President plans low-key celebration, ministers begin sectoral briefings today
In commemoration of his first anniversary in office, President Bola Tinubu has directed his ministers to present their performance reports to Nigerians.
The Minister of Information and National Orientation, Mohammed Idris, while announcing this at a press briefing in Abuja on Wednesday, said the low-key first-anniversary celebration would be marked with sectoral media briefings by the 47 federal ministers starting on Thursday (today).
Idris was joined at Wednesday’s media press conference by the Secretary to the Government of the Federation, Senator George Akume, and the Minister of Budget and Economic Planning, Abubakar Bagudu.
Tinubu was declared the winner of the 2023 presidential election by the Independent National Electoral Commission Chairman, Prof. Mahmood Yakubu, on March 1, 2023.
Tinubu, the candidate of the All Progressives Congress, garnered 8.7 million votes to defeat Atiku Abubakar of the Peoples Democratic Party, who came second with 6.9 million votes, while Peter Obi of the Labour Party secured 6.1 million votes.
At the opening of a three-day cabinet retreat for ministers, presidential aides, permanent secretaries and top government functionaries on November 1, 2023, the President said the ministers in his cabinet would only retain their offices based on performance, which would be reviewed quarterly.
“If you are performing, nothing to fear. If you miss the objective, we’ll review it. If no performance, you leave us. No one is an island and the buck stops on my desk,” said the President.
On January 24, 2024, the agency in charge of the assessment, the Central Delivery Coordination Unit, trained at least 140 officials to track and assess the performance of federal ministries, departments and agencies ahead of the assessment.
Performance reports
Speaking on Arise TV’s News Night in April, the President’s Special Adviser on Policy Coordination, Hadiza Bala-Usman, who heads the CDCU, affirmed that the unit had received performance reports from at least 20 of the 35 ministries.
She explained that the assessment report would be a product of a joint effort of the ministers, citizens and industry experts.
Bala-Usman said, “Our submission is for the first quarter. So, the first quarter has just ended, and we have initiated the assessment process. The ministers have all been asked to submit their performance based on the deliverables.”
She asserted ministers would be assessed “Based on what is out there in the public space. They would write to say, ‘Based on every deliverable you have given me, this is what I’ve done within the first quarter of the year.’
“Through the Citizens Delivery Tracker app, Nigerians will also say, ‘this is what we’ve seen the minister do’ and they would aggregate it.’’
The PUNCH reports that the Tinubu administration has implemented significant reforms to stabilize the economy, reduce inflation, and attract foreign investments.
He ended the graft-ridden fuel subsidy regime, triggering high fuel and transportation costs, leading to food inflation and increased hardships across the country.
To curb food inflation, the government allocated substantial funds to the agricultural sector, including N200 billion to boost agricultural productivity and ensure food security.
Efforts have been made to transition from single-season farming to year-round farming through investments in irrigation and water bodies.
The administration has also provided N75b to support small and medium-sized enterprises, fostering job creation and economic diversification.
It launched a N100bn consumer credit fund to mobilize the manufacturing sector, encouraging production and enhancing economic growth.
The student loan scheme meant to open greater access to tertiary and vocational education will commence operation on Friday.
In terms of infrastructure development, the Tinubu administration has initiated a 100,000 renewable housing programme across seven states to address the housing deficit and stimulate the construction sector.
To tackle high transportation costs and promote energy efficiency, the government has directed the purchase of compressed natural gas buses.
In a move to combat security, the Federal Government allocated significant portions of the budget to national security, while supporting the clamour for state police.
Some of the administration’s reforms and efforts to stabilize and grow the Nigerian economy had received recognition from international agencies and leaders.
The Central Bank of Nigeria introduced a slew of reforms to reign in the forex crisis.
These include unifying the multiple exchange rates to create a single, transparent exchange rate that reflects market dynamics more accurately and reduces arbitrage opportunities.
In a bid to boost the supply of foreign exchange in the market, the CBN implemented the diaspora remittances, encouraged non-oil exports by providing exporters with rebates and facilitating their access to forex at competitive rates and restricted access to forex for the importation of certain items that can be produced locally.
The CBN regularly intervenes in the forex market by selling forex to banks through various auction mechanisms.
Speaking on the first anniversary programmes, the information minister said there would be no fanfare to mark Tinubu’s one year in power.
He stated, ‘’From tomorrow (today), we are going to have ministers come in here to discuss what they are doing in their various ministries consistent with the policies of President Bola Tinubu.
Sectoral briefings
“The first anniversary of the president will be on a low key, with an emphasis on sectoral briefings by the various ministers. There will be no ceremonies relating to the one year in office of the president.”
During his address, the SGF, Akume, highlighted the administration’s ambitious agenda aimed at economic revitalization, social inclusion, and infrastructural development.
Akume pointed out that significant economic reforms had been implemented to stabilise the economy and promote sustainable growth.
These policies, according to him, have successfully attracted foreign investments, reduced inflation, and boosted job creation across various sectors.
“Let me begin by admitting that the first year in office for Mr. President has been a testament to the unwavering commitment and resilience of this administration towards serving the Nigerian people with diligence, integrity, and dedication,” Akume remarked.
“Despite daunting challenges, President Tinubu has maintained his calm and demonstrated exemplary leadership qualities, guiding our nation with vision and foresight. The government has implemented significant economic reforms aimed at stabilizing our economy and fostering sustainable growth. Key among these is the introduction of policies that have attracted foreign investments, reduced inflation, and boosted job creation across various sectors,’’ he further noted.
In his presentation, the Minister of Budget and Economic Planning, Bagudu, stated that Tinubu’s administration inherited a low revenue and shrinking economy but was determined to address these challenges through the Renewed Hope Agenda.
