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The Federal Government has inaugurated an independent investigative panel to probe allegations of corruption and gross violations of standard operating procedures within the Nigeria Correctional Service NCoS.
The Minister of Interior, Dr. Olubunmi Tunji-Ojo, inaugurated the committee on Monday in Abuja.
He said the committee must also look at the recent allegation that some correctional service personnel had provided an alternative accommodation for convicted cross-dresser, Idris Okuneye, also known as Bobrisky.
The panel, according to the minister, became necessary to sanitize the Service towards attaining transparency and accountability.
Recall that the Minister, who is also the Chairman of the Civil Defence, Correctional, Fire, and Immigration Services Board, CDCFIB, had suspended several officers overseeing the Maximum and Minimum Custodial Centres in Kirikiri, Lagos State, following allegations of misconduct involving Bobrisky.
Dr Tunji-Ojo noted the need for a holistic approach to unravel the issues being investigated, through empirical and fact-finding processes that will proffer lasting solutions to the challenges.
“We want to reform the correctional service. Your core responsibility is to investigate specific allegations of corruption, torture, and mistreatment of inmates by correctional officers, especially the immediate one on Bobrisky which I expect to be out in two weeks,” he said.
Headed by the Permanent Secretary in the ministry, Dr Magdalene Ajani, the Minister charged the committee to uphold justice without fear or favour to any party.
The minister said: “We will rely on your legal guidance to be sure that whatever we do is in line with the law of the land.
“We will rely on you to be able to come up with a way forward, as well as facts that would be made public to Nigerians.
“I want to say this very clearly, nobody will be shielded. Nobody, no matter how highly placed, will be shielded.”
While proposing medium and long-term solutions to prevent future occurrences, the minister further charged the committee to identify systemic issues contributing to violations within the service and recommend concrete actions for immediate redress and policy reforms.
The Permanent Secretary of the Ministry, who is also the Chairperson of the Investigation Panel, Dr. Magdalene Ajani, stated that the committee would do their best to deliver on the mandate.
Members
The committee comprises Omotese Eva (Mrs.), Director Legal; Nasir Usman, Director, Joint Services; Dr. Uju Agomoh, President, Prisoners’ Rehabilitation and Welfare Action, PRAWA, who is a former Board Member of the International Corrections and Prisons Association (ICPA); and Dr. Ikechukwu Ezeugo, Human Rights Radio consultant, a Forensic Researcher and Social Impact Expert with over 27 years experience in corporate leadership.
Solomon Buchi, the life coach and relationship expert, has opened up on losing his mother to an illness 11 years ago.
In a lengthy X post on Monday, Buchi shared his thoughts on the Christian perspective on healing, emphasizing that faith should not be idolized.
He questioned the implication that lack of faith is to blame when healing doesn’t occur.
He said the way healing is spoken about sometimes promotes “idolatry of faith”, adding that a Christian can pray for healing and “not receive it”.
Buchi recounted praying and fasting for his mother’s healing, only to receive news of her passing while in church.
“I lost my loving mother 11 years ago to a ruthless unnamed illness. I prayed and fasted for her healing. In fact, I was in church when my dad called me to break the news that I was now motherless. But some Christians feel that I didn’t have enough faith or she didn’t?” he wrote.
“So it’s our fault that we lost her. The way you guys teach healing promotes idolatry of faith. Saying that God heals every time is a problematic rhetoric because why are there millions of faithful Christian bedridden and frail? Why haven’t you gone into hospitals to heal everyone?
“Faith is total belief in what God can do, but our faith is still subject to a sovereign God. A faithful Christian can pray for healing and not receive it. Why? Only God knows. When I lost my mother, I rested in the knowledge that God is good regardless of what happens.
“Sometimes God’s healing isn’t the immediate clearance of sickness; sometimes it’s the grace to live with it and function properly. God’s grace is always present even when we’re in pain. It’s not always the instant healing we seek. Sometimes, it’s grace to go through hard times.”
[TheCable]
Social media activist, Martins Otse, popularly known as VeryDarkMan, has disclosed how he obtained the controversial phone recording of cross-dresser, Idris Okuneye, popularly known as Bobrisky.
