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Political economist, Pat Utomi, has condemned the high poverty level in Nigeria, describing it as shameful.
He pointed out that Nigeria has more poor people than India, despite the latter having a population seven times larger.
Utomi shared his grievances at The New Tribe’ during a Global Village Square Town Hall meeting in Victoria Island, Lagos.
Utomi stated, “This country of great potential, as we celebrate 64 years of independence, is still crawling. It has become the place of domicile for the poorest people on the planet. The Brookings study a few years ago showed how, in absolute numbers, there are more poor people in Nigeria than in India. That should make anybody feel ashamed. How? Explain to me how the richest can become the poorest.”
He highlighted the deterioration of values in Nigeria, attributing it to the country’s ongoing issues.
He emphasised the need for citizens to engage with the problems facing Nigeria and work towards solutions.
“Fundamentally, progress is dependent on culture, on your values. And if you look at Nigeria, the one clear thing is the collapse of culture. The values have gone south. I mean, people don’t have a sense of shame anymore. Our political class is an embarrassment,” he remarked.
Utomi also pointed out the failing institutions in Nigeria, particularly in the justice sector, which he believes deter investors from coming to the country.
He noted, “The Nigerian judiciary is considered a joke around the world. Nobody takes it seriously. Investors don’t come to Nigeria because they say to you, ‘If I have a dispute with a partner in Nigeria, going to court is a waste of time. Complete waste of time.’ And so they go to a country where the returns can be less, but where at least they know some justice can be obtained from the courts.”
Many candidates that sit for IELTS always feel very nervous while waiting to be ushered into the exam room. They mostly see it as an interview and, most of the time, fear that they will be judged by their appearance, thereby putting on their best outfit.
I’m here to tell you that IELTS speaking is not about your beautiful dress or how you smell; it’s about being your real self and communicating freely as much as you can.
You do not have all the time to impress an examiner with your looks but you can captivate the attention with your communication
However, you can increase your score by following these simple 10 IELTS Speaking tips and tricks. No 6 and 9 is a secret.
Make a good first impression
The first contact you have with the examiner, either physically or visually is very important. Be confident, smile and feel relaxed even as you place your hands on the table where the examiner can see them. If you need to adjust the headset, do it with ease and confidence or call the invigilator to help. Don’t make the mistake of feeling too confident or proud.
Don’t learn answers by heart
Ensure you speak freely and do not use memorized answers. If you do, the examiner has been trained to detect that, and once it is detected, you already failed. You can learn words and collocations and use them. Flow in your speech. Always remember that the reason for this test is to test your ability to communicate effectively and not your assent.
Practise answering sample questions
It is only he who fails to plan that fails. These tips are to enable you to practice IELTS speaking questions before the exam date. Questions will likely come from sports, family, travels, etc. There is always a demo section of it on the internet. Practice with a friend or in front of your mirror as if you are facing an examiner and you will realise how easy it can be.
Ask the question again if you need to
This tip is best if you use it well, but many candidates use it as a means to buy more time. Don’t forget you have just limited time and nothing will be added. Ask the question again only if you didn’t get it well and not to buy more time. If used properly, you will not lose any points.
Be emotional!
Your examiner is a human being like you, and he or she has emotions and feelings. Employ the use of emotion in your speech as if you are talking to a friend or a loved one. This creates a sense of connection between you and the examiner.
Extend your speech
Avoid short And uncommunicative replies like yes or no answers. Extend you’re speech till the invigilator interrupts with another question. If a question seems direct and close-ended, create another opening by talking about what you know. The best technique to use in this aspect is the give reason technique. Whatever answer you give, always give your reason for choosing the answer
Always ensure that you are fluent in your speech and don’t fake your assent. You will gain more marks when you speak freely with relatable vocabularies. Use simple grammar too, and don’t speak too fast. Be calm and make necessary pauses when necessary.
Be coherent
Remember that the test is basically to examine your level of communication; therefore, always use linking words and structures like however, and, nevertheless; all in all, it will enrich your speech.
Give yourself time to think
When the examiner asks you a question, and you are not sure how to answer the question, you can buy yourself a bit of time to think by using this tip. First of all, “That’s a tricky question…”, “I’ve never thought about that before…” or “That’s an interesting question…”. This way you’ll have some extra time to plan your answer.
Be time conscious
The tutorial you attend won’t tell you that you have just 17 minutes to spend with the examiner.
Use every minute well and make it count. Don’t spend too much time trying to process the question or to impress the examiner. Answer it as simply as you can and stick to it until she asks you to stop or ask another question. Towards the end of the speaking test, you will be asked to talk extensively on a particular topic. Use the time well and flow naturally.
Did you make a mistake? Don’t panic!
The examiner notices when you make a mistake, and it is expected, but your ability to correct yourself is important. Ensure to apply brief pauses where needed, too. When you are with the examiner, don’t make too many mistakes.
[Vanguard]
Chimamanda Adichie, the award-winning author, is set to release a new novel.
The book, titled ‘Dream Count’ and published by Penguin Random House, is scheduled for release on March 4, 2025.
In a recent blog post, Penguin revealed the highly anticipated novel has been a decade in the making.
‘Dream Count’ is a reflection on love, desire, and the intricacies of womanhood, explored through the lives of four distinct women
The book also pulses with “emotional urgency and poignant, unflinching observations of the human heart, in language that soars with beauty and power”.
The publisher said that ‘Dream Count’ solidifies Adichie’s status “as one of the most exciting and dynamic writers on the literary landscape”.
‘Dream Count’ is Adichie’s first feature-length novel in 11 years.
The novelist’s last book was ‘Americanah’. It was published in 2013.
Asides being a novelist, Adichie is also a feminist. She is best known for her themes on politics, culture, race, and gender.
She has received global recognition and won numerous awards.
In 2019, Adichie became the first Nigerian to receive the United Nations Foundation’s Global Leadership Award.