This agenda, he added, formed from extensive reflection and input from various stakeholders, focused on eight priority areas crucial for Nigeria’s progress.
Bagudu emphasised the need for difficult decisions, noting that countries Nigeria aspires to emulate made these choices long ago, arguing that the Renewed Hope Agenda involves confronting economic realities, which may cause temporary discomfort but are essential for long-term stability and growth.
“We must restore a macroeconomic environment that can stimulate investment, generate revenue, and address under-investment in sectors like security, education, and social welfare,” Bagudu explained.
He highlighted that Nigeria’s current crude oil production is below its Organisation of Petroleum Exporting Countries quota due to under-investment in infrastructure and security.
He elaborated, “So we impact, as part of the Renewed Hope Agenda, on a macro-economic reform because that was what was responsible for low investment, low revenues and our economy’s size was shrinking, was too small compared to our needs.
“Nothing we do can solve the problem of under-investment in various sectors of the economy; be it security, be it education, be it social welfare, without restoring a macro-economic environment that can stimulate investment in our economy, which will generate revenues for us to fix security.
“That is why we are not even producing crude oil in the quantity we used to before, or as allowed by international convention, which is our OPEC quota, because of under-investment, whether in the physical infrastructure itself or security, and so on and so forth.’’
The minister stated the administration was focusing on food security by investing in irrigation and water management to enable year-round farming, noting that similar efforts were being made to revitalise the livestock sector, which has been a source of conflict rather than economic growth due to historical under-investment.
Enhancements in infrastructure, education, health, the creative economy, the digital economy, and the steel sector are also prioritized, he added.
Bagudu reasoned that some of the government policies might involve some discomfort and pain.
He argued that true leadership involves first and foremost telling the people the truth of their reality.
“Food security, despite our potential, we are under-investing. Most of our farmers are one-season-per-year farmers. So, when you have an asset that you only utilize four months in a year because you don’t have irrigation, you don’t have water bodies.
“Most of our fishing communities, they go to freshwater bodies where there’s no fish anymore, we have to transit them. The livestock sector, which in countries like New Zealand, is an important engine of growth, but in our country, due to cumulative under-investments, it has formed a basis for conflict rather than economic opportunity,’’ he lamented.
The former Kebbi State governor asserted that the President was committed to fiscal discipline, aiming to reduce the fiscal deficit from 6.11 per cent in 2023 to below 4 per cent in 2024.
He also revealed that the administration planned to increase capital expenditure to 39 per cent, the highest in Nigeria’s history, stressing that the innovative N100bn consumer credit fund and mortgage fund aimed to stimulate manufacturing and housing sectors, respectively.
Budget allocations
Bagudu further disclosed that significant budget allocations had been made to national security, leading to improvements in Borno, Imo, Kaduna, and Taraba.
Tinubu, he said, supports local government autonomy, ensuring resources are effectively used to benefit communities.
Bagudu detailed three significant budgets under Tinubu’s administration. He said the first, an N819bn budget, was renegotiated to allocate N500bn for interventions supporting vulnerable populations.
According to him, the second N2.17tn budget was focused on national security, infrastructure, and cash transfers, adding that the 2024 budget aims to restore fiscal discipline and stimulate economic growth through increased capital expenditure.
The minister said, “The three budgets Mr President participated in the first, the N819b budget which he inherited, which was even passed into law before he came, he renegotiated with the National Assembly.
“He said ‘I want N500bn to fund intervention that will support the vulnerable populations, who might be affected by the reform measures.’ About N200bn went into agriculture; N75bn into the medium and small enterprise sector, as well as N40bn into the nano-credit sector.
“Equally, another budget of N2.17tn that went to support gains in national security, most of it to security and infrastructure and also providing more money for cash transfer and meeting commitments to labour.’’
The minister pointed out that the President was clear that he would not blame his predecessor for the state of the nation.
Reeling out the benefits of the programmes and policies instituted by the government, he said, “So, we believe that with consumer credit mobilizing the manufacturing sector; with mortgages re-energizing the houses sector; with Agriculture Development Fund mobilizing the agricultural sector, our youth and our productive economy will be mobilised.’’
The minister said the N130bn provided for the transition to CNG (compressed natural gas) would restore energy competitiveness and benefit the manufacturing and transport sectors of the economy while the cheaper energy would support economic reforms.
[Punch]
China on Thursday encircled Taiwan with naval vessels and military aircraft in war games aimed at punishing the self-ruled island after its new president vowed to defend democracy.
The two days of drills are part of an escalating campaign of intimidation by China that has seen it carry out a series of large-scale military exercises around Taiwan in recent years.
The latest show of force is a “strong punishment for the separatist acts of ‘Taiwan independence’ forces,” China’s military said as the drills got underway.
China — governed by the Communist Party since 1949 — claims Taiwan as part of its territory and has vowed to bring the island under its rule, by force if necessary.
Thursday and Friday’s drills involve aircraft and ships surrounding the island to test their combat capabilities, China’s People’s Liberation Army (PLA) said.
Taiwan responded by deploying air, ground and sea forces, with the island’s defence ministry vowing to “defend freedom”.
Taiwan’s presidential spokeswoman also condemned China’s “provocative military behaviour”.
The drills come after Lai Ching-te was sworn in as Taiwan’s new president this week and made an inauguration speech that China denounced as a “confession of independence”.
“In face of the many threats and attempts of infiltration from China, we must demonstrate our resolution to defend our nation,” Lai said in his speech while hailing a “glorious” era of democracy.
China warned of strong reprisals to Lai’s speech, in which he also vowed to continue building Taiwan’s defence capabilities.
