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)
Governor Abba Kabir Yusuf of Kano State has identified weak institutions, corruption, poor governance and the quality of leadership at the national, state and local government levels as some of the challenges hindering Nigeria’s development.
In a speech at a lecture to mark the country’s 64th independence, Governor Yusuf gave an assessment of the progress made in its democratic journey.
The governor commended the two speakers at the lecture, Prof. Kamilu Fagge and Sheikh Ibrahim Khalil, for their contribution while they “incisively engaged us on topics that are of paramount importance to both Kano State and our country as a whole.”
He described the topics addressed as apt and reflecting the realities of national life, especially in the areas of governance, leadership, and the relentless pursuit of development.
In his assessment, Governor Yusuf raised questions on whether the democratic ideals of freedom, justice, and equality have been fulfilled.
He said: “As it is everywhere globally, the success of Nigeria’s democracy is tied closely to the quality of leadership.
“As a developing nation with a complex political landscape, leadership challenges, such as corruption, weak institutions and lack of accountability, have hindered national progress.
“A lecture focusing on leadership challenges will certainly allow for a deeper analysis of the role leaders at both state and national levels play in the country’s successes and shortcomings.
“Although the topics address national issues, its specific focus on Kano State is highly relevant. States are the building blocks of Nigeria’s federal structure, and the progress of individual states contributes to the overall success of the nation.”
Turning his attention on his own government and state, Governor Yusuf said that by repositioning Kano State to address leadership and governance challenges, it sets an example for other states on how to create a model of good governance that can be replicated nationwide.
He said, “Allow me to also remind you that the future of Nigeria is deeply linked to the development of its states. A brighter future for Kano State can serve as a small-scale version of the broader national aspiration for a prosperous Nigeria.
“By addressing state-level challenges in leadership, education, health, and infrastructure, these topics emphasise the importance of localized governance as a stepping stone to national success.
“We must recognise that democracy is a journey, and the success of that journey is largely dependent on the quality of leadership at every level — national, state, and local government.
“We in Kano State are fully committed to playing our part in strengthening the democratic process and building institutions that foster good governance.”
Governor Abba, who used the opportunity to highlight some of his achievements in education, health, security, agriculture, and public service reforms among others, said as Kano State looks to the future, his administration will continue to build on those achievements.
He called for the active participation of all citizens and unity in the spirit of patriotism, hard work, and dedication to the values that define Nigerians as a people.
“Let me therefore urge all of us to use this anniversary as a time for reflection, and renew our commitment to building a prosperous, secure, and inclusive Kano State and Nigeria at large,” he said.
[DailyTrust]
Popular actress Biola Adebayo recently opened up about the challenges she faced at the beginning of her career during an appearance on “Nollywood on Radio.”
Adebayo shared that she lost acting roles because she refused to date certain influential people in the industry.
She also recalled being pressured to lighten her skin, with someone suggesting she “tone it up a little” to advance her career.
Adebayo also discussed her podcast, “Talk To B,” which she started because of her natural ability to connect with people.
She explained: “For some reason, people are drawn to me and trust me with their secrets—even those I am not close to. I began to think about how I could impact people’s lives beyond just presenting and decided to create a platform where I could connect with and support ordinary people.”
The impact of her podcast has been significant, transforming many lives in a short time.
Adebayo revealed that over N10 million has been raised for various causes, including over 35 million naira for individuals needing accommodations.
The podcast has also helped people facing marital challenges, provided urgent assistance, and supported those in need of therapy or counseling.
Adebayo emphasised: “Talk To B” has become a source of hope for those without other places to turn, especially victims of abuse and those facing life’s most challenging situations.
[TheNation]
A stalwart of the All Progressives Congress (APC), in Ondo state, Gbogi Emmanuel, has resigned his membership of the party.
Mr Emmanuel tendered his resignation letter on Saturday, citing that the ruling party under President Bola Tinubu has now become a “weapon of poverty.”
He explained that the party has made life miserable for the people, stressing that it was evident in the economic hardship in the country.
“More so, APC is now considered as a weapon of poverty and misery for the masses evident in the economic hardship that plagues the land.
“I hold the firm belief that politics is not only about winning elections, it is about bringing succour and dividends of democracy to the people we represent,” Mr Emmanuel said in the letter.
In the copy of the letter addressed to the APC Chairman of Ward 6, Akoko South West Local Government, the party chieftain said the ruling party also failed to uphold the true tenets of democracy and disregarded loyalty among members.