She has also made the New African’s list of ‘100 Most Influential Africans’, New Yorker’s ’20 under 40′, and Time Magazine’s ‘100 Most Influential People’.
In 2022, the novelist was honoured with a chieftaincy title in Abba, Anambra state.
[TheCable]
Senior Special Assistant to President Bola Ahmed Tinubu on Public Affairs, Aliyu Audu has said that the President did not speak on Premium Motor Spirit (petrol) because of his commitment to the deregulation of the oil and gas sector.
Audu disclosed this during a Channels Television interview monitored by DAILY POST on Wednesday.
According to him, Tinubu has remained resolute in providing viable alternatives to petrol, such as Compressed Natural Gas.
He stressed that despite the Naira-for-crude sale deal with Dangote Refinery, the price of petrol will not come down a whole lot.
“It shows commitment on the part of Mr President Tinubu in terms of deregulating the Petroleum sector.
“He did mention alternatives that could give succor to our economy, especially when it comes to the cost of living, food and the Compressed Natural Gas Initiative.
“It doesn’t look like even with the Naira-for-crude scheme the price of Petrol will come down a whole lot.
“Even though that is what Nigerians want to hear, the reality is that we have to seek opportunities to power our vehicles. That is why the government is keen on the CNG initiative,” he said.
Recall that Tinubu addressed Nigerians on the occasion of Nigeria’s 64th Independence Day Anniversary.
Tinubu begged Nigerians to be patient while measures are being in place to address the country’s economic hardship.
His remarks come as Nigerians grapple with economic hardship.
Currently, Nigerians buy petrol between N950 and N1,300 depending on the location across the country.
The prices of goods and services have also hit the rooftop, with headline and food inflation standing at 32.15 and 37.52 percent in August 2024.
Niger State Emergency Management Agency (NSEMA) has confirmed a report that a boat conveying no fewer than 300 passengers capsized on River Niger upstream, Jebba Dam, at Gbajibo community in Mokwa Local Government Area.
It stated that so far about 150 travellers have been rescued, while efforts are on to rescue the remaining persons.
The incident occurred last night, October 1, 2024, about 8:30 pm.
The agency in a statement signed by its Director General, Abdullahi Baba Arah said the boat was sailing from Mundi community with a population of almost 300 passengers.
He explained that the travellers were mostly women and children for the Maulid celebration at Gbajibo.
The DG disclosed that currently, NSEMA is directing and monitoring search and rescue operations in collaboration with the State Ministry of Transport, Mokwa Local Government Emergency Committee, brave local divers, and other community volunteers.
“However, thanks to the prompt response from the community volunteers; over 150 persons have been rescued alive so far.
“The search and rescue operation is still ongoing to locate more survivors, and the general public will be provided with the update,” the agency added.
Analysis: From N187/litre to N1,000/litre in 16 months. Here’s why petrol prices aren’t likely to come down anytime soon
AFOLABI
The surge in petrol prices in Nigeria, rising from N187 per litre when President Bola Tinubu took office last year to N1,000 per litre, reflects a complex blend of both domestic and international economic factors. The reasons why petrol prices are unlikely to decline soon, as outlined in the analysis below, offer a significant understanding of the issue.
Key Reasons Why Petrol Prices Will Remain High:
1. Dollar Denominated Crude Sales and Depreciating Naira
The sale of crude oil, the primary feedstock for refineries, is priced in U.S. dollars. While the federal government has proposed selling crude to local refineries in the local currency, Naira, starting from October 2024, the pricing benchmark will still remain in U.S. dollars. This implies that even when sold in Naira, the exchange rate between the Naira and the dollar will determine the actual cost.
With the Naira's rapid depreciation—now at around N1,700 to $1—and no clear signs of recovery, the cost of crude oil in local currency terms will continue to rise. The weakening currency effectively means higher costs for refined petrol. This exchange rate pressure, driven by a lack of robust foreign reserves, weak investor confidence, and structural imbalances in Nigeria’s economy, ensures that petrol prices will remain high, or potentially rise further.
2. Global Oil Price Dynamics
International crude oil prices are sensitive to geopolitical tensions, such as the current conflicts in the Middle East, and changes in global demand. Historically, tensions in oil-producing regions drive prices upward, and the Middle East remains a major player in global oil supply. With no immediate resolution to these conflicts in sight, oil prices are expected to continue climbing. The combination of high international oil prices and a depreciating Naira will exacerbate the situation, making it difficult for Nigeria to reduce petrol prices.
3. Government's Economic Policy and Subsidy Removal
The Tinubu administration has taken a clear stance against subsidies on petrol, aligning with the IMF and World Bank’s advocacy for market-based pricing mechanisms. The government’s removal of subsidies has led to a significant price increase. As the government remains committed to the Bretton Woods Institutions’ policies, the chances of reintroducing subsidies are slim, further cementing the reality of sustained high petrol prices.
4. High Electricity Costs and Alternative Energy Challenges
The high cost of electricity in Nigeria forces many households, small businesses, and even industries to rely on petrol-powered generators. With no affordable and reliable alternatives, demand for petrol remains robust. The slow adoption of Compressed Natural Gas (CNG) as an alternative for vehicles, coupled with the prohibitive cost of electric vehicles (EVs), ensures that petrol remains the primary energy source for both mobility and power generation. Until there is significant investment in and adoption of alternative energy sources, demand for petrol will remain high, further pushing prices up.
5. Refinery Challenges and Import Dependency
Nigeria’s refineries have been largely non-operational, and despite ongoing efforts to rehabilitate them, the timeline for local refining to meet domestic demand remains uncertain. Until local refining capacity is significantly expanded, Nigeria will remain dependent on imported refined products, which are subject to the volatility of international oil markets and exchange rates. Even the much-hyped Dangote Refinery may take time to stabilize its output to meet domestic demand. This heavy reliance on imports leaves Nigeria vulnerable to global price fluctuations, ensuring that petrol prices will remain high.