It had previously branded Lai a “dangerous separatist” who would bring “war and decline” to the island.
– ‘Kill independence’ –
The drills, which began at 7:45 am (2345 GMT Wednesday), are taking place in the Taiwan Strait and to the north, south and east of the island, PLA Eastern Theater Command Naval Colonel Li Xi said.
As the “Joint Sword-2024A” drills were launched, commentary on state Chinese broadcaster CCTV declared them “a powerful disciplinary action” against Taiwanese separatism.
China’s military put out a series of posters touting what it called its “cross-strait lethality”. They featured rockets, jets and naval vessels next to the blood-stained text.
“The weapon aimed at ‘Taiwan independence’ to kill ‘independence’ is already in place,” it declared.
– Economic blockade –
Beijing, which split with Taipei at the end of a civil war 75 years ago, regards the island as a renegade province with which it must eventually be reunified.
China has stepped up pressure on the democratic island of 23 million people, periodically stoking worries about a potential invasion.
A Chinese military expert told CCTV that the drills were partly aimed at rehearsing an economic blockade of the island.
Zhang Chi, a professor at Beijing’s China National Defense University, said the drills aimed to “strangle” Taiwan’s critical Kaohsiung port to “severely impact” its foreign trade.
They would cut off “Taiwan’s lifeline of energy imports” as well as “block the support lines that some US allies provide to ‘Taiwan independence’ forces”, he added.
The last time China announced similar military exercises around Taiwan was in August last year after Lai, then vice president, stopped over in the United States on a visit to Paraguay.
Those drills also tested the PLA’s ability “to seize control of air and sea spaces” and fight “in real combat conditions”, according to state media.
They followed April drills that simulated the encirclement of the island, launched after Lai’s predecessor Tsai Ing-wen met then-US House Speaker Kevin McCarthy in California.
China also launched major military exercises in 2022 after Nancy Pelosi, then the speaker of the US House of Representatives, visited Taiwan.
World powers are keen to see as much stability as possible between China and Taiwan, not least because of the vital role the island plays in the global economy.
The Taiwan Strait is one of the world’s most important maritime trade arteries, and the island itself is a major tech manufacturer, particularly of vital semiconductors — the tiny chips used in everything from smartphones to missile systems.
The United States switched its diplomatic recognition from Taiwan to China in 1979 but remains the island’s most important ally and supplier of military hardware.
US President Joe Biden has said he does not support Taiwan’s independence but also that he would back sending forces to defend the island. The official US position on intervention is one of ambiguity.
The United States did not give an immediate official response to the drills.
US Lieutenant General Stephen Sklenka, speaking in Canberra, described the exercises as “concerning” but not unexpected.
AFP
For the second day running, the ongoing tripartite negotiation on the new national minimum wage involving the Federal Government, organized labour and the Organised Private Sector, OPS, yesterday ended in another stalemate as government and private sector employers made minimal adjustments to their earlier offers.
This came as none of the six governors who are members of the committee attended the meeting yesterday.
But Imo State governor, Hope Uzodimma, was present at the meeting, which has been adjourned to Tuesday, May 28, 2024.
While organised labour which had earlier yesterday brought down its wage demand from N615,000 to N500, 000, and later N497,000, OPS increased its last week’s offer of N54,000 to N57,000.
The government negotiating team had earlier remained adamant, but had to take a short break to consult. It returned from the short break to increase its offer to N57,000 to match OPS’ offer. The government’s negotiating team had on Tuesday, offered to pay a minimum wage of N54,000.
Vanguard gathered that the government team added N3,000 to its earlier offer to match the OPS offer after members of the team returned from a short break to consult.
Recall that OPS had earlier upped its offer to N57,000 from the initial N54,000 it presented during last week’s meeting.
Vanguard sources said the labour negotiating team immediately rejected the fresh offers from both the government and its OPS counterpart, saying they were not ready to negotiate.
“Government has agreed that NLC is using evidence-based presentation. But they argue that eight states are not paying or not fully implementing the 2019 minimum wage.
‘’Government is talking of non-availability of funds. They are also talking about the inability of the private sector to pay.
“Labour has been requested to shift ground in response to the government’s. We complied and came down to N500, 000.
“Imo State governor has stepped in. He is not a member of the committee but it is good that there is at least a governor, as the six governors in the committee have been regularly absent,’’ a source told Vanguard yesterday.
One of the Labour leaders who spoke to Vanguard, expressed anger, saying the government is not ready to negotiate or was not prepared for negotiation.
The labour leader said: “Government cannot be telling us that there is no money; this is an insult. We did not remove subsidies or float the national currency. The government created this problem. Since the removal of the petrol subsidy and floating of the naira, has the government shown proof that the country has no money, no?
“We are aware that the government gave members of the National Assembly no less than N160 million each to buy cars, the same government has released N90 billion to subsidise hajj operations.
‘’The government has renovated the Senate chambers, and the vice president’s office, and it is buying luxury buses for Customs in millions of naira.
‘’They are also buying all manner of SUVs for government officers. Since the removal of subsidies, the government has been making life better for political elites who have been feeding fat on workers.
“Crude oil sales have increased considerably and it has been getting more money in dollars, while workers have been suffering and going deeper into poverty.
“The state governors have been receiving three times more than they were receiving before the removal of subsidy. We cannot accept this. We did not cause the socio-economic challenges the country is facing.
“The government inflicted these problems on the country with their ill-thought out and unprogressive policies of subsidy removal and devaluation of the national currency. If the country has no money, let it reflect in the lives of government officials, their aides and cronies.
