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A report by market intelligence firm, TrendForce, has revealed that prices of storage drive laptops and computers will go up by 50% in 2024.
According to the report, the price increment is predicated on the need for suppliers to reach the breakeven point after a rebound from the decline in NAND flash memory prices.
This would make computer SSD drives more expensive this year and ultimately lead to higher prices for laptops and computers.
Industry analysts noted that SSD price increases have already become noticeable, ending the era of exceptionally affordable storage. However, TrendForce expects an additional sharp increase in prices as manufacturers cannot recoup their expenses and inventories are running out.
What TrendForce is saying
The market intelligence firm in the report stated:
- “Major domestic players in the NAND Flash industry indicate that NAND Flash suppliers, driven by the goal of profitability, will continue to aggressively raise prices. It is anticipated that prices will need to increase by over 40% once again for major manufacturers to break even. To achieve profitability, future price hikes are expected to be at least 50% or even higher.”
Looking at the global NAND Flash market share in 3Q23, TrendForce noted that Samsung holds the leading position with a market share of 31.4%. The second position is held by the SK group, with a market share of 20.2%, followed by the U.S.-based Western Digital in third place with a market share of 16.9%. The Japanese company, Kioxia ranks fourth with a market share of approximately 14.5%.
NAND flash production reduction
According to TrendForce, the industry indicates that due to the lower profitability of NAND Flash compared to DRAM, international giants are actively reducing NAND Flash production.
- “Taking Samsung as an example, since September of this year, the reduction in NAND chip production has expanded to 50% of total capacity, focusing on products with stacked layers up to 128 layers. The goal is to accelerate destocking and stabilize prices, with plans to gradually increase prices in 2024”
- “TrendForce has indicated that following Samsung’s expansion of the production reduction to 50%, other suppliers are also maintaining a restrained wafer allocation strategy. After more than half a year of production reduction in some processes and capacities, there is a structural supply shortage, providing an advantage for chip manufacturers in price control.
- “Observing the market in the fourth quarter, there are almost no low-priced sources available for purchase. However, buyers still tend to maintain high inventory levels and continue purchasing,” it added.
[Nairametrics]
The year 2023 was tumultuous for Nigeria’s federal parliament. It witnessed the end and the beginning of the ninth and tenth assemblies respectively.
While the previous legislative session drew to a close peacefully, the current one began on a rancorous note with a keenly contested leadership race that birthed acrimony that has refused to fizzle out. Here are some of the highlights of issues that defined the country’s highest law making body in 2023:
High legislative turnover
The 10th Assembly is populated by mostly first time lawmakers – about 70 per cent – many of whom lack a deep knowledge of legislative proceedings, which often reflect in their contributions to motions and debates.
Many of the old and experienced legislators lost out to not only rivals in their political parties who got the tickets, but also to greenhorns from other parties during the general elections.
Experts had spoken severally on the implications of high attrition of experienced lawmakers on the performance of the National Assembly.
“The continuous replacement of the significant members of the legislature after each general election cycle has serious implications for its ability to perform its role effectively.
“This has led to several capacity gaps in our legislative practice and procedures at both the state and national levels,” said Professor Abubakar O. Suleiman, the Director General of the National Institute For Legislative and Democratic Studies (NILDS).
“Legislators hardly develop an understanding of the legislative practice and procedures before they are changed. This negatively affects the legislators’ capacity in discharging their duties as some of the most experienced legislators are not often returned.
Rancorous leadership tussle
The race for senate presidency and speakership of the 10th National Assembly was said to be the most intense, crowded, and rancorous in recent history.
While the contest for the leadership of both chambers had always been dogged by high-wired politicking, drama, and executive interference, that of the current National Assembly assumed an unprecedented dimension.
It was shaped by intense lobbying, horse trading, alliances and vote buying as aspirants struggled to outspend one another in a bid to get the support of their colleagues.
Despite presidency interference and pressure which forced many aspirants to drop out, daring lawmakers contested against the favoured candidates.
Abdulaziz Yari gave Godswill Akpabio a run for his money in the Senate presidency race, which ended 46–63 in favour of the latter.
In the House of Representatives, Tajudeen Abbas faced a calibre of candidates, who had almost equal chance of clinching the speaker’s seat.
But a few days before the election, all the other candidates except two, the former Deputy Speaker, Ahmed Idris Wase and Sani Jaji, stepped down and declared support for Abbas, who later got 353 votes. The two others had three votes each.
The jostle for principal offices also raised dust among senators and leadership of political parties.
The then chairmen of both APC and PDP, the two parties, with the highest lawmakers in the Red Chamber, rejected the names announced by Akpabio. Again, after presidential intervention, normalcy was restored to the parliament and the defeated candidates resigned to fate.
Akpabio’s holiday ‘enjoyment’ statement
The Senate President drew the ire of Nigerians after his August 7 “holiday enjoyment allowance” remark shortly before adjourning plenary for a long recess made the rounds on social media.
“To enable all of us to enjoy our holiday, a token has been sent to our various bank accounts by the Clerk of the National Assembly,’’ Akpabio told his colleagues, apparently forgetting that the proceeding was being live streamed.
The “holiday bonus” comment came weeks after the lawmakers were allocated N70 billion to support their “working conditions” in an amended 2022 supplementary appropriation act.
Nigerians lampooned the Senate President, saying it was very unfortunate that such a statement could be made by Akpabio at a time when Nigerians were feeling the heat of high living cost following fuel subsidy removal.
Impeachment rumour
During a long recess in August, there were reports of moves by some disgruntled lawmakers to remove Akpabio as Senate President.
Akpabio had dismissed the impeachment move, describing it as complete imaginations and sometimes laced with malice, saying the Senate under his leadership was stable.
But the anti-Akpabio senators were said to have accused the Senate President of orchestrating what they called an imaginary impeachment plot targeted at pitching lawmakers against President Tinubu.
‘Empty’ budget box
The 2024 budget generated controversies few days after it was presented to the parliament by President Bola Ahmed Tinubu.
Unlike his predecessors, sectoral allocations of the budget were not captured in the president’s budget speech, raising insinuation in some quarters that Tinubu submitted empty boxes to the parliament.
A member of the House of Representatives, Yusuf Galambi (NNPP, Jigawa) had, during an interview with BBC Hausa Service, accused Tinubu of presenting “empty boxes”, suggesting that, the president was not ready for budget defence but only came out to deceive the populace.