He said that he got the recording from someone whom Bobrisky owed money, as he submitted part of the recording to the committee investigating the allegation.
VeryDarkMan revealed this on Monday, when he presented himself before a House of Representatives panel investigating bribery allegations involving the Economic and Financial Crimes Commission (EFCC) and the Nigerian Correctional Service (NCoS).
Officials of the EFCC and the NCoS were present as the Committees on Financial Crimes and Reformatory Institutions commenced an investigation into allegations of bribery and corruption levelled against the anti-graft agency and the prison service by the blogger.
Naija News reports that the blogger had earlier refused to speak after noticing that Bobrisky, who was also invited, had sent a lawyer and refused to make an appearance.
However, lawmakers countered the blogger’s submission, moved a motion compelling him to make an address on the subject matter of the voice recording which he released.
The blogger remained adamant, insisting that his lawyer would speak instead despite the committee’s threat to invoke legislative powers and order his arrest right away.
But his lawyer prevailed on him to address the committee.
Nigeria On The Brink Of One-party Dictatorship, Opposition Parties Must Form Coalition – Atiku
AFOLABI
Former Vice President of Nigeria, Atiku Abubakar, on Monday, declared that the country is currently on the brink of a one-party dictatorship.
He, therefore, called on leaders of the opposition parties in the country to come together and form a coalition to prevent this from happening.
Atiku made the observation and call in a statement on Monday on the occasion of the nation’s 64th Independence anniversary celebration.
According to the 2023 presidential candidate of the Peoples Democratic Party (PDP), the founding fathers of the country made great sacrifices to keep the country as one and the current generation must strive to live in unity as envisioned by the esteemed founders.
Atiku emphasized that the anniversary milestone is not merely a commemoration but a tribute to the indomitable spirit and unwavering resolve of Nigerians who steadfastly believe in the potential of their homeland.
While congratulating the country for maintaining its longest democratic dispensation since its creation, the former Vice President voiced the need to prevent the nation’s democracy from slipping into authoritarianism.
“Our nation has traversed numerous tumultuous phases, yet the tenacity of patriotic citizens, bolstered by the solidarity of our international allies, has fortified our resolve as a resilient entity,” he proclaimed.
“On this day, as we mark 64 years of nationhood, we take pride in the enduring establishment of democracy in Nigeria, highlighted by the longest period of democratic governance in our history.”
He added that, “While democracy has anchored our institutions in the principles of the rule of law, we have yet to achieve satisfactory progress in fostering political inclusivity and ensuring elections that are genuinely free and fair.
“Our founding fathers united under a common cause, championing our independence through peaceful, political activism. What we celebrate today is the fruition of their collective endeavors and those of subsequent generations.”
Atiku emphasized the need for opposition political parties to provide Nigerians with a credible opposition capable of steering the nation toward a promising future, even as he submitted that the current landscape reflects a troubling decline in electoral credibility, increasingly subject to the caprices of the ruling class.
“Our political milieu has become corrosive; opposition parties languish in weakness, while the ruling party appears to manipulate internal processes to render them ineffectual. Nigeria teeters on the brink of a one-party dictatorship, and it is incumbent upon all politicians and statesmen of integrity to rise and reclaim our democracy from the encroaching shadows of oppression,” Atiku declared.
Social media influencer, Martins Otse, widely known as VeryDarkMan, has made his appearance at the National Assembly alongside his lawyer, Deji Adeyanju.
He is currently attending a session with the House of Representatives Joint Committee, which is investigating serious allegations of corruption involving the Economic and Financial Crimes Commission (EFCC) and the Nigerian Correctional Services (NCoS).
Also present before the committee are representatives from both the EFCC and the Nigerian Correctional Services, as well as Bobrisky’s lawyer, Avwerosuoghene Omuvwie.
However, Bobrisky, also known as Idris Okuneye, has not yet appeared in person. His lawyer is standing in for him in the proceedings.
When given the opportunity to speak, VeryDarkMan expressed his unwillingness to address the committee, citing Bobrisky’s absence: “Today, I will not say anything because an invitation was given out to me and Bobrisky. But he is not here.
“I don’t see why I will be here and he is not. So I won’t say anything, but my lawyer will.”
