Latest News
FEATURES
The House of Representatives has told Aliko Dangote, the owner Dangote Refinery, to disclose the cost he is selling petroleum from his refinery to NNPC Limited and other major marketers.
The lawmakers also asked NNPC to disclose the amounts the refinery is paying for crude oil.
This resolution followed a motion moved by Oboku Oforji on Thursday during plenary.
There has been dispute between NNPC Limited and Dangote Refinery over the cost per litre of petrol from the refinery.
NNPC Limited has claimed to be buying petrol at N898/litre from Dangote, however, the refiner disputed the figure, stating that it is selling less than the amount.
To address challenges surrounding the distribution of its products, the lawmakers urged the management of Dangote Refinery to build, acquire or partner to get Tank Farms or depot across the geo-political zones in the country.
In the motion, Oforji commended the refinery for its impact on energy sovereignty of the country.
“Nigeria is driving towards energy self-sufficiency, cost and foreign exchange savings, meeting the increasing demand for fuels, attraction of foreign capital investment, generation of Forex through export of finished product,” he said.
To achieve sustainability, Oforji said Dangote Refinery should sell products directly to the independent marketers.
The motion was adopted unanimously by the lawmakers
The Economic and Financial Crimes Commission (EFCC) has disclosed that former Kogi State governor Yahaya Adoza Bello allegedly used state funds to purchase prime properties in both the United Arab Emirates (Dubai) and Abuja, Nigeria.
In a fresh 16-count charge filed against him, Yahaya Bello was said to have used over five million Dirhams to acquire a property in Khalifa, Municipality, Dubai.
In count two, Bello, Umar Shuaibu Oricha and Abdulsalami Hudu were alleged to have sometime in 2023, in Abuja, whilst having dominion over the state’s treasury, dishonestly used the total sum of N950,000,000.00 (Nine Hundred and Fifty Million Naira) for the acquisition of a property known as No: 35 Danube Street, Maitama District, Abuja.
The EFCC slammed fresh 16-count charge against the former Kogi state governor at the High Court of the Federal Capital Territory in Abuja along with two others.
In the charge marked: CR/7781/2024, Bello, Umar Shuaibu Oricha and Abdulsalami Hudu, are accused of spending over N110 billion of public funds to acquire several properties in Abuja and in Dubai.
The charge dated September 24 but filed on September 25, by the anti-graft agency’s lawyer, Mr kemi Pinheiro, SAN, accused Bello and co- defendants of criminal breach of trust, an offence punishable under Section 312 of the Penal Code Laws of Northern Nigeria, 1963.
Count one of the charge reads: That you, Yahaya Adoza Bello, Umar Shuaibu Oricha and Abdulsalami Hudu sometimes in 2016 in Abuja, within the Jurisdiction of this Honourble Court agreed amongst yourselves to cause to be done an illegal act to wit: criminal breach of trust in respect of the total sum of N110, 446, 470, 089.00 (One Hundred and Ten Billion, Four Hundred and Forty six Million, Four Hundred and Seventy Thousand, Eighty Nine Naira) entrusted to you”.
In count two they were alleged to have sometime in 2023, in Abuja, whilst having dominion over the state’s treasury, dishonestly used the total sum of N950,000,000.00 (Nine Hundred and Fifty Million Naira) for the acquisition of a property known as No: 35 Danube Street, Maitama District, Abuja.
In count 11, the defendants were alleged to have used over Five million Dirhams to acquire a property in Khalifa, Municipality, Dubai.
Count 14 reads: “That you Yahaya Adoza Bello, Umar Shuaibu Oricha and Abdulsalami Hudu sometime in 2021, in Abuja, within the jurisdiction of this Honorable Court, whilst having dominion over the state’s treasury, dishonestly sent the total sum of $570,330.00 (Five Hundred and Seventy Thousand, Three Hundred and Thirty United State Dollars) to account No. 4266644272 Domiciled with TD Bank, United State of America.”
