The Federal Government has admitted there is food insecurity in the country but assured Nigerians that the situation is being addressed and the prices of commodities will soon come down.
Food inflation has reached over 40 per cent in recent months according to data from the National Bureau of Statistics (NBS), pushing the prices of essential commodities beyond the reach of millions of Nigerians.
But the Minister of State for Agriculture Aliyu Abdullahi said with several programmes by the Federal Government, the prices of commodities will reduce.
“You will see a lot of programmes trying to dampen [reduce prices] the situation,” he said on Monday’s edition of Channels Television’s Sunrise Daily.
“Agriculture has a time frame. Now, a lot of production is ongoing. We are in the rainy season and if you look at the fields, there is a lot of cropping going on. Those croppings are not food,” Abdullahi said.
“They will only translate to food after three months. So, until then, this story you are talking about will continue.”
The minister said the country had in the past relied more on rainy season farming.
“We realised over the past few years that we have not been taking our dry season agriculture seriously,” he said but noted that the ministry is addressing it.
Justice Haleema Salman of the Kwara State High Court, the presiding judge in the April 5, 2018 bank robbery in the ancient town of Offa, Offa Local Government Area, has reserved judgement in the six-year trial of six suspects in the bloody bank robbery for August 2, 2024.
The presiding judge on Monday adopted final written addresses which contained arguments of the two lead counsels in the matter, Rotimi Jacob (SAN) for the state and Mathew Emeribe, the defence counsel.
In Court on Monday, the prosecution and defence teams adopted their addresses one after the other on point of law.
However, the presiding judge said that the August 2, 2024 date for judgement is tentative.
Six suspects: a policeman, Michael Adikwu (deceased), Ayoade Akinnibosun, Azeez Salahudeen, Niyi Ogundiran, Ibikunle Ogunleye, and Adeola Abraham were arrested in connection with the bloody armed robbery incident.
Ayoade Akinnibosun and four others are currently standing trial in the case which began on November 11, 2018.
It is recalled that on April 5, 2018, some suspected armed robbers attacked five commercial banks in the ancient Offa town in the Offa Local Government Area of Kwara State, killing over 30 persons in the process, including nine policemen.
The five suspects, Ayoade Akinnibosun, Ibikunle Ogunleye, Adeola Abraham, and two others were charged to court by the Police for criminal conspiracy to rob the banks, murder of nine policemen and other citizens, and illegal possession of firearms.
Michael Adikwu died in police custody while the remaining five pleaded not guilty.
The Nigeria Police Force (NPF) has suspended the enforcement of the digitalised central motor registry (e-CMR) indefinitely.
In a statement on Sunday, Muyiwa Adejobi, force spokesperson, said the suspension will enable “mass enlightenment and education” of Nigerians on the initiative.
Adejobi said the e-CMR scheme is not a “revenue-generating platform but an initiative to digitise policing for effectiveness and general safety” of Nigerians.
He added that Kayode Egbetokun, inspector-general of police, has urged police officers not to extort the public in the name of e-CMR certificates.
“The inspector-general of police, Kayode Adeolu Egbetokun, Ph.D., NPM, has ordered an immediate suspension of the proposed enforcement of the e-CMR initially scheduled to commence on the 29th of July, 2024,” the statement reads.
“This is to give ample benefits and effectiveness in solving the challenge of vehicle related crimes, and protection of individual and corporate vehicle ownership.
“In the same vein, the IGP charges all police officers to desist from requesting for e-CMR certificates as individuals found extorting or exploiting members of the public on the guise of not having e-CMR certificates will be sanctioned accordingly as the enforcement which will be done by only dedicated officers has been suspended till further notice.”
THE CONTROVERSY
On Saturday, the NPF said it will commence the enforcement of the e-CMR by July 29.
Adejobi had said the e-CMR is a real-time online archive of vehicle data designed to support police investigations and combat vehicle-related crimes.
Responding to the development, the Nigerian Bar Association — Section of Public Interest and Development Law (NBA-SPIDEL), asked the police to stop the issuance of e-CMR certificates and refund all monies to vehicle owners.
The NBA-SPIDEL threatened to initiate legal action if the police failed to act accordingly within seven days.
The statement was signed by John Aikpokpo-Martin, chairman of NBA-SPIDEL, and Funmi Adeogun, its secretary.
In its response to the statement, Adejobi said the police have the right to initiate any approach aimed at curbing crime in the country.