6. Inflationary Pressures
The general inflation rate in Nigeria, currently at historic highs, also feeds into higher petrol prices. Rising costs across sectors, from logistics to labour, affect the entire supply chain of petrol distribution. Inflation erodes purchasing power and adds to the cost of production, making it more expensive for importers and distributors to bring fuel to the market.
7. Limited Policy Interventions
There is a clear lack of effective policy interventions to manage the growing energy crisis. While the government has made promises to boost local refining capacity and encourage alternative energy sources, the implementation of these policies is slow. Without significant regulatory or infrastructural changes, the systemic issues driving petrol price increases will persist. Moreover, the financial constraints faced by the government limit its ability to intervene meaningfully in the short term.
Implications for the Nigerian Economy and Living Standards
1. Increased Cost of Living
Rising petrol prices have direct and far-reaching impacts on the cost of living. Transportation costs, which are a significant component of everyday expenses for many Nigerians, are closely tied to fuel prices. With the rise in petrol prices, transportation fares have surged, affecting not only individuals but also the cost of goods and services. The increase in logistics costs means higher prices for food, consumer goods, and essential services, contributing to overall inflation and reducing disposable incomes.
2. Stagflation Concerns
The combination of high inflation and stagnating economic growth—referred to as stagflation—is a serious concern. As petrol prices rise, so too does inflation, while economic growth remains tepid due to structural issues such as poor infrastructure, high unemployment, and weak industrial output. This could lead to a scenario where economic activity slows while prices continue to rise, creating a difficult environment for businesses and households.
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Nigeria’s tier one bank, Zenith Bank, has apologised to its customers over service disruption on Tuesday, October 1, 2024.
The bank disclosed this in a statement on Tuesday notifying customers that the glitch was as a result of its routine information and technology maintenance.
Although the commercial bank said the disruption would last between 12:01 am and 02:30 pm on Tuesday, the customers have lamented that the problem had lingered as of the time of filing this report.
“On Tuesday, October 01, 2024, our Mobile Banking App, USSD Service, Internet Banking and Corporate Internet Banking platforms will be unavailable between the hours of 12:01 am and 02:30 pm WAT.
“We solicit your understanding and offer our assurances that measures are in place to minimize any service interruptions
during the exercise, ” the bank stated.
A customer on X, Chima Favour Ejim, on Tuesday wrote, “It’s still not working till now.”
Another customer, Michael Okpara said the development is frustrating and terrible.
This comes as Nigeria marks its 64th Independence Day celebration nationwide.
The Peoples Democratic Party, on Tuesday, berated President Bola Tinubu for allegedly making false claims of achievements in his 64th Independence Day speech.
The opposition party claimed that Tinubu’s speech exposed the ruling All Progressives Congress’ insensitivity to the struggles of Nigerians.
But in a reaction, the APC described the PDP as a frustrated party seeking relevance.
In a statement released on Tuesday, PDP National Publicity Secretary, Debo Ologunagba described Tinubu’s speech as a “complete waste of time,” emphasising that it failed to address the pressing economic and security issues currently plaguing the country.
In his national broadcast on Tuesday morning, President Tinubu stressed the need for reform to ensure Nigeria’s progress and prosperity.
He warned against continuing with business as usual, which he claimed could lead to national collapse.
The President stated that upon taking office 16 months ago, his administration had prioritised reforming the political economy and defense architecture in light of the nation’s challenges.
“We found ourselves at a dizzying crossroads, where we must choose between two paths: reform for progress and prosperity or carry on business as usual and collapse,” Tinubu said, highlighting that his administration had attracted over $30bn in foreign direct investment in the past year.
In response, the PDP slammed the speech for its failure to acknowledge the difficulties faced by millions of Nigerians, including economic hardship, unemployment, and extreme poverty.
The opposition party said, “The 64th Independence Day speech by President Bola Ahmed Tinubu is another lethargic and windy rhetoric of false performance claims and empty promises.”
The PDP accused the APC government of being insensitive to the public’s suffering, asserting that the speech further confirmed their position that hope for improvement under the current administration was bleak.
The PDP expressed shock that the President’s address downplayed critical issues, such as widespread economic hardship and hunger, which had previously led to public protests.
It criticised Tinubu’s assurances of micro-economic improvement and lower living costs, arguing that these claims were inconsistent with the reality of rising fuel prices and unemployment.
The PDP urged President Tinubu to take a more hands-on approach, suggesting he visit markets or engage with youth in urban areas to better understand the citizens’ true circumstances, rather than relying on fabricated statistics provided by his officials.
The PDP cautioned that the APC-led administration seemed intent on stifling democracy, as the speech notably omitted any mention of the erosion of electoral credibility and citizens’ rights under its governance.
Overall, the PDP’s response reflects deep dissatisfaction with the APC’s handling of the nation’s pressing issues and a call for more genuine engagement with the public.
Reacting, however, the APC Director of Publicity, Bala Ibrahim, stated that the PDP’s reaction stemmed from its frustration over the ruling party achieving what they could not.
He stated “For the PDP, rather than burying their heads in shame, they claimed the President’s speech is empty.
What the PDP should understand is that since their departure from the political scene, sanity has returned to Nigeria, and peace has been restored to the country and to Abuja, the seat of power.
“Since the PDP left office, the situation has improved day by day under the APC government.During the PDP’s time, there was no peace in Abuja, making it difficult for a sitting President to address the nation from Eagle Square.
“Under an APC-led federal government, Nigerians are experiencing peace of mind. Therefore, the PDP’s reaction to President Bola Ahmed Tinubu’s speech is nothing but an afterthought; they are merely reacting because they see what they failed to achieve being accomplished by the APC government. By the grace of God, Asiwaju Bola Ahmed Tinubu will move Nigeria forward.”
