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Russian President Vladimir Putin on Thursday declared his support for the candidate of the Democratic Party, Kamala Harris in the upcoming US presidential election.
The backing has been seen as an apparent sarcastic remark a day after Washington accused Moscow of seeking to influence the vote.
Putin comments on political and social issues in the United States often with sarcasm.
He said last year that the US political system was “rotten” and that Washington could not lecture other countries about democracy.
“Firstly, (US President Joe) Biden recommended all his supporters support Mrs Harris,” Putin said during a question-and-answer session at Russia’s Eastern Economic Forum in Vladivostok.
“Here, we are going to do that too, we’re going to support her,” he added, with a wry smile.
“She laughs so contagiously that it shows that everything is fine with her,” the Russian leader said.
“(Former US President Donald) Trump has imposed as many sanctions on Russia as any president has ever imposed before, and if Harris is doing well, perhaps she will refrain from such actions.”
In February, Putin backed Biden over Trump, calling the current president more “predictable”.
The White House called on Putin to “stay out” of US elections.
Putin’s comments came a day after the United States indicted two employees of the state-run Russian news network RT and slapped sanctions on its top editors.
Washington accused them of trying to influence the upcoming US ballot.
Gunmen have reportedly kidnapped a chieftain of the Peoples Democratic Party and one of Governor Seyi Makinde’s key supporters, Hon Benedict Akika, popularly known as “Bene” in his home on Wednesday night.
The gunmen wearing masks reportedly stormed the Idi Ape, Olorunda-Aba residence of Mr Akika in Lagelu local Government Area of the state and abducted him.
Unconfirmed report also indicated that a life was possibly lost during abduction on Wednesday night.
The Oyo State Police Command is yet to issue an official statement on the matter but in a message via the phone, the command’s spokesman, Adewale Osifeso, indicated that investigation has commenced into the matter and details would be provided accordingly.
The Oyo state government have also not issued any statement concerning the unfortunate incident.
A chieftain of the All Progressives Congress (APC), Ibrahim Modibbo, has said Advisers and Ministers of President Bola Tinubu are incompetent and deserve to be sacked.
The Taraba State APC chieftain, Ibrahim Modibbo, said ministers of President Tinubu are newspaper tigers.
He accused them of relying solely on textbook economics as solution to Nigeria’s hunger and hardship problems than the people.
Modibbo, in an interview with Arise TV on Wednesday, stated that Tinubu advisers are giving him wrong advice that is responsible for the economic hardship.
He appealed to Nigerians to give the President time, stating there would be light at the end of the tunnel.
“I’m a Nigerian and I also feel the pains just like Mr. President also feel the pains and the pulse of Nigerians.
“I don’t want to defend some of these conditions. I’m not here as a government spokesperson. Therefore as a caveat, I’m not going to defend that because to me it will show sensitivity and compassion. That is why I said people around Mr. President are giving him wrong advice.
“If I were a president today I would have sacked almost virtually all the ministers and what have you, to get new people, new advisors because some of this economic team, they are just mere newspaper tigers as far as I’m concerned.
“They can only limit themselves towards the textbooks econometrics without looking at the proper inventory of Nigeria’s economic system, looking at the poor masses as a ladder,” Modibbo said.
He added that President Tinubu made wrong decision in getting a new presidential jet without selling the old one in the fleet.
He, however, assured Nigerians that the President would find a solution to the current economic hardship caused by his administration’s policies.
“With all these problems, must we buy a new jet? If you ask me, I’ll say yes, and I’ll say no. Yes, because recently we’ve seen how some of the former presidents, Iran President had air crash.
“Therefore I would have sold some of the fleets and get a new one. No, in the sense that for us to be very sensitive to the yearnings and aspirations of Nigeria and 2027 is just by the corner, elections coming up, the way Nigerians today in terms of aggregation of opinion, in terms of sensitivity with the current economic temple, Nigerians are not finding it funny.
“But Tinubu has history by his side, he has two more or three more years to change the whole economy to the dynamics of governance.
“Therefore looking at every parameter of democratic practice, we know that there is no democracy that will be able to give you a hundred percent satisfaction.
“And this is where we are as painful as Mr. President’s decision to take some of these policies which he knows to his heart that is painful. I am sure he’s looking for a way out to see to the possibilities of maybe finding solutions,” Modibbo added.
The National Economic Council (NEC) on Wednesday, imposed a deadline of September 9 for four states to submit their reports on the establishment of state police.
The NEC will review comprehensive reports from all 36 states and the Federal Capital Territory (FCT) on that date. States that do not meet this deadline will be subject to the NEC’s decisions regarding the state police.
Additionally, the Federal Government has allocated ₦3 billion in aid to states affected by severe flooding.
At the conclusion of the NEC meeting, chaired by Vice President Kashim Shettima at the Presidential Villa in Abuja, Acting Oyo State Governor Abdulraheem Lawal reported that all states were expected to submit their reports for NEC’s review.
The discussion on state police was driven by ongoing security challenges across regions, including the Northeast, Northcentral, Southwest, Southeast, and Southsouth.