The speculation became rife when lawmakers, during debate on the proposals, complained that they were not provided the budget details, which they said would limit their comments.
In a move to douse the controversy, the Senate Appropriations Committee hurriedly released few details, including sectoral allocations while the budget ministry a few days later released the full budget breakdown.
The first appropriation bill in the life of the 10th National Assembly was passed in record 31 days after presentation on November 29 and was signed into law yesterday by the president.
Tribunal verdicts
The Court of Appeal nullified the elections of some lawmakers, including ranking ones, following petitions by their opponents challenging their elections. New ones, mostly first timers, were inaugurated after the court ruled in their favour.
Those sacked from the Red Chamber were Elisha Abbo (Adamawa), Simon Davou Mwadkwon (Plateau), Napoleon Bali (Plateau), Abubakar Sadiku Ohere (Kogi) and Darlington Nwokocha (Abia).
About 15 members of the House were affected by the court rulings.
Plateau state has the highest number of lawmakers sacked by the court, all of them PDP members. They were Dachung Bagos, Beni Lar, Isaac Kwalu, Peter Gyendeng Ibrahim and Musa Agha. They were replaced by members of LP and APC.
SUV controversy
The purchase of 109 Toyota land cruisers for senators and 360 Prado for members of the House of Representatives raised dust as it always does in the previous assemblies.
Nigerians expressed their anger at the purchase of the vehicles costing billions of Naira at a time when many citizens are finding it hard to meet their basic needs.
Over the years, the purchase of new vehicles for the lawmakers after every four years had been controversial, which drew condemnations and portrays them as self-serving.
However, the criticism and condemnations did not stop the purchase of the luxury vehicles for the lawmakers.
Dust over job racketeering probe
One of the high points in the House of Representatives in the course of the year was the dust raised over the probe into job racketeering and mismanagement of the Integrated Personnel Payroll and Information System (IPPIS) in Ministries, Departments and Agencies (MDAs).
Daily Trust reports that the committee in the course of its investigations unearthed mind-blowing revelations of large scale jobs’ racketeering involving key officials of the Federal Character Commission (FCC), including its chairperson, Muheeba Farida Dankaka and her special assistant, Haruna Kolo.
10th House Legislative Agenda
On November 14, 2023, Speaker Abbas Tajudeen unveiled the 8-point Legislative Agenda of the 10th House, with a pledge to partner with President Tinubu on the successful implementation of the ‘Renewed Hope Agenda’ of the current administration.
The agenda include, strengthening good governance, improving national security, law reform, economic growth and development, social sector reform and development, inclusion and open parliament, influencing/directing Nigeria’s foreign policy, and climate change and environmental sustainability.
LP senators’ protest over minority leadership
Another dramatic turn in the course of the year was the protest over minority leadership in the Senate.
The Red Chamber witnessed a rancorous session when Akpabio announced Abba Moro (PDP, Benue) as minority leader and Osita Ngwu (PDP, Enugu) as minority whip to replace Simon Mwadkwon (PDP, Plateau) and Darlington Nwokocha (LP, Abia), whose elections were nullified by the appellate court.
The announcement did not sit well with LP senators, who described the arrangement as injustice against other minority parties.
[DailyTrust]
The Federal Government through the Federal Ministry of Education on Tuesday announced the suspension of accreditation of degree certificates from Benin Republic and Togo.
According to a statement on Tuesday signed by Augustina Obilor-Duru on behalf of the Director of Press and Public Relations, Federal Ministry of Education, the government lamented that “some Nigerians deploy nefarious means and unconscionable methods to get a Degree with the end objective of getting graduate job opportunities for which they are not qualified”.
It followed an investigative report by Daily Nigerian Newspaper titled “How Daily Nigerian reporter bagged Cotonou varsity degree in 6 weeks”.
According to the government, the suspension persists pending the outcome of an investigation involving the Ministries of Foreign Affairs and Education of Nigeria and the two countries as well as the Department of State Security Services and the National Youths Service Corps.
The statement reads, “ The Federal Ministry of Education vehemently decries such acts and with effect from 2nd January 2024 is suspending evaluation and accreditation of degree certificates from Benin and Togo Republics pending the outcome of an investigation that would involve the Ministry of Foreign Affairs of Nigeria and the two countries, the ministries responsible for Education in the two countries as well the Department of State Security Services and the National Youths Service Corps.
“The Ministry therefore wish to call on the General Public to support its efforts, show understanding and provide useful information that will assist the Committee in finding lasting solutions in order to prevent further occurrence.
“The Ministry has also commenced internal administrative processes to determine the culpability or otherwise of her staff for which applicable Public Service Rules would be applied.
“The issue of degree mills institutions, i.e institutions that exist on paper or operate in clandestine manner outside the control of regulators is a global problem that all countries grapple with. FME has been contending with the problem including illegal institutions located abroad or at home preying on unsuspecting, innocent Nigerians and some desperate Nigerians who deliberately patronize such outlets. Periodically, warnings have been issued by the Ministry and NUC against the resort to such institutions and in some instances, reports made to security agencies to clamp down on the perpetrators. The ministry will continue to review its strategy to plug any loopholes, processes and procedures and deal decisively with any conniving officials.”
The PUNCH reports that in 2020, the NYSC said it would commence the prosecution of Nigerian graduates with fake credentials, especially from West African countries.
A former Executive Secretary of the National Universities Commission, Prof. Abubakar Rasheed also in 2020 noted that certain Nigerians were purchasing fake degrees from degree mills in and out of Nigeria.
In September 2023, a newspaper exposed a certain London Graduate School selling fake honorary degrees to Nigerians.
[Punch]
President Bola Tinubu has suspended Mrs Halima Shehu, the National Coordinator and chief executive of the National Social Investment Programme Agency (NSIPA).
President Tinubu, according to Channels Television, approved Shehu’s suspension with immediate effect and ordered her replacement.
This comes merely three months after her confirmation for the appointment by the Senate.
Recall that Shehu worked as the National Coordinator of the Conditional Cash Transfer Programme, where she used her banking and career expertise to see to the digitalisation of the programme.
The former banker worked at the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development, from 2017 to 2022.