Count 15 claimed that the defendants sometime in 2021, in Abuja, whilst having dominion over the state’s treasury, dishonestly sent the total sum of $556,265.00 (Five Hundred and Fifty Six Thousand, Two Hundred and Sixty Five United State Dollars) to account No. 4266644272 Domiciled with TD Bank, United State of America.
Meanwhile, the former governor in count 16 was alleged to have sometime between 2017 and 2018, in Abuja, had under his control the total sum of N677, 848,000 (Six Hundred and Seventy Seven Million, Eight Hundred and Forty Eight Thousand Naira) unlawfully obtained from Bespoque Business Solution Limited.
However, no date has been fixed for arraignment of the former governor in the fresh charges.
It will be recalled that the EFCC had in the last five months, attempted four times to put Bello in the dock to answer the N80.2bn alleged fraud charges against him but to no avail following his persistent refusal to appear before the federal high court in Abuja.
An 88-year-old Japanese man, Iwao Hakamada, has been found not guilty of multiple murders after spending almost five decades on death row.
The case that has sparked intense scrutiny of Japan’s death penalty practices sees Hakamada sentenced to death by hanging in 1968 for the murders of his boss, his boss’s wife, and their two teenage children, as well as for setting their home ablaze two years earlier.
His time on death row, lasting 46 years, is believed to be the longest for any prisoner worldwide, ending in 2014 when new evidence led to a retrial, The Guardian UK reports.
Hakamada has consistently maintained his innocence, claiming that investigators coerced him into confessing, while his lawyers argued that evidence was fabricated by the police.
Following the verdict, there was no immediate announcement regarding a potential appeal by prosecutors, according to Kyodo news agency and other media outlets. Hakamada’s defence team has urged prosecutors not to challenge the ruling, citing his age.
Koshi Kunii, the presiding judge at Shizuoka district court, confirmed that three pieces of evidence were fabricated, including Hakamada’s “confession” and clothing that prosecutors claimed he wore during the murders.
His sister, 91-year-old Hideko Hakamada, who has tirelessly advocated for her brother, expressed hope before the ruling: “For so long we have fought a battle that has felt endless. But this time, I believe it will be settled.”
While prosecutors sought the death penalty once more, legal experts suggested that Hakamada was likely to be acquitted, referencing four other postwar retrials in Japan that resulted in overturned convictions for death row inmates.
Hakamada, who experienced significant physical and mental decline during his incarceration, was absent from the courtroom during the ruling and was represented by his sister.
The case’s outcome depended heavily on the credibility of bloodstained clothes that prosecutors claimed Hakamada wore at a miso factory where he worked as a live-in employee.
In March 2023, after prolonged legal battles, the Tokyo high court ordered a retrial, indicating the strong likelihood that the clothing had been planted by investigators. Defence lawyers contended that DNA tests on the clothing confirmed the blood did not belong to Hakamada.
Initially, the high court chose not to reopen Hakamada’s case, a focal point for opponents of the death penalty, but reversed this decision following a Supreme Court order to reconsider it in 2020.
On the day of the ruling, hundreds lined up outside the district court in hopes of securing a seat, with supporters holding banners demanding Hakamada's acquittal.
Initially denying involvement in the crimes, Hakamada later confessed after what he described as a brutal police interrogation involving physical abuse. His case has been highlighted as an example of the flaws within Japan’s criminal justice system and the cruelty inherent in capital punishment.
In Japan, one of only two G7 countries that retains the death penalty alongside the US, inmates are notified of their execution just hours in advance and are denied the opportunity to consult with their lawyers or families. Their final discussions typically occur with a Buddhist priest.
Boram Jang, an East Asia researcher at Amnesty International, expressed joy at the ruling: “We are overjoyed by the court’s decision to exonerate Iwao Hakamada.”