Lawal emphasized that the initiative aims to enhance national security. He noted that last year, the NEC had asked states to provide reports on the establishment of state police. States that fail to meet the September 9 deadline will be bound by the NEC’s decisions.
He said, “An update on the establishment of State police was considered and this was as a result of the security challenges that we have across the nation, in Northeast, Northcentral, southwest, Southeast and South south so that we would have a robust security in our nation.
“For that purpose, sometimes last year NEC considered the establishment of state police and asked states to make submissions of considerations
“Today (Wednesday), all the states were supposed to submit for consideration of NEC. Incidentally, four states couldn’t submit, and for that purpose, NEC decided that those states must make their submissions on or before Monday next week, otherwise, whatever decision next date on the establishment of State Police will be binding on those states that reused to submit them to make submissions.
“So that is the resolution as of today’s NEC meeting.”
Although the specific names of the four states that have yet to submit their reports were not disclosed, sources identified them as Adamawa, Kwara, Sokoto, Kebbi, and the FCT.
According to Vanguard, the source said one of the four states claimed it had already submitted its report.
Also briefing, Bauchi State Governor Bala Mohammed provided insights into the flood situation, highlighting the federal government’s ₦3 billion relief fund.
Mohammed described the severe impact of the flooding, especially in the Northeast, where critical infrastructure, such as roads and bridges, has been damaged, affecting households, schools, and other essential services.
He said, “The flood was more devastating along the Northeast axis where a major artery between Kano and Maiduguri has been cut off with devastating effects on households, schools, bridges and other means of livelihood. Lives were lost and a lot of properties were also destroyed.
“Of course, that has really provided a big challenge to us as a government and as a people in our states because we need to provide more of food security. Already, farmlands are submerged and therefore there’s need for collaboration between all the tiers of government to ensure food security.”
Mohammed noted that this year’s harvest is expected to be significantly affected due to the floods. He called for coordinated efforts between the Federal Ministry of Agriculture and state ministries to ensure a comprehensive response to the crisis.
An inventory of the damage, including impacts on agriculture and infrastructure, is required by Monday to facilitate timely support.
Nasarawa State Governor Abdullahi Sule supported this perspective, noting that a new governance structure has been established to manage flood relief efforts.
The reconstituted Flood Committee now includes governors from Kogi, Bayelsa, Oyo, Ebonyi, Bauchi, and Jigawa states, as well as key federal ministers and agency directors. The Committee will oversee the assessment of flood damage and ensure effective relief measures.
He said: “The Flood committee has to be reconstituted and the new members of the councils are governors of Kogi, Bayelsa, Oyo, Ebonyi, Bauchi and Jigawa states.
“Others are Minister of Water of Resources, minister of state Water of Resources, Minister of State for Environment, DG Nigeria Sovereignty Investment Authority (NSIA), DG NIMET, DG NWRI, MD/CEO NIWA, MD if NNDC, MD NEDC, and DG NEMA.
“The council has decided that Monday will be the deadline for all the states of the Federation to submit details damages including farms, schools, barges that have been affected by the last flood and Mr. chairman mentioned it will be taking into consideration for appropriate support to the various states.
“So these are the new very strong membership of the flood committee that will continue to address council henceforth.”
The NEC has mandated that all states submit detailed damage reports by Monday, including impacts on farms, schools, and infrastructure, to enable appropriate support for the affected regions.
The latest hike in the price of petrol has pushed up transport fares by over 50 percent in major cities across Nigeria, findings by Daily Trust have revealed.
The newest price hikes, implemented by the Nigerian National Petroleum Company’s (NNPCL) Retail Management, range from N855 to N897 per litre, depending on the location, from the previous N568-N617.
Independent marketers have adjusted their prices to between N930 and N1,200 per litre of petrol.
The price hike has had a widespread impact, with some Nigerians resorting to long-distance trekking and others missing work due to the higher transportation costs.
The pan-Yoruba socio-political organisation, Afenifere and the Peoples Democratic Party (PDP) on Wednesday joined the Nigeria Labour Congress (NLC) in demanding reversal of the increase in the petrol pump price.
This is even as the Manufacturers Association of Nigeria (MAN) warned that the price hike could lead to higher inflation.
Also yesterday, the National Association of Nigerian Students (NANS) announced plans to protest and shut down major cities from 15th of this month.
Abuja, Lagos commuters express frustration
Commuters in the Federal Capital Territory (FCT), Lagos and other states yesterday expressed frustration over the hike in the price of petrol which, according to them, has constrained their living conditions.
Many of them, who spoke to our correspondents, said the unaffordability of transportation cost had forced them to trek to work.
Adeolu Segun, a civil servant residing in Zuba, Abuja, said the fare from his area to Berger had risen from N1,000 to N1,500.
Mrs. Zainab Ibrahim, a mother of six living in Kubwa, said she paid N1,000 as fare as against the previous N500 for the same route.
Ismaila Danjuma, the Secretary of the Zuba branch of the National Union of Road Transport Workers (NURTW), explained that the rise in transport fares was due to the fuel price hike.
A passenger, Murjanatu Shehu, who was travelling to Kano from Abuja, said the fare rose from N8,000 to N11,000.