Tony Buzbee, the Texas-based attorney, says he is representing 120 accusers with sexual assault lawsuits against Sean ‘Diddy‘ Combs, some of which occurred over 20 years.
The embattled rapper was arrested at a hotel in Manhattan on September 16 over sex trafficking and racketeering charges.
Robyn Tarnofsky, the US magistrate judge, ordered that the entertainer be sent to jail while awaiting his trial.
Tarnofsky’s order followed after the Bad Boy Records founder pleaded not guilty to the 14-page federal indictment against him.
At a press briefing on Tuesday, Buzbee revealed that the 120 accusers were roughly split evenly by gender.
He said the allegations spanned over 30 years and included 25 minors, with one child who was allegedly just 9 when they were victimized.
He said the allegations include “violent sexual assault or rape, sexual abuse, facilitated sex with a controlled substance, forced imprisonment, compelling prostitution, sexual misconduct, and sexual abuse of minors”.
Buzbee claimed the children the rapper allegedly abused were “seeking TV or music careers with promises [from Combs] of ‘I’ll make you a star”.
He also encouraged other victims to come out, promising their identities would remain confidential.
“Our law firm has been retained by 120 individuals at this point to pursue cases in civil court against Sean Diddy Combs,” he said.
“In this group, it is evenly divided between males and females. There are 60 males and 60 females who have joined us to pursue these claims as plaintiffs.
“In this group, 62 per cent identify as African American, 30 per cent are white and the remainder are Asian.
“The victims are from 25 states; the majority are from California, New York, Georgia, and Florida.
“I want to focus on the age of these victims. When we talk about the age of the victims when the conduct occurred, it is shocking. The youngest victim at the time of occurrence was 9 years old. We have an individual who was 14 years old. We have one who was 15. 25 of the 120 victims who are plaintiffs in these cases were minors at the time of the acts complained of.
“The conduct occurred in a space of 25 years.
“The acts complained of occurred in New York – Manhattan, and Athens, California. Occurred during parties, after parties, album parties, New Year’s Eve parties, 4th of July parties, puppy parties, white parties, and auditions.”
Buzbee said drugs were found in the blood system of the plaintiffs after medical examinations, adding that “the common one is Xylazine”.
The lawyer said all cases will be filed separately and according to the location of the incidents.
The 54-year-old media mogul has been in the public eye since November 2023 after several women, including Cassie Ventura, the rapper’s ex-girlfriend, took him to court, claiming they were sexually assaulted.
Cassie, who is a singer, accused the rapper of rape, abuse, and human trafficking during their 10-year relationship.
Rodney “Lil Rod” Jones, Diddy’s former producer, also filed a lawsuit alleging that the rapper sexually harassed, drugged, and threatened him for over a year.
A Michigan inmate was recently awarded $100 million for a sexual assault lawsuit against Diddy by default judgment.
On Tuesday, President Bola Tinubu joined Nigerians in celebrating the country’s 64th Independence Day anniversary — his second since assuming office on May 29, 2023.
The president made several claims while reading his Independence Day speech, stating how his policies and reforms have yielded results since he took over the reign of power.
TheCable checked some of his claims, and here is what we found.
CLAIM ONE: Tinubu said Nigeria attracted foreign direct investments (FDI) worth more than $30 billion in 2023 due to his economic policies.
“The economy is undergoing the necessary reforms and retooling to serve us better and more sustainably,” the president said.
“If we do not correct the fiscal misalignments that led to the current economic downturn, our country will face an uncertain future and the peril of unimaginable consequences.
“Thanks to the reforms, our country attracted foreign direct investments worth more than $30 billion in the last year.”
FDI is the establishment of a company or business in a country by a foreign investor.
VERIFICATION
On February 17, 2024, Doris Uzoka-Anite, minister of industry, trade and investment, said the country obtained about $30 billion in investment commitments from various investors.
Uzoka-Anite said the commitments will be redeemed within five to eight years.
Also, the National Bureau of Statistics (NBS) usually releases capital importation reports, which include details on foreign direct investment inflows that Nigeria attracts every quarter.
The NBS capital importation report categorises capital inflows into three main types: foreign direct investment (FDI), foreign portfolio investment (FPI), and other investments.
According to data obtained from NBS, between Q2 — when Tinubu’s administration began — and Q1 of 2024, Nigeria attracted a total of $448.95 million in foreign direct investment (FDI).
In the same period, foreign portfolio investments — which involve investments in financial assets such as stocks and bonds — amounted to $2.58 billion.
Additionally, other investments, such as loans, trade credits, and other capital inflows totaled $3.12 billion.
Further analysis by TheCable showed that in Q2 2023, Nigeria recorded $1.03 billion in foreign inflows, which includes FDI, portfolio investments, and other investments.
The figure dropped to $654.65 million in Q3 2023 but rose to $1.09 billion in Q4.
However, by Q1 2024, total capital inflow surged to $3.38 billion.
In total, Nigeria attracted $6.14 billion in foreign inflows between Q2 2023 and Q1 2024.
VERDICT
Based on data from the NBS, Tinubu’s claim that the country attracted more than $30 billion in foreign direct investment in 2023 is incorrect.
According to the minister of industry, trade, and investment, what Nigeria got were investment commitments, which represent pledges or agreements to invest $30 billion within five to eight years, rather than actual foreign direct investments.
CLAIM TWO: Tinubu said his administration inherited a foreign reserve of over $33 billion and has since increased and maintained it at $37 billion.
“We inherited a reserve of over $33 billion 16 months ago. Since then, we have paid back the inherited forex backlog of $7 billion. We have cleared the ways and means debt of over N30 trillion,” he said.
“We have reduced the debt service ratio from 97 percent to 68 percent. Despite all these, we have managed to keep our foreign reserve at $37 billion. We continue to meet all our obligations and pay our bills.”