Naija News reports that this development follows a controversial audio recording shared by VeryDarkMan, in which Bobrisky allegedly claimed to have bribed EFCCofficials with ₦15 million to drop a money laundering charge against her.
Additionally, the audio suggested that Bobrisky never served her six-month prison sentence for Naira abuse, instead staying in an apartment.
Bobrisky has strongly denied these allegations and has threatened to take legal action.
In response to the back-and-forth between the two parties, the House of Representatives launched an inquiry into the EFCC and NCoS to investigate the claims.
Media
The Oba Ìsèse Of Ogun state and Chairman, "Ìsèse Kingdom Of Truth Association Of Nigeria," Oba Ifarotimi Adifagbola Balogun, has expressed confidence in a brighter future for Nigerians despite the present difficulties and hardships.
Addressing journalists in Abeokuta, he expressed confidence in the present administration of President Bola Tinubu to turn things around for the better and urged citizens to be patient.
He said that traditional deities have revealed that Nigerians would have a cause to smile at the end of the tunnels, noting that Nigerians need to be patient with the present administration-led by President Bola Tinubu.
“One of the qualities of a good citizen is patience. We Nigerians should continue to exercise patience and support our leaders, especially the President, Governors and others, so that they will be able to deliver on their pledges,” he said.
Oba Adifagbola Balogun said Nigeria first, is a citizen-driven civic initiative aimed at motivating young Nigerians not to lose hope in the viability of their country, noting that the planned protest on the independence day should be shelved, especially for the betterment of the masses.
“This is our country, and we don’t have any other country. So, let us play the role of good citizens by showcasing the good about Nigeria. We have vibrant Nigerian youth who are now leading in Fintech, Nollywood, Arts and Musics and other sectors, this means like in every clime, there are good and noble people in Nigeria.
“Also, the government should come up with an economic policy that will stop traders and service providers from increasing prices of goods and services by 100 percent whenever there are fuel issues or the others.
“Let there be a price control policy and a policy that will help the government to monitor the activities of market women and other traders, thereby stopping them from charging outrageous prices for their goods and services," Oba Adifagbola Balogun stated
He described President Tinubu as an administrator with a key interest in people’s welfare, saying the long-term effect of fuel subsidy removal will be to the huge benefit of innocent Nigerians.
The Aare Onakakanfo of Yorubaland, Iba Gani Adams has called out South West governors.
He charged the Federal Government and governors of the South West region to address the spreading hunger in Yorubaland.
Gani Adams gave this charge at the end of Yoruba One Voice, YOV quarterly conference via Zoom on Sunday, urging the governors to make agriculture more attractive to the people of the region.
He said the conference with the theme ‘Rescuing Yoruba Nation from hunger, your task, my task’, was a wake-up call to both the Federal Government and the South West Governors to devise a better approach to make agriculture more attractive to the people of the region.
According to him, the rationale for the YOV’s quarterly conference is to impress upon the government at all levels to work on the best approach to solving the problem of hunger in Yoruba land.
He added that hunger across the country does not know tribe or region, adding that it is a general issue that needs urgent solution.
The monarch said Nigeria is a blessed country, stressing that Yoruba land is even the greatest beneficiary of God’s blessings.
“This is evident in the way we plant our farm produce. Within a few days, you see your seed grow with pride. All over the world, agriculture is a global business, whether micro or macro agriculture.
“The success depends largely on the need to expand the scope and advance the technological and mechanical advantage in agricultural production,” he said.
JAPA: Prosperity 'Will Come To You In Nigeria' - Pastor Kumuyi Advises Nigerians Seeking To Travel Abroad
AFOLABI
The General Superintendent of Deeper Christian Life Ministry, Pastor William Kumuyi, has a message for Nigerians planning to leave the country to seek greener pastures abroad.
Speaking during a Sunday sermon in Port Harcourt, the pastor voiced his worries regarding the increasing number of young Nigerians, especially the youths, who are departing the nation, in pursuit of better opportunities overseas.
Kumuyi urged Nigerians in this category to reconsider the decision to leave the country. According to him, it often leads to feelings of regret in the future.