“It is becoming obvious that the government does not want industrial peace. And it is clearly evident that the government is not ready to negotiate. Well, if it is industrial unrest that will make the government do the right thing, we shall give it to them after May ending. “
A source at the meeting, who spoke to Vanguard on the condition of anonymity, said labour rejected the N57,000 offer, noting “we are about to adjourn. No agreement.”
After the meeting, the source said: “They are crying now. They stuck to N57,000, there is a problem if the government cannot pay appreciable salary increase. There is no sign that there is no money, we adjourned till next Tuesday.
“The government is insisting on N57,000, which is like wage reduction, how can you go and negotiate wage reduction because there’s nobody that is earning N57,000 now?
“We came down from N500,000 to N497,000 because when they increased by N3,000, we now came down by N3,000 too so that if they are joking, we also decided to joke, they are not the only ones who know how to joke. We came down to N497,000, when they came up to N57,000. We told them straight away that we didn’t accept the N57,000 offer.
“They pleaded with labour to accept their offer, we told them there was nothing to plead about. We told them to break down the N57,000 offer, so we will know how much they are allocating to transport, how much to accommodation, how much to health so that we know and not lump everything but they didn’t do that.”
The source said government’s offer was once again presented by the Minister of State for Labour and Employment, Nkeiruka Onyejeocha.
Some of the government team members at the meeting included the Ministers of Finance, Wale Edun, Minister of Budget, Atiku Bagudu, that of Labour, Nkeiruka Onyejeocha, among others.
On the side of the six governors that are members of the tripartite committee representing the six geopolitical zones, none was present but the governor of Imo State, Hope Uzodimma, came briefly and left.
He did not explain why he came, whether he came to represent Governor Chukwuma Soludo of Anambra State who represents the South-East zone.
[Vanguard]
Ahead of the 2027 general elections, the All Progressives Congress (APC) says Mr Peter Obi and Mr Atiku Abubakar are desperate to be Nigeria’s President.
While Obi was the Labour Party’s presidential candidate in 2023, Atiku was the flagbearer for the Peoples Democratic Party (PDP).
Obi was Atiku’s running mate in the PDP during the 2019 general election.
Recently, there were reports of both opposition politicians coming to form an alliance that will sack the ruling APC in 2027.
Reacting to the development, the APC spokesman, Felix Morka, said Obi’s planned return to the PDP won’t be a surprise. He described the former Anambra State governor as a “political wayfarer that is only dwarfed by Atiku’s track record as a veteran political wanderer.”
“Atiku and Obi are united by their mutual desperation to be President of Nigeria and ignoble disdain for President Bola Tinubu’s focused and extraordinary commitment to the transformation of our nation,” the statement read.
“A recent visit by the presidential candidate of the Labour Party (LP) in the 2023 presidential election, Peter Obi, to his Peoples Democratic Party (PDP) counterpart, Alhaji Atiku Abubakar, has fueled speculations of a possible alliance between both men or merger of their political parties in the lead up to 2027.
“What is unclear, however, is whether Obi would make a comeback to Atiku’s PDP or whether Atiku would dump his PDP and seek rehabilitation in Obi’s Labour Party or whether both men would abandon PDP and Labour, altogether, and sojourn into the political wilderness of Professor Pat Utomi’s mega party.”
See the statement below:
ATIKU, OBI, UNITED BY MUTUAL DESPERATION
A recent visit by the presidential candidate of the Labour Party (LP) in the 2023 presidential election, Peter Obi, to his Peoples Democratic Party (PDP) counterpart, Alhaji Atiku Abubakar, has fueled speculations of a possible alliance between both men or merger of their political parties in the lead up to 2027.
What is unclear, however, is whether Obi would make a comeback to Atiku’s PDP or whether Atiku would dump his PDP and seek rehabilitation in Obi’s Labour Party or whether both men would abandon PDP and Labour, altogether, and sojourn into the political wilderness of Professor Pat Utomi’s mega party.
News of Peter Obi’s return to the PDP would be hardly surprising. His reputation as a political wayfarer is only dwarfed by Atiku’s track record as a veteran political wanderer. News of Atiku joining the Labour party will shock no one as he will be living up to his well established reputation as the country’s most itinerant politician. For now, Utomi’s mega party remains a figment with no offering of tangible accommodation for both men.
Atiku and Obi are united by their mutual desperation to be President of Nigeria and ignoble disdain for President Bola Tinubu’s focused and extraordinary commitment to the transformation of our nation. Their restless drift in search of convenient party platforms to execute their presidential run only belie the self-indulgent and opportunistic essence of their aspirations. Men without the staying power to build or fix their own parties, who flee at the slightest flicker of internal crisis cannot possibly be trusted by Nigerians to tackle serious and complex national political and economic challenges that confront our nation.
President Bola Tinubu embodies character, vision, tenacity and doggedness required to deliver a resurgent Nigeria of stable growth and development. The administration’s bold economic policy reforms and massive infrastructural uptake have already shattered historic barriers to growth, and paved the way for steady progress and development.
We urge Nigerians to stand fast in their invaluable support of our great Party and President Bola Tinubu’s determined commitment to deliver a stronger, secure and more prosperous country for us all.
Signed:
Felix Morka, Esq.
National Publicity Secretary
All Progressives Congress (APC)
The Central Bank of Nigeria has updated its regulatory guidelines for Bureau De Change operators.
After consulting with stakeholders, the following changes were made:
The mandatory caution deposit of N200m for tier-1 BDC licence holders has been removed.
Similarly, N50m for tier-2 licence holders has also been waived.
The non-refundable annual licence renewal fee has been withdrawn.
Previously, tier-1 BDCs paid N5m, while tier-2 BDCs paid N1m for renewal.
The bank noted that these adjustments aim to streamline BDC operations and enhance financial accessibility.