[Vanguard]
Preparations are in top gear for the commencement of production in Dangote Refinery, as the petrochemical company has received the fourth crude shipment of, one million barrels of bonny light crude supplied by the Nigeria National Petroleum Corporation Limited (NNPCL), and expecting the fifth crude shipment, anytime from now.
The fresh one million barrels of crude was the fourth consignment to be delivered to the Dangote facility out of the six million barrels of crude being expected by the world's largest single-train refinery.
It would be recalled that Dangote Refinery had earlier, received three million barrels of crude.
Managing Director of Dangote Ports Operations, Mr. Akin Omole, had then told newsmen at the Dangote Quay, Ibeju-Lekki, Lagos that the Refinery will receive about four million crude shpment before the end of 2023 and the remaining two by the early of January 2024. He said the crudes supply would put the Refinery in good stead to commence operation.
Once the 6 million barrels are fully delivered, it will facilitate the initial run of the refinery as well as kick-start the production of diesel, aviation fuel, and LPG before subsequently progressing to the production of Premium Motor Spirit (PMS).
This latest development will play a pivotal role in alleviating the fuel supply challenges faced by Nigeria as well as the West African countries.
Designed for 100% Nigerian crude with the flexibility to process other crudes, the 650,000 barrels per day Dangote Petroleum Refinery can process most African crude grades as well as Middle Eastern Arab Light and even US Light tight oil as well as crude from other countries.
Dangote Petroleum Refinery can meet 100% of Nigeria’s requirement of all refined products, gasoline, diesel, kerosene, and aviation jet, and also has a surplus of each of these products for export.
The refinery was built to take crude through its two SPMs located 25 kilometres from the shore and to discharge petroleum products through three separate SPMs. In addition, the refinery can load 2,900 trucks a day at its truck-loading gantries.
Dangote Refinery has a self-sufficient marine facility with the ability to handle the largest vessel globally available. In addition, all products from the refinery will conform to Euro V specifications.
The refinery is designed to comply with US EPA, European emission norms, and Department of Petroleum Resources (DPR) emission/effluent norms as well as African Refiners and Distribution Association (ARDA) standards.
While receiving the first consignment, President of Dangote Group, Mr. Aliko Dangote stated: “We are delighted to have reached this significant milestone. This is an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects. Our focus over the coming months is to ramp up the refinery to its full capacity. I look forward to the next significant milestone when we deliver the first batch of products to the Nigerian market.”
The Peoples Democratic Party (PDP) has sharply criticized President Bola Tinubu’s New Year address, calling it a “harvest of deceit, false claims, and empty promises.”
This reaction follows Tinubu’s speech where he acknowledged the frustration of Nigerians due to recent economic decisions, including fuel subsidy removal and Naira devaluation.
In his address, President Tinubu admitted to the challenges faced by Nigerians and defended his administration’s decisions as necessary to prevent a fiscal crisis.
He highlighted the removal of the decades-long fuel subsidy as a key measure.
Reacting to the speech, the PDP, through its National Publicity Secretary, Debo Ologunagba, described Tinubu’s address as uninspiring and failing to tackle critical national issues.
The party pointed out the President’s neglect of issues like insecurity, economic hardship, high inflation, and unemployment.
The PDP accused Tinubu’s administration of implementing policies that worsen the nation’s socio-economic situation.
The PDP further criticized President Tinubu for claiming that his actions were in the country’s best interest, alleging mismanagement of resources and a lack of concrete economic policies.
They accused the administration of prioritizing luxury and unnecessary foreign trips over national welfare.
The statement urged President Tinubu to provide a detailed account of national earnings, including those from the removal of the fuel subsidy, amid allegations of misappropriation.
The PDP also called on the National Assembly to exercise its oversight role more effectively to hold the executive accountable.
The Dangote Petroleum Refinery, on Monday, received the fourth shipment of one million barrels of bonny light crude oil, supplied by the Nigeria National Petroleum Corporation Limited.
A statement from tne $20bn firm stated that the oil company was expecting the fifth crude oil shipment soon.
The plant had earlier received three shipments of crude oil, as officials of the company told our correspondent that the refinery would start pumping out refined Automotive Gas Oil, also known as diesel, and aviation fuel or JetA1 this month.
In the statement issued on Monday, the company said, “The fresh one million barrels of crude was the fourth consignment to be delivered to the Dangote facility out of the six million barrels of crude being expected by the world’s largest single-train refinery.”
The Managing Director, Dangote Ports Operations, Akin Omole, had earlier told journalists at the Dangote Quay, Ibeju-Lekki, Lagos that the refinery would receive about four million crude oil shipment before the end of 2023.
According to him, the refinery would get the remaining two by the early of January 2024, adding that this would position the refinery to begin production.
He explained that once the six million barrels were fully delivered, it would facilitate the initial run of the refinery and see to the production of diesel, aviation fuel, and Liquefied Petroleum Gas, before progressing to the production of Premium Motor Spirit, popularly called petrol.
The 650,000 barrels per day capacity Dangote refinery can meet 100 per cent of Nigeria’s requirement of all refined petroleum products including petrol, diesel, kerosene and jet fuel, and also has a surplus of each of these products for export.
Dangote Refinery has a self-sufficient marine facility with the ability to handle the largest vessel globally available, from where it has been receiving the crude oil shipments.
After receiving the first consignment of crude, the President, Dangote Group, Aliko Dangote, had said, “We are delighted to have reached this significant milestone. This is an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects.
“Our focus over the coming months is to ramp up the refinery to its full capacity. I look forward to the next significant milestone when we deliver the first batch of products to the Nigerian market.”
The former governor of Osun State and former minister of interior, Rauf Aregbesola has claimed that his successor, Gboyega Oyetola, “betrayed him and his loyalists.”
Aregbesola spoke over the weekend during the end-of-the-year thanksgiving organised by his loyalists in Ilesa, Osun state.
The former minister said he will soon announce his next political move to the people of Osun.
His words: “We did our own eight years in office and by the grace of God, we handed over power to the person who we felt would meet our interests and that of the party.
“But he betrayed us and the party. Those who are not patient and not in Osun began to say rubbish about the matter.
“I did not ask for money, positions, or acceptance of my counsel. I only asked that the party should not be destroyed.
“From the smallest of them to the biggest, I did not have any form of disagreement with them.