The phrase ‘JAPA’ (a street slang) is commonly used among Nigerians to refer to getting away, running off, or vanishing swiftly from a scenario, usually in a rushed and pressing way.
In his sermon, however, Kumuyi, highlighted that true prosperity awaits those seeking to ‘JAPA’ within their homeland, reassuring that the blessings of God are not limited to any particular place.
“Whatever nation you are born in, the goodness of the Lord will reach you there,” Kumuyi affirmed.
The cleric reflected on the experiences of many professionals, such as doctors, engineers, and lawyers, who sought opportunities abroad but soon discovered that life outside Nigeria was not as promising as they had imagined.
He added: “Doctors go there, engineers go there, lawyers go there, professionals go there, thinking they are escaping bad things. They believe they are heading to lands of opportunities and prosperity.
“As they got there, they discovered that even to pay house rent and to feed themselves and to school their children and to have a buoyant economy for themselves is difficult; they say it was better for me when I was in my country, and they are looking for ways to come back.”
Kumuyi admonished the citizens not to overlook the potential in their own country, stating, “Goodness will come to you here. You don’t have to run away; your prosperity and progress will come right here in Nigeria.”
The cleric’s message comes as part of a broader call for faith and resilience, urging Nigerians to trust in God’s plan for their future, no matter their challenges.
Human rights activist Omoyele Sowore has released a list of non-negotiable demands to President Bola Tinubu’s government ahead of #FearlessInOctober mass protest.
According to him, these demands reflect the urgent needs of the Nigerian people and should be addressed without delay.
Sowore, who laid out the demands during an interview with Daily Trust, said that their demands from the Bola Tinubu-led government touched on the economy, jobs, security and conditional reforms.
Focusing on the release of political prisoners and economic issues, Sowore said, “We want the release of all prisoners from last demonstrations and all political prisoners, including Nnamdi Kanu; living wage for Nigerian workers; reverse removal of subsidy protections for the masses; urgently address banditry, terrorism and other security issues;
“Introduce job creation programmes targeting the millions of unemployed youth; power sector and infrastructure investments to revitalise the economy; education sector reform; restructuring and constitutional reform; judicial sector reform and electoral reforms including diaspora voting.”
He added that,”Inflation has gone up. Insecurity has increased. Our people are drowning in floods because the government failed to secure the dams. Bandits wiped out an entire village just a few weeks ago. Things have gotten worse for the Nigerian people.”
“The protests will be peaceful and they will be national, across the country. The protests will hold across all parts of Nigeria because the scale of the devastation, hunger, insecurity, and hardship that this government has unleashed on Nigerians is national. I will emphasise again that these will be peaceful protests, as they’ve always been.
“The last protests were peaceful, yet the government met the protesters with batons and bullets.
“We will not be deterred, though. Our only weapon is truth, and no amount of force or violence will prevent us from speaking truth to power,” he stressed further.
He added, “Between the last protest just two months ago and now, petrol prices have risen by almost N300 per litre. The naira has further devalued, and prices have increased in the market. Bandits have taken over and killed off entire communities. Floods are devastating our cities.
“Under these circumstances, can anyone be surprised that the Nigerian people want to voice their displeasure with this government’s failure to address the issues affecting them?” he questioned.
“We are prepared to come out to protest. We are determined to do so peacefully. I can assure you that thousands of voices will be raised in protest on October 1. The pangs of hunger and groans of pain of the Nigerian people will not be drowned out by the government.
“How does the removal of subsidy protections for the common man benefit Nigerians? We have seen petrol prices go from N197 per liter to N1,100 and Nigerians should wait? Wait for what? Wait until they are all dead from hunger and suffering?
“Why should we wait before the government reverses its wicked policies on education? Tinubu and his co-travelers in government are all beneficiaries of free and high quality public education. Yet they are denying Nigerian youth the same benefits they enjoyed. Why should we wait before the government begins to address the problems of insecurity?
“Why should we wait before workers are given a living wage? Afterall this government has continued on a buying spree – purchasing new bullet proof cars, new airplanes, yatchs and the like while telling us Nigeria is broke.