N15m bribery allegation: Suicide Is Coming To My Head, Haters You Won – Bobrisky writes on suicide
AFOLABI
Embattled Nigerian crossdresser, Idris Okuneye aka Bobrisky, has stated that he is nursing suicidal thoughts.
Naija News reports that the media personality is enmeshed in a bribery scandal involving the Economic and Financial Crimes Commission (EFCC).
Recall that social media activist and influencer, Martins Vincent Otse a.k.a VeryDarkMan, had accused Bobrisky of bribing some EFCC officials with the sum of ₦15,000,000 to drop the money laundering case against him and also keep him in a private apartment instead of a normal prison during his jail term for money laundering.
VeryDarkMan had made the allegations in a now-viral video trending on various social media platforms.
He released an audio to back his claim.
In the audio, Bobrisky told an unidentified person in a phone conversation that he paid some unnamed officials of the commission the sum of ₦15,000,000( Fifteen Million Naira only) for them to drop money laundering charges against him.
In reaction, the EFCC chairman, in a statement released on Tuesday through the spokesperson of the anti-graft agency, Dele Oyewale, said a team of investigators have been put together to investigate the allegations.
Oyewale added that both Bobrisky and VeryDarkMan have been invited to appear before the commission for questioning at its Lagos office.
Taking to his Instagram page today, September 26, Bobrisky said the whole saga is making him think about suicide.
He lamented that people are trying to pull him down because of hatred.
Justice Haleemah Salman of the Kwara State High Court has declared the five accused individuals responsible for the Offa robbery cases guilty of unlawful firearm possession, robbery with a weapon, and negligent manslaughter.
Justice Salman gave the verdict on Thursday while presiding over the case.
She sentenced the accused persons to death.
Naija News recalls that the Offa robbery incident happened in 2018.
Barely two years ago, a witness in the case, Shamsudeen Bada, accused men of the Intelligence Response Team (IRT) led by embattled DCP Abba Kyari of torturing him.
According to Baba, the police operatives tortured him to implicate former Senate President Bukola Saraki in the bank robbery.
The former Vice Chairman of Irepodun Local Government Area of Kwara State stated this at the Kwara State High Court.
He recounted his experience during the resumed trial of the suspects in the robbery case in Ilorin, the state capital.
Police had charged five suspects, Ayoade Akinnibosun, Ibikunle Ogunleye, Adeola Abraham and two others to court.
Naija News learnt that the suspects were charged with criminal conspiracy to rob the banks, murder of nine policemen and other citizens, and illegal possession of firearms.
Baba, during cross-examination in court, said while in detention, the Abba Kyari-led IRT operatives promised them they would be freed if they named Saraki as their sponsor.
Cabinet Reshuffle: 11 Ministers May Lose Their Jobs, Gbajabiamila Could Be Replaced With Fashola – Source
AFOLABI
The Presidency has confirmed that a cabinet reshuffle is on the horizon, indicating that up to 11 ministers could soon be relieved of their positions.
This development was shared during a media briefing at the Presidential Villa in Abuja by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.
Joining Onanuga at the briefing, O’tega Ogra, Senior Special Assistant to the President on Digital and New Media, did not provide a specific timeline for the reshuffle but hinted that an announcement could be made later this week.
Insiders who spoke with Guardian noted that the long-anticipated changes were postponed following the conclusion of the Federal Executive Council (FEC) meeting on Monday.
“It’s true President Bola Tinubu has plans to reshuffle his cabinet, but I can’t say specifically whether that will be done before the Independence celebration on October 1,” Onanuga stated, emphasizing that the President initially appointed his ministers in August of last year.
Reports suggest that Chief of Staff to the President, Femi Gbajabiamila, is among those potentially facing dismissal. While the exact details remain unclear, it has been made known that a comprehensive review of ministerial performance is underway as pressure mounts from various stakeholders for a more effective cabinet.