According to Mr Emmanuel, the decision to exit the APC was well thought-out, especially after wide consultations with his family and political associates in Akoko land.
“My decision stems from failure of the party to continue to uphold the true tenets and principles of democracy which include fairness, equity, impartiality, rewards for loyalty and bringing dividends of democracy to the masses.”
He noted that the party now has a new practice of “rob Peter to pay Paul” and described the primary that produced Lucky Aiyedatiwa, the incumbent governor and governorship candidate of the APC, as “shabby and shoddy.”
Efforts to reach Ade Adetimehin, the chairman of the APC in the state, for his reactions on the telephone did not yield results.
A text message sent to his official line was still pending as of press time.
Mr Emmanuel’s resignation from the party is coming few days after a chieftain of the party in Lagos, Joe Igbokwe, decried the hardship Nigerians are facing amid the high cost of staple foods in the country.
Mr Igbokwe, who took to his social media page, lamented how the price of rice and other grains have skyrocketed under the present administration in the country.
The party chieftain had always been a strong ally of Mr Tinubu and joined his campaign during the presidential election.
Real Madrid goalkeeper Thibaut Courtois is set to miss a couple of weeks after his club diagnosed him with a hip muscle injury.
Spanish media estimate he will return in mid-October after the impending international break, missing the Champions League visit to Lille on Wednesday and next weekend’s home La Liga match against Villarreal.
“After tests carried out today on our player Thibaut Courtois by the Real Madrid medical services, he has been diagnosed with an abductor injury,” the club said in a statement.
Courtois sustained the injury during Madrid’s derby 1-1 draw at rivals Atletico in La Liga on Sunday, a match in which he was also targeted by home fans of his former club who threw objects including lighters at him.
The Belgian goalkeeper spent most of last season out with a severe knee injury but returned in time to start in Madrid’s Champions League final triumph.
Ukrainian goalkeeper Andriy Lunin is poised to fill in for Courtois as he did last season.
Adebayo Adelabu, minister of power, says more than 40 percent of Nigerian electricity consumers now enjoy over 20 hours of regular supply daily.
The milestone was revealed during a review of the ministry’s achievements over the past year as part of the country’s Independence Day celebrations.
In a statement on Sunday, Adelabu attributed the progress to several “revolutionary measures” implemented with the support of President Bola Tinubu’s administration.
He said the ministry’s initiatives are aligned with the president’s renewed hope agenda, which aims to enhance industrialisation through consistent power supply.
“The major achievement is the fact that today we generate over 5,500 megawatts of power, we transmit and distribute it, and over 40% of customers today enjoy over 20 hours of regular power supply across the nation,” Adelabu said.
“You can see that there is a significant improvement between when we came in and now, which we intend to improve further.”
Adelabu said the ministry is striving to enhance this achievement by the end of the year, as reliable power supply is one of the key campaign promises of the president.
He stressed the critical role of stable electricity in developed nations, linking it to economic success.
“This is why you see great economies like Korea, China, Europe, and North America industrialised today. Their stability in electricity supply has been instrumental to their economic growth and industrial development,” he said.
“That is why we say that we must achieve this for Nigeria as a country. We need to achieve the requisite economic growth and industrial development.”
‘RELIABLE ELECTRICITY SUPPLY WILL ENHANCE ECONOMIC GROWTH’
Adelabu said the ministry’s vision is to provide reliable and affordable electricity to households, businesses, and institutions.
This, he said, will enable the country achieve the desired economic growth and industrial development.
Reflecting on the ministry’s progress since the inception of the administration, the minister said the installed generation capacity has increased from 13,000 megawatts to over 14,000 megawatts.
He said this was made possible by the addition of new hydroelectric power plants and improvements in existing facilities.
Adelabu outlined several key reforms, including the signing of the new Electricity Act 2023, which decentralises power generation, allowing subnational governments to participate in the electricity market.
He said the liberalisation of the sector has paved the way for private sector to also participate in the electricity supply industry.
In the infrastructure space, the minister highlighted the successful commissioning of 10 power transformers and mobile substations under the presidential power initiative.
He also acknowledged ongoing efforts to close the metering gap, noting that over 7 million Nigerian households are still without meters.
“Within a year, we completed the pilot phase of this project, which involved importing 10 power transformers and 10 power mobile substations. They have arrived; we have installed them, and we have commissioned them,” the minister said.