VERIFICATION
Based on the last data released by the Central Bank of Nigeria (CBN) on May 26, 2023, three days before the president assumed office, the foreign reserves stood at $35.14 billion.
However, the latest figures from the CBN, as of September 27, 2024, showed that the foreign reserves rose to $38.05 billion.
VERDICT
The president’s claim that his administration has increased the foreign reserves is true, based on data from CBN.
CLAIM THREE: Tinubu said his administration has successfully cleared the $7 billion foreign exchange backlog that was inherited when he took office.
“Since then, we have paid back the inherited forex backlog of $7 billion,” the president said.
VERIFICATION
FX backlog refers to the accumulated unmet foreign exchange (FX) demands or obligations that a country has not been able to fulfill.
On February 5, Olayemi Cardoso, CBN governor, said he inherited a $7 billion FX backlog when he took over the apex bank in September 2023.
The backlog indicates that there were outstanding requests from businesses, investors, or individuals for foreign currencies to facilitate international transactions — such as imports, debt payments, or foreign investments — that the CBN had not been able to supply due to a shortage of FX at the time.
On September 26, 2023, the CBN governor announced that the apex bank was working on settling the $7 billion FX backlog liabilities.
On March 20, 2024, Hakama Sidi Ali, director of corporate communications at CBN, said the apex bank has successfully settled all valid outstanding FX obligations.
Two days after, Kingsley Nwokeoma, president of the Association of Foreign Airlines and Representatives in Nigeria (AFARN), called for evidence of payment.
Nwokeoma said the apex bank should provide proof of payment, as they had yet to receive any funds.
However, on June 2, 2024, the International Air Transport Association (IATA) said 98 percent of trapped airlines’ funds in Nigeria had been cleared.
VERDICT
Based on the official statement from the CBN which is responsible for FX payments, and the IATA, representing foreign airlines, the president’s claim is largely correct.
CLAIM FOUR: Tinubu said his administration has cleared the ways and means debt of over N30 trillion.
“We have cleared the ways and means debt of over N30 trillion,” the president said.
VERIFICATION
Ways and means advances refer to a facility provided by the CBN that allows the federal government to borrow money from the apex bank to cover short-term funding needs.
Essentially, it helps the government manage its finances when there is a shortfall in revenue.
On May 23, 2023, the senate approved the securitisation of N22.7 trillion ways and means loans, following a request by former President Muhammadu Buhari on December 28, 2022, to convert the debt into a government bond.
Securitisation is the process of turning assets into interest-bearing securities that can be sold to investors.
Also, on December 30, 2023, the national assembly approved Tinubu’s request for the securitisation of outstanding N7.3 trillion ways and means debt.
While the Debt Management Office (DMO) has not released the document for the securitisation of the N7.3 trillion loan, the details of the N22.7 trillion loan securitised during Buhari’s administration showed that the tenure is 40 years, meaning that the principal and interests are expected to be paid within 40 years.
Additionally, there is a 3-year moratorium on the principal, which means for the first three years, the borrower does not have to make any payments towards the principal amount of the loan.
The document also states that it carries an interest rate of 9 percent per annum, which means that each year, the federal government will pay 9 percent of the remaining loan balance as interest.
VERDICT
Tinubu’s claim that his administration has cleared the N30 trillion ways and means is false, as the DMO document showed that the loan has been securitised to be paid within 40 years, not paid in full as Tinubu asserted.
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Some protesters against bad governance had a raw deal in the hands of the army, police, other security agents and even political thugs, yesterday, in Rivers, Kano and the Federal Capital Territory, FCT, Abuja.
As the protesters actualised their vow of going ahead with the October 1 action with various themes, such as ‘#FearlessInOctober’, and ‘#National Day of Survival,’ the tough-talking security agents, especially the Police, kept their part of “ensuring law and order” and took steps to abort or crush the protest.
The outcome was a crackdown on the protesters, of which five leaders were arrested in Kano. They were also tear-gassed and chased about in Abuja and Port Harcourt.
However, there were peaceful protests in Lagos, Ibadan and Ondo, with the organisers and collaborating civil society organisations, CSOs, vowing to sustain the struggle against bad governance in the country.
The October 1 protest is a continuation of the #EndBadGovernance protests held between August 1 and 10 in response to the economic hardship experienced by many Nigerians.
The #EndBadGovernance protests were met with resistance from security operatives, setting the stage for yesterday’s confrontation.
Thugs disperse protesters in Port Harcourt
In Rivers State, Police and suspected political thugs dispersed the October 1 protesters in Port Harcourt. The police also stopped media personnel from taking pictures or videos of the incident.
The Police had earlier urged residents to shun activities that could jeopardize peace in the state during the 64th Independence Day celebration, with the Commissioner of Police, Olatunji Disu, promising adequate security during the celebration, and deploying personnel to many strategic places in the city.
The protest in Port Harcourt met with stiff opposition from fierce-looking policemen who had arrived at the scene of the protest on time.
As protesters were gathering at the popular Pleasure Park on the busy Port Harcourt-Aba Expressway, the policemen arrived with some youths suspected to be political thugs, chased the protesters out of their meeting point, and took over the area.
Undaunted, the resolute protesters started regrouping at the Rumuola area but the same officers came and dispersed them.
The police mounted heavy security checks on the two locations and other areas suspected to be a new meeting ground for the protesters.
Coalition alleges arrest of leaders in Kano
In Kano, a coalition and pan-Nigerian movements, under the aegis of Nigeria Patriotic Front Movement, NPFM, Northern chapter, alleged that five of its leaders were arrested.
In a statement by Mr. Al-Amin, the NPFM identified those arrested as Mr. Abdulmajid Daudu, Mr. Yusha’u Sani Yankuzo, Mr. Amina Bello, Mr. Sani NaRogo, Mr. Anas and Mr. Abdullahi.
The coalition alleged that those arrested were taken away by the Police to Abuja under the instructions of the National Security Adviser, NSA.
