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…Govt in talk with Boeing, others for cheaper aircraft leases
…Why Nigerian airlines are challenge-Keyamo
The Minister of Aviation and Aerospace Development, Mr Festus Keyamo may have rekindled hope for a national airline for Nigeria, saying the country needs a national airline that befits the status of the country as a giant of Africa.
He disclosed that what he inherited as Nigeria Air was not patriotic enough, maintaining that the project remains suspended until he gets a clear directive from President Bola Ahmed Tinubu on how to go about it to have a national carrier.
The Minister stated this on Thursday while fielding questions from journalists at the end of the in-house inauguration/induction for the newly appointed chief executive officers and directors of the aviation agencies in Abuja.
There are indications that a new national carrier may emerge that will totally be different from Nigeria Air promoted by a former Minister of Aviation, Sen. Hadi Sirika with totally a different name or with the same name but a different structure.
He said, “It is what I have always said. Nigeria Air remains suspended. It remains suspended and very soon, we will get a clear directive on it from Mr. President on how to go about it to have a national carrier. We need a national carrier that befitted the status of Nigeria. What I met on the ground was not patriotic enough”.
The Minister assured that the 18R runway of the Murtala Muhammed Airport, Lagos which had been under repairs for nearly a year would soon be completed, urging airlines to be patient by using the sole runway available for flight operations.
Speaking on the challenges facing the country’s carriers, Keyamo stated that the airlines are challenged by not just a lack of access to loans at a single-digit rate but many other factors such as lack of access to dry-lease at very good terms.
“Our local operators do not have access to aircraft. They are struggling. Most of them do wet leases to meet their local obligations. All over the world, airlines do not on wholesale purchase of aircraft.
“Even the biggest airlines like Emirates, Qatar and British Airways of this world, most of them have access to loans at single digit rate and we are doing 26% interest rate”.
He noted that there is no way the airlines would survive with a Bank interest rate of 26%, explaining that as a government, they have spoken to aircraft giants like Boeing and others to bring in aircraft to the domestic airlines for them to have access to leases at very good terms.
“This is so, so that when we have enough aircraft, there would be competition among the airlines. We can cross that path”, he added.
On the astronomic fares charged by foreign airlines, he said it is so because foreign airlines are complaining about it and were not sure when they would get their money back.
“Most of them open the highest ticket inventory or the most expensive part of the tickets to Nigerian travellers because according to them before now, they did not know whether it would take one year or two years to get their money back. They are raising fares because of the devaluation of their money. They look at the length it takes them to get their money”.
“The government is addressing that issue now. Our airlines do not have enough aircraft to service many of the routes they have been designated under the reciprocal right given to them under the Bilateral Air Services Agreement (BASA) to service many routes”.
“If for instance, BA is doing 14 frequencies to Nigeria every week and United Nigeria and Air Peace are doing 14 flights to the UK, prices will crash. Why can’t they do it? It is because they don’t have access to aircraft while BA has access to aeroplanes at a single-digit interest rate”
Femi Adesina, a former spokesperson to former President Muhammadu Buhari has said the political enemies of his principal had sown negative narratives and fed to the Nigerian public to tarnish his image.
Adesina, who stated this in Abuja yesterday at a pre-book media conference heralding the unveiling and public presentation of two significant publications, said the two books would be launched on January 16th.
The first publication, Working with Buhari: Reflections of a Special Adviser, Media and Publicity (2015-2023) is the memoir of Chief Femi Adesina which provides great insights into the life and leadership of the former president.
The second, Muhammadu Buhari: The Nigerian Legacy (2015-2023) is a groundbreaking five-volume historical compendium, edited by Dr. Udu Yakubu. It is an authoritative, comprehensive and most definitive story of the administration of Buhari from 2015 to 2023.
Speaking at the conference, Adesina said the book explores the true narrative of Buhari against the ones created by political foes, noting that the book will help Nigerians to know the real and the true Buhari.
According to him, the two publications will bring President Buhari to Abuja for the first time since he exited office in May 2023.
He also said the event would be chaired by General Yakubu Gowon with President Bola Tinubu as chief guest.
Adesina said “If I had the confidence of my principal for eight years and we worked together seamlessly, not once the president would complain of anything rather he would say thank you.