“Despite this, they went publicly to say rubbish about me.”
On attempt at reconciliation before the election, he said agreements reached at a meeting were ignored.
Aregbedola said: “During the meeting, it was agreed that they would give our own faction one-third while they take two-thirds of the positions in the next administration after the 2022 election.
“We did not hear anything again about the agreement.
“On OSBC, their leader of governorship campaign said that anybody who was not invited should not come for the campaign.
“As a bonafide Yoruba man, I stayed away. No bonafide Yoruba person would hear that comment and go to where he was not invited.
“By the grace of God, by this time in 2024, I would have declared where we are heading to and it will be clear to everyone where Osun people are heading to.”
In the beginning…
Recall that Aregbesola served as the governor of Osun between 2010 and 2018. He was succeeded by Oyetola, who served from 2018 to 2022.
Aregbesola then played a key role in the emergence of Oyetola as the governor of Osun during the 2018 governorship election.
However, in the build-up to the 2022 Osun governorship poll, the relationship between Aregbesola and Oyetola turned sour.
The All Progressives Congress, APC, in Osun state was divided into two factions as a result of the political tussle.
The division in Osun APC did not stop Oyetola, who was then the incumbent governor, from clinching the APC governorship ticket for the second time.
Aregbesola and his loyalists did not participate in the re-election campaign activities of Oyetola.
Eventually, Oyetola lost the July 2022 governorship election to Ademola Adeleke of the Peoples Democratic Party, PDP.
The Peoples Democratic Party (PDP) yesterday said President Bola Tinubu should provide a comprehensive account of the nation’s earnings including the proceeds from the removal of subsidy on petroleum products.
PDP made the demand against the backdrop of what it said were allegations that the earnings are being diverted to private pockets of All Progressives Congress (APC) leaders and their cronies.
The opposition party said this in a statement dismissing Tinubu’s New Year speech as being empty and not addressing any of the critical issues plaguing the nation.
The national publicity secretary of PDP, Hon Debo Ologunagba said President Tinubu failed to address the critical issues of insecurity, decayed infrastructure, comatose manufacturing and productive sectors; crushing 28% inflation rate, continuing plunge of the Naira, alarming unemployment, excruciating poverty and economic hardship occasioned by the reckless, ill-advised and insensitive policies and programmes of his administration.
He said the president failed to address the vexatious issue of incompetence, insensitivity, massive profligacy, unbridled treasury-looting inherent in his administration, which have put the nation in dire strait.
“President Tinubu ought to have used the opportunity presented by the New Year to apologise to Nigerians and marshal out steps to address our national challenges, including those responsible for the exiting of multinational manufacturing companies and other businesses from our country.
“What Nigerians demand of President Tinubu is to provide a comprehensive account of our nation’s earnings including the proceeds from the removal of subsidy on petroleum products, especially in the face of allegations that the earnings are being diverted to private pockets of APC leaders and their cronies.
“The National Assembly is invited to step up and perform its Constitutional role of oversight to hold the Executive Arm accountable as the custodian of the purse of the nation,” the statement added.
The PDP spokesman noted that it was distressing that the president had no words in his New Year address for the Christmas eve genocidal massacre of over 200 Nigerians by terrorists in Plateau State and the murder of over 5000 citizens in Plateau and other States of the federation under his watch since May 29, 2023.
“It is an unpardonable assault on the sensibility of Nigerians for President Tinubu to brazenly assert that ‘everything I have done in office, every decision I have taken and every trip I have undertaken outside the shores of our land, since I assumed office on 29 May 2023, have been done in the best interest of our country.’
“On the contrary, all decisions and actions of the Tinubu Presidency including the approval of increase in the pump price of fuel from N167 to over N700 per liter, devaluation of the naira with the consequential high costs and hardship; skewing of the 2024 budget in favour of luxury appetite of the Presidency and APC leaders without concrete policies to revive the economy and create jobs; the wasteful foreign trips with political cronies and failure to address the mindless killings across the nation cannot be said to be in the interest of our country.”
The party further noted what it called the undermining of the Constitution and Institutions of Democracy, including attempts to emasculate the National Assembly and compromising of the Independent National Electoral Commission (INEC) through the appointment of APC card-carrying members as Resident Electoral Commissioners. It added that these cannot be in the interest of the nation.
“President Tinubu’s claims that his anti-people actions and policies, with their calamitous consequences are in the interest of the nation further confirms that this administration is deliberately subjecting Nigerians to hardship as a way to suppress them to surrender to totalitarianism.
“Also, in stating that ‘from the boardrooms at Broad Street in Lagos to the main-streets of Kano and Nembe Creeks in Bayelsa, I hear the groans of Nigerians who work hard every day to provide for themselves and their families’, President Tinubu has admitted that his administration has plunged Nigerians into pain, anguish and misery.
[Leadership]
• Experts call for alignment of execution, reality
• Urge govt to boost tax revenue, curb crude oil theft
• Budget falls short of growth aspiration, says Utomi
President Bola Tinubu, yesterday, signed the adjusted N28.78 trillion budget into law, an action that may have reset the budget cycle to January-December.
The amount is about 32 per cent higher than the original 2023 budget (N21.83 trillion), excluding the supplementary and subsequent adjustment. But in real terms, the budget is far lower than that of last year. For instance, naira has witnessed over 50 per cent depreciation in the past one year. Hence, last year’s budget, which was about $49 billion, is over 30 per cent higher than the dollar equivalent of the 2024 budget (about $32 billion).
At 28.2 per cent, inflation rate may have also made a mess of the real value of the budget. Using last year as the base year, the value of the budget is a little above N20 trillion.
Tinubu assented to the bill at the State House, Abuja, yesterday, shortly after returning to Abuja from Lagos, according to a statement issued by his spokesman, Ajuri Ngelale.
The top priorities of the 2024 budget of N28.78 trillion are defence and internal security, job creation, macro-economic stability, improved investment environment, human capital development, poverty reduction and social security, the presidency said.
Speaking at the signing of the bill, the President assured Nigerians that the implementation of the budget would be efficiently pursued and vigorously monitored as “all the institutional mechanisms shall be held to account in ensuring diligent implementation.
“All MDAs have been directed to take responsibility and provide monthly budget performance reports to the Ministry of Budget and Economic Planning, which in turn shall ensure the veracity of such. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shall hold regular reviews with the Economic Management Team and, in addition, I shall chair periodic Economic Coordination Council meetings.”