The platform disclosed that former minister of works and housing, Babatunde Fashola is noted to have been identified as a likely replacement for Gbajabiamila. If he declines the offer, the current principal secretary to the President, Hakeem Muri-Okunola has been identified to fill the void.
The Minister of Finance and Coordinating Minister of the Economy Wale Edun is expected to get a junior minister in the person of the Chairman, Presidential Fiscal
Policy and Tax Reforms Committee, Mr Taiwo Oyedele.
While decisive action is likely to be taken on the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, insiders note that the ministry might be scrapped due to the level of malfeasance and corruption perpetrated under the guise of intervention programmes.
Also, the Minister of Communications, Innovation and Digital Economy, Bosun Tijani, Minister of State, Environment and Ecological Management, Ishak Salaco, Minister of Budget and Economic Planning, Atiku Bagudu, Minister of Industry, Trade and Investment, Doris Anite, Minister of Interior, Olubunmi Tunji-Ojo and a few others may not be lucky in the imminent cabinet reshuffle.
According to those familiar with the imminent changes, some ministers may be moved to other ministries, while those found to have performed below par will be removed.
The insiders also noted that a minister who served under the Buhari administration will likely be returned to serve under the present administration.
The official confirmation of a cabinet shake-up comes after months of speculation since Tinubu’s first anniversary in office, as Nigerians grumble about the need for better governance performance amid economic challenges.
This is also happening against the backdrop of some ministers falling below expectations regarding his Renewed Hope agenda.
A year after President Bola Tinubu inaugurated his 45-minister cabinet, many Nigerians expressed displeasure with the team’s performance.
The House of Representatives on Thursday adopted a motion to investigate the Economic and Financial Crimes Commission (EFCC) on the allegation of receiving ₦15 million from crossdresser, Idris Okuneye, popularly known as Bobrisky.
Social media influencer, Martins Otse, popularly known as VeryDarkMan, alleged that Bobrisky, when convicted by the court for abusing the naira, allegedly served his jail term in a private residency and not the correctional center.
Following a motion titled ‘Urgent Need to investigate the disturbing allegation of corruption against the Economic and Financial Crimes Commission (EFCC) and the Nigerian Correctional Service‘ by Hon Patrick Umoh, the House resolved to set up a committee to probe the allegation against EFCC.
The motion by the Ikot Ekpene/Essien Udim/Obot Akara federal constituency member read in part:
“The House notes the disturbing and widely circulated publication emanating from Martins Vincent Otse (also known as VeryDarkMan) against critical Nigerian law enforcement institutions; the Economic and Financial Crimes Commission (EFCC) and the Nigerian Correctional Service;
“Also notes the publication alleges that the Economic and Financial Crimes Commission (EFCC) dropped money laundry charges against Idris Okuneye (also known as Bobrisky) upon collection of the sum of Fifteen Million Naira (15, 000, 000):
“Further notes that the publication alleges that Idris Okuneye, upon conviction for abuse and defacing of the Naira, by the court did not serve his time at the Nigeria Correctional Service, but was lodged outside the confines of the Service.”
The motion further “Urge the House to set up an ad-hoc Committee comprising of persons of unquestionable integrity to immediately probe the allegation and report to the House within 3 legislative weeks.”
Source: Terry Ikumi
…Taps 30% of Tetfund income to fund NELFUND
…To deploy tax tools to drive jobs, exports
The federal government is making plans to bring more eligible individuals and entities into the tax net to increase its revenues and meet obligations to the citizens.
It aims to actualise this objective through a project named, “Tax Identification Consolidation and Collaboration (TICC).”
The project will widen the tax net and the tax base in line with the newly proposed Economic Stabilisation Bills (ESB) set to be sent to the National Assembly.
The initiative is part of the 15 bills set for amendment as approved by the Federal Executive Council (FEC) on Monday, Taiwo Oyedele, chairman of the Presidential Fiscal Policy and Tax Reforms Committee, said on his X handle.