The Director, Financial Policy and Regulation Department at the apex bank, Haruna Mustafa disclosed this in a circular uploaded to the bank’s website on Wednesday.
Mustafa stated that existing BDCs must re-apply for a new licence based on their preferred tier or licence category as outlined in the guidelines.
New BDC licence applicants must meet the conditions specified for their chosen BDC category.
Existing BDCs must meet the minimum capital requirements for their selected licence category within six months from the effective date of the guidelines.
The guidelines also revised permissible activities for BDCs, ensuring alignment with market needs and regulatory standards.
Mustafa noted that the BDCs are expected to adhere to corporate governance requirements and anti-money laundering, counter-terrorism financing, and counter-proliferation financing provisions.
The bank added that receipt and processing of license applications will begin from the effective date of the guideline.
It said that interested applicants should submit the following information electronically to bdclicense@cbn.gov.ng: Name of the promoter, Name of the proposed BDC, E-mail address of the promoter, Phone number of the promoter
These guidelines replace the Revised Operational Guidelines for Bureau De Change in Nigeria issued in November 2015 and all related circulars and directives.
The Regulatory and Supervisory Guidelines for BDC Operations take effect from June 3, 2024.
The circular partly read, “As part of reforms to re-position the Bureau De Change (BDC) sub-sector to play its envisioned role in the foreign exchange market in Nigeria, the Central Bank of Nigeria (CBN) issued the Draft Operational Guidelines for BDC Operations in Nigeria in February 2024, for stakeholder comments/inputs.
“Following the conclusion of the stakeholder consultations and in the exercise of the powers conferred on it by Section 56 of the Banks and Other Financial Institutions Act (BOFIA) 2020, the CBN hereby issues the attached Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria 2024 for compliance by all operators and promoters of proposed BDCs in Nigeria.
“The guidelines, amongst others, introduce new licensing requirements and categories of BDCs as well as revise the permissible activities, financial requirements, corporate governance requirements and AML/CFT/CPF provisions for BDCs.
“All existing BDCs shall: Re-apply for a new license according to any of the Tiers or license categories of their choice as provided in the Guidelines.
“Meet the minimum capital requirements for the license category applied for within six (6) months from the effective date of the Guidelines.
“Applicants for New BDC License Applicants for a new BDC license are required to meet the conditions for the grant of license in accordance with the Tier or category of BDC chosen as stipulated in the Guidelines. Receipt and processing of applications for license shall commence from the effective date of the Guidelines.”
George Akume, secretary to the government of the federation (SGF), says Nigeria has witnessed significant strides in various sectors of the economy since President Bola Tinubu assumed the reins in May 2023.
The Tinubu administration has rolled out a slew of policies that have aggravated the economic hardship on Nigerians, notably the removal of subsidy on petrol and the “float” of the naira. Speaking at the ‘Ministerial Sectoral Updates’ in Abuja on Wednesday, Akume said the administration has also rolled out social intervention programmes to mitigate the hardship.
“I make bold to say that, Nigeria, under its present stewardship, has witnessed significant policy strides in various sectors including but not limited to,” the SGF said.
“i. The Presidential accent to the 2023 Electricity Bill, a move that dismantled monopolistic control over electricity generation, transmission and distribution at the national level and granted authority to State Governments, Corporations and individuals to generate, distribute and transmit electricity, thus decentralizing the power sector;
“ii. Accent to the passage into law of the Nigeria Data Protection Bill 2023 that established a legal framework for safeguarding personal information and promoting data protection practices in Nigeria; and
“iii. The challenging but very necessary Removal of Fuel Subsidy, a longstanding policy notorious for fostering corruption, inefficiency and imposing significant fiscal strain on the government annually, and primarily benefitting the affluent and smugglers, rather than effectively aiding the general populace.
“It is apt to say that under President Tinubu’s stewardship within his first year in office, we have witnessed significant strides in various sectors of our economy.Through prudent fiscal policies and strategic investments, the Nigerian economy has shown resilience and potential for growth.
“The administration’s focus on infrastructure development, job creation and economic diversification has laid the foundation for sustainable progress and prosperity for all Nigerians. Furthermore, the government’s commitment to good governance and the rule of law has strengthened our democratic institutions and enhanced transparency and accountability in governance.”
Akume added that citizens should be part of nation building because it is not the sole responsibility of government.
“Let us therefore rededicate ourselves to the ideals of unity, peace and progress by working together towards realizing the full potential of our great nation,” Akume added.
Atiku Abubakar, former vice-president, says he will “keep contesting” for the Nigerian presidency as long as he is hale and hearty.
He said this during an interview on the Hausa service of the Voice of America in Abuja.
Abubakar, who is 77-years-old, was the standard-bearer of the Peoples Democratic Party (PDP) in the 2023 election.
The politician will be 81 by the time the next presidential election comes around in 2027.
“Of course, I will keep contesting again and again as long as I am alive and healthy,” Abubakar said.
Abubakar has run for the number one office six times but has been on the ballot as a presidential candidate on three occasions — 2007, 2019, and 2023.
Abubakar said he is consoled by the fact that former United States President Abraham Lincoln did not win the presidential vote on the first time of asking.
He also spoke about the crisis in the Peoples Democratic Party (PDP), saying the party needs to be united and forge alliances with other political groups to win the presidential election in 2027.
“Even the former US President Abraham Lincoln contested seven times before finally winning,” he said.
“However, given the current state of the PDP, it is clear that a single-handed effort will not suffice to win the election. Strong support and collaboration with other parties are required.”
Last week, Abubakar said he was engaging Peter Obi, presidential candidate of the Labour Party (LP) in the 2023 election, on the possibility of a merger.