“Mr. Abdulmajid Yakubu Daudu left his office this afternoon (Monday) at around 2:30 pm to attend a meeting with Kano State Commissioner of Police at the Bompai Headquarters of the Force. ‘
He was with four other members of the NPFM when he left his office for the meeting with the commissioner. As of 7: 42 pm, Mr. Abdulmajid and his colleagues have not returned. Their whereabouts is unknown. All efforts to reach them have proved abortive.
“We urge comrades across the country to help us raise the alarm until Comrade Abdulmajid and his colleagues safely return home.
“The growing state of political repression in the country makes this call for Kano State Commissioner of Police to produce Abdulmajid and his colleagues more urgent,” the coalition said.
Abdulmajid and his colleagues were said to have over the weekend, addressed a press conference in Kano, declaring commencement of a nationwide National Survival Day protest on October 1, 2024.
The central concerns regarding the protest are the cost of living crisis and the endemic bad governance in the country.
Among the demands raised by Abdulmajid were fuel overpricing, food inflation, high cost of governance, grand corruption; persistent insecurity, re-nationalisation of Nigerian National Petroleum Company Limited, NNPCL, and electricity distribution services, DISCOs, among others.
Panic, crackdown in Abuja
In Abuja, the police fired canisters of tear gas at hundreds of protesters participating in the #FearlessInOctober demonstration against poverty, hardship, and bad governance.
The first crackdown, which occurred in the Jabi and Utako areas of the FCT, forced residents and protesters to scamper for safety.
Eye-witnesses reported seeing protesters injured during the police crackdown, but organisers have not released an official casualty count.
Demonstrators carried banners and placards, with such inscriptions as “We are hungry” and “Enough is Enough – Revolution Now.”
Before they were dispersed, one of the protesters was heard saying “the Nigerian government seeks to repress, suppress, and oppress the Nigerian people to the point where they become too afraid to express their fundamental rights.
“However, today (yesterday), we are showing the government through our actions here that our voices can never be silenced. The government should not expect us to remain quiet in the face of our poverty, suffering, insecurity, and poor leadership in every sector.
‘’A bag of rice costs about N100,000, and we are buying fuel at over N1,000 (per litre). And you say that is not enough? No.”
Protesters started gathering at the Utako Market in Abuja as early as 7 am for the protest but Policemen dispersed them at about 8:54 am.
Eagle Square sealed off
In like manner, security forces sealed off Eagle Square, a popular national venue, and dispersed demonstrators, escalating tensions between protesters and the government in the nation’s capital.
The crackdown, involving police and military personnel, blocked access to the square, a strategic location near the National Assembly and Presidential Villa that symbolizes Nigeria’s seat of power.
Even though it was not used for Independence Day celebrations, the government’s decision to seal off Eagle Square has raised concerns among protesters about their freedom of assembly and expression.
Security agents were patrolling Abuja, searching for protesters as of press time.
Eagle Square’s significance lies in its role as the venue for presidential inaugurations, independence celebrations and historic gatherings.
Sowore leads action in Lagos
Amid tight security, Sahara Reporters Publisher, leader of Revolution Now Movement, and convener of #EndBadGovernance in Nigeria, Omoyele Sowore, led a coalition of civil society groups in a peaceful demonstration in Lagos, with a demand for good governance in Nigeria.
Tagged: “National Day of Survival” the organisers said the demonstration was a message to the authorities and in protest against the excruciating hardship, poverty and hunger imposed on citizens by President Bola Tinubu’s administration.
The protesters, who shut down Ikeja environs, chanted anti-government slogans and displayed placards with various inscriptions, lamenting the plights of Nigerians and decrying the insensitivity of governments.
Some placards read: “Tinubu’s economic reform is a scam’’, ‘’Reduce petrol price to N195 per litre’’; End scarcity,” among others.
At least 27 CSOs joined in the demonstration which started at about 8 am, as protesters gathered under-bridge Ikeja where they marched along Awolowo Way towards Alausa Secretariat, Ikeja, enroute Gani Fawehinmi Freedom Park, Ojota, under the watchful eyes of armed security personnel.
Speaking, Sowore said: “We have called out Nigerians to exercise our rights. The independence that was granted in 1960 has become a burden on ordinary Nigerians. The independence was from colonialism. Today, October 1, we have called out Nigerians for actions to get real independence and that starts from today (yesterday) to liberate ourselves.
“This country needs a revolution. We need a revolution to liberate ourselves from the shackles of oppression by our leaders. I have come back home to be part of the masses, to kick against imperialism in our country.”
…And Hassan Taiwo
Earlier in his remarks, the Coordinator of Lagos Movement, Hassan Taiwo, also known as Soweto, reeled out protesters’ 10-point demand for President Tinubu’s administration to meet.
He said: “The rules of this protest are clear. So far, there is no violence, we are not using thugs, we have the right to protest, and the police are with us. Refuse to be provoked. This is our struggle. We are the victims.
“Time has come for the people to speak out. This is a struggle to liberate Nigerians from the clutches of vampires in power. That struggle will not stop even if he (the President) answers our demand for a reversal of fuel pump prices. This struggle will only end when we send the looters away.
“When they say we were committing treason with the #EndBadGovernance protest in August, we will commit that treason again. Any government that does not rule in the interest of the Nigerian people has no reason to be in power. We are free citizens, and have the right to say the truth. Any government that imposes policies that punish the people has no reason to be in power.”
At the Gani Fawehinmi Freedom Park, different speakers spoke against bad governance, advocating the emancipation of Nigerian people, 64 years after colonial independence.
Among the speakers was the National Coordinator of the “Take It Back Movement,” Juwon Sanyaolu.