“Part of the plan is the introduction of ‘Tax Identification Consolidation and Collaboration (TICC)’ initiative to expand the tax base, widen the tax net, and create a level playing field for businesses,” he noted.
Collaboration with states
The government is also planning to collaborate with state governments to suspend certain taxes on small businesses and vulnerable population to give them a breath of fresh air.
The federal government intends to woo states to eliminate taxes such as road haulage levies and other charges on transportation of goods; business premises registration; animal trade and produce sales tax; bicycle, truck, canoe, wheelbarrow, and cart fees; shops, kiosks and market taxes and levies.
“The ESB seeks to amend about 15 different tax, fiscal, and establishment laws to facilitate economic stability and set the country on the path for sustained inclusive growth,” Oyedele said.
Other objectives contained in the proposed bills include changes designed to achieve inflation reduction and price stability.
The proposed bills are also expected to promote fiscal discipline and consolidation, enhance job creation and poverty alleviation, as well as serve as catalyst for export promotion and diversification.
The key changes to be made to the various laws include amendments to the income tax laws to facilitate employment opportunities for Nigerians in Nigeria within the global value chain, including the digital economy.
FG eyes TETFUND’s 30% revenue
On the amendment to the Tertiary Education Trust Fund Act, Bayo Onanuga, special adviser to President Bola Tinubu on information and strategy, told journalists in Abuja on Wednesday that the government has successfully pushed an amendment to the Tertiary Education Trust Fund (TETFUND) Act, which provides for the deduction of 30 percent of revenue accruable to the agency to fund the newly established National Education Loan Fund (NELFUND).
“There is an amendment to the TETFUND 2011 Act, which now says it shall fund the disbursement of NELFUND. This means that TETFUND, before it disburses the amount in its fund, shall set aside an initial one-third of the amount to be transferred to the Nigeria Education Loan Fund, This is 30 percent of whatever TETFUND gets from the federation account. The amount will now be passed on to a readymade source of fund to NELFUND,” he said.
Onanuga confirmed an amendment of the Nigerian Maritime Administration and Safety Agency (NIMASA) Act and that of the Nigeria Ports Authority (NPA) such that all their fees, charges, levies, fines and other monetary accruals will now be paid in naira at the applicable exchange rate.
“You will recall that, hitherto, those agencies were charging their fees in dollars. So, those agencies can now collect naira.
“This affirms that the government wants to place emphasis on our national currency instead of dollarising our economy.”
Nigeria’s poor fiscal position
Nigeria wants to generate more revenue not just by raising taxes but by bringing more persons and entities into the net.
The nation’s revenue to the gross domestic product (GDP) stood at 9.4 percent in 2023, but it was a decline from 10.9 percent in 2021, according to the International Monetary Fund (IMF).
South Africa’s revenue to GDP stood at 25.1 percent in 2023, according to South Africa Revenue Service (SARS).
Ghana’s tax to GDP is estimated at 14 percent. Rwanda is currently at 24 percent, while Kenya’s is 14.3 percent, says the World Bank.
Nigeria’s total public debt stood at N121. 67 trillion in the first quarter of 2024, from N97. 34 trillion in the fourth quarter (Q4) of 2023.
Bill Gates, co-chair of Bill and Melinda Gates Foundation, in his recent visit to Nigeria said, “Nigeria’s economy has stagnated. Earlier this year, your debt exceeded 50 percent of your GDP for the first time since 2001.”
“And while your revenue-to-GDP ratio has grown, it’s still lower than what it was 15 years ago. The result is that Nigeria spends less per-capita on its people than other African countries with a fraction of your wealth.”
He further said that the Nigerian government must demonstrate that it is properly utilising tax revenues before propping the citizens to pay.
“Taxes are never popular. That’s true in America too. But they’re part of a social compact. People are more likely to pay them when they see the government spending that money to give Nigerians a better life.”