“There is a certain myth about president Buhari, a narrative that his political enemies had sowed and fed to the Nigerian public. I just felt that the true narrative needed to be taught and that’s why I have written this book.
“That book is not about the hardware of government, economic policy, monetary policy, foreign policy but about the software of governance and the man who headed that government. What made him take certain decisions?
“I believe it will help Nigerians to know who the real and true Muhammadu Buhari is,” he said.
Also speaking, the editor of the second book, Muhammad Buhari; The Nigerian Legacy, Dr. Udu Yakubu said it is a five-volume compendium to produce a comprehensive story of Buhari’s administration.
…says govt won’t borrow beyond ways, means laws
The Minister of Budget and National Planning, Atiku Bagudu, has said that the Federal Government was conscious and strategic never to base the foreign exchange benchmark in the 2024 budget on a spot rate in order to avoid eventualities and uncertainties.
The Minister made this clarification on Thursday in a chat with State House correspondents at the Presidential Villa.
According to him, before arriving at the projected exchange rate of N750 to the dollar in the 2024 budget, which the National Assembly raised to N800, the government considered and viewed critically, the average performance of the naira.
“For budgeting purposes, you don’t use spot rate of anything. Oil prices can go to 120 today, maybe there is a shortage., or maybe there is a collision between two ships that will block a channel. It would be foolish to use that as a reference price. I should take a period of maybe six months to one year and say let me observe this average behaviour. So you don’t use spot prices. So even with the exchange rate is like that,” the Minister noted.
He continued, “Much as we are hoping that it would soon come below, but at the time you are doing the budget you will take a view on average performance. And that’s what we took.
“In fact, we took an average performance of 750 on the executive side and we proposed it to the National Assembly and the National Assembly, in its wisdom, and mind you this is a democracy, and President Tinubu is one who is a lifelong advocate of institutional separation of powers,” Bagudu added.
The minister also said that the President respected the National Assembly in allowing further rise of the exchange rate considering his high respect for institutions and democracy.
“So, he respected democracy that even though it was higher than what he submitted, but the institution that says so, has the authority to say so and even at the time they say 100, because it’s not an official rate it’s tidal because with the deregulated market, you no longer have an official rate, it is much lower than even the way the markets are bidding.,” the minister said.
Bagudu noted that the government was sure that with the measures it had taken, there would soon be a significant increase in the supply of foreign exchange into the economy.
The minister, who also spoke on the level of borrowing to fund the deficit in the 2024 budget, said that the difference between this year’s borrowing and that of 2023 was significant.
“In 2023, the budget anticipated a borrowing of close to N14 trillion. This year’s budget is N9.1 trillion. So we think that is significant. Because it’s 2023 took us to about 6.11% of our GDP as borrowing. This one is 3.8%. So the quantum had decreased,” Bagudu added.
He explained the government within the 2024 fiscal year intended to operate strictly within the dictates of fiscal responsibility law, which provides for the Central Bank of Nigeria (CBN), to lend to the government through its Ways and Means window, only 5 per cent of the total budget.
“We will not go outside the law and borrow from ways and means, that are outside the law. So the fiscal responsibility law says, that every one year, the central bank can lend the government up to 5% of its budget for the year.
So if you go out of that, you’re going outside the lawful limit, and that’s what the minister of Finance and Coordinating Minister of the Economy was very clear we are not going to do. We are not going to resort to borrowing outside the law.
“And secondly, as much as possible, we will even borrow away from the Central Bank because sometimes it’s even cheaper to borrow. So, those are the two elements. So the quantum has decreased, then we will go by the book.
“The President, in his steadfastness has brought a Central Bank governor who will not even allow and we also have determined coordinating minister and I. So, that’s a combination of the two.
The Civil Society Legislative Advocacy Centre (CISLAC)/Transparency International in Nigeria has asked President Bola Tinubu to rescind his decision to appoint the Permanent Secretary of the Ministry of Humanitarian Affairs and Poverty Alleviation, Abel Oluuyiwa Enitan as acting minister.
Auwal Ibrahim Musa (Rafsanjani) Executive Director of CISLAC/Head of Transparency International in Nigeria in a statement yesterday said They “Received with utter disappointment, the appointment of the Permanent Secretary of the Ministry of Humanitarian Affairs and Poverty Alleviation, Abel Olumuyiwa Enitan to run the ministry”
He said “It is not acceptable that Mr Enitan, the accounting officer of the ministry involved in such scandal should be allowed to supervise the ministry.
“This action will compromise the investigation and is an insult to the intelligence of the public, at best. The impression to right-thinking people is that the government is planning a river of the heist and abuse of public trust”
Rafsanjani argued that “By our extant regulations and laws, the Permanent Secretary is the accounting officer who should have been suspended along with the Minister.
“Ministers work on recommendations of civil servants led by the permanent secretary. There is no evidence that the permanent secretary did not participate in the matters being investigated. In any case, the permanent secretary did not object to what happened and should be the subject of investigation.
“We are seriously perturbed that top officers who are connected with approvals and sanctions of financial and procurement process within the ministry like the permanent secretary are yet to be suspended or subjected to thorough investigation till their innocence is proven; instead they are promoted to sensitive positions, where the ongoing investigation could easily be hampered or sabotaged”
Continuing, the CISLAC boss submitted that “The appointment of Enitan to head the ministry will certainly undermine the credibility and respect accorded the current administration.
“We call on President Bola Ahmed Tinubu to as a matter of urgency rescind his decision to appoint the Permanent Secretary and other persons who should as well be under serious investigation to occupy such a sensitive position, pending the conclusion of the ongoing investigation and scrutiny of the Ministry by anti-corruption agencies.
“We also call on the president to consider persons with integrity, track record and free of corruption background in future appointments to demonstrate the readiness for good governance in Nigeria.
“We further call on Civil Society, media and other well-meaning Nigerians to remain vigilant and reject unjustified or secluded appointments, to ensure inclusive reform that will enhance transparency and accountability in governance”.
The leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, has disbanded his current legal team led by Mike Ozekhome, SAN.
Kanu also terminated the services of his medical team for failing to provide a medical report substantiating his alleged heart-related illness.
The decision follows the Supreme Court’s judgement on Friday, December 15, 2023, which mandated the continuation of Kanu’s trial on terrorism charges.
The case, initiated in 2015, had been put on hold at the Federal High Court in Abuja after the Court of Appeal dismissed the charges in October 2022. The Court of Appeal’s decision was based on the illegality of Kanu’s “extraordinary rendition” from Kenya to Nigeria in June 2021 for the continuation of his trial.
However, the Supreme Court ruled in December that Kanu’s trial on terrorism charges must proceed. Judicial sources, confirming the disbandment of the legal team, stated that Kanu was dissatisfied with the Supreme Court’s decision and subsequently ordered the dissolution of the legal team.
The sources further revealed that another Senior Advocate of Nigeria, Kanu Agabi, would be enlisted as the embattled IPOB leader continues to fight his case in court.
The objective is to have Kanu transferred to Kuje prison, where he will have unrestricted access to people.
It is noteworthy that Kanu’s family had previously dismissed the legal team in June 2023.
A statement issued by Kanu’s younger brother, Kanunta Kanu, and posted on his social media handle, read: “I hereby formally notify @MikeozekhomeSAN and @IfeanyiEjiofor that their services are no longer required in #MaziNnamdiKanu’s case pending before the Supreme Court of Nigeria and all matters concerning him.”
The Henley Passport Index has listed the most powerful passports in the world, saying Nigerians now have about 45 visa-free countries enabled with their passports.
HPI is a global passport-ranking website with an original, authoritative ranking of all the world’s passports according to the number of destinations their holders can access without a prior visa.
Their index is often based on exclusive data from the International Air Transport Association (IATA) – the largest, most accurate travel information database – and enhanced by Henley & Partners’ research team.
The passport ranking website on Thursday listed Nigeria as 95th out of the 104 countries with the most powerful passports.
According to it, Nigeria sits behind Ghana, Guinea, Kenya, Lesotho, Morroco, Benin Republic and Namibia which are at number 76th, 83rd, 67th, 65th, 71st, 79th and 65th respectively.
The 45 visa-free countries Nigerians can travel with their country’s passports are: Barbados, Benin, Burkina Faso, Burundi, Cambodia, Cameroon, Cape Verde Islands, Chad, Comoro Islands, Cook Islands, Cote d’Ivoire, Djibouti, Dominican Republic, Fiji, Ghana, Guinea, Guinea-Bissau and Haiti.
Others include; Iran, Kenya, Kiribati, Lebanon, Liberia, Madagascar, Maldives, Mali, Mauritiana, Mauritius, Micronesia, Montserrat, Mozambique, Niger, Niue, Palau Islands, Rwanda, Samoa, Senegal, Sierra Leone, Somalia, St. Kitts and Nevis, The Gambia, Timor-Leste, Togo, Tuvalu and Vanuatu.
Minister of the Federal Capital Territory (FCT) Nyesom Wike, has expressed disappointment at the state of the Abuja Central Metro Rail Station and the Kukwaba stations, saying that no excuses would be tolerated.
The minister stated this when he inspected the Metro Train Station in the Central Business District, and the Kukwaba II station in the Piwoyi district.
Wike stated that he was unhappy with the state of insecurity at the central station and the engineering design of the Kukwaba station, saying that the contractors will have to work round the clock to be able to ensure the delivery of the project by the given deadline of May 24.
“When we first visited the Metro station, I discovered that there were many security lapses, and I remember when I first came after our inauguration, I did say that we have to work on the issue of security by putting up the fence around the Metro Station, to ward off criminals, but unfortunately, that has not been done.
“To my surprise, it was discovered that the contract was not even awarded to CCECC, it is a different contract awarded by the FCT, and this is my first time hearing that and we are going to take it up immediately, to see that it is being put in place.
“We must also talk about the kind of vandalization and stealing that is going on there. We have security companies that were awarded contracts to secure those areas, yet things are happening.
“Excuses are being given on how security agencies release those that are caught but for me, that is not enough, and we are going to make sure that we have a different method to be adopted, to see that we cannot continue to give excuses every day,” he said.
The minister further directed that all the stations must be cleaned and also all the necessary things there must be provided, saying that there is no room for excuses at all.
On whether the state of work at the stations could affect the May 24 deadline, the minister said he was not a pessimist, expressing hope that the projects will be ready before May, adding that companies handling the projects must speed up work.
“This is one project that I’m so passionate about, and you know that Mr. President gave me a directive that must not be taken for granted. Therefore, we must come and make sure that things are in good shape.
“So, I am not happy, the company must speed up, and those who are doing the access roads must also speed up. Here we are standing, and we have been assured that this road will be completed before May, we just hope so and this is the best I can tell you now. I am not a pessimist, but also, I doubt. But by putting all our energies together, we might achieve it,” he stated.
Human rights lawyer, Femi Falana, (SAN) has commended President Bola Tinubu for reducing his travel entourage by 60 per cent but said he can do more.
Falana, who was a guest on Channels Television’s Politics Today yesterday, said it is commendable that the government is starting to cut costs, but noted that there are other areas where resources could be saved from wasting away.
“It (cutting of entourage) is realistic and if possible, the government can go further to reduce the number from 60 to 40 per cent or thereabouts, having regards to the state of the economy. But there are areas to address where we are wasting a lot of resources.
“I once travelled and I was in one of the embassies. I was flabbergasted that Nigeria has been paying rents in an African country for our embassy since 1962; that should not be so. So, the government will have to holistically look at the areas of waste,” Falana said.
The Senior Advocate told Channels TV last night that just like the president, the governors must also reduce their travel entourage both locally and internationally.
Emphasizing the need for sacrifice in the face of a poor economy, Falana said that it is time for the government to tighten their belts after telling the poor to do the same for years.
The Presidency had on Tuesday announced a major slash of travel delegations for all federal government official trips within and outside the country.
According to the presidential spokesperson, Ajuri Ngelale, the directive means a 60 percent slash across board and affects all MDAs, including the office of the president, vice president, and first lady.
[PRESS RELEASE] Odu’a Investment Company Limited Announces Retirement Of Group MD/CEO, Names Successor
AdminODU’A INVESTMENT COMPANY LIMITED “Odu’a Investment” announces the retirement of the Group Managing Director/Chief Executive Officer, Mr. Adewale Raji, and the appointment of Mr. Abdulrahman Yinusa as the Group Managing Director / Chief Executive Officer effective 1st of June, 2024.
Mr. Adewale Raji’s retirement follows ten (10) years of dedicated service as Group Managing Director of the forty-seven (47) year old conglomerate. As Group Managing Director, he oversaw the Group’s return to a growth and profitability trajectory through strategic restructuring of the operating structure of the group to improve efficiency. During his two (2) tenures, the company grew Profit Before Tax (PBT) from N378 million (2013) to a high of N2.2 billion (2021), paid a total of N2.56 billion in dividends so far, diversified into Agribusiness, Oil and Gas and other sectors through strategic partnerships, and repositioned the group’s key subsidiaries and assets. He also helped improve the group’s corporate governance framework, and culture of accountability and transparency amongst management and staff. Prior to his appointment at Odu'a Investment, Mr. Raji was the Managing Director, Distribution Services at PZ Cussons Nigeria Plc where he served for 8 years on the Board.
Mr. Abdulrahman Yinusa currently serves as Executive Director, and the Group Chief Financial Officer of Odu’a Investment. He is a thoroughbred finance professional with over three (3) decades in-depth experience in the Financial Services Industry. He will be responsible for implementing the Group Board’s shared vision and plan, as well as ensure continued execution of existing strategic projects. Prior to joining Odu’a Investment, he retired from Diamond Bank (now part of Access Bank) as an Executive Director and Chief Financial Officer. In the course of his over thirty (30) year career, he demonstrated unique leadership skills, versatility and excellence, and developed expertise in several areas including asset management, local and international capital raising, mergers and acquisitions, strategy, treasury and business transformation. Mr. Yinusa graduated with a B.Sc. Accounting from the Ahmadu Bello University, and holds both M.Sc. Economics and MBA (Finance) degrees from the University of Lagos. He is also an alumnus of the University of Cambridge, IMD, Switzerland and INSEAD, France where he attended top management programmes.
Odu’a Investment has also appointed Mr. Yemi Ajao as Executive Director, and Group Chief Investment and Business Development Officer, a role he will assume on the 15th of January 2024. Mr. Yemi Ajao has over twenty (20) years’ extensive experience in oil and gas operations (engineering), strategy, corporate finance, real estate, venture capital and private equity. He graduated with a B.Sc. Chemical Engineering from the Obafemi Awolowo University, and holds an M.Sc. Petroleum Engineering from the University of Houston, and an MBA from the Jones Graduate School of Business, Rice University, Houston, USA.
Commenting on these leadership changes, the Group Chairman of the Board, Odu’a Investment Company Limited, Otunba Bimbo Ashiru, stated; "Today we announce the retirement of a Group Managing Director who superintended over a pivotal period in Odu’a Investment’s evolution into a world class conglomerate. On behalf of the Board, I will like to express our sincere gratitude to Mr. Adewale Raji for his exceptional leadership, and for steering the ship with such vision, courage and professionalism during his tenure. We are also delighted about the smooth leadership transition, and I will like to congratulate the Shareholders and the Board on Mr. Abdulrahman Yinusa’s appointment. I have no doubt in my mind that he will take Odu’a Investment to another level of growth, especially with the foundations laid over the past few years”.
Commenting further, the outgoing GMD, Mr. Adewale Raji said: It has been a great honour to have been entrusted by the Group’s Shareholders and the Board to superintend over the affairs of the business from June 2014. The period witnessed remarkable changes in the financial performance and corporate governance standing of the Group. I am delighted that the modest successes recorded in portfolio rebalancing and asset optimization in our notable chosen sectors of Real Estate, Hospitality, Financial Services, Agriculture, Energy, etc are going to receive accelerated transformation under my worthy successor (Mr Yinusa) and the excellent crop of talent that the Group has attracted under the support of the Board in these past few years’’
Victor Ayetoro
Media Relations
08035645584
The executive Governor of Bauchi State, Bala Mohammed, has said Nigeria should capitalise on the exodus of medical doctors abroad to earn foreign currencies.
He said since Nigerian doctors are much valued abroad, the government should train more doctors and export them abroad to get “repatriation of money.”
Mohammed made the proposition on Tuesday in Abuja when he paid a courtesy visit to the Tertiary Education Trust Fund.
According to him, “Go by what they want and produce more (doctors) and be exporting and getting repatriation of money coming back not only to Bauchi, but to other states.
That’s why we’re repositioning our schools for nursing health technology and university to produce more doctors since we are found to be competent.
I think we should not be crying over spilled milk. The more they need, the more we should produce for our national and their need and we need your (TETFund) support in that as well.”
[NationalDaily]
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The Postmortem Sub-Committee of the Federal Account Allocation Committee (FAAC) has recommended that the Federal Government refund the about N228 billion loan it took from the non-oil excess revenue account to fund the 2023 general elections.
This is according to a report on the inflow into and payments from the non-oil excess revenue account for the period January 2020 to October 2023, which was signed by sub-committee chairman, Kabir Mashi, on December 14, 2023.
Mashi, who was once an acting Chairman of the Federal Inland Revenue Service (FIRS) is also a Federal Commissioner of the Revenue Mobilization and Fiscal Allocations Commission (RMAFC), representing Katsina State.
The genesis of this report can be traced back to a FAAC Plenary meeting held in September 2023. During this meeting, members raised alarms over the substantial deductions from the Non-Oil Excess Revenue Account, prompting a deeper investigation.
These concerns were primarily centred around the large sums being borrowed by the Federal Government. The sub-committee further wrote to the Office of the Accountant-General of the Federation (OAGF) to provide some information as it examined the Non-Oil Excess Revenue Account Ledge.
FG made N864.16 billion in deductions
The loan taken for the 2023 general elections makes up about 26% of the total deductions between January 2020 to October 2023, according to the sub-committee.
There were other deductions made for different purposes, such as a refund of gas flared penalty to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The findings of the sub-committee read:
- “That the total inflow into the Non-oil Excess Account for the period January 2020 to October 2023 was N2,607,067,427,659.48;
- “That the total amount distributed to the three tiers of Government was the sum of N1,035,298,000,000.00 in the period under review;
- “Total deductions from the Account for other purposes amounted to N846,159,187,753.64 in the period under review;
- “That the sum of N20,009,001,423.57 was deducted as Refund of Gas Flared penalty to NMDPRA;
- “That the sum of N20 billion was transferred to the 20% of the Amount due to States on ECA withdrawals Account;
- “That the sum of N136,571,812,718.58 was used for Refund of PAYE to States and the sum of N31,311,515,329.52 for FCT respectively;
- “That FGN borrowed the sum of N41,844,164,400.00 for the payment of final Settlement of Ground Rent Liabilities;
- “That FGN borrowed the sum of N227,998,501,190.36 for the funding of 2023 General Elections;
- “That amount borrowed by FGN for Payment of Contingencies to the Office of the National Security Adviser was N2,750,000,000.00;
- “That the sum N28,608,118,834.81 was deducted from the Account to Refund Paris Club Loan Deduction from SRA of FCTA;
- “That the difference between Foreign taxes figures on Component Statement and Actual was deducted from the Non-Oil Account to the tune of N73,066,073,856.80;
- “The sum of N30,000,000,000.00 was deducted from the Account for refund to CISS being amount borrowed for FIRS’s Priority Projects;
- “That there was no record that the amounts borrowed by FGN were paid back.”
In its recommendations, the Sub-Committee recommends that the total deductions of N864.16 billion for other purposes should be refunded back to the account.
It also stressed that further deductions from the account should be in line with the vertical revenue allocation formula.
The recommendation for the Federal Government to refund the borrowed funds is a significant step towards ensuring transparency and accountability in the management of Nigeria’s financial resources.
More Insights
While there seems to be no known specific information available about the creation of a non-oil revenue account in Nigeria, its concept appears to parallel the structure of the Excess Crude Account (ECA).
Established in 2004 by then-President Olusegun Obasanjo, the ECA functions as a natural resource fund, primarily serving as a fiscal buffer during economic downturns.
The ECA accumulates revenues exceeding the benchmark crude oil price set in the national budget, providing a savings mechanism for the country.
In a similar vein, it is conceivable that the non-oil revenue account operates on a parallel framework, wherein surplus revenues from non-oil sources are earmarked for savings.
Notably, the Federal Government’s approach to withdrawing from these accounts has occasionally deviated from the standard vertical revenue allocation formula outlined by the Revenue Mobilization Allocation and Fiscal Commission (RMAFC).
This formula currently allocates 52.68% of revenue to the Federal Government, 26.72% to states, 20.60% to local governments, and 13% for derivation.
The Federal Government’s deductions from the non-oil revenue account, often contrary to RMAFC stipulations, highlight ongoing challenges in adhering to established fiscal management protocols.