Haruna Yakubu, a driver on the Abuja-Lokoja route, confirmed fare increase from N4, 500 to N6,000; and Abuja-Okene routes fare rose from N6,500-N10,000.
Lagos bus drivers, Ojo Jamiu and Chukwuka Ogwu, said they now charge more than double as fares.
Kano, Rivers residents trek
In Kano and Port Harcourt, residents resorted to trekking.
Yakubu Isa, who said he used to pay N200 to go to Kano Guest Inn from Kwana Hudu, could not afford the new N400 fare, but had to trek. A teacher in Kano, Maikudi Haliru, also said he trekked to school to avoid the higher tricycle fares.
Our correspondent observed a low turnout of passengers at the Kano Line Motor Park yesterday as fares for the Kano-Kaduna and Kano-Abuja routes had risen to N6,000 and N12,000 respectively.
Some residents of Port Harcourt, Rivers State, also said the latest increase in transport fares had forced them to trek.
In Ondo State where transport fares have also doubled, residents said it would be better to trek a few distances to their workplaces.
In Jalingo, the Taraba State capital, tricycle fares have been increased by 50 percent; while same rose in Borno and Yobe states by 30 per cent.
Inflation figures may go up – MAN
The Manufacturers Association of Nigeria (MAN) has said that the new price of petrol might push inflation figures high, impacting household budgets. It also said Small and Medium-scale Enterprises (SMEs), which often operate on thin margins, could be hard hit by the development.
The MAN, in a statement by its Director-General, Segun Ajayi-Kadir yesterday, enumerated the impacts of the petrol price hike.
“So, in terms of what the impact might be and judging from what we have witnessed in the past, the cost of transportation may increase, and so would the prices of goods and services. As the cost of petrol rises, consumers will spend more on transportation and energy, leaving them with less disposable income.
“This decrease in purchasing power may lead to reduced demand for non-essential goods and services, affecting businesses across various sectors. These are pointers to the high possibility of a rise in inflation figures, impacting household budgets,” the DG said.
We’ll shut down major cities – Students
The National Association of Nigerian Students (NANS) has announced plans for a “large-scale” shutdown of all major cities in Nigeria over the fuel price hike, starting from September 15, 2024.
In a notification sent to students yesterday, Okunomo Henry Adewumi, President of the NANS’ Senate, demanded immediate reversal of the fuel price hike and the removal of Mele Kyari, the Group Chief Executive Officer of the NNPCL.
The statement said that the protest will be conducted peacefully and in accordance with the law.
Meanwhile, another faction of the NAN yesterday debunked the claim that the student union was planning a nationwide shutdown of major cities.
Akinteye Babatunde, the association’s factional Senate President, in a statement, said NANS did not announce nor endorse any such protest, describing the claim as baseless.
Afenifere, PDP demand pump price hike reversal
The pan-Yoruba socio-political organisation, Afenifere, yesterday urged the federal government to direct the NNPCL to reverse the increase in fuel pump price.
Afenifere asked the government to stick to the claim by the Minister of State for Petroleum, Heineken Lokpobiri, that it did not instruct the increase.
In a statement signed by Jare Ajayi, the spokesman of the Afenifere’s faction loyal to Pa Reuben Fasoranti, the group, said that Nigerians are currently going through a lot of challenges as a result of biting socio-economic crunch and the attendant hardships.
“It is therefore a wrong time to come up with any policy that will increase the undesirable challenges Nigerians are going through presently. Failure by the NNPCL to reverse the latest increment in fuel price will rub off negatively on some policies of Tinubu administration to ease things for the citizens. Policies such as the Students Loan Scheme and Consumer Credit Scheme that are just taking off”, it said.
Afenifere said with the latest increase in petrol price, the cost of fuel in Nigeria had risen by 460 per cent in 15 months.
It was curious that an organisation that declared a profit running into trillions of Naira could, almost in the same breath, claim indebtedness to the tune of nearly $7 billion. “Why not pay off the debt from the available fund before declaring it as profit?
“It is a common knowledge that the cost and availability of energy such as petrol, gas, electricity, diesel and kerosine are major factors not only in production and services but also on the quality of well-being that Nigerians can enjoy. Hikes in prices of these energy sources have astronomically increased the costs of services and commodities, reduced the disposal incomes of average Nigerians and heighten their health risk. The combination of all these are making a daily living an onerous task for the majority of the citizens. Considering the fact that millions of the Nigerians had been described as being ‘multi-dimensionally poor’, the recent hike in costs of fuel and electricity are uploading the number of people in that category phenomenally”, it said.
Similarly, the Peoples Democratic Party (PDP) yesterday condemned the hike in fuel price, alleging that it was a “brutal assault” on Nigerians by the ruling All Progressives Congress (APC).
The PDP said the increase is a “recipe for crisis,” particularly during a time of severe economic hardship under President Tinubu’s administration.
Debo Ologunagba, the party’s National Publicity Secretary, in a statement, urged President Tinubu to reverse the fuel price increase and reconsider other policies negatively impacting the nation.
He said with proper management, petrol should not cost more than N250 per litre.
He said the continuous rise in fuel prices, without consideration for the people’s welfare, was exacerbating the already dire economic situation, pushing millions of Nigerians further into poverty.