The Nigerian Economic Society (NES) recently warned that Nigeria’s slowing revenue generation may pose significant challenges to its economic growth and social wellbeing of its citizens.
This is contained in a report presented by Adeola Adenikinju, president of NES, at the 65th annual conference of the economic group in Abuja.
Adenikinju noted that with the level of revenues generated in the country, Nigeria may find itself among countries with lowest revenue collection, raising concerns over its economic sustainability.
“Nigeria’s fiscal performance benefited from the foreign exchange liberalisation in 2023, but the country still suffers a revenue problem and could remain among the bottom 10 countries with the lowest revenue in the medium-term,” NES president warned.
[BusinessDay]
One of the strongest use cases for today’s generative AI models is using them to write hundreds of lines of code in a matter of minutes. However, hackers are reportedly misusing these tools to generate malicious code, according to new research published on Tuesday, September 24.
Security researchers at HP found that hackers launched a malicious campaign targeting French speakers. As part of the campaign, the bad actors sought to access and record victims’ screens and keystrokes by infecting their devices with malware known as AsyncRAT.
This malware contained code that was written in VBScript and JavaScript programming languages with the help of generative AI tools, as per the report.
“The structure of the scripts, comments explaining each line of code, and the choice of native language function names and variables are strong indications that the threat actor used GenAI to create the malware,” it said.
The report by HP’s threat security team is significant since it shows that hackers are moving beyond using generative AI to lure victims through phishing attacks. “The activity shows how GenAI is lowering the bar for cybercriminals to infect endpoints,” HP Wolf Security said.
Other findings of the report include an increase in ChromeLoader campaigns, which direct victims to well-designed websites offering PDF converters tools through false advertising around popular search keywords.
Hackers are also smuggling malware through vector images in SVG format. SVG images open automatically in browsers and thus, any embedded malicious code is executed when the image is viewed, the report said.
[indianexpress]
A prospective investment by Meta Platforms (META.O), opens new tab in eyeglasses maker EssilorLuxottica (ESLX.PA), opens new tab will be a "symbolic" gesture to cement their long-term partnership, Meta CEO Mark Zuckerberg told technology news website The Verge.
Earlier this month, EssilorLuxottica said it had extended its partnership with Meta for developing smart eyewear.
"I think we've talked about investing in them. It's not going to be a major thing. I'd say it's more of a symbolic thing. We want to have this be a long-term partnership, and as part of that, I thought that this would be a nice gesture," Zuckerberg said in a video interview published late on Wednesday on The Verge.
"I fundamentally believe in them a lot. I think that they're going to go from being the premier glasses company in the world to one of the major technology companies in the world," he added.
In July, EssilorLuxottica confirmed that the tech giant might invest in the company, after the Wall Street Journal reported that the two companies had discussed Meta taking a 5% stake in the French-Italian group.
EssilorLuxottica and Meta have been collaborating since 2019, creating two generations of Ray-Ban-branded smart glasses.
Zuckerberg said sales of the latest version were going "very well", with demand much stronger than expected.
"We thought that Ray-Ban Meta was probably going to sell three or five times more than the first version did. And we just dramatically underestimated it," he said.
Zuckerberg said it was hard to gauge real demand for Ray-Ban Metas because they had sold out. But more manufacturing lines have been built and the situation has been resolved, he added.
Facebook owner Meta showed off its first working prototype of augmented-reality glasses, called Orion, during its annual Connect conference on Wednesday.
[Reuters]
More...
OpenAI, the artificial intelligence startup behind ChatGPT, is reportedly discussing a significant restructuring that would grant Chief Executive Officer Sam Altman a 7% equity stake in the company, according to people familiar with the matter.
This move marks a major shift for the company, as it pivots from its original nonprofit roots towards a for-profit model.
The company, founded in 2015 as a nonprofit research organization with the mission of developing AI that is safe and beneficial to society, is now considering transitioning into a public benefit corporation.