“This is to anybody that thinks there is going to be a misunderstanding between me and Obi, let me assure you that not even a small issue is going to happen between us,” Abubakar said.
“Also, we are going to be behind anybody that will be chosen to represent us in the forthcoming elections.
“I have made it clear in my previous speeches that if our parties are going to merge to agree on a candidate from the south-east, as long as he is qualified, we will allow it.”
[TheCable]
Tanzania holds the top spot with a debt-to-GDP ratio of 41.8%, reflecting its prudent financial decisions.
Contrary to common belief, the International Monetary Fund (IMF) has ranked Nigeria’s debt-to-GDP ratio, a key indicator of a country’s financial strength, as the second lowest in Africa, underscoring its economic stability.
This ranking underscores the importance of evaluating a country’s financial strength through metrics like the debt-to-GDP ratio.
A lower ratio suggests economic stability, while a higher ratio raises alarms about debt sustainability.
Tanzania, a model of careful debt management, holds the top spot with a debt-to-GDP ratio of 41.8%, reflecting its prudent financial decisions.
Nigeria follows closely with a ratio of 41.3%, signifying its crucial role in Africa’s economy, even though its external debt stood at $41.59 billion or N31.98 trillion as of December 2023.
Nigeria’s relatively modest debt levels are due to several reasons, including its diverse economic sectors and efficient debt management practices.
According to the Nigerian Tribune, the Debt Management Office (DMO) reports that Nigeria’s total debt is approximately N97.34 trillion.
Through careful debt management, Nigeria has maintained economic stability and boosted investor confidence, resulting in a favourable debt position despite its significant role in Africa’s economy.
African nations with low debt levels, like Nigeria, are not only more attractive to investors but also stand a higher chance of receiving additional financial support from global and local creditors, thanks to their reduced economic risk.
Nigeria’s higher ranking than Cameroon, Chad, Comoros, Equatorial Guinea, Guinea, Ethiopia, Botswana, and the Democratic Republic of Congo highlights its strong debt standing.
![[PRESS RELEASE] Obi's visit to LP: Reconciliatory Not Endorsement](/media/k2/items/cache/fe016193d99dcc64aa279d982c473fef_S.jpg)
...also met with the NLC/TUC Political Arm.*
The Presidential Candidate of the Labour Party in the 2023 general elections, Peter Obi's visit to Labour Party headquarters in Abuja on Tuesday was a reconciliatory move not to endorse any group interest in the party.
Obi had repeatedly maintained that his interest was to carry everybody along into one strong family and not to endorse anyone's interest.
The visit was part of the consultations Obi has been embarking on in search of peace in the party.
In line with this, he also met with the political arm of the Nigeria Labour Congress, NLC Trade Union Congress, and TUC, on Wednesday in continuation of his search for peace in the party.
At his meeting with the workers' union, the leadership of the NLC/TUC political commission led by comrade Titus Amba and comrade Chris Uyot was also disposed to peace in the party.
At the meeting, he clearly made the point that the party needed to reconcile all various positions in a peaceful atmosphere to have a united house that should be all-inclusive.
He thanked the leadership of the political commission for their understanding and expressed the hope for a good working relationship very shortly.
The LP standards bearer also plans to meet with other critical stakeholders like the Obidient to have an all-inclusive political family with a common dream of rescuing Nigeria.
Signed
Dr Yunusa Tanko
POMR SPOKESMAN
Bitcoin Exchange Traded Funds (ETF) have received a whooping inflow of $306 million in the last 24 hours as positive news about the possible approval of spot Ethereum ETF continues to filter in.
The deadline for the review of the spot Ethereum ETF application by the United States Securities and Exchange Commission is Thursday, and the stance of the regulatory body appears favorable thus far.
According to Decrypt, the already existing Bitcoin ETFs saw over $306 million worth of funds deposited, marking the largest single-day influx in this fund category since earlier this month.
The inflows among the different Bitcoin ETFs were unevenly distributed, with some receiving more than others.
BlackRock’s iShares Bitcoin Trust (IBIT) took in $290 million, while the Fidelity Wise Origin Bitcoin Fund (FBTC) saw $26 million worth of inflows. That was offset by the Bitcoin ETF (BITB) and VanEck Bitcoin Trust (HODL) seeing $4 million and $6 million worth of withdrawals, respectively.
Meanwhile one of the existing Bitcoin ETFs known as Grayscale Bitcoin Trust (GBTC), which has previously witnessed $72.5 million worth of net inflows between May 15 and May 20, was flat on Tuesday,
However, the Bitcoin ETFs are shrinking from the original level it used to be. GBTC and IBIT has now shrunk to $736 million. That’s approximately half what it was less than a month ago.
To tackle this Grayscale appointed a new CEO, Peter Mintzberg and it remains to be seen whether his input will turn around the fortunes of the firm’s flagship bitcoin fund.
Analysts from Standard Chartered are predicting that a spot Ethereum ETF approval will do wonders for the prices of both Bitcoin and Ethereum and the massive inflow of funds in Bitcoin ETFs recently proves that they may be right.
The massive inflow of funds for Bitcoin ETFs is driven by positive sentiments surrounding Ethereum a rival crypto asset. This proves that the success of both coins is intertwined.
The global market cap of cryptos got close to matching an all-time high in mid-March, when the Bitcoin price was on a tear and set its current all-time high of $73,737.94.
As for Ethereum, marching an all-time high price means chasing $4,878 price tag which it last witnessed on November 10, 2021. That’s around the time that prices were booming and the global crypto market capitalization inched past $3 trillion for the first time ever.
Plenty of traders are investing in crypto assets anticipating a bullish trend that will lead to Bitcoin and Ethereum hitting an all-time high following the proposed approval of spot Ethereum ETF.