The PDP also alleged that over 150 million Nigerians had fallen below the poverty line, with businesses collapsing due to the high cost of living, a weakened naira and rising unemployment.
Tricycle riders protest fuel price hike in Delta
Tricycle riders in Warri South Local Government Area of Delta State yesterday protested the petrol price hike, disrupting business activities and vehicular movements.
They blocked the Deco Road Junction, the First-Marine Gate Junction and the popular Hausa Quarters, Igbudu.
TUC asks govt to rescind decision
The Trade Union Congress of Nigeria (TUC) on Wednesday criticized the federal government for the recent hike in the pump price of petrol, demanding its immediate reversal.
TUC President Festus Osifo, in a statement, said the union expressed deep concern that the sudden increase in fuel and electricity costs would exacerbate poverty levels, worsen the suffering of citizens and potentially lead to social unrest.
Osifo criticized the government for implementing the price increase without consulting key stakeholders, calling it a blatant disregard for the welfare of the Nigerian people, particularly the working class who are most affected by such decisions.
“The news of the PMS price hike has sent a wave of apprehension and depression across the nation, especially as it comes on top of existing hardships faced by citizens,” he said.
He said the TUC was also concerned about the recent 250% increase in electricity tariffs, labelling it as an additional burden on the poorest in society and a sign of the government’s lack of empathy for ordinary Nigerians.
Tinubu didn’t bargain fuel price for minimum wage-Presidency
The Senior Special Assistant to the President of Media (Print), Abdulaziz Abdulaziz, Wednesday on his X, said Tinubu never bargained with the leadership of the Nigerian Labour Congress (NLC) not to increase the price of petrol before arriving at N70,000 as the new minimum wage.
He was reacting to the allegation by the NLC’s president, Joe Ajaero, that Tinubu asked them to accept N70,000 as minimum wage for the petrol price to remain N617/litre.
Abdulaziz said: “I sat through the two meetings President @officialABAT had with labour leaders on minimum wage. At neither of the meetings was an offer made in exchange for a fuel price hike. Ajaero is once again playing his dirty politics with the emotions of Nigerians.”
In his reaction yesterday, Ajaero, through the NLC’s spokesman, Benson Upah, said, “As for Abdulaziz’s side-dig, he should stop insulting the intelligence of Nigerians as they do not need Comrade Joe Ajaero to know they have been taken for a ride and that life has never been this mean, all due to the policies of government.”
[DailyTrust]
Callistus Okafor, factional national chair of Labour Party (LP), says the Nenadi Usman-led caretaker committee is illegal.
Okafor said this on Wednesday in reaction to the announcement of Usman, a former senator, as chair of a 29-member committee.
The committee was set up following a stakeholders meeting of the party convened by Alex Otti, governor of Abia and the most senior elected government official of the party.
In a statement, Okafor said Otti should provide a letter from the Independent National Electoral Commission (INEC) that acknowledged the meeting he convened in Abia.
“Article 11 of the 2009 Constitution which is the only constitution known to the party according to the consent judgment delivered by Hon. Justice G. O Kolawole on the 20th March, 2018 categorically stated the four (4) organizations of the party; ward, local government area, state and national,” he said.
“Both Dr. Alex Otti and Mr. Peter Obi do not have the constitutional authority to convene any meeting of the party.
“We challenge Dr. Alex Otti to produce the official letter addressed to him from the Independent Electoral Commission on the aforementioned subject matter.
“Therefore, the outcome of the Umuahia gathering remains NULL AND VOID.
“We are committed to reconciling all members and groups, mobilize and conduct all inclusive and expansive congresses in wards, local government areas, states and the national convention that will achieve a unified, focused labour party that will redefine: political leadership in Nigeria.”
Julius Abure and Okafor, factional chairs of the party, had rejected calls for the stakeholders meeting, declaring it illegal.
[TheCable]
The co-chair of the Bill and Melinda Gates Foundation, Bill Gates, has said that Nigeria’s Value Added Tax is among the lowest worldwide.
Bill Gates disclosed this on Tuesday during the Nutrivision 2024, dialogue held in Abuja.
The billionaire said this while responding to a question on potential financing mechanisms for large-scale public health interventions.
According to him, there are plans for the government to fund more health-related programs.
“Over time, there are plans for Nigeria to fund the government more than it does today. The actual tax collection in Nigeria is pretty low.
This comes as Bill Gates participated in Nigeria’s National Economic Council on Wednesday.
Recall Meanwhile, Taiwo Oyedele, the Chairman Presidential Committee on Fiscal Policy and Tax Reforms announced that plans are on the way to propose a law that would increase VAT from 7.5 percent to 10 percent.
A former spokesman of the Labour Party (LP) presidential campaign council, Kenneth Okonkwo, has charged President Bola Tinubu, ex-presidential candidate of the Peoples Democratic Party (PDP) Atiku Abubakar, and Peter Obi to step aside ahead of the 2027 elections.
Okonkwo said Tinubu, Obi, and Atiku are not fit to contest in the 2027 election, stressing that they have failed Nigerians.
Speaking on Arise TV, the Nollywood actor also criticized the opposition for their failure to form a consolidation and work together against the ruling All Progressives Congress (APC).