This type of entity aims to balance profitability with a broader commitment to societal good, the sources said. The restructuring discussions remain ongoing, and no specific timeline has been set for the change.
In a statement, OpenAI reaffirmed its commitment to developing AI for the benefit of all, stating that “the nonprofit is core to our mission and will continue to exist.” The spokesperson declined to comment further on Altman’s potential stake or the restructuring timeline.
This shift comes at a time of significant internal change at OpenAI. Mira Murati, the company’s chief technology officer and a influential figure in its development, announced her departure this week.
The company has also seen leadership transitions, with co-founder Greg Brockman currently on leave.
What to know
OpenAI’s move to restructure and grant Altman equity ownership shows the company’s ambition to attract more investment as it continues to scale. Since the launch of ChatGPT in late 2022, OpenAI has become a key player in the global AI race, attracting major funding from Microsoft and drawing interest from investors like Thrive Capital and Apple. The company’s valuation has soared, from $14 billion in 2021 to a potential $150 billion, as discussions over a new convertible debt round are underway.
The restructuring will likely allow OpenAI to raise more capital by removing current caps on returns for investors. This would make the company more competitive as it continues to develop advanced AI systems and position itself at the forefront of artificial general intelligence (AGI).
Despite the leadership changes and restructuring plans, OpenAI remains focused on its broader mission of advancing AI safety and ensuring that its technologies have a positive impact on society. However, as the company continues to navigate the balance between innovation, safety, and profitability, these changes signal a new phase in its evolution from nonprofit research lab to a major player in the for-profit tech landscape.
More insight
Sam Altman, the 39-year-old CEO of OpenAI, is a serial venture investor and one of the leading figures in the tech industry today. According to Forbes, Altman has an estimated net worth of $1 billion.
Altman became a partner at the renowned startup accelerator Y Combinator around that time and eventually served as its president from 2014 to 2019. Under his leadership, Y Combinator nurtured several successful companies, making it a cornerstone of Silicon Valley’s startup ecosystem. In 2019, Altman left Y Combinator to become the CEO of OpenAI, a leading artificial intelligence company currently valued at approximately $80 billion.
His wealth largely stems from his investments in other high-profile ventures, including stakes in companies like Stripe, Reddit, and nuclear fusion startup Helion. In addition to his ranking among the world’s billionaires, Altman was featured in Forbes’ “30 Under 30” in Venture Capital in 2015.
[Nairametrics]
The National Youth Service Corps (NYSC) in Nigeria has undergone several adjustments regarding the monthly allowance (also referred to as “allawee”) given to corps members over the years.
Naija News understands that the Federal Government just yesterday approved an increase in the monthly allowance of corps members in the NYSC from ₦33,000 to ₦77,000.
This was disclosed in a statement on Wednesday by the Acting Director of Information and Public Relations of the NYSC, Caroline Embu.
The allowance at different times has been increased due to the level of inflation in the country and in line with minimum wage increases.
Here’s a detailed overview of how the NYSC allowance has changed:
1. Initial Allowance: When the NYSC was established in 1973, the monthly allowance for corps members was relatively modest. Initially, it was set at a mere ₦120 (approximately $0.30) per month, which was intended to cover basic living expenses during the one-year mandatory service.
2. Increment Over the Years: As inflation and the cost of living increased, the allowance was periodically reviewed. By the late 1990s and early 2000s, the NYSC allowance had increased to around ₦4,000 (approximately $10.50) monthly.
3. 2009 Adjustment: In 2009, the then-Minister of Youth Development, Bolaji Abdullahi, announced a significant increment, raising the monthly allowance to ₦7,500 (about $19).
This adjustment was part of a broader effort to improve the welfare of corps members and address the rising costs associated with living expenses.