The President emphasized that his commitment to enhancing investment promotion while creating a rules-based society that favours no individual over the law begins with important reforms in the Nigerian judiciary, the funding for which is captured in the 2024 Appropriation Act.
“Funding the judiciary is a major element in our effort to support a just, rules-based society. Statutory transfer to the Judiciary has been increased from N165 billion to N342 billion,” the President said.
Key estimates are capital expenditure (N10 trillion); recurrent expenditure (N8.8 trillion); debt service (N8.2 trillion) and statutory transfers (N1.7 trillion).
Stakeholders stressed the need for the government to align its execution with macroeconomic realities in a manner that will achieve goals congruence.
Vice President of Highcap Securities Limited, David Adonri, said that the implementation of the budget would define how well its policies are translated into reality.
However, he noted that the expeditious passage of the 2024 budget and speedy assent by the president demonstrates that the government is eager to meet its economic objectives without any delay.
Adonri recalled that the adjustments in the budget by NASS, which increased expenditure by about N1.2 trillion after adjusting the assumption for the exchange rate upward, made many concerned stakeholders request that Tinubu withhold his assent until the ill-advised adjustments were reversed. He suggested that since the President had gone ahead to assent, the onus lies on him to obey the appropriation act notwithstanding the distortion the adjustments can inflict on the economy.
“Another area of concern is the expansionary nature of the budget amidst challenges on the revenue side. A recourse to further borrowing, which DMO had earlier warned against, may become inevitable to finance the increased deficit thus worsening FGN’s precious debt overhang.
“From a macroeconomic perspective, the excessive spending that may arise from this budget can thwart CBN’s contractionary monetary policy to rein in inflation,” he said.
Further, Adonri noted that jerking up the exchange rate assumption by NASS, if adopted as a revenue-making strategy to finance the budget, has negative implications on price stability as rising cost of imports will push up inflation and interest rates against the cardinal economic goals of this administration.
A political economist, Prof. Pat Utomi, said since independence, the budget process has not focused on economic growth. According to him, Nigeria needs to adopt a serious national planning that would help to unlock the country’s potential in all sectors of the economy for sustainable, holistic and inclusive national development.
“We need to return to serious national planning with a clear goal of where we are going. I mean a national plan where certain goals suit certain levels of economic performance and systematically use the budget to drive towards the main goal.
“It should be a budget process that would look at open economy and must be how the private sector will stimulate a certain level of infrastructure which would be accommodated by incentives but we have not been as thorough in that regard as we used to be in the 60s,” he said.
Founder/CEO of the Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, commended the federal government for resetting the budget cycle to January to December.
He, however, stated that the government could only meet revenue targets if it pursues vigorous tax administration efficiency and ensures the tax net is broadened by leveraging technology. He pointed out that failure to aggressively use taxation to stimulate growth may lead to more deficits for the government.
According to him, with crude oil assumption of 1.7 million barrels, coupled with Nigeria’s OPEC quota reduction to 1.5 million barrels, there is a need for government to also sustain the momentum of stopping oil theft, which has continued to rob the country of vital revenue that could be invested in infrastructure development and social welfare programs.
“We must commend the prompt passage of the budget but we need to work harder to ensure revenue targets are met. This is the biggest challenge in the budget.
He, however, stated that the government could only meet revenue targets if it pursues vigorous tax administration efficiency and ensures the tax net is broadened by leveraging technology. He pointed out that failure to aggressively use taxation to stimulate growth may lead to more deficits for the government.
According to him, with crude oil assumption of 1.7 million barrels, coupled with Nigeria’s OPEC quota reduction to 1.5 million barrels, there is a need for government to also sustain the momentum of stopping oil theft, which has continued to rob the country of vital revenue that could be invested in infrastructure development and social welfare programs.
“We must commend the prompt passage of the budget but we need to work harder to ensure revenue targets are met. This is the biggest challenge in the budget.
“We need to address investment issues in Nigeria to boost revenue. Over the last few years, non-oil revenue has been coming from taxes by corporations, if we create a more conducive business environment for companies, non-oil revenue would increase.”
Further, he said the government must ensure quarterly assessments of the progress made in execution to give room for further review of processes and forestall deficits.
[Guardian]
More...
The National Assembly has raised its 2024 budgetary allocation by 74.23 per cent to N344.85bn.
This will be the highest-ever budgetary allocation to the National Assembly whose initial allocation in the 2024 budget proposal was pegged at N197.93bn.
The increase in allocation to the Senate and House of Representatives is happening amidst a cost-of-living crisis in the country, with the government telling citizens at various for a that the country is facing tough times.
In the recently passed and now signed 2024 Appropriation Bill, the National Assembly increased the budget by N1.2tn to N28.77tn from the earlier proposed N27.5tn by the Executive.
The parliament raised statutory transfers (i.e., funding to the National Judicial Council, Niger-Delta Development Commission, Universal Basic Education Commission, National Assembly, Public Complaints Commission, Independent National Electoral Commission, National Human Rights Commission, North-East Development Commission, Basic Health Care Provision Fund, and National Agency for Science And Engineering Infrastructure) from N1.38tn to N1.74tn.
This is according to data from a document titled, ‘House of Representatives Federal Republic of Nigeria Order Paper,’ dated Saturday, December 30th, 2023.
The document revealed the following changes in statutory allocations: National Judicial Council N341.63bn (formerly N165bn), Niger-Delta Development Commission N338.93bn (formerly N324.85bn), Universal Basic Education Commission N263.04bn (formerly N251.47bn), National Assembly N344.85bn (formerly N197.93bn), Public Complaints Commission N14.46bn (formerly N13.69bn), Independent National Electoral Commission N40bn (formerly N40bn) National Human Rights Commission N5bn (formerly N5bn), North East Development Commission N131.84bn (formerly N126.94bn), Basic Healthcare Provision Fund N131.52bn (formerly N125.74bn), and National Agency for Science and Engineering Infrastructure N131.52bn (formerly N125.74bn).
Unlike before when the National Assembly did not give a breakdown of its budget, the new document gave details of the budget.