According to Okonkwo: “I completely agree with you that we need new faces, 100%, and that was why I have said that Atiku, Peter Obi, and Tinubu should step aside.
“The reason is that the ruling party has failed, and the opposition has failed. Are you aware that in the House of Representatives, you have more opposition members than the ruling class?
“I’m saying you don’t just finish an election, and the first thing you start talking about is the next election. You consolidate and form alliances amongst yourselves to work together as the opposition.
“If all the opposition members in the House of Representatives had come together, they would have produced the speaker and the vice.”
Vice-President Kashim Shettima is currently presiding over the national economic council (NEC) meeting at the presidential villa, Abuja.
The meeting is attended by Aliko Dangote, chairman of Dangote Industries Limited, and Bill Gates, co-chair of the Bill and Melinda Gates Foundation.
The vice-president, by the provisions of Nigeria’s constitution, is the chairman of NEC.
The NEC meeting, held monthly, deliberates on the coordination of the economic planning efforts and programmes of the various levels of government.
The council comprises the 36 state governors, the governor of the Central Bank of Nigeria (CBN), the minister of finance, the secretary to the government of the federation (SGF), and other government officials and agencies, whose duties hinge on the economy.
Gates is in Nigeria as part of his foundation’s ongoing commitment to Africa’s development.
On Tuesday, Dangote announced the commencement of petrol production at the Dangote refinery.
According to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the refinery is expected to supply 25 million litres of petrol daily in September.
The 650,000-bpd capacity refinery began operations in January with the production of diesel and aviation fuel.
Members of the National Youth Service Corps (NYSC) have been assured that as soon as the civil servants start receiving the new minimum wage that was approved by the Federal Government, their monthly allowance would also increase.
NYSC Director General, Brigadier General Yusha’u Ahmed gave this assurance while addressing corps members at the Kebbi and Sokoto states Orientation Camps located at at Dakingari and Wamakko in both states respectively.
Brig.-Gen. Ahmed said the corps members’ selfless and immense contributions to the socioeconomic development of the country cannot be underestimated.
According to a press statement by Caroline Embu, the acting director information and public relations of the NYSC, Ahmed also implored them to use the opportunity of the service year to develop themselves and plan for greater heights in the future.
He further advised the corps members to embrace the NYSC Skill Acquisition and Entrepreneurship Development programme to acquire vocational skills that would make them self-reliant after the service year.
“At least, learn a skill while in camp and after the Orientation Course, you continue with the post-camp training.
“Try to acquire a skill that would enable you to create jobs and employ others instead of searching for jobs. We have many ex-corps members across the country who are doing well in their different vocations today”, the DG said.
He added that the NYSC Management has partnered many reliable organisations like the Central Bank of Nigeria, Bank of Industry, Unity Bank, Access Bank, NNPC Foundation among others, that have been assisting in giving loans and grants to corps members.
General Ahmed also assured that the Scheme would not post any corps member to a place where their safety is not guaranteed, while also advising them to be security conscious at all times.
While presenting her camp situation report to the Director General, the Kebbi State Coordinator, Mrs Aghata Banki Okolo said a total of 1,195 corps members have been registered, comprising of 1,077 for Kebbi and 118 that were dislodged from Zamfara State.
“They are responding positively to all camp activities and instructions. We also have a total number of 240 camp officials that have been applying emotional intelligence in the discharge of their duties,” she added.
For his part, the NYSC Sokoto State Coordinator, Alhaji Yakubu Yaro Usman informed General Ahmed that the corps members have exhibited high sense of discipline and acclimatised to camp environment with adherence to camp regulations.
He added that the Corps population comprised of 1,488 members made up of 682 males and 606 females for Sokoto State, with 134 males and 66 females that were dislodged from Zamfara State.
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Nigeria has become the third largest debtor to the World Bank’s International Development Association (IDA) as of June 30, 2024, marking a significant increase in the country’s borrowing from the institution.
This development has reflected a substantial shift in Nigeria’s financial landscape under the administration of President Bola Tinubu.
According to the World Bank’s latest financial statements, Nigeria’s exposure to the IDA has surged by 14.4%, rising from $14.3 billion in the fiscal year (FY) 2023 to $16.5 billion in FY2024.
This $2.2 billion increase in borrowing has propelled Nigeria into the top three IDA debtors for the first time, moving up from its previous position as the fourth-largest borrower in 2023.
The fiscal year 2024 spans from July 2023 to June 2024, during which Nigeria received at least $2.2 billion from the World Bank.
This period aligns with President Tinubu’s administration, underscoring the growing reliance on international financial support amid domestic economic challenges.
Notably, this debt pertains exclusively to the IDA and is separate from any outstanding loans Nigeria has with the World Bank’s International Bank for Reconstruction and Development (IBRD).
In comparison to other top IDA debtors, Bangladesh retains its position as the largest borrower, with its exposure increasing from $19.3 billion in 2023 to $20.5 billion in 2024.
Pakistan follows on the second position with a stable exposure of $17.9 billion over the same period. Meanwhile, India, previously the third-largest borrower with $17.9 billion in 2023, saw its IDA exposure decrease to $15.9 billion in 2024, allowing Nigeria to surpass it.