Demands
The protesters’ demands include rejection of IMF neo-liberal policies; reversal of hike in fuel price and electricity tariff back to pre-May 29, 2023 levels, making government-owned refineries work to guarantee affordable fuel products, reducing food prices, supporting farmers to ensure sustainable food production, ending insecurity, banditry, terrorism and violent crimes, prosecuting culprits and their sponsors.
Others are a robust security architecture and adequate support for soldiers at the front and their families; release of Adaramoye Michael Lenin, Mosiu Sodiq, Daniel Akande and all #EndBadGovernance protesters, activists, journalists, whistle-blowers and other victims of state repression unconditionally; implementing N70,000 new national minimum wage at all levels, and reducing the cost of governance.
Some of the CSOs in attendance include Socialist Labour, Campaign for Democratic and Workers Rights, CDWR; Movement for African Emancipation, MAE; Centre for Human and Socio Economic Rights, CHSR; Initiative for Better and Brighter Nigeria, IBBN; Gani Fawehinmi Memorial Organisation, Gafamorg; Committee for Defense of Human Rights, CDHR; Front line Socio-Economic Research Centre; and Plebeians Against Human Right Abuse, PAHRA.
Protest rocks Ondo
Some residents of Akure, the Ondo State capital, joined the protest against economic hardship in the country.
They were led by human rights activists, under the aegis of #RevolutionNowMovement.
The peaceful protest took off at the popular Cathedral Church junction in Akure metropolis.
Chanting anti-government songs, the protesters asked President Tinubu to address the issue of hunger, high pump price of petrol and electricity tariff in the country.
The combined team of armed police officers and men of the State Security Services, DSS, monitored the protest and prevented it from being hijacked.
Commercial drivers and motorcyclists joined the protest, crying out over the disparity in the prices of fuel at filling stations in the state.
They demanded immediate action on the high cost of staple foods and inflation.
Addressing newsmen at the protest ground, one of the leaders, Kunle Wiseman Ajayi, accused the government of not being sensitive to the needs of Nigerians in the face of the economic challenges.
Ajayi said the various “anti-government policies” of the current government have further plunged the country into economic crisis, noting that Nigerians could no longer bear the hardship.
Also speaking, Seyi Ogundipe, an activist in the state, said the economic hardship in the country has worsened the plight of many Nigerian youths who are self-employed.
Ogundipe noted that if the situation was not addressed, the resulting high rate of unemployment would lead more youths to crime.
Despite the protest, residents went about their daily routines in the state without disturbance.
Meanwhile, the state police command, in a statement by the spokesperson, Funmi Odunlami, urged “the people of the state to continue to be patriotic and not join any organization or group that may want to disrupt the historical celebration of our dear nation.”
Odunlami added: “The commissioner of police had ordered that all security apparatus of the police be activated to ensure the celebration is hitch-free and that no untoward incident is recorded.
Kaduna calm as youths shun October protest
In Kaduna, there was calm as youth groups shunned calls to stage another protest against hardship and bad governance in the country.
People were seen attending to their normal businesses without any fear or intimidation, while youth associations and students were moving to the stadium to celebrate Independence Day.
Although police and other security agents were deployed to strategic areas within the state capital, they were just watching people’s movement and vehicular traffic as there was no untoward development as at press time.
On Monday, the Coalition of Civil Society Groups, representing both indigenes and non-indigenes residing in Kaduna State, distanced themselves from the protests and urged Kaduna residents not to join.
Dialogue with protesters, UAFCS urges govt
Meanwhile, organised civil society, under the umbrella of the United Action Front of the Civil Society, UAFCS, also yesterday, called on the federal government and other sub-national governments in Nigeria to urgently initiate dialogue with leaders of the #Fearless October nationwide protests against hunger and hardship to avert another round of costly mass action in the country.
In a statement by Chief Olawale Okunniyi, head of the coordinating secretariat, the group viewed government intransigence on the need to dialogue with citizens protesting excruciating hardship foisted by its unilateral and arbitrary economic policies as impolitic.
According to the group, this may cost the country so much in the event of a prolonged face-off between citizens and the government.
Consequently, it offered to help in facilitating a strategic dialogue between the government and leaders of the citizens’ action if it was acceptable to those concerned, especially the authorities.
It said: “Given our experience as leaders of organised civil society and pro-democracy movement, we are concerned that this second protests may lead to a prolonged mass action that may stall governance and well-being of the country for a long time.
‘’ We, therefore, wish to urge the Inspector General of Police, Mr Kayode Egbetokun, to ensure his men complied with ethical and acceptable security practice of managing civil protests universally, especially in refraining from the application of lethal weapons or coercive force during protests.
‘’This is not to aggravate the disagreement and turn the peaceful protests of citizens into unwanted and unintended violence and riots.
“Similarly, we wish to counsel the government to learn to involve credible leaders of the organised civil society and leaders of citizens’ action in its implementation of some of the demands of the nationwide protests for veritable awareness of the Nigerian public and optimum results.
“For instance, our monitors recently stumbled on the opaque implementation of free – subsidised conversion of vehicles to CNG version by the government, arising from the demands of the last nationwide protests on national television and we are perturbed that the government in Nigeria only loves to indulge in ‘creating jobs for the boys’, instead of engaging in inclusive governance.”
Police authorities in Abuja have commenced investigations into allegations made on tiktok by a Lagos-based land speculator that some of their officers demanded money for the Inspector General of Police, to settle a land case he is involved in at Ibeku-Lekki area of Lagos State.
The investigation followed widespread online publication by the land speculator, aka Ibile of Ibeju-Lekki, Lagos, alleging among other things that some officers at Zone 2 Command, Onikan, Lagos, declared him wanted because he failed to provide N150million which they claimed would be given to the IGP to let him off the hook.
However, police sources said his claims were made out of desperation to evade justice after he waylaid and kidnapped the matriarch of popular Oni-Orisan family, Chief Dupe Damazio and manhandled her with his thugs over a land dispute.