The budget details of the country’s law-making arms include the National Assembly Office (N36.73bn), Senate (N49.15bn), House of Representatives (N78.63bn), National Assembly Service Commission (N12.33bn), Legislatives Aides (N20.39bn), PAC – Senate (N130m), PAC – House of Representatives (N150m), General Services (N30.81bn).
National Institute for Legislative and Democratic Studies (N9.01bn), Service-Wide-Vote (N15.19bn), Office of Retired Clerks and Perm. Secretaries (N1.23bn), Appropriation Committee Department – Senate (N200m), Appropriation Committee Department – House (N200m), NASS Library Complex (Take-Off Grant) (N12.12bn), Procurement of Books for the NASS Library (N3bn), NASS Liabilities (N9.90bn), Constitution Review (N1bn), Completion of NILDS HQ (N4.5bn), Construction of NASC building (Ongoing) (N10bn).
Alternative Power Supply (Solar Power System) (N4bn), NASS Zonal Liaison Offices (N3bn), NASS Pension Board (Take-Off Grant) (N2.5bn), NASS Car Park Project – Senate (N3bn), NASS Car Park Project – House of Representatives (N3bn), NASS Hospital Project (N15bn), NASS Recreation Centre (N4bn), Furnishing of Committee Meeting Rooms & other Offices within the Senate Building (N2.7bn).
Furnishing of Committee Meeting Rooms for House Representatives Building Part I & II (N3bn), Upgrade of NASS Key Infrastructures (N3bn) Design, Construction, Furnishing and Equipping of NASS Ultramodern Printing Press (N3bn), Design, Construction, Furnishing and Equipping of the National Assembly Budget and Research Office (NABRO) (N4bn).
The new legislative budget is more than what NASS got between 2011 to 2014. A recent The PUNCH report revealed that the country would have spent over N1.79tn on the National Assembly in 13 years by the end of 2023.
The breakdown of the budgets was as follows, 2011 to 2014, N150bn; 2015, N115bn; 2016, N125bn; 2017, N125; 2018, N139.5bn; 2019, 125bn; 2020, N128bn; 2021, N134bn; 2022, N139bn; and N169bn proposed for 2023.
The consistent rise in the cost of funding of the arms of government and agencies is despite a declining macroeconomic environment and reduced government revenues.
While presenting the details of the 2024 budget recently, the Minister of Finance and Budget Planning, Abubakar Bagudu, disclosed that the government was bothered about its declining revenues.
He said, “Revenue generation remains the major fiscal constraint to Nigeria’s fiscal viability. However, the government is reviewing current tax and fiscal policies with a view to improving revenue generation. The target is to increase the ratio of revenue to GDP from less than 10 per cent currently to 18 per cent within the current term of this administration.”
Meanwhile, justifying the increase in the budget, the Chairman, Appropriation Committee of the Senate, Adeola Solomon, stated that the 2024 budget was increased based on economic realities.
He said, “The government has just removed the fuel subsidy, the government has also just intensified effort to unify the exchange rate differences that we usually have and that comes with a lot of price and Nigerians are paying dearly for it in terms of price of fuel and dollar rate.
“When we got the budget document, the president implored us to interrogate and investigate it and make sure we come up with a document that is all-encompassing and can suit the needs and yearning of Nigerians.”
He noted that the increase was largely due to exchange rate differences.
According to him, the current price of the dollar at the black market is between N1200 and N1300, while it is between N950 and N1000 at the official market. He stated that the former budget which was pegged at N750 had a large gap which the legislators have now closed.
Solomon declared, “Again, we did some external consultations, most especially in the area of oil benchmark and petroleum resources, if we had gone in that line, we’d have pegged it at N850/N900 to a dollar but we agreed that we want to be conservative in our approach, so that nobody will think that we want to increase the budget for any ulterior motive, that was why we left it at N490bn out of which N44bn is for statutory transfer, so effectively, the increment is about N446bn that is going into the Federal Government pocket as consolidated revenue.”
According to the order paper, exchange rate differentials are currently pegged at N490bn. This new move by the House is opposed to what the Director-General of the Budget Office of the Federation, Ben Akabueze, recently stated in an interview with Channels TV.
Defending the former N750/$ peg of the budget, the DG stated that the government was betting on the success of its policies.
He said, “The N750/$ exchange rate in the 2024 budget is possible. We may begin the year with a little higher amount but if all that the Central Bank of Nigeria says it would do is put in place, as well as other things, we should expect to see a significant increase in the supply of foreign exchange in the economy in 2024.
“If the supply increases, the naira will strengthen. Our focus is on what we can do to stimulate the flow of foreign exchange into the economy.”
Efforts to get comments from the National Assembly on its latest move proved abortive as our correspondents were unable to reach both the chairmen of Appropriation Committee and the spokespersons of both the red and green chambers.
Calls and messages, including on WhatsApp and regular texts, were directed to the Chairman of the Senate Committee on Media and Publicity, Yemi Adaramodu. However, as of press time, he had not responded to the messages or answered his calls.
Attempts to contact Senator Adeola Solomon, Chairman Senate Committee on Appropriations, was not successful as he did not answer his calls or respond to messages.
The Chairman of the House Committee on Appropriations, Abubakar Bichi, did not also respond to calls as of press time.
However, when our correspondent reached out to the House of Representatives spokesperson, Rotimi Akin, he requested that the questions be sent to him on WhatsApp. He had not responded to the message as of press time.
The 2023 governorship candidate of the Social Democratic Party, SDP in Rivers State, Magnus Abe, on Monday announced his decision to dump the party for the ruling All Progressives Congress, APC.
The former lawmaker made this known during an interview on Channels Television’s programme, Politics Today.
Abe, an ally of President Bola Tinubu said during the program that “Politically, I am heading back for the APC”.
DAILY POST recalls that Abe was one of the top candidates who battled the top job in Rivers State on March 18 2023.
He lost the polls to the candidate of the Peoples Democratic Party, PDP, Siminalayi Fubara.
Abe was also one of the bigwigs who lobbied for ministerial slots from Rivers but Tinubu instead opted for Nyesom Wike, the immediate past governor as the Minister of the Federal Capital Territory, FCT.
[DailyPost]
The new Ondo State Governor, Lucky Aiyedatiwa, is caught between retaining the state executive council constituted by his late predecessor and satisfying his loyalists who are seeking appointments as compensation for their loyalty, PETER DADA writes
The atmosphere in Ondo State is still mournful following the death of the former state Governor, Mr Rotimi Akeredolu, who passed away on Wednesday, December 27, 2023, during a protracted illness, in a hospital in Germany.