4. 2016 Increase: Following discussions about the economic hardships faced by corps members, the allowance was raised again in 2016 to ₦19,800 (approximately $51). This increase was well-received, as it aimed to provide better financial support during the challenging period of national service.
5. 2022 Increase: In 2022, the NYSC allowance saw another increment to ₦33,000 (around $86). This change was made amid ongoing economic challenges and was part of efforts to enhance the welfare of corps members in light of rising costs.
6. Latest Increase:The federal government, on the 25th of September, 2024 approved an increase in the monthly allowance of corps members in the National Youth Service Corps (NYSC) from ₦33,000 to ₦77,000.
[NaijaNews]
Senator Orji Uzor Kalu has urged President Tinubu to convene an emergency meeting to address Nigeria’s current economic hardship.
Chairman, Senate Committee on Privatisation, Senator Orji Uzor Kalu, has urged President Bola Tinubu to call an emergency meeting of his economic team and come up with strategies to urgently address the current biting hardship in the country.
Kalu, who is representing Abia North Senatorial District, made the appeal on Tuesday while addressing questions from journalists, who ambushed him at the federal parliament.
The former governor of Abia State attributed the cause of the current hardship to removal of fuel subsidy but was quick to explain that it was the best way to go.
He suggested that the federal government should come up with economic plans that would make life bearable for the poor masses.
“Even in my village, everywhere I go, companies, everybody, there is hardship, but I appeal to the federal government, the president to know how he can bring succor quickly to the people of Nigeria.
“He has to do something not yesterday, but today. He must do something like yesterday because the condition of the Nigerian people is not too good.
“I believe that no president in the world elected by people would want his people to suffer. I’m not in the economic team, I have not seen the president or anyone to ask but this is what (return of subsidy) has caused.
“The president has to sit with his economic team to discuss, but the decisions he has taken is what no president in the 60 years of the republic, no president has been able to take that decision.
“The hardship is true, people are suffering. We have hundreds of thousands of workers, we have about 10,000 workers in our group that we run.”
[Leadership]
The Chairman and the Convener of National Peace Committee (NPC), General Abdulsalami Abubakar and Bishop Matthew Hassan Kukah, have said a national stakeholders’ meeting will hold today in Abuja to discuss how to tackle the multifaceted challenges facing the country.
In a statement yesterday, the committee’s leaders said last year’s general election was marked by a renewed sense of optimism and desire for change among Nigerians.
They said the optimism was demonstrated in the number of people who registered for the elections – 93,469,008 million, compared to just 57,938,945 million registered voters in 1999.
“Nigerians believed that the 2023 elections would usher in an administration that would swiftly address the nation’s lingering socio-economic challenges.
“The preparations for the elections heightened the hopes for positive socio-economic and political change. However, the outcome of the keenly contested presidential elections amplified the regional and ethnic cleavages that have underpinned our journey of nationhood,” the statement read.
It added that the well-intentioned policy of the government to improve the lives and well-being of Nigerians is yet to meet the expectations of the citizens while the economic strain is being felt by all and sundry.
“This dire situation has fuelled frustration and discontent, culminating in the recent nationwide protests on hunger.
“The demands made during the protests reflect the deep-seated challenges facing the country and the urgent need for responsive and effective governance.
“In response to this and in line with its mandate to mediate and intervene in electoral and non-electoral matters that impact on the peace and stability of Nigeria, the NPC has decided to convene a one-day town hall meeting with critical stakeholders to discuss frankly and explore the pathways to support the government in addressing and overcoming the current socio-political and economic situation facing the country,” the statement said.
The committee said the meeting will hold today at the Nigeria Air Force (NAF) Conference Centre in Abuja.
It said: “This meeting will provide a platform for constructive dialogue and collaboration, where the concerns and aspirations of the people can be discussed, and the outcomes are presented to the government.
“It is a crucial step towards bridging the gap between the government and its citizens, ensuring that their voices are heard, and their legitimate concerns addressed.”
[TheNation]