What To Know
- The Bullish trend which is currently driving up the prices of Bitcoin and Ether and causing massive inflow of funds into Bitcoin ETFs is a result of hopes of an ether (ETH) spot ETF getting approved for trading in the U.S., and a positive outlook for cryptocurrencies from Donald Trump ongoing presidential campaign.
- The Price of Bitcoin is currently $70,000 while that of Ethereum has surged to $3,700.
[Nairametrics]
More...
The federal government’s wage bill will almost double at the very least if the organised labour doubles down on the push for a 20-fold increase in the minimum wage.
With the proposed minimum wage of N615,000, the government’s personnel costs for 1.5 million workers will rise from about N7 trillion which it currently stands to N11 trillion.
Ben Akabueze, the director general of the budget office of the federation, had said the government’s personnel cost was over N5 trillion, with 1.5 million workers under the federal government’s payroll.
The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) are demanding that the country’s minimum wage be increased by 1,950 percent from N30,000 to N615,000.
The Union says it arrived at the minimum wage recommendation after painstakingly computing the monthly cost of living of Nigerian workers, with food, transportation taking a chunk of the expenses.
According to a “cost of living estimate” released by the NLC, it will cost a Nigerian worker N9,000 to feed for 30 days, amounting to N270,000.
Each worker is also projected to spend at least N110,000 on transportation in a month.
Meanwhile, the federal government has proposed N48,000, leading to a battle royale between the organised labour and the government.
It is not however clear if the government is prepared to shift grounds, as the labour unions have continued to insist on N615,000 minimum wage, giving states who are yet to implement the N30,000 wage two weeks ultimatum.
Many analysts as well as other stakeholders have noted that while the pay increment is necessary given the high cost of food, accommodation, energy and other basic needs, the proposed wage by NLC/TUC may not be feasible.
As it stands, the federal government may need to raise a supplementary budget to accommodate any wage review, a recent report by the International Monetary Fund shows.
The IMF noted in its latest country staff report for Nigeria that the negotiated amount may surpass the budgeted amount in the original 2024 budget.
Olu Fasan, an author and social commentator in a column published by BusinessDay, argued that in many countries, the focus has shifted from the minimum wage to the living wage.
He maintained that minimum wage impoverishes workers and entrench a phenomenon known as in-work poverty, where people are in paid jobs but still can’t make ends meet. He advocated for a living wage as it is the only “antidote” to poverty.
On the proposal of the organised labour, Fasan noted that the demand is not feasible but proposed N100-120,000 as a decent minimum wage.
“Of course, the N615,000 per month that the labour unions demand is unreasonable. However, given that the government provides no basic amenities for the people and considering the limited coverage of any living wage, it’s hard to disagree with something within the range of N100,000–N120,000 per month,” he said.
Nigeria’s minimum wage lowest among selected countries
Nigerian workers are paid a pittance relative to what their peers in Mexico, Indonesia and Turkey get as their minimum wage.
At the end of every 26 working days, a low income earner in Turkey earns $578, 25 times more than what a Nigerian receives. Workers in Mexico and Indonesia earn $369.5 and $316 respectively.
Turkey is able to pay such an amount because its government revenue to GDP ratio outstrips that of Nigeria, which means the Turkish government is richer than Nigeria.
According to data from the International Monetary Fund (IMF), Turkey’s revenue as a percentage of GDP stood at 26.41 percent in 2022, Mexico’s was 24.2 percent but Nigeria’s pales at 8.79 percent, which explains the low wages in Africa’s most populous nation.
In Africa, Nigeria’s minimum wage still cannot match what a South African worker earns nor what a low income earner gets in Egypt.
The lowest a worker can earn in South Africa is $242, over 10 times higher that what is earned in Nigeria. The country’s government gets 27.75 percent as a share of its GDP compared to the low revenue generated in Nigeria.
Adeola Adenikinju, the president of Nigerian Economic Society, said getting a wage review requires that both the government and labour unions map out certain objective criteria.
The professor of Economics said that in arriving at a minimum wage, one of the criteria to look out for is the cost of living and the level of inflation in the country.
Additionally, he said the level of productivity of the nation is another factor that must be considered in a wage review.
He maintained that another factor in arriving at a new minimum wage is affordability. Adenikinju argued that even with the rise to N30,000 in 2018, some state governments still cannot afford to pay.
“There should be some metrics used in arriving at a new minimum wage. You need some objective criteria that must be summed up to 100%. By how much has inflation, productivity and government budget risen to make up a new minimum wage,” NES president said.
[BusinessDay]
The minister of information and national orientation, Alhaji Mohammed Idris, has said that President Bola Tinubu’s first year anniversary in office would be low-key in line with his policy of prudent management of resources.
Idris stated this on Wednesday in Abuja during a ministerial press briefing heralding the one year anniversary of President Tinubu administration slated for May 29, 2024.
He noted that the move was in line with Tinubu’s desire to serve the country and efficiently use resources for the good of all Nigerians.
He said, “The first anniversary will be low-key, there will be no celebration, it will be a sectoral presentation by ministries.
“This is in line with Tinubu’s administration to ensure efficient and judicious use of resources to deliver dividends of democracy to citizens.
“The president has directed that useful information should be provided in an honest, timely, and consistent manner.
“Members of the media are expected to report honestly, responsibly, and with a deep sense of patriotism. The essence of the media is to inform the people and hold government accountable.
“Thus, over time, the ministry of Information and National Orientation finds it worthy to always brief the media and people on what the federal government is doing.”
The minister also charged media practitioners to do their job with deep sense of responsibility and patriotism.