The death of the former Chairman of the Southern Governors’ Forum was painful to many people in the state, particularly his kinsmen, his aides, and political associates, who believed he would survive the battle against the deadly cancer, having spent some my months in the hospital in the European country and come back to continue his good work of governing the state.
Akeredolu would be missed for many things, especially his bravery and courage in tackling the issues that affect the welfare of Ondo people. In the condolence messages written by almost all the sympathisers, the common words used to describe him are courage and fearlessness.
President Bola Tinubu, in his condolence messages, attested to the fact that Akeredolu was a fearless man he said, “Today, I mourn a fighter and fearless defender of truth and the masses, brother, confidant, political soul mate, and the Executive Governor of Ondo State.” It could be recalled that he championed the cause of establishment of the South-West Security Network Agency also known as Amotekun, which consequently ameliorated the activities of some criminals among the Fulani herdsmen in the region, even in the light of threats and criticism against the unprecedented formation of the region’s security outfits in certain quarters.
Also, it could be noted that the death of the All Progressives Congress chieftain and former President of the Nigerian Bar Association was a landmark in the history of the Sunshine State and the country as he died while serving the state, making him the fourth Nigeria civilian governor in such circumstance since 1979 – a former Sokoto State, Alhaji Sheu Kangiwa, who died in 1981, being the first, while Mamman Ali of Yobe State died in 2009 during a protracted illness and Mr Patrick Yakowa, a former governor of Kaduna State lost his life in a helicopter accident in 2012.
As it is now, Akeredolu’s demise has left Dr. Olusegun Mimiko to be the only surviving past executive governor of the Sunshine State as all other past executive governors of the state since 1979 had gone to the great beyond – Chief Adekunle Ajasin and Elder Bamidele Olumilua ( both of the old Ondo State) passed on in 1997 and 2020 respectively, Chief Adebayo Adefarati died in 2007 while Dr Olusegun Agagu departed in 2013.
Although Ondo State has lost an illustrious son, the Office of Governor could not be vacant, this necessitated the swearing-in of the former Deputy and acting Governor, Mr Lucky Aiyedatiwa as the seventh executive governor of the state, shortly after the death of Akeredolu was announced. This was done in line with the provision of the constitution, as there could not be a vacuum in the Office of the Governor.
Aiyedatiwa, who hitherto battled political war against him while his erstwhile boss was on the sick bed, is expected to take up tasks from where his late boss stopped.
There are many tasks before the new governor to be done, failure of which may be unhealthy for the state. Many believed that his first assignment was supposed to be the announcement of his deputy. But at the time of filing this report, Governor Aiyedatiwa was said to be busy making consultations on several political matters.
It was gathered that during his first visit, after being sworn in, to President Tinubu, in Lagos, last Thursday, Aiyedatiwa was said to have been advised by the former not to appoint a deputy governor yet until the APC in the state is organised and members are reconciled. It could be recalled that during the last crisis that lingered for months, Aiyedatiwa, reportedly fought against many party chieftains, Akeredolu’s aides and some members of the state House of Assembly. The party was said to have been divided over the matter, hence the advice of President Tinubu.
A reliable source informed our correspondent that, at the meeting with Mr President, Tinubu advised him (Aiyedatiwa) to first reconcile with all the aggrieved members of the party in the state before picking his deputy.
The source said, “He (Aiyedatiwa) was in Lagos yesterday (Thursday)where he met with the President. As he raised the issue of the Deputy Governor, the President asked him to go back to Ondo and reorganise the party first and make sure he also reconciled with the aggrieved members, before talking about the deputy governorship.
According to the source, the advice of the President may have prevented the governor from taking some action unilaterally without the consent of the party leaders and elders in the state.
“As it is now, he may not be able to dissolve the cabinet against the expectations of some people or sack any member of the cabinet for now but he is still consulting,” the source stated.
On the other hand, the source disclosed that pressure was mounting on the governor by some of his loyalists and associates, who are allegedly lobbying to be appointed in the new government.
They are expecting the governor to dissolve the entire cabinet of late Akeredolu to give room for fresh hands some of whom had allegedly been ‘starved’ by the Akeredolu administration. They believe it is now their turn to benefit from the new ‘cake’. The governor has to apply wisdom in order not to create more enemies for himself.
Before any possible dissolution of the cabinet, by the new administration, some members of the cabinet and some Akeredolu’s appointees had already quit the government.
Those who had tendered their resignation letters included, the Special Adviser to the Governor Akeredolu on Union Matters and Special Duties, Mr Dare Aragbaye, and the Chief Press Secretary the late governor, Mr Richard Olatunde; the state Commissioner for Infrastructure Lands and Housing, Mr Aminu Raimi; the Special Assistant on Photography to the former governor, Mr Olawale Abolade, and the Senior Special Assistant to Akeredolu on Special Duties and Strategy, Dr Doyin Odebowale.
Apart from these resignees, it was learned that some other aides of the former governor might drop their letter very soon. If they are not sacked, certainly, the governorship aspirants in the cabinet will voluntarily resign before the forthcoming primary of the party, coming up in April 2024.
Owing to this latest development, it could be observed that there have been alignment and realignment in the political space of the state as some chieftains of the APC had allegedly stepped up their lobby game to be considered in the new Aiyedatiwa’s administration. All these are said to be causing internal confusion in the party. But Aiyedatiwa, it was reliably gathered, would consider, first, those who stood by him during crises.
Already, it has been insinuated that the governor may appoint either the Chief of Staff to Akeredolu, Chief Olugbenga Ale or the state Commissioner for Energy and Mineral Resources, Mr Razak Obe as the deputy governor. The duo were said to be at Aiyedatiwa’s side during his political travail. They were also from the two senatorial districts that would produce the deputy governor. While Ale is from the Northern senatorial district, Obe hailed from the Central senatorial district. The governor is from the southern senatorial district.
Another serious battle the governor would face is the party’s ticket ahead of the governorship election coming up later in the year as it was confirmed that he too has the ambition of becoming the next governor of the state.