Other notable IDA borrowers include Ethiopia, whose exposure grew from $11.6 billion in 2023 to $12.2 billion in 2024.
Kenya and Vietnam both hold exposures of $12.0 billion. Alongside Tanzania, Ghana, and Uganda, these countries round out the top ten IDA debtors, collectively accounting for 63% of the IDA’s total exposure as of June 30, 2024.
The IDA, a crucial arm of the World Bank, focuses on providing concessional loans and grants to the world’s poorest countries. These loans feature low interest rates and extended repayment periods, aiming to foster economic growth, reduce inequalities, and improve living conditions in developing regions.
According to reports, Nigeria secured a total of $4.95 billion in loans from the World Bank under Tinubu’s administration, amid growing concerns over the country’s escalating external debt servicing costs.
However, only about 16 per cent of these new loans have been received so far. The World Bank may approve an additional four loan projects for Nigeria this year, potentially totaling $2 billion.
Furthermore, data from the external debt stock report of the Debt Management Office (DMO) indicates that Nigeria’s total debt to the World Bank stood at $15.59 billion as of March 31, 2024.
Governors elected on the platform of Peoples Democratic Party (PDP) yesterday declared that their resolve to support Rivers State governor, Sir Siminalayi Fubara, cannot be changed by any individual no matter how highly placed.
The governors stated this in response to a threat by the Federal Capital Territory (FCT) minister, Nyesom Wike, to set fire in their states for supporting Fubara.
They also described Wike’s comment as irresponsible and unbridled, and called on the heads of the national security apparatuses to take note of his threats to stoke the fire of violence at the sub-nationals as no one is above the laws of the land.
Wike, last week, threatened to set fire in states of PDP governors for supporting Fubara’s control of the party structure in the state.
The PDP governors had declared support for Fubara at their meetings in Enugu and Taraba States.
The battle between Wike and Fubara have defied several peace efforts even by President Bola Tinubu.
But reacting to Wike’s comment, the director general of PDP Governors Forum, Emmanuel Agbo, said governors of the party have always stood by and supported each other no matter the circumstances, a tradition Wike enjoyed in his days of travail as governor.
“Thus, we therefore maintain that our position on the affairs of the PDP in Rivers State, as unanimously resolved at our 2024, 3rd and 4th Meetings held in Enugu and Taraba States respectively are not subject to review by any individual no matter how highly placed.”
Agbo, in a statement, added that “the statements and threats to peaceful coexistence made by Wike to “Put fire” in the PDP controlled States are unbridled, irresponsible and without ambiguity totally unacceptable as it undermines efforts to build and maintain peace, cohesion, collaboration and mutual respect amongst leaders and members of the party. It is rather unfortunate that this is coming from someone who was once a member of this highly revered forum as a former governor.”
The governors stressed that the position of the Forum is neither personal nor does it, by any stretch of the imagination, undermine the relevance of any stakeholder in the party.
“Rather, as loyal party faithful, members of the Forum remain committed to that pristine practice that was intended to guarantee order, eliminate conflicting centres of loyalty epitomised by the situation in Rivers State and guard against distracting the Governor in the prosecution of his mandate. Wike benefitted wholly from that arrangement.
“We are irrevocably committed to working with the National Working Committee (NWC) of our great party, the PDP, in ensuring that Governor Siminalayi Fubara of Rivers State is conferred with all the privileges he is entitled to as a Governor elected on the platform of our party, both at the state and national levels.
“Our undiluted commitment to the unity of our party is paramount. The PDP has always been a party that values unity and collective progress. The recent actions of the governors, including their support for Governor Fubara, reflect their dedication to these values. It is crucial for all party members, including Wike, to work together towards common goals rather than pursuing personal vendettas.
“The Forum insists that it is incumbent on the National Working Committee of the PDP to invoke both official provisions and unofficial good offices platforms to find an amicable solution to the crisis in its Rivers State chapter. Similarly, if indeed the larger interests of Rivers State is their individual motivation, the warring parties should allow themselves to be guided by a spirit of give and take and eschewing, at all times, the incendiary posturing that inflames passions among their followers.
“It is inevitable for us to encourage dialogue and reconciliation continuously. The PDP has established mechanisms for addressing grievances and resolving conflicts, such as the recently constituted disciplinary and reconciliation committees; thus it is important for Wike to engage with these processes constructively, as dialogue and reconciliation are the pathways to resolving differences and strengthening the party.
“The Forum calls on the heads of the national security apparatuses to take note of threats by Wike to stoke the fire of violence at the sub-nationals as no one is above the laws of the land.”
The Council for the Regulation of Engineering in Nigeria (COREN) has proposed one year post-graduation training for engineers and called on the federal government to return funding of the council’s activities.
The President of COREN Engr. Prof. Sadiq Abubakar made the call on Tuesday at the 32 Engineering Assembly with the theme: “Regulating Engineering Profession for Shared Prosperity in Nigeria” in Abuja.
Prof Abubakar also disclosed that COREN and the National Board for Technical Education (NBTE) will commence accreditation of technical colleges in Nigeria in the coming academic session.