“It took them just two weeks to pass a bill and change the national anthem. They’ve demonstrated a capacity to move fast on some issues. Now we need them to move with the same speed on these pressing matters. No. The wait is over. We demand action now.”
The UK has closed the chapter on its 142-year history of coal-fired power, marking a symbolic and pivotal moment in the global shift towards cleaner energy.
As of 30 September 2024, the nation’s last coal power plant was decommissioned, making the UK the first G7 country to eliminate coal from its energy mix.
This move, occurring in the birthplace of the Industrial Revolution, not only signals the end of an era but also reinforces the global momentum towards renewable energy sources, positioning solar and wind at the forefront of the future.
The closure comes as the Organisation for Economic Co-operation and Development countries have collectively halved their coal generation since its peak in 2007, driven by the rise of solar and wind energy.
According to a report released on Monday by Ember, an energy think tank, “Coal generation in OECD countries has fallen by 52% since its peak in 2007. This dramatic decline has been largely attributed to renewable energy sources. Wind and solar were responsible for 87 per cent of the fall in coal during this period,” noted Dave Jones, Global Insights Programme Director at Ember.
According to the report, the UK is the 14th OECD country to achieve a coal-free power system, with the remaining OECD nations aiming for full phase-out by 2030.
Coal’s role in the UK energy mix has been shrinking for years. In 2012, coal made up 40 per cent of UK electricity generation, but by 2019, it was just 2 per cent, a figure that has now dropped to zero.
Jones highlighted the significance of this transition: “Once, coal power was a byword for industrial growth. Now clean energy is being used to drive industrial growth.”
The UK becomes the first G7 nation to exit coal-fired power, reports Sky News.
“The country has been burning coal to generate electricity since 1882, but the last remaining plant, in Nottinghamshire, is being decommissioned as capacity from clean alternatives has allowed it.
“The final coal-fired power station left in the UK will be shut down later on Monday amid the transition to renewable energy.
“The closure of the Uniper-owned Ratcliffe-on-Soar power station in Nottinghamshire will bring to an end a 142-year history of burning fossil fuel to produce electricity in the country,” the agency reported.
Global Shift
The decline of coal in OECD countries is mirrored by similar movements globally, as emerging economies also pivot towards renewable energy. However, some countries have yet to see rapid declines.
Ember’s report noted that “Türkiye was the only OECD country to set a new coal power record in 2023.”
Meanwhile, nations like Japan and South Korea have seen only modest reductions in coal reliance.
Despite these outliers, the overall trend is clear: as Ember reports, “Three-quarters of OECD countries are targeting a coal phase-out by 2030.”
Renewable Future
As coal exits the stage, renewable energy sources are taking over. “The rapid growth of wind and solar energy is not only replacing coal but also preparing to meet the increase in electricity demand,” said Jones, referencing the rise in electric vehicles and heat pumps across OECD countries.
The UK’s final coal plant closure symbolises a crucial turning point in the global shift to cleaner energy. With solar and wind powering the future, coal’s role as a dominant energy source is quickly coming to an end.
The Energy and Climate Intelligence Unit, in an X post on Monday, also confirmed this.
“End of an era as Britain’s last coal-fired power plant shuts down. The UK’s 142-year history of coal-fired electricity ends as turbines at Ratcliffe-on-Soar plant in
Nottinghamshire stop for good,” ECIU UK posted.
PUNCH Online reports that Ember is an energy think tank that aims to accelerate the clean energy transition with data and policy. Ember is the trading name of Sandbag Climate Campaign CIC, a Community Interest Company registered in England & Wales #06714443. ‘Ember’ and ‘Sandbag’ are trademarks held at the United Kingdom and European Union Intellectual Property Offices.
Renewable, Clean Energy
Meanwhile, the G7 (Group of Seven) is an intergovernmental organisation consisting of seven of the world’s largest advanced economies: the United States, Canada, the United Kingdom, Germany, France, Italy, and Japan. It meets annually to discuss global economic issues, international security, and policies related to trade, climate change, and other global challenges.
A renewable future refers to a shift towards energy systems powered primarily by renewable sources like solar, wind, and hydropower, instead of fossil fuels. It represents a sustainable path to reducing carbon emissions, combating climate change, and securing long-term energy independence for economies worldwide.