It was learned that based on the assault and kidnapping of the matriarch, the case was reported at Zone 2 Command, but all efforts to invite the land speculator failed as he boasted that nobody can arrest him.
The story took a different dimension after he allegedly orchestrated an attack against some policemen, who went to invite him over the petition.
According to police claims, he went further to release a tik tok message accusing police of trying to extort N150million from him on behalf of the IGP.
Police sources in Abuja said the authorities were not taking the allegations lightly, hence he had been invited to come to Abuja and prove his case, but since then, he has been elusive.
Based on this, it was gathered that police authorities have vowed to arrest and bring him to Abuja based also on his claims that many top officers were on his payroll and herhaps explains his refusal to honor the invitation extended to him.
Meanwhile, the family of the kidnapped and manhandled matriach has called for the urgent intervention of the Attorney General of Lagos State in suit between Sikiru Oni Orisan and four others vs China Harbor Company Ltd.
In a petition by Ezekiel Upular, the family said that the judgment delivered in their favour and a Lagos State Government gazette of village excision that the vast land at Oju Ota village, Oko Oni Orisan which belongs to their client had not been honored.
The family said that it has been discovered that a faction of their family had carried out the execution of the court order of same land and was trying and out of desperation to use the office of the Directorate of Public Prosecution, DPP, to interpret and undermine the execution of earlier judgment in their favour.
Barely a few hours after President Bola Tinubu and Governor Babagana Zulum, in their independence messages, assured farmers of adequate security, no fewer than five were slaughtered by Boko haram terrorists, at Ngoshe Community in Gwoza Local Government area of Borno State.
Sources revealed that five of the abductees were slaughtered, in addition to the killing of a Civilian Joint Task Force, CJTF, member, Jubril Zarana, who actively participated with security agents to foil the attack.
A reliable source said “We sorrowfully announce the abduction of about 15 farmers, including children, women, young and elderly, by Boko Haram terrorists in Ngoshe, Gwoza LGA.
“The attack also resulted in the death of CJTF member, Jubril Zarana, and five other civilians. The terrorists ambushed the farmers while they were busy on their farms.
”The security agents ( Army and CJTF) tried their best to protect the people but they could not hold them for long.
“Jubril Dada Zarana was killed while defending his people, while the other victims were abducted alive.
“After terrorists took the victims to their base, they mercilessly slaughtered five people, including Isa Musa Moh’d Diyara, Doglas, Salawuddin Suleman Dauda Lawan, Maryam Gwambran, Matan Kaka Mobil Aga and Baba Amos
“The Boko Haram terrorists later released three women captives. The released women stated that the other victims were held hostage by the terrorists, including Anna Andrew Gadzawaga, Hauwa Braga and two little unidentified boys.
“Moreover, some of the missing victims are Babawo Kanin Shagari, Ummi Trabos and Babson Yaron Teacher, among others.
“Dear Gwoza concerned citizens, please include our people in your prayers as they endure this helpless situation.
“It is an Independence Day, a day of celebration of freedom, human rights, progress and unity but for our people, its a day of sorrow, despair, helplessness and total dilemma.
“Our people are severely suffering due to lack of essential life supports but they have chosen to remain in their fatherland because of the love they have for it.
“Neither government nor NGOs are providing them with food supplies. The little farming they do to survive, they have to put their lives on the line in order to harvest what they have planted.”
Cabinet reshuffle: ‘Consider El Rufai, Shehu Sani, Bart Nnaji, Mamora, others for appointment’
AFOLABI
As President Bola Tinubu has made his intention known on his plan to reshuffle his cabinet for service delivery and success, a group, the Mandate Protection Vanguard (MPV), has said that there is an urgent need for him to consider experienced and highly skilful human resource personnel as ministers in the coming cabinet.
The group in a statement signed by its Co-ordinator, Comrade Gbenga Soloki sent to Vanguard, said “There is no doubt that several egg heads abound across the six geo-political zones that can add value and acceptability to the government.”
“While no one is begrudging Mr President for appointing politicians and close allies as ministers and ministers of state, there are several other qualified Nigerians who have excelled in both private and public services, while some have served at the state level, others have been privileged to operate at the federal level.
“The present economic challenges in the country deserve the services of credible and economically savvy ministers, who can deliver on their core areas of competence to make the programmes and projects of the administration popular and to achieve far-reaching results that will ultimately rescue the country out of the present quagmire.
“Firstly is, Mallam Nasir el Rufai, who the group described as a cerebral politician from the northern part of the country, saying that though trained as a quantity surveyor, he obtained a master’s degree in public administration from Harvard University.
“He was Director General of the Bureau of Public Enterprises, minister of Federal Capital Territory and the immediate past Governor of Kaduna state.
“Another person is Senator Shehu Sani, who is one of the few personalities from the northern part of the country that joined forces with pro-democracy activists to fight for the restoration of democratic rule in the country,” the group said.
“Ye another personality is the one-time minister of power in Nigeria, Prof Bart Nnaji. No doubt, Bart Nnaji is a seasoned administrator, who is also experienced in the power generation sector. He is a professor of Electrical Engineering, who was the minister of power, special adviser on power to the president and the Chairman of the Nigerian Electricity Regulatory Commission (NERC).
The group also suggested Senator Adeleke Mamora, a medical doctor, former speaker of the Lagos State House of Assembly, a senator and former minister in the Buhari regime.
According to Adebola, Dr Mamora is a cool-headed professional medical doctor with vast experience and considerable attachment to his callings.
“Another candidate is Ojo Samuel Olukunle, a seasoned technocrat, and public servant, well experienced in public policy formulation & implementation. He is a Harvard-certified public administrator, well experienced in general administration, public finance & budgeting.
“He was a permanent secretary for years in Lagos State Governor’s Office from where he was subsequently appointed a Chief of Staff to the state governor human capital development and this was one of the key legacies he left behind in that office. He is a competent administrator and expert in finance,” the statement read.