He said, “In response to the goals of the current FGN Administration, the Council approved the resuscitatation of the Supervised Industrial Training Scheme in Engineering (SITSIE) under the new name of Engineering Residency Programme (EREP) and planned to engage the National Assembly to seek legislative backing.
“This is a one-year post-graduation training programme for all engineering graduates of an accredited university or polytechnic, designed to meet practical experience requirements for the purpose of registration with COREN as a professional engineer or an engineering technologist similar to the practices of Medical, Pharmaceutical, etc professions”.
Prof. Abubakar said relevant organisations like NUC, NBTE, ITF, MAN, NSE, NATE, and others have been contacted and all expressed their readiness to participate and support the initiative.
He also stated that the Council has approved the creation of a new register for the cadre of Engineering Artisans in line with its mandate.
“The new NSQ levels 1-2 under the NSQF which FGN included in the Scheme of Services of Nigeria has given the required recognition and backing to the laudable policy”.
He added that arrangement has also reached advanced stage with NBTE and other relevant organisations for the inauguration of the SSC4E.
“This will herald the commencement of the processes of training, certification and licensing of artisans in Engineering Sector in Nigeria. COREN is the awarding body, NBTE is the regulatory body while NAE will chair the SSC4E comprising of diverse interest groups in Engineering including employers of labour, professional bodies, academia, private sector, etc in line with NSQF manual approved by NSC,” he said.
Speaking further, he said COREN, in order to check the incessant failures of engineering infrastructure, especially building collapse across the country, has constituted a “National Technical Committee to drive the ERME at national level similar to existing practice at regional and state levels”.
He added that the ERME inspectors are to be supported by Engineering Intelligence & Surveillance (EIS) Task Force and EIS Whistle Blowers operating at national, regional and state levels.
“COREN is ever ready to improve its performance in regulating engineering education, training of practitioners and their practices in line with the global ethics and standards to ensure the prevention of the failures engineering infrastructure and safeguard lives and Properties of the citizenry. The Council is therefore appealing to the FGN to continue to fund COREN similar to its peers in funding regime for the benefit of the nation the health sector. It is our hope and prayer that the FGN would reconsider its position to return the Council into funding regime for the benefit of the nation” he said.
Minister of Housing and Urban Development Ahmed Musa Dangiwa said the standards COREN sets and the professional ethics it enforces are critical to ensuring the quality, safety, and resilience of housing and infrastructure projects across the nation.
Dangiwa commended ongoing reforms and restructuring in COREN to effectively and efficiently implement the provisions of the COREN amended Act in monitoring and enforcing compliance in engineering practice.
He said, “As the Minister of Housing & Urban Development, I can tell you that effective regulation of the construction/built sector is key to my ministry, especially to curb the ugly developments of incessant collapse of buildings and other infrastructure”.
He commended COREN for rising to the occasion by playing a leading role amongst the Regulators in the built environment.
He further appreciated COREN for developing checklist to provide verifiable complete documentation of the construction process that allows tracking of actions or inactions to establish culpability in building collapse in Nigeria.
“This is geared towards finding lasting solution to the menace of building collapse in Nigeria,” he added.
The Federal Government and the People’s Republic of China have agreed to partner on a crackdown on financial intelligence on anti-monetary laundering and countering the financing of terrorism.
A joint statement by the two countries on ‘Establishing a Comprehensive Strategic Partnership and Building a High-Level China-Nigeria Community with a Shared Community with a Shared Future’, released by the State House on Wednesday, said both countries would collaborate to encourage flexible and diverse regional and monetary and financial cooperation such as local currency swaps, to facilitate trade between China and Nigeria and make contributions to global financial stability.
At the invitation of the President of the People’s Republic of China, Xi Jinping, President Bola Tinubu was in China for a State Visit on Tuesday, and to attend the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC).
The statement said, “The two countries agree to carry out international cooperation on financial intelligence on anti-monetary laundering/ countering the financing of terrorism (AML/CFT) and support Nigeria’s efforts to safeguard the order of its financial and foreign exchange markets and to crack down on financial crimes, including money laundering.”
According to the release, both countries have also committed to support the World Trade Organization’s focused multilateral trading system, oppose trade protectionism, promote trade and investment liberalisation and facilitation, and create a transparent and non-discriminatory business environment for cooperation.
“The two sides further support the establishment of more friendly relations between Chinese and Nigerian provinces/states and municipalities with a view to expand and deepen cooperation at the sub-national level.
“The two sides are committed to stepping up protection of lawful rights and interests of each other’s citizens on their territories and create a favourable business environment for each other’s companies.
“The two sides agreed to strengthen coordination and cooperation in multilateral affairs and jointly uphold the international system with the United Nations at its core, the international order underpinned by international law and the basic norms governing international relations guided by the purposes and principles of the United Nations Charter. The two sides advocate an equal and orderly multi-polar world and universally beneficial and inclusive economic globalisation and jointly uphold peace, development, equity, justice, democracy and freedom, the common values of humanity, and commit to a new approach to international relations focusing on win-win cooperation.
“The two sides agreed that, over half a century since the establishment of diplomatic ties between the two countries, both countries have shown respect to each other and treat each other as equals. The relationship between the two countries has withstood the test of international changes, the mutual trust has been enhanced continuously, and practical cooperation has yielded fruitful outcomes. The two countries have embarked on a path of seeking strength through unity for a win-win cooperation.