Likewise, clean energy refers to energy produced from sources that do not emit pollutants or greenhouse gases, such as solar, wind, hydro, and geothermal. It plays a crucial role in reducing environmental impact, promoting sustainability, and supporting global efforts to transition to a low-carbon economy.
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The Director of the Abuja School of Social and Political Thoughts, Sam Amadi, has asserted that former President Olusegun Obasanjo had even more opportunities to fix the country’s challenges while he was in power but failed to do so.
Amadi asserted this while responding to a post on social media where a netizen [Gen_Buhar] alleged that Senator Rasheed Ladoja was illegally removed as Oyo State governor in 2006 for refusing to release N15 million out of the state’s monthly security vote to Lamidi Adedibu.
In a video clip he shared, Gen_Buhar captioned: “Jan 2006: Sen Ladoja was illegally removed for refusing to give N15m of the state’s N65m then monthly security vote to Adedibu.
“Obasanjo who now has solution to every problem Nigeria is facing was the President who gave Adedibu govt backing but because we are a people of very short memory, he’s being worshipped today.
“Obasanjo was also angry with him for standing against his failed 3rd term agenda.”
Responding, Amadi wrote on X: “Terrible. Obasanjo had opportunity more than any other person to change Nigeria. But he failed to achieve it because of personal moral failings.”
Watch the video clip below:
Media
Credit to the government surged by over N11 trillion in the month of August 2024, as high interest rates make government securities more attractive to investors.
This is according to the latest money and credit stats data of the Central Bank of Nigeria (CBN).
The CBN data also shows that credit to the government accounts for 29.4% of N105.88 trillion net domestic credit in August as the government continues to rely more on local borrowing to fund its expenditures.
This was as the private sector experienced a slight decline in credit as debt repayment intensified, buttressing the impact of rising interest rates, which have made borrowing more expensive for businesses while driving greater interest in government securities.
What the data shows
- In August 2024, credit to the government reached N31.15 trillion, a sharp increase from the N19.83 trillion recorded in July 2024.
- This marks a significant growth of N11.33 trillion or 57.1% in just one month. The surge in government borrowing reflects the increasing attractiveness of government securities, driven by higher yields resulting from persistent interest rate hikes by the CBN.
- By comparison, in August 2023, government borrowing stood at N22.51 trillion, meaning that in the space of one year, government credit has risen by 38.5%, affirming the growing reliance on debt to finance public expenditure.
Declining private sector debt
- While the government is increasingly tapping into credit markets, the private sector appears to be retreating. Credit to the private sector in August 2024 stood at N74.73 trillion, a slight decrease from N75.51 trillion in July 2024. This marks a reduction of about N780 billion, or 1.03%. Though the decline is relatively modest, it reflects the broader trend of businesses struggling to cope with rising borrowing costs as the CBN continues its monetary tightening.
- In August 2023, private sector credit was significantly lower at N56.95 trillion, highlighting that while there has been an overall increase in private sector borrowing over the past year, the rising cost of debt is starting to weigh on businesses’ willingness to expand credit further.
The hike in Interest Rates
The CBN, under Yemi Cardoso, increased the monetary policy rate (MPR) five times to combat inflation and foster economic stability.
The first hike increased the rate from 18.75% to 22.75%, the second to 24.75%, the third to 26.25%, the fourth to 26.75%, and most recently in September 2024, the Monetary Policy Committee (MPC) raised the rate by 50 basis points to 27.25%.
These increases, totalling 850 basis points since Cardoso’s appointment, have been driven by efforts to tackle the country’s persistent inflation challenges, which include high core and food inflation.
The CBN’s tightening monetary policy has reshaped the dynamics of credit allocation in Nigeria. Rising interest rates have made government securities more attractive to investors, as higher yields offer better returns with relatively lower risk compared to private sector lending. This has led to a surge in government borrowing, while businesses, facing higher borrowing costs, are more cautious.
However, there are concerns that prolonged tight monetary policy could stifle economic growth, especially if businesses are unable to access affordable credit to finance expansion and investment.
Also, although government securities have become more attractive due to higher yields resulting from persistent interest rate hikes by the CBN, the government is not exempt from the pressures of increased borrowing costs.