“Therefore, the electricity stability that we enjoy today is not by accident. It’s because of all these transformers and mobile substations that we commissioned and installed.
“There is the issue of the meter gap that we have. We all know that out of almost 13 million customers that we have in the industry, over 7 million customers are still without meters and are on estimated billing.
“We said this is not the way to go. We must correct this, which is why President Bola Ahmed Tinubu set up the Presidential Metering Initiative, which has the mandate of installing over 10 million meters within the next five years, at least 2 million meters on a yearly basis.
“We are making progress on this. The funds are being provided, and we will soon go into the acquisition of these meters. This would reduce the meter gap.”
‘WORLD BANK SUPPORTING EFFORTS TO REDUCE METER GAP’
Adelabu also said the World Bank is supporting these efforts through the distribution recovery programme by procuring and installing 1.8 million meters.
He said the contract of about 1.5 million meters has already been awarded and within the next two months, these meters will start arriving.
The minister also announced a special electricity supply initiative for the nation’s universities and other institutions aimed at preventing frequent power outages and ensuring they continue to benefit from lower tariffs.
“We have a program which we call the Nigerian electrification program, whereby we have about 34 universities to be energized through solar energy sources. I think we have completed about 13 now, and they are almost due for commissioning,” he said.
“We have plans to do this for some of the teaching hospitals and some of our military formations.
“We have electrified over three million people through these mini-grids across the rural areas nationwide.
“We also have what we call the solar home systems that we give to each household, providing them with some point of light, some point to charge their phones, and some points for farming.”
[TheCable]
The World Bank says it has approved three new financing totalling $1.57 billion to support Nigeria.
The Washington-based organisation announced in a statement on Monday.
The international lender said the approved funds will support the federal government in strengthening human capital through better health for women, children and adolescents.
World Bank also said the approved projects would also help build resilience to the effects of climate change such as floods and drought through improving dam safety and irrigation.
“The World Bank has today approved three operations for a total of $1.57 billion to support the government of Nigeria in strengthening human capital through better health for women, children and adolescents and building resilience to the effects of climate change such as floods and droughts through improving dam safety and irrigation,” World Bank said.
“The new financing includes $500 million for addressing governance issues that constrain the delivery of education and health (HOPE-GOV), $570 million for the Primary Healthcare Provision Strengthening Program (HOPE-PHC) and $500 million for the Sustainable Power and Irrigation for Nigeria Project (SPIN).
“The HOPE-GOV and HOPE-PHC programs combined will support the government of Nigeria to improve service delivery in the basic education and primary healthcare sectors which are critical towards improving Nigeria’s human capital outcomes.
“The SPIN project will support improvement of dams’ safety and management of water resources for hydropower and irrigation in selected areas of Nigeria.”
According to the international lender, the HOPE-GOV programme will support Nigeria to address underlying governance weaknesses in the systems and procedures of government in two key human development sectors.
“It will particularly focus on critical cross-cutting challenges and enabling factors related to both financial and human resource management in basic education and primary healthcare sectors,” the World Bank said.
“The program will increase availability and effectiveness of financing for basic education and primary healthcare service delivery, enhance transparency and accountability of financing and improve recruitment, deployment and performance management of basic education teachers and primary healthcare workers by federal, state, and local governments.
“In support of the government’s newly launched reforms in the health sector, under the Health Sector Renewal Investment Initiative, the HOPE-PHC project will improve the quality and utilization of core reproductive, maternal, newborn, child, and adolescent health and nutrition services to substantially reduce maternal and under five mortality and to improve the resilience of the health system— benefiting 40 million people, especially vulnerable populations.”
The World Bank also said the HOPE-PHC project is financed by a concessional $500 million International Development Association (IDA) credit and an additional $70 million in grant financing from the Global Financing Facility for Women, Children and Adolescents (GFF).
“The GFF support includes $11 million from the UK Foreign, Commonwealth & Development Office (FCDO) and $12.5 million from the Children’s Investment Foundation Fund (CIFF) through joint financing with the GFF to help close the financing gap for primary and community healthcare and maternal newborn care at hospital-level, while also supporting government efforts to ensure sustainable financing for family planning commodities,” World Bank said.
“The SPIN Program will help Nigeria to protect citizens from floods and drought through enhanced dam safety and operations. The project will further support the provision of new and improved irrigation and drainage services over an area of 40,000 hectares.
“This will help up to 950,000 people that includes households, farmers, and livestock breeders to directly benefit from more reliable, climate-resilient, and efficient irrigation, water supply and increased agricultural productivity through improved irrigation water management.
“Through the SPIN project, the government will develop a master plan for hydropower and a structured public private partnership transaction for a hydropower project.”
Advertisement
FUND WILL ADDRESS DIFFICULTIES FACED BY WOMEN, GIRLS
Commenting on the development, Ndiamé Diop, World Bank country director for Nigeria, said the new financing for human capital and primary healthcare will help to address the complex difficulties faced by Nigerians, especially women and girls around access and quality of services.
“Effective investment in the health and education of Nigerians today is central to increasing their future employment opportunities, productivity, and earnings, while reducing poverty of the most vulnerable,” Diop said.
“The SPIN program is timely and will protect Nigerians from floods and droughts in the areas where it will be implemented, while enabling an increase in hydropower generation.”
He also said the World Bank is ready to work with the federal government and other stakeholders to deliver the programmes.
Diop added that the direct positive impact of the project on people and livelihoods is enormous.
More...
40 companies producing chemicals, leather in Nigeria shut down over faulty economic policies
AFOLABI
The National Union of Chemical, Footwear, Rubber, Leather and Non-Metallic Products Employees, NUCFRLANMPE, weekend, said no fewer than 40 companies in the sub-sector of the economy have shut down in the last three years due to economic instability in Nigeria.
The outgoing President of the Union, Babatunde Olatunji, who disclosed this, also criticized President Bola Tinubu for removing petrol subsidy, describing it as a contributing factor to the country’s economic woes.
Olatunji spoke during the 7th Quadrennial Delegates Conference of the association, held in Ado-Ekiti, Ekiti State.
Speaking on the theme ‘Leading the Union in an Era of Economic Instability’, Olatunji said: “As of today, no fewer than 40 companies have closed down within the past three years due to economic instability.
“The hasty removal of fuel subsidy without considering measures to cushion its potential negative effects has been the starting point of the current economic challenges.
“The removal of the fuel subsidy should have been a gradual process, implemented in phases, rather than an outright removal without taking into account the feelings of the masses.”
Olatunji stressed that a top-down approach to decision-making could only lead to dissent, suggesting that decisions in a democracy should be made from the bottom-up to reflect the interests of the people better.
He urged the Federal Government to drastically reduce the high cost of governance, address insecurity, fix refineries, strengthen the modern railway system, and revamp the power sector to better serve the needs of the populace.
On his part, the Executive Secretary of the Chemical and Non-Metallic Products’ Employers Federation, CANMPEF, Femi Oke, warned that the negative trend would only worsen the already high unemployment rate in the country and urged Tinubu to address the issue urgently before the situation deteriorates further.
Manchester United manager, Erik ten Hag stated that his team must learn from the humiliating 3-0 defeat to Tottenham Hotspur on Sunday and focus on self-improvement.
A third defeat in United’s first six league games of the new campaign has left the Red Devils down in 11th and time is surely running out for the Dutchman.
“But we definitely have to learn and make things better. We have to get better in the pressing, and better on the ball because there were situations where we could have played better to find the spare man or play over the press to keep the ball and play from there,” Ten Hag said in the post-match interview.
“We didn’t do that and that’s disappointing,” he said.
“I don’t want to talk about progress after such a defeat. We have to deal with this, show resilience, but don’t talk about in this moment today about progress.
“We just focus now on Porto. We will close this game down, deal with it, and then we move on.
Tottenham showed they were the better side as they made a flying start when Brennan Johnson tapped in from Micky Van de Ven’s storming run after three minutes.
Ten Hag speaking on his side’s lacklustre performance in every aspect of the game said, “It’s a bad start to the game. Tottenham were dominant, we couldn’t get the right press and we also made many mistakes in possession.
“But we could have come back into the game and I think the red card changed the game.”
On the first half performance: “It was no good. It’s not possible for a player from the back can dribble through the whole team and then bring a cross in.
“The press was no good in the first half, but we concede some counter-attacks after we countered and we had some bad decision-making. We had a lot of space.”
“We then lost a little bit of confidence and we were also poor in possession. We can do better there and all the players know this.”
When asked about the referee’s decision to award a red card for Bruno Fernades’cynical tackle, the United boss said
“I don’t think it’s a red card.”
United face daunting trips to Porto in the Europa League and Aston Villa on league duty next weekend before a two-week international break that clubs often use to implement managerial change.
The travelling support taunted Ten Hag with chants of “You’re getting sacked in the morning” during the second half.
United’s new football leadership team handed the Dutchman an extension to his contract less than three months ago.
How quickly they backtrack on that decision now appears a matter of time.
Governor Siminalayi Fubara of Rivers State has approved construction of a modern psychiatric hospital in Obi Akpor Local Government Area.
Nyesom Wike, Minister of Federal Capital Territory (FCT), his estranged godfather is from Rumuepirikom in Obio-Akpor.
Both Wike and Fubara have been at crossroads over the control of Rivers State, with the minister accusing the governor of turning his back against those who helped him to the top.
Speaking at a reception organized for him by a group, the Ijaw Peoples Assembly, in Port Harcourt, on Saturday, Wike boasted that when the time comes, he would teach Fubara and his supporters a big lesson in the state.
He said: “Imagine in Rivers they are contemplating of APP. It is not about money. Money does not move. You can have all the money but if there is no capacity there is no capacity.
“All the things you see are people envious of our growth. We have defeated them severally and if opportunity comes again, we will defeat them We have not started politics, when the time comes, we will play politics. Our job is politics. Tell them to keep their party ready. We will teach them what is called politics.”
But responding at the Inter-denominational Church Thanksgiving Service organised as part of activities marking the 64th Independence Day Celebration of Nigeria at St. Paul’s Cathedral of the Anglican Communion at Garrison Junction, Port Harcourt, on Sunday, Fubara said what he did in one year outweighed the performance of his opponents in 8 years.
“They even say, they don’t know what we are doing. Let me remind them, it is Fubara that signed the paper to borrow from Zenith Bank the N200billion for the construction of the Port Harcourt Ring Road. So, it is my project. It is Fubara that awarded the Trans-Kalabari Road that they couldn’t do. They did only a bridge from Krakrama, but I am the one doing it: the complete span, and it is N225billion. I didn’t borrow.
“It is this same Fubara that is building a General Hospital, which I also included a Psychiatric Hospital because they will need it very soon. So, tell them that what I did in one year is what they did in 8 years. It is only empty container that makes noise. If God has given you opportunity, eat your plantain and keep quiet. God will continue to give us the strength to do the best for our people, without fear.
“Very soon, you will see what we are doing. It is not about doing roads to your business interest. I don’t have any business interest. Whatever I am doing, I am doing it for the people of Rivers State. We will not take any decision that we cannot defend. We won’t be part of anything that will bring any form of disgrace to our dear State. This State is important to us. It is the only thing that we have.
“It is the beautiful pride. That is why they are struggling, coupled with the improvement in Internally Generated Revenue (IGR) we have done. That is why they are struggling, we know. But, do it with modesty, you don’t need to destroy the house.”
Fubara said if his opponents continue to deride the grace of God on his life, they will continue to struggle for public recognition or approval.
He said his policy in office is not to embark on “mere jamboree” of groundbreaking for projects but assured that any project started will be inaugurated and actually put to public use.
“So, please, I will beg everyone of you, God has given us this opportunity, we must safeguard it. They are the ones looking for a way to destroy it.
“They didn’t believe we will get to this point, and I can tell you I had a reason for inviting all the candidates for the local government election for this service.”
As the leadership tussle between many factions in the Labour Party, LP, in Cross River State persists, the defection of Brian Odey, the lawmaker representing Yala state constituency 1 in the House of Assembly is yet another serious blow that has been dealt on the beleaguered party.
Over the weekend, the leadership of the state ruling party, APC, formally received Brian Odey and other defectors in a grand event.
Odey joined the APC in Yahe Ward of Yala LGA.
Both factions led by Ogar Osim and John Ushie, told the Cross River State Independent Electoral Commission, CROSIEC, that they are ready to field candidates for upcoming Council elections on October 25, 2024.
Another lawmaker who was also welcomed to the APC is Martins Achadu, he represents Yala 2 State Constituency and officially defected to the APC in the Ijiraga ward.
Receiving them, Speaker of the Assembly, Elvert Ayambem described their move as a strategic decision for the APC, describing both as experienced lawmakers and passionate for their constituencies.
“Brian’s arrival is not only a personal joy for me, but it is also a victory for the APC. His dedication and commitment to his constituents will undoubtedly contribute to the growth and success of our party,” the Speaker remarked.