He reiterated that, as part of the ministerial briefing, ministers of various ministries would begin present their ministerial scorecards on Thursday, May 23, as part of the first anniversary of the administration.
[Leadership]
Nine of the about 20 people abducted from Dawaki community in the Bwari Area Council of the Federal Capital Territory FCT are still missing, families of the victims told the Daily Trust Tuesday.
But the FCT Police Command said the claims were not true, insisting that only eight people were abducted and all of them have been rescued.
Relatives and neighbours of the victims told Daily Trust during a follow up visit, that nine of the abducted victims were still missing.
This newspaper had on Tuesday reported that 20 people were abducted from around the Fulani junction in Dawaki community during a siege on Sunday.
Dawaki, located opposite the Gwarinpa District, along the Abuja-Kubwa Express Way, is home to thousands of middle- class workers, among other residents.
A resident, who craved anonymity, said when they were fleeing with their victims, they stopped at a nearby herders’ helmet on the outskirts and abducted two people.
Another resident, Hosea Christopher, said five people were able to escape while being taken out of the community, with additional five others escaping around the Usuma Dam area along the Bwari way, when the gunmen had a fierce confrontation with the operatives of the DSS.
He added that the remaining victims obeyed the gunmen by following them to their hideouts deep into the bush.
‘Some of our loved ones still in the bush’
A resident, Usman Uthman, told one of our reporters that two people abducted from their home were among the rescued persons.
“They were brought back to the community on Monday afternoon by the soldiers,” he said.
He, however, said one other person abducted from the house, a female, was still missing.
Murna Lawan, another resident, said one-person from her home, too, named Peter, was yet to return.
She said that a lady named Blessing and one Francis, who were also abducted, were yet to return.
A resident, Nura Muhammad, who escaped when being led to the bush, said there was confusion about the whereabouts of one of the abducted women.
He said, ‘’It was learnt that she was rescued, however her family have visited various security agencies with no information about her whereabouts.’’
It’s not true – CP
When contacted last night, the FCT Commissioner of Police, Benneth Igweh, said it was not true that some of the abducted people were still at the kidnappers’ den.
When our reporter told him that it was families of the victims that confirmed that some of their loved ones have not yet returned, he simply said, “hold on…” and ended the call.
Our correspondents waited up till 10.15 pm waiting for an update on the development before sending this part of the story.
Earlier in the day, the police commissioner had reassured that the nation’s capital was safe and secured against kidnapping and banditry.
The CP said this during a visit to Media Trust Group Headquarters in Abuja, where he said he had taken the fight to the bandits’ camp in the bushes and mountains from where they operate.
The CP was reacting to the newspaper’s story that bandits abducted 20 in the Dawaki community in the FCT.
He said, “Abuja is now very safe, and it will continue to be safe. We have done everything possible to ensure the safety of Abuja because we know the terrains very well. We know the terrains of the bandits, and we know their modus operandi. That is why we have succeeded in making Abuja safe. We don’t care how the arm robbers and the bandits feel, but we are telling them that we are dominating everywhere including the bushes where they move. I have taken over the mountains. So that is why anywhere they enter, we must conquer them.”
Also speaking about the porous nature of the FCT neighbourhood, the CP said, “You know we have neighbors that are crime prone, from Kaduna to Niger to Nasarawa to Kogi. We are aware of our boundaries, but we are doing all it takes is to ensure the safety of everybody in Abuja, and I want to assure and inform every resident that we are on top of every situation. You can see the safety now, everything is working. I want to appreciate the effort of the IGP and the Minister of FCT. We are getting it right in Abuja, and we will continue to get it right.”
While appreciating the citizens for cooperating with them, he said, “We have been telling people, when you see something, say something. It is when you say something that we will do something. I want to thank the residence and indigenes of FCT. They have been giving us useful information and it has been useful for our successes. They’ve have started trusting the security agencies, especially the police.”
He added that, “People were complaining of one chance, they don’t ask about that any more. People were complaining about kidnappers, they don’t ask about kidnappers any more. People were complaining about bandits, but how many bandits have invaded Abuja since we took over? This is due the pro-active measures we brought in place that are bringing the safety we are seeing.”
The CP also applauded the IGP for working to bring more man power to the system, and as well as trying to bring some sophisticated gadgets for the police, which he said will help them in maintaining the tempo.
[DailyTrust]
The embattled speaker of the Cross River State House of Assembly, Elvert Ayambem, has stated that he remains the Assembly’s speaker, despite being impeached by seventeen members who had already signed a notice of his impeachment.
The motion for his removal was moved on the floor of the House by the member representing Calabar South 1, Effiong Ekarika, and seconded by Charles Omang.
However, he described the process as unlawful in a statement released on Wednesday by his chief press secretary, Matthew Okache.
Okache said that Akarika, the person who proposed Ayambem’s impeachment, had disturbed the meeting by “inviting hoodlums to enter the chamber.”
The statement read: “The Cross River State House of Assembly has been alerted to false news reports that the Speaker, Elvert Ayambem, has been impeached.
“To be clear, the speaker of the Cross River State House of Assembly is, without a doubt, Elvert Ayambem. He is in the current position. What happened earlier today (Wednesday) during the plenary, when Effiong Akarika, a member representing Calabar South 1, disrupted the session by inviting hoodlums to enter the chamber, is a ridiculous charade with no constitutional basis.
“The House of Assembly is not aware of any impeachment notices being served to anyone before the frivolous act as witnessed at the chambers. The alleged impeachment and replacement are speculative, and the general public is urged to disregard fake news and dismiss any notion of a crisis. The status quo is that Elvert Ayambem is the Speaker of the House of Assembly.”
[TheNation]