As interest rates continue to rise, the government will have to pay more to service its debt, particularly on new issuances of bonds and treasury bills. This could strain public finances further, as the cost of servicing debt could consume a larger portion of government revenue, leaving less room for critical expenditures such as infrastructure projects, social services, and other development initiatives.
What you should know
The Bola Tinubu administration has relied mostly on the domestic debt market, especially treasury bills, to fund short-term obligations, a huge departure from the Muhammadu Buhari administration, which relied mostly on the CBN’s Ways and Means Advances.
Nairametrics earlier noted that Nigeria has a total Treasury Bills (T-Bills) debt of N10.4 trillion, a 60% rise in just three months, according to data from the Debt Management Office (DMO).
The CBN also incurred an estimated N1.55 trillion in interest payments for the 12 successful T-Bills auctions conduced in the first six months of 2024.
The interest costs in 2024 were approximately 654.7% higher than the N205.63 billion recorded the same period of the previous year.
Data from the apex bank reveals that the apex bank has sold Treasury Bills worth N8.4 trillion in the first half of the year for tenors ranging from 91-days, 182-days and 364-day bills. The stop rate, which is the interest rates accepted from the bids on offer, ranged from as low as 2.44% for some 91-day bills to as high as 21.49% for 364-day bills.
The Lagos Chamber of Commerce and Industry (LCCI) recently lamented the effect of high interest rate of CBN’s Treasury bill noting that it is drying up funds from the private sector into government’s treasuries.
The Director-General of the Centre for the Promotion of Public Enterprise (CPPE), Dr Muda Yusuf, called on the CBN to expedite the window of development finance for businesses to mitigate the effect of the high monetary policy rate in the country. He noted that businesses need the single-digit interest rate to drive the Nigerian economy.
Also, the President of the Dangote Group Industries Ltd, Alhaji Aliko Dangote stated that no economic growth will happen unless the bank interest rate at 30% decline. He further called for the protection of local industries, especially in manufacturing, across the country.
However, Yemi Cardoso, the Governor of the CBN earlier emphasized the necessity of maintaining higher interest rates to address the persistent inflation issues plaguing the Nigerian economy. Cardoso stated that tighter monetary policy accompanied by higher interest rates was at their disposal to solve the challenges of high inflation.
[Nairametrics]
17 Governors Initiate Committees To Implement ₦70,000 Minimum Wage Across States (Full List)
AFOLABI
Seventeen state governors have established committees to implement the new ₦70,000minimum wage for workers across Nigeria.
The states taking action include Ogun, Ekiti, Sokoto, Kebbi, Osun, Enugu, Borno, Zamfara, Kogi, Kwara, Gombe, Kano, Taraba, Delta, Rivers, Jigawa, and Abia.
Naija News reports that this comes as the Federal Government began paying the new minimum wage to its 1.2 million workers last Thursday.
According to the Accountant General of the Federation, Oluwatoyin Madein, civil servants will receive the new minimum wage starting from September.
In addition, Edo, Lagos, and Adamawa states have already begun payment, while Anambra state has pledged to implement the new wage by October.
The Chairman of the Nigeria Labour Congress (NLC) in Adamawa, Emmanuel Fashe, confirmed that Governor Ahmadu Fintiri started paying the new wage as early as August, ahead of the Federal Government and other states.
Fashe, speaking to The PUNCH on Sunday, revealed that within three weeks of President Bola Tinubu signing the new minimum wage bill into law in July, the Adamawa State government began implementing the payments in August.
Fashe explained that local government workers in Adamawa began receiving the new wage in September, following updates to the August payroll.
Governor Chukwuma Soludo of Anambra has also announced that his state will start paying the ₦70,000 minimum wage from October 2024.
He made this known during a meeting with public school principals and headteachers, promising further reforms in education, including refunds for school fees already paid.
Governor Soludo said, “From next month, we hope to start paying the new minimum wage of ₦70,000. Also, from next week, a free education policy will be available to senior students in all public schools in Anambra. Students in senior classes who have already paid their ₦5,000 fees for this term should be refunded and we promise to do more in human development.”