Reacting to the statement, Akorede Lawal, spokesperson of the NBA national leadership, said Aikpokpo-Martins and Adeogun did not seek the consent of the association before writing to the police.
Lawal also said the duo have been removed as executives of NBA-SPIDEL since February 2024.
Nigeria’s food inflation has reached an all-time high of 40.87 per cent as the Bola Tinubu-led government embarked on reforms that have spiked the cost of living.
Figures released by the National Bureau of Statistics on Monday show that in June 2024, the headline inflation rate increased to 34.19 per cent relative to the May 2024 headline inflation rate of 33.95 per cent.
The country’s inflation has risen on a year-on-year basis by 11.40 per cent compared with the 22.79 per cent recorded last year.
Food inflation has also grown to 40.87 per cent on a year-on-year basis. Compared to last year, the figure is 15.62 per cent points higher compared to the rate recorded in June 2023 of 25.25 per cent.
NBS said food inflation on a year-on-year basis was caused by increases in prices: Millet Whole grain, Garri, Guinea corn, etc (Bread and Cereals Class), Yam, Water Yam, Coco Yam (Potatoes, Yam & Other Tubers Class), Groundnut Oil, Palm Oil, etc (Oil & Fats Class) and Catfish Dried, Dried Fish-Sadine and Mudfish (Fish Class), etc.
NBS said, “On a month-on-month basis, the Food inflation rate in June 2024 was 2.55 per cent which shows a 0.26 per cent increase compared to the rate recorded in May 2024 (2.28 per cent).
“The rise in Food inflation on a Month-on-Month basis was caused by the rise in the rate of increase in the average prices of Groundnut Oil, Palm Oil, etc (Oil & Fats Class), Water Yam, Coco Yam, Cassava, etc (Potatoes, Yam & Other Tubers Class), Tobacco, Catfish Fresh, Croaker, Mudfish Fresh, Snail, etc, (Fish Class).”
In May last year, President Tinubu removed fuel subsidies which led to hike in energy cost while the Central Bank of Nigeria floated the currency leading to the depreciation of the currency to N1560 per dollar.
Also, banditry and kidnapping in the food-producing hub of the country have persisted as farmers for years do not have access to their farmlands.
In some areas, farmers pay fines to bandits to access their farms.
Banks are increasing lending to the private sector with an average monthly N1.6 trillion facility over the past two months.
The N1.6 trillion pushed credits to the private sector to N74.31 trillion.
Latest data from the Central Bank of Nigeria (CBN) indicates that credit to the private sector (CPS) rose by 65.9 percent or N29.52 trillion to N74.31 trillion last May compared to N44.79 trillion recorded in the same period last year.
A month-on-month breakdown shows sustained growth in lending over the past two months with additional credits of N1.39 trillion and N1.71 trillion in May and April 2024 respectively.
The CPS includes loans, trade credits, other account receivables, and banks’ support to the private sector within a period.
The CPS is a global measure of the banking sector’s balance sheet resilience and contribution to the national economic agenda.
The growth in lending and support to the private sector underlines the resilient balance sheet of banks and their responses to the CBN’s push for increased lending to bolster economic activities.
The data illustrate the importance of the banking sector emerging as the backbone of the country’s economic renewal agenda.
Banks’ lending and support to the private sector rose from N71.21 trillion in March 2024 to N72.92 trillion in April. They rose to N74.31 trillion in May 2024, representing a month-on-month increase of 1.9 percent and 2.4 percent for May and April 2024 respectively.
The latest CPS data came on the heels of a recent report on capital importation which showed that banks attracted nearly two-third of capital importation.
Analysts had said this was a measure of confidence in Nigerian banks as foreign investors gradually took a more active stance in the nation’s economy.
Experts agreed that increased private sector credit implies a major boost for the economy as there is a link between credit to the private sector and economic growth.
Some studies have continuously found that increased lending by banks directly leads to an increase in Gross Domestic Product (GDP).
Experts at Cordros Capital said they expected the re-enforcement of CBN’s limit on the loans-to-deposits macro-prudential ratio for Deposit Money Banks (DMBs) to continue to drive the willingness of commercial banks to create risk assets.
A study by the CBN concluded that “credit is growth-enhancing, even when trade openness, monetary policy, investment climate, and infrastructure are low.” The study found that private-sector credit increases economic growth.’’
The balance sheet strength of banks also determines the flow of credits, with the continuing increase in lending amidst macroeconomic headwinds underpinning Nigerian banks’ resilience and stability.