“The two sides reaffirmed their firm support to each other on issues related to their respective core interests and major concerns, particularly sovereignty and territorial integrity. The Chinese side supports the Renewed Hope Agenda of Nigeria and the efforts made by Nigeria to maintain national unity, peace, security, and social stability, as well as promote economic development and improve people’s welfare. The Nigerian side firmly adheres to the one-China principle, acknowledges that there is but one China in the world, and the government of the People’s Republic of China is the sole legal government representing the whole of China, and Taiwan is an inalienable part of China’s territory. Nigeria opposes any form of “Taiwan Independence” or interference in the internal affairs of China and firmly supports all efforts made by the Chinese government to achieve national reunification.
“The two sides spoke highly of the leading roles played by FOCAC in advancing the quality of cooperation between China and Africa over the past 24 years since, i.e. establishment of FOCAC, believing that the successful convening of the Beijing Summit of FOCAC opened a new chapter of unity and cooperation between China and Africa. Guided by the Declaration of the Beijing Summit on Jointly Building a High-level China-Africa Community with a Shared Future and Action Plan, the two sides are willing to deepen their mutually beneficial practical cooperation between China and Africa to achieve common development and prosperity.
“The two sides reiterate their firm support to each other in independently seeking a development path that suits their own national interest and will further strengthen exchanges on experiences of governance. Nigeria highly commends that under the leadership of the Communist Party of China, the Chinese people have made great transformation through a Chinese path to modernization, and subscribes to the opinion that the Chinese path to modernization expands options of development and solutions of practices for mankind in seeking modernization. They also commended each other’s efforts towards the prioritization of sustainable development and economic growth through the implementation of various developmental initiatives aimed at achieving poverty alleviation and enhanced food security.
“The two sides spoke highly of the overall planning, coordinating and driving roles played by the Intergovernmental Committee and its Sub-committees between China and Nigeria and decided to continue their active coordination under this mechanism, as well as maintain close communication on the convening of the second Plenary Session of the China-Nigeria Intergovernmental Committee and sessions of its Sub-committees.
“Nigeria applauds and supports the vision of Building a Community with a Shared Future for Mankind, The Belt and Road Initiative (BRI), the Global Development Initiative (GDI), the Global Security Initiative (GSI) and the Global Civilisation Initiative (GCI) proposed by President Xi Jinping. Both sides pledge to support each other’s efforts in multilateral affairs, including the UN, the G20 and BRICS. Both sides agree to support the increased calls for UN Security Council reforms with balanced geographical representation to reflect current geo-political realities. Both sides agree that human rights, including the right to development, are a common cause for all humanity and oppose the politicisation of human rights issues, i.e. the interference in other countries’ internal affairs under the pretext of human rights.
“China appreciates the efforts of Nigeria in enhancing regional peace and solidarity and promoting regional integration, with a strong emphasis on respecting democracy, good governance, and the rights of citizens. China supports the West African countries in addressing differences through friendly dialogue and consultations and to carry forward the regional integration. In this regard, China also urges other international actors to refrain from actions that could turn the region into a space for geopolitical contestation.
“Guided by the Cooperation Plan between the Government of the People’s Republic of China and the Government of the Federal Republic of Nigeria on Jointly Promoting the Belt and Road Initiative, both countries remain committed to advancing high-level cooperation of the Belt and Road Initiative and FOCAC Conference outcomes with the Renewed Hope Agenda and the Eight Priority Agenda of the Nigerian Government to jointly promote high-level practical cooperation across board.
“China welcomes Nigeria to expand trade between the two countries through platforms such as the China International Import Expo (CIIE), the China-Africa Economic and Trade Expo (CAETE) and the China Import and Export Fair (the Canton Fair), Lagos and Abuja International Trade Fairs, the Annual Nigerian Mining Week and through new channels such as e-commerce and overseas warehouses in China. China supports the import of more quality products from Nigeria into its market. Nigeria is willing to strengthen its partnership with China in the development of energy and mineral resources and to work with Chinese companies to set up plants in Nigeria to meet local consumption and export needs. China will encourage more competent Chinese companies to invest in Nigeria to contribute to the diversified and dynamic development of Nigeria’s economy.
“The two countries will seize the opportunities of developing productive capacity, further deepen overall reform, jointly explore cooperation in areas such as digital economy, green development, blue economy and agricultural modernisation, and foster new growth drivers in cooperation. Nigeria welcomes the Global Initiative for Artificial Intelligence (AI) Governance and Global Initiative on Data Security proposed by the Chinese side and appreciates China’s efforts in promoting the rights of developing countries in artificial intelligence, network, data and other fields.
“The two sides agree to deepen cooperation on the infrastructure connectivity between the two countries. China proactively supports Nigeria in developing its domestic infrastructure construction, including transportation, ports and free trade zones, towards achieving integrated development and connectivity for industries. The two sides will make joint efforts to fully support Nigeria’s geographical and development advantage in West Africa to establish Africa’s flagship projects on cross-national and cross-regional cooperation.”