Also, efforts to revise the revenue allocation formula under the previous administration of Muhammadu Buhari led RMAFC to propose a new distribution: 45.17% for the Federal Government, 29.79% for states, and 21.04% for local governments.
This proposal represented a shift in resource allocation, reducing the Federal Government’s share by 3.33%, while increasing the states’ and local governments’ shares by 3.07% and 0.44%, respectively.
However, akin to prior attempts to revise this formula, the proposal was not approved. There appears to be no immediate prospect of such a revision under the current administration, reflecting a continuity in the status quo of revenue allocation in Nigeria.
[Nairametrics]
The most recent data provided by the International Air Transport Association (IATA) revealed that the 2024 Henley Passport Index positions the Nigerian passport at 95th globally.
This ranking is determined by the count of destinations that Nigerian passport holders can visit without the requirement of obtaining a prior visa.
The index assesses the visa-free access of 199 distinct passports to a total of 227 travel destinations. A passport is assigned a score of 1 if no visa is required to enter a particular destination.
According to the report, individuals holding Nigerian passports are obligated to obtain visas for 181 destinations.
Notably, the Nigerian passport is positioned lower than its West African counterparts, with Ghana, Benin, and Togo securing ranks of 76th, 79th, and 83rd, respectively.
In comparison, South Africa holds the 53rd spot globally, allowing its passport holders to travel to 108 destinations without the need for a visa.
Japan, previously ranked second, has now secured the top spot on the list, with its passport holders enjoying visa-free access to 194 countries.
Singapore, France, Germany, Italy, and Spain are joining Japan in possessing the world’s most powerful passports.
[NaijaNews]
The Sultan of Sokoto and President General of the Nigeria Supreme Council for Islamic Affairs, NSCIA, Alhaji Sa’ad Abubakar, has directed Muslim Ummah to watch for the new Moon of Rajab 1445 AH starting on Friday.
The Chairman of the Advisory Committee on Religious Affairs, Sultanate Council Sokoto, Prof Sambo Janaidu announced in a statement on Thursday.
The statement reads, “This is to inform the Muslim Ummah that Friday, Jan. 12, equivalent to the 29th day of Jumada-Assani 1445 AH, shall be the day to search for the new moon of Rajab 1445 AH.
“Muslims are requested to commence the search on Friday and report its sighting to the nearest District or Village Head for communication to the Sultan,” it said.
The Sultan extended his prayers, seeking Allah’s assistance for all Muslims in fulfilling their religious duties.
DAILY POST reports that Rajab, the seventh month in the Islamic calendar, is considered one of the four sacred months in Islam during which battles are prohibited.
[DailyPost]
The National Youth Service Corps (NYSC) has explained why it made the National Identification Number (NIN) mandatory for registration for national service.
The Scheme said the NIN would be used to mobilise corps members for the 2024 service.
It insisted that prospective corps members without the number would not be mobilized for national service.
The organization said it took the decision during the meeting of NYSC management led by the Director-General, Brigadier General Yusha’u Ahmed with the management of the National Identification Management Commission, led by its director-general, Abisoye Coker-Odusote in Abuja.
In a statement by the Director of Press and Public Relations, Eddy Megwa the NYSC said: “Starting from the 2024 Mobilisation Exercise, all the eligible Prospective Corps Members are expected to register for Mobilisation with their National Identification Numbers (NIN).
“This was part of the deliberations during the meeting of NYSC Management led by the Director General, Brigadier General YD Ahmed with the Management of National Identification Management Commission, led by its Director General, Engr Abisoye Coker-Odusote in Abuja today.
“The NYSC Director General, Brigadier General YD Ahmed said the collaboration with NIMC on Corps Mobilisation would strengthen the online registration process for the Scheme.
“He added that the NYSC Integrated system that was introduced in 2014 has tremendously assisted the Scheme in its mobilization process, but there is a need for improvement.”
Coker-Odusote promised the readiness of the commission for the collaboration between both agencies.
She lauded the NYSC mobilization protocols and the Scheme’s efforts towards molding corps members for leadership responsibilities for over fifty years of its operations.
The NIMC boss said the synergy will simplify the entire mobilization process and also address multiple issues.
She added that the commission has partnered with several government agencies while promising to present the best services to the nation.
[TheNation]