In a study on ‘Balance Sheet Strength and Bank Lending During the Global Financial Crisis’, researchers at International Monetary Fund (IMF) examined the role of bank balance sheet strength in the transmission of financial sector shocks to the real economy.
The study found that “banks with strong balance sheets were better able to maintain lending during the crisis.”
According to the study, banks that were ex-ante more dependent on market funding and had lower structural liquidity reduced the supply of credit more than other banks.
“However, higher and better-quality capital mitigated this effect. Our results suggest that strong bank balance sheets are key for the recovery of credit following crises, and provide support for regulatory proposals under the Basel III framework,” the IMF report stated.
Managing Director, Arthur Steven Asset Management Olatunde Amolegbe, said the growth in credit to the private sector could be attributable to an increase in economic activities.
He, however, pointed out that other factors such as inflation and devaluation could moderate such increase
Chief Executive Officer, the Centre for the Promotion of Private Enterprise (CPPE) Muda Yusuf, said the credit outlook remains cautious. He called for an expansive distribution of credits across all tiers of companies and sectors.
According to him, there are major concerns in terms of the distribution of credits across sectors and companies with small businesses, which contribute more to job creation and economic inclusion, not likely to benefit much.
He noted that banks tend to be wary of credit risk concerns associated with lending to small businesses and certain sectors. Yusuf added that efforts should be made to drive inclusive and stable credit access to all sectors, including growth and employment elastic sectors such as agriculture, manufacturing, real estate, and mining and construction.
CBN Governor Olayemi Cardoso had said the ongoing recapitalisation would strengthen banks further to drive the $1 trillion national economic target and support stable economic growth.
According to him, additional capital would not only provide a substantial buffer for banks against potential economic challenges but also enhance Nigeria’s banks’ capability to support massive economic growth and play competitively globally.
Experts agree that considering the increase changing dynamics in the banking sector and the overall economy since the last recapitalisation, it has become necessary to strengthen the banks’ financial positions.
The owner of Dangote Refinery, Aliko Dangote, has announced August 2024 as the new date to roll out fuel supply in the Nigerian market.
Dangote disclosed this on Sunday while speaking to journalists.
He noted that it has resolved its crude oil supply issues with the help of the Nigeria National Petroleum Company Limited, NNPCL and the Nigerian federal government.
He stressed that the crude supply challenge was resolved last week after the federal government intervened.
The journalists were on a guided tour of the 650,000-barrel-per-day refinery, which is located at Lekki Free Trade Zone in Lagos.
Outside fuel supply, he said that the refinery’s fertiliser unit would resume production in two weeks.
This would give farmers more access to fertiliser for their farm products.
“Ramping up production to reach 500 kbpd (15 crude cargoes a month) by next August, 550 kbpd by end of the year, and 650 kbpd by Q1 2025.
“Gasoline production to commence in July with sales from August,” a report released by the company stated.
This showed a long walk to the commencement of full-scale production at the Dangote Refinery, which was commissioned on May 22, 2023.
Dangote had earlier stated that the facility would kick off the supply of fuel in Nigeria in mid-July 2024.
In a similar development, the company announced that NNPCL no longer has a 20 per cent but a 7.2 per cent stake in the refinery.
The Force Public Relations Officer, ACP Olumuyiwa Adejobi, on Sunday, said the police have the right and power to initiate any approach to curb crimes and criminality in Nigeria, as is applicable in other climes.
DAILY POST recalls that the NBA Section on Public Interest had earlier issued a seven-day ultimatum to Egbetokun to stop the directive requiring vehicle owners to register and obtain a CMRIS certificate for a fee of not less than N6,000.
NBA-SPIDEL questioned the legal basis for the Nigeria Police Force’s issuance of the CMRIS Certificates, stating that no law had granted the police the authority to issue such licences or certificates to vehicle owners following vehicle registration at the appropriate offices.
It made the call in a letter addressed to the Inspector General of Police, and co-signed by NBA-SPIDEL Chairman, John Aikpokpo-Martins; and Secretary, Funmi Adeogun.
But while reacting in a statement on Sunday, Adejobi faulted the report saying no agency can take the police up on the initiative, adding that the police have been issuing CMR for decades, so it’s not a new strategy or document.
“This is unfounded, fake, and misleading. The NBA as a body will react to this. Stop spreading fake news. Who are those who made the statement or declaration, and in what capacity?
“I challenge you to share the press statement with me, then we can talk.
“Do your investigation on this. The police have the right and powers to initiate any approach to curb crimes and criminality in Nigeria, as it’s applicable in other climes.” It said
According to the statement, no agency can take the police up on this initiative, adding that they will rather key into it, harmonise the system for the good of the country, and its citizenry
A Senior Advocate of Nigeria, Dr Olisa Agbakoba, has faulted the the agitation for the creation of additional states in the South-East, insisting it would not solve the problem of the region.
Rather than create more states, Agbakoba, a former President of the Nigerian Bar Association, said the National Assembly should amend the constitution or put together a completely new one that would return Nigeria to regional governments.
The lawyer expressed the view in an interview with the News Agency of Nigeria on Sunday in Lagos.
NAN reports that the House of Representatives recently passed for second reading a bill seeking the creation of Etiti State out of Abia, Anambra, Ebonyi, Enugu and Imo states from the South-East geopolitical zone.
The bill was jointly sponsored by Godwin Ogah, Miriam Onuoha, Kama Nkemkama, Princess Nnabuife and Anayo Onwuegbu.
Leading the debate on the general principles of the bill, Ogah, representing Abia State, said the establishment of Etiti State was not just a matter of administrative convenience, but a step towards ensuring balanced regional development and effective governance.
The lawmaker said the bill was a response to the aspirations of the people of a very important region to the country and aligned with the principles of equity and inclusivity enshrined in the country’s democratic idea.
Similarly, some lawmakers and stakeholders have also called for the creation of Anioma State from states in the South-South and South-East regions.
One of those leading the call, Senator Ned Nwoko( PDP-Delta North), said the creation of Anioma State would correct what he described as the marginalisation of the South-East geo-political zone.
However, speaking with NAN on Sunday, Agbakoba said though an average person from the South-East would support an additional state in the region, anyone who could see the big picture could tell that the creation of additional states would not guarantee development.
He said, “This agitation will arise because it is on the basis of the number of states that federal allocation flows.
“So the fact that the South-East has five states means to them that they are losing revenue and that is a one point of view and also an emotional point of their agitation.
“However, a pragmatic developmental point of view, which I go for, is that even if you create a sixth state in the South-East to give them a sense of belonging, will this new state in addition to the 36 states take us towards the path of development?
“Will it reverse the hunger, insecurity, poverty and unemployment in the land? Absolutely not.
“We need to do away from state creation to regional system of government.”
Agbakoba explained that he was not in support of additional states because most of the 36 states are economically unviable, insolvent and not capable of bringing about infrastructural development and even paying the proposed minimum wage.
“State creation at this present harsh economic will, no doubt, lead to an increase in the number of National Assembly members, ministers, local governments, and others, which would further increase the cost of governance in the country.
“This is coming at a time when most Nigerians are starving due to rise in the food prices. Insurgents, bandits and terrorists are abducting people for ransom in other states of the country.
“Therefore, the National Assembly should, instead return the country to the regionalism by collapsing the 36 states into six to eight regions or geopolitical zones, each of which will have a leader.
“This means that the present Nigeria 1999 Constitution would be amended or a new one written to accommodate this proposal.
“This is because making a new constitution for Nigeria has become an overriding imperative based on the fact that new political realities and conundrums have cropped up in the country,” Agbakoba said.
Agbakoba, a human rights activist, said regional governments were once successfully run with Chief Obafemi Awolowo in charge of the South-West, Chief Michael Okpara in charge of the South-East and Ahmadu Bello in the North.
Agbakoba said since Nigeria left the modernity of regionalism, the states had been unviable, apart from Lagos and Rivers.
President Bola Tinubu has praised the “enterprising spirit” of Nduka Obaigbena, chairman of ThisDay and Arise media group.
The president spoke in a birthday message to Obaigbena, who turns 65 on Sunday.
Tinubu also “prays for greater achievements for the renowned publisher, whose philanthropic efforts, especially in education, have demonstrated his passion for human development”.
Obaigbena started ThisWeek magazine before establishing ThisDay newspaper in 1995.
He forayed into broadcast media in 2013 when he founded Arise News Channel, which has bases in Lagos, London, New York City, and Johannesburg, South Africa.
He is a former president of the Newspaper Proprietors’ Association of Nigeria (NPAN).
Obaigbena is a recipient of the national honour of the Commander of the Order of the Niger (CON) and has also earned the highest journalistic honour of the fellowship of the Nigerian Guild of Editors (FNGE).
He is also a lifetime achievement awardee of the 2023 Diamond Awards for Media Excellence (DAME).
According to the organisