator Tinubu about her initiatives for empowering women, children, and vulnerable groups through the Renewed Hope Initiative.
The visit will conclude with a state dinner hosted by President Macron in honour of the Nigerian President and First Lady, underscoring the importance of the relationship between the two nations.
President Tinubu is expected to be accompanied by top government officials on this trip, reflecting the administration’s commitment to advancing Nigeria’s global partnerships and fostering economic growth.
The Nigeria Customs Service has said that West Africa has emerged as a notable destination hub in the global stolen vehicles trade network.
The service added that the network extends from Europe and North America to as far as South America and Australia.
The Comptroller General of Customs, Adewale Adeniyi, disclosed this on Tuesday in Lagos while displaying some seized vehicles to journalists.
He added that in the last few months, the service has intensified its tracking operations against vehicle trafficking syndicates operating within the borders.
“According to INTERPOL reports, West Africa has emerged as a notable
destination hub in the global stolen vehicle trade network, which extends from Europe and North America as far as South America and Australia,” he said.
Adeniyi lamented that the challenge is greater in Nigeria, adding that date from the National Bureau of Statistics shows that between 2013 and 2015, only 54 per cent of stolen vehicles were recovered, “highlighting the scale and sophistication of this criminal enterprise.”
He stated that in a bid to address this challenge, the service initiated Operation Hot Wheels, a targeted enforcement initiative aimed at disrupting the flow of stolen vehicles into Nigeria through the ports and borders.
Adeniyi stressed that the platform was launched as a collaborative effort between the NCS, the Economic and Financial Crimes Commission, and Canadian authorities, “the operation focused on intelligence sharing, coordinated surveillance, and strategic interdiction.”
According to him, the growing incidence of stolen vehicles finding their way into the region has become a serious concern, as it not only undermines the region’s legitimate automotive market but also strains the security infrastructure.
He reiterated that recent intelligence from international law enforcement agencies further confirms that “our region has become a preferred
destination for internationally stolen vehicles, a trend that not only tarnishes Nigeria’s international image but also impacts our economy through substantial revenue losses and increased security spending.”
Giving details of the seizures, Adeniyi explained that a recent intelligence-led operation at Area II Command, Onne Port, led to the interception of a 40ft container with registration number, MRSU-5028706 that was declared to contain used vehicles and auto spare parts.
Adeniyi, however, lamented that a physical examination of the container
revealed three undeclared 2021 Toyota Highlander vehicles, “two in Navy Blue and one in Red colour.”
He emphasised that through collaboration with Operation Screen West Africa and Interpol, “two of these vehicles were confirmed to have been stolen from Canada.”
The CGC pointed out that the Federal Operations Unit Zone A also demonstrated exceptional vigilance with strategic interdictions at various locations in Lagos.
“The interception includes, one Mercedes-Benz G550 with Range Rover Sport valued at N506m, intercepted along Trinity Axis in Lagos, one Mercedes-AMG GT with Lamborghini Huracan valued at N630m, one Rolls Royce intercepted at Victoria Island, valued at N231m,”
“Others include, one Lamborghini 2019 Model recovered at Victoria Island, valued at N239m, two Range Rovers (2023 & 2018 models) intercepted along Lekki, valued at N267m,” the CGC stated.
The customs boss mentioned that at the Tincan Island Command, the service, through intelligence, intercepted three 2021 models of Toyota Highlander.
He stated that the various recoveries highlighted both the sophistication of transnational vehicle theft syndicates and their evolving concealment methods.
“The criminals now employ various tactics, including false declarations and use of containerized shipments, attempting to circumvent our detection systems,” he narrated.
Adeniyi reiterated that the operation exposed how stolen vehicles are being smuggled through the ports using legitimate cargo as cover.
He maintained that the success of these operations stems from an enhanced risk management system and strengthened collaboration with international partners.
Adeniyi stressed that working closely with Operation Screen West Africa, Interpol, and other international agencies, the service has significantly
improved their capacity to identify and intercept stolen vehicles.
“The interface between our systems and international databases has proven crucial in establishing the status of suspicious vehicles and enabling swift intervention,” he said.
He warned that the economic implications of this criminal enterprise are far-reaching and deeply concerning.
According to him, beyond damaging the legitimate automotive trade sector and international business relationships, it undermines President Tinubu’s economic reform agenda that aims to position Nigeria as a trusted hub for international commerce.
He lamented that the service is forced to divert substantial resources towards enhanced border management and rigorous verification processes – resources that should ideally be channeled toward trade facilitation initiatives and economic growth programmes.
“This criminal activity not only strains our operational capacity but also threatens the government’s efforts to attract foreign investment and establish Nigeria as a reliable partner in global trade,” he said.
The CGC added that the service will return the luxury vehicles to Canada.
[Punch]
More...
The Conference of United Political Parties (CUPP) has expressed concerns over the recently announced 3.46% GDP growth rate for Nigeria in the third quarter of 2024, describing it as disconnected from the lived experiences of most Nigerians.
Chief Peter Ameh, National Secretary of the CUPP, made this known in a statement issued yesterday in Abuja.
He noted that while the GDP figures released by the Nigeria Bureau of Statistics (NBS) may seem promising, they fail to reflect the economic hardships marked by rising food inflation, unemployment, and decaying infrastructure.
Ameh stated: “The NBS recently announced that the country’s GDP grew by 3.46% in the third quarter of 2024. At first glance, this may seem like a positive development, but the reality on the ground tells a different story.
“The widespread hunger, starvation, unemployment, inflation, and crumbling infrastructure paint a picture of a nation in distress. It is alarming to see the stark contrast between the reported GDP growth and the harsh economic realities faced by Nigerians.
“The frequency of national grid collapses, worsening road conditions, and the depreciating value of the naira underscore the disconnect between the data and real-life challenges.”
Quoting Benjamin Disraeli, he added: “There are three kinds of lies: Lies, Damned Lies, and Statistics. This rings true in Nigeria’s case, as the government relies on statistical manipulation to create a false narrative of economic growth.”
Ameh attributed Nigeria’s economic challenges to a “defective political system” that enables incompetent and dishonest leaders to manipulate electoral systems, fostering corruption and mismanagement.
He stressed the need for urgent reforms, stating: “Nigeria needs comprehensive economic reforms prioritizing transparency, accountability, cost-cutting measures, and good governance. Investments in critical infrastructure, such as roads, electricity, and healthcare, are essential to creating an enabling environment for growth.”
Ameh concluded by urging the government to shift focus from statistical embellishments to actionable policies, emphasizing that only through genuine reform can Nigeria achieve inclusive and sustainable economic progress.
[Vanguard]
The federal high court in Abuja has struck out the suit seeking to restrain the Economic and Financial Crimes Commission (EFCC) from arresting Babajide Sanwo-Olu, governor of Lagos, at the end of his tenure.
NAN reports that Joyce Abdulmalik, the presiding judge, dismissed the suit after Gbenga Femi Akande, the counsel who appeared for Sanwo-Olu, moved the motion to discontinue the case.
The court struck out the case on October 31.
BACKGROUND
In October, a lawsuit instituted on behalf of Sanwo-Olu against the EFCC over an alleged plan to arrest and prosecute him after his tenure was heard in court.
Darlington Ozurumba, a lawyer, filed the suit on behalf of the Lagos governor, who will complete his eight-year tenure on May 29, 2027.
In the suit, the lawyer argued that the alleged plan to arrest Sanwo-Olu is “unconstitutional and a flagrant violation of his fundamental right to personal liberty and freedom of movement as stipulated under sections 35(1) & (4) and 41(1) of the constitution”.
The suit sought an order to restrain the EFCC from harassing, intimidating, arresting, detaining, interrogating, or prosecuting Sanwo-Olu in connection with his tenure as the governor of Lagos state.
THE CONTROVERSY
Reacting to the suit, the Lagos government had said Sanwo-Olu did not instruct anyone to file a case against the EFCC.
Lawal Pedro, the Lagos attorney-general, said the state will investigate “how the case came to be without the knowledge” of the governor.
Pedro said neither the governor nor his aides are under investigation by the EFCC, adding that there is no threat of arrest by the anti-graft agency.
In a counter affidavit, Ufuoma Ezire, a superintendent and litigation secretary in the legal and prosecution department of the antigraft agency, said the EFCC is not investigating the governor and has never threatened to arrest him or his staff.
The anti-graft agency described the legal action as speculative and a “mere conjecture”.
MILD DRAMA IN COURT
On Tuesday, Hadiza Afegbua, counsel of the EFCC, appeared in court for the case.
However, NAN reports that the lawyer was disappointed that the case was not among the 10 listed for hearing at the court.
The counsel was reported to have expressed surprise when she learnt that the suit had been struck out on October 31.
However, the enrolled order dated October 31 shows that only Akande, the counsel who represented Sanwo-Olu, attended the proceedings leading to the dismissal of the suit.
[TheCable]
President Bola Tinubu has congratulated Atiku Abubakar on his 78th birthday anniversary.
In a statement issued by Sunday Dare, his special adviser on media and communications, the president said the former vice-president has been an “active player in Nigeria’s democratic process” since 1999.
“The President recalls many special moments shared with Wazirin Adamawa as founding members of the All Progressives Congress (APC), united in the mission to build a better future for Nigerians, as well as their engagement as political opponents in the last presidential election,” the statement reads.
“President Tinubu recognises Atiku’s commitment to public service and philanthropy, and prays Almighty Allah to continue to grant him health and happiness in the years ahead.”
Abubakar was vice-president between 1999 and 2007.
He was the standard-bearer of the Peoples Democratic Party (PDP) in the 2019 and 2023 presidential elections — losing out in both polls.
Dayo Amusa, the Nollywood actress, has addressed the public’s inquiry about the identity of her child’s father
The film star welcomed her first child in the United States on November 18, but the baby’s father’s identity remains unknown, setting many social media users’ tongues wagging.
Addressing these concerns via a TikTok live session, Amusa maintained that she will not disclose her child’s father’s identity.
The actress explained that she is concealing the father’s identity to “maintain my peace” and prevent anyone from ruining her happiness.
The movie star also expressed her excitement about being a mother and having “a new name”.
“I realised that some people are so interested in knowing who the father of my child is. Is your husband missing?” she said.
“Moreover, the child is not a fruit that just fell from heaven. He definitely has a father. It is not compulsory you congratulate me, do not bother.
“If it not convenient for you, don’t worry. I do not care. I am the one in the public eyes, not my husband.
“I would only let out what I want to let out. I want to maintain my peace that is why my personal life is undisclosed.”
Amusa started her acting career in 2002 and made her debut as a producer in 2006. Known for her versatility, she has starred in numerous Yoruba and English-language Nollywood films.
She has also received several accolades for her talent