However, an NLC official speaking with The PUNCH, cautioned against celebrating this development, pointing out that the value of the ₦70,000 wage has already been diminished by rising costs.
The official questioned why the new wage implementation was backdated to July instead of May, as stipulated in the 2019 Minimum Wage Act, which states the new wage should take effect immediately after the old one expires.
“The truth is this, we should not be romanticizing people who are lawbreakers. People who are lawbreakers should not be romanticised. If the Federal Government says they want to start paying, I don’t think it is something that should be celebrated. What is it that they want to start paying? ₦70,000 that has already been eroded by the actions and policies of the government?
“If you look at the price of PMS (petrol) from the time the minimum wage was signed into law and now, you could see that you could see the deliberate actions of the government to erode the minimum wage.
“A bag of rice now is almost ₦88,000 or thereabouts. And then it means we are saying we have a minimum wage that cannot buy a bag of rice is a shameful minimum wage. So it’s a starvation wage,” he stated.
In Imo State, the NLC Chairman, Uche Chigamezu, expressed optimism, stating that discussions with the government on the new wage would begin shortly.
Similarly, Nasarawa State is ready to implement the new wage, with Governor Abdullahi Sule committed to emulating the Federal Government’s steps.
Ogun State is awaiting a committee’s report on the new wage implementation, while Ekiti State has a committee in place, though further details remain undisclosed.
Ondo State has declared readiness to pay the new wage, though Governor Lucky Aiyedatiwa emphasized the need to domesticate the law and structure its implementation.
Osun State is also in the process of developing the modalities for wage implementation, having extended palliatives for workers and reduced workdays to ease transportation costs.
Delta and Bayelsa states have not yet finalized their plans, with Delta waiting for a minimum wage chart, and Bayelsa yet to set up a committee.
In Benue, despite promises from Governor Hyacinth Alia, the state has yet to establish an implementation committee, and Sokoto and Kebbi states are working on the process to pay the new wage soon.
The governments of Enugu, Zamfara, and Kogi have also taken steps, forming committees to oversee the new minimum wage rollout.
Kwara State has set up a committee to work on consequential adjustments, though no payments have been made yet. Gombe State is waiting for a consequential adjustment table from the Federal Government, and in Kaduna, NLC Chairman Suleiman Ayuba confirmed that negotiations for the new wage are yet to begin.
In Kano, the state government is awaiting the report of its advisory committee, which will be submitted after the Independence Day celebrations.
Meanwhile, Taraba State has also formed a committee led by the State Head of Service to handle the wage implementation process.
64th Independence Anniversary: Despite economic challenges, Nigerians have much to celebrate - says APC chieftain
AFOLABI
Frmer director-general of the Voice of Nigeria (VON), Osita Okechukwu, has urged Nigerians to count their blessings as the nation marks its 64th Independence Anniversary on Oct. 1.
Mr Okechukwu, a founding member of the All Progressives Congress (APC), made this statement on Sunday during an interview with journalists in Enugu.
He stated that the occasion called for sober reflection, notwithstanding the prevailing socioeconomic realities in the country.
According to him, despite the economic challenges, Nigerians still have much to celebrate.
“I was five years old by Independence in 1960; and it is good when we introspectively look inward and count our blessings.
“Among such blessings is a united country; a burgeoning population dotted especially with youth’s demographic advantage, more universities, tertiary institutions, secondary and primary schools, more hospitals, roads, and railways, among others.
“I honestly thank Almighty God,” he said.
Mr Okechukwu noted that Nigeria was on the threshold of an era when “policies of public interest and common good will triumph over selfish policies of planlessness.”
He described Nigerians as good followers, adding that, in no distant time, things would change for the better.
“My take, with due respect to our leaders, is that our previous leaderships had good intentions but lacked the political will to commit class suicide.
“For without class suicide, how can leadership utilize our abundant human and material resources to lift millions out of poverty and effectively ignite Nigeria’s rapid revitalisation?” he asked rhetorically.
The federal government had declared Tuesday, Oct. 1, a public holiday to mark the nation’s 64th Independence Day anniversary.
The government also urged Nigerians to meditate, pray, and, if possible, fast for the turnaround of the nation’s fortunes.
(NAN)