Many believe that Aiyedatiwa faced the last crisis with some APC chieftains in the state due to his ambition of succeeding late Governor Akeredolu. Before things fell apart between them a video recently showed the deceased praising Aiyedatiwa for his support and loyalty and he (Akeredolu) promised to reciprocate the gesture, saying his deputy would continue from where he stopped.
To this end, getting the APC ticket in the April primary may be a herculean task for Aiyedatiwa as there may be a gang up against him to prevent him from using his current position to win the ticket at the expense of other gladiators.
Another issue before the governor is that of the appointment of 18 caretaker local government chairmen and the 33 Local Council Development Areas, created by Akeredolu, who had been stopped by the court from operating. Those affected, are loyal to the late former governor, who appointed them but they are now jittery and confused as they don’t know what would become of their fate in the new Aiyedatiwa’s administration. Some of the loyalists of the new governor across the 18 local government areas of the state are also eyeing these positions. It is a big issue before the governor as he is raising loyalists across the state ahead of the forthcoming party’s primary.
Apart from politics, one of the applauses for the Akeredolu administration was its policy on infrastructural development of the state and before the late governor departed, he had embarked on many infrastructural projects which had not been completed. It is expected that Aiyedatiwa would not abandon those projects, though he had promised to sustain the legacy of his former boss. Doing this may earn him the support of the people of the state.
While signing the 2024 budget into law, the governor had promised to continue where Akeredolu stopped.
He said, “The focus of this budget as said in my Budget Speech, is human capital development. Emphasis would also be placed on climate change, clean and sustainable environment, rural development, and food security while ongoing legacy infrastructural projects of our dear departed Governor, Arakunrin Oluwarotimi Akeredolu, SAN, CON would be completed. Furthermore, we would keep meeting salary, pension, and gratuity obligations to our serving and retired officers, as applicable.”
Meanwhile, the National Vice Chairman (South-West) of the APC, Mr Isaacs Kekemeke has called on Governor Aiyedatiwa to unite the party and ensure that all members of the party are together
Kekemeke, who spoke recently on TVC News, said,” I think Governor Aiyedatiwa should build on the foundation that the President has laid by ensuring that all the tendencies in the party are put together. Our party is in an election mood next year. I think Governor Aiyedatiwa as a leader and father of all, must see everyone as a compatriot and partner, not minding that he is interested in running for governorship next year.”
The APC chieftain advised the governor to do away with promoters of divisions and factions in the state.
“There are elements who believe that it is their turn, there are elements who believe that they want to get back at the people who have hitherto excluded them, and there are elements who believe that they are responsible for the success of Governor Aiyedatiwa. I think he should shun them and behave like a statesman. He has the capacity but he should be sober with power.”
[Punch]
The presidential candidate of the Labour Party (LP), Peter Obi, on Monday said his party, in 2024, will adjust to a new role as Nigeria’s main opposition party.
Obi, in his New Year Message, said LP will remain firmly in opposition and keep the All Progressives Congress (APC) on its toes to protect the interest of Nigerians.
The former Governor of Anambra State said, “As Nigeria is the only country we have, deeply endowed but lacking good leadership over the years, we will continue to seek a new Nigeria that we know is possible.”
According to him, a new Nigeria is possible in spite of the numerous yet-to-be-fulfilled aspirations of citizens.
Expressing his heartfelt and warmest greetings to all Nigerians, Obi prayed to God to bless them richly and grant them good heart desires in the new year and beyond.
Obi said: “The events of the past year are now part of our national history. As we trudge on, we remain mindful of the state of our nation and that our best hopes and aspirations remain largely unfulfilled.
“Peace and security continue to elude us with the rising level of bloodletting deeply troubling and sometimes beyond a war situation.
“A situation where hundreds of Nigerians are violently killed in December alone is deeply sad and unacceptable.
“While we pray for the repose of the souls departed, we demand that the Federal Government must do whatever is required to bring the perpetrators to justice and permanently stop a reoccurrence in any part of Nigeria.”
He noted that the nation’s economy needed a turnaround, considering the rising unemployment, inflation, poverty, inequality, and other key socioeconomic variables.
Obi said, “Nigerians are now very aware and convinced that good governance, inclusive development, and accountable leadership expected in a functional democracy continue to elude us.
“But we must be consistent and resolute in our demand for the rule of law, regulatory quality, and government effectiveness for transformative solutions to a litany of our social problems.
“If there is one fundamental threat to our democracy, it is the undermining and weakening of our national institutions and the capture of state affairs and resources by few individuals and private interests.
“This must stop for Nigeria to move forward and function as an inclusive and sustainable society and nation.”
According to him, in a democratic and secular country like ours, there must be full respect for the separation of powers between the three independent arms of government, as well as between the federating units.
He said the National Assembly should devote time and commit itself to the diligent performance of its functions, like the 2024 budget, which required its prudent examination and subsequent patriotic-oriented approval or rejection.
Obi said the nation must work assiduously to avoid drifting to a one-party state or a situation where the Federal Government intervened unduly in the internal affairs of the states, particularly in circumstances where national security is not threatened.
He added, “We in the Labour Party have undertaken in the national interest and in our undying commitment to a New Nigeria that is possible, to remain firmly in opposition and, as such, must remain focused going forward.
“Our collective role in nation-building remains fundamental and obligatory.”
He used the opportunity to thank all Nigerians who supported his campaign during the 2023 elections and voted for his party because of their belief in the quest for a New Nigeria.
Obi said the outcome of the 2023 presidential elections was contested and remained so, on record, “but the Courts of law have spoken; so be it.”
He said, “I wish to thank members of the Labour Party, the Obidient Family, friends, and well-wishers of Nigeria for their loyalty, resilience, tenacity, and commitment to true democracy.
“We will continue ongoing discussions and efforts for the Labour Party to adjust to our new role as Nigeria’s main opposition party.
“We will continue to constructively engage all Nigerians and our friends, who have now realised the vast implications of the road not taken; and the folly of national interest decisions predicated on sentiments and primordial interests.”
Obi said that Nigeria remained a God-given country and that the business of Nigeria was far too important to be left to those involved in transactional politics.
He said, “I am involved in the struggle for a New Nigeria that is possible and works for all and will remain passionately committed to the crusade.
“I, therefore, implore you all who strive for a New Nigeria to remain fully engaged, committed and resilient as it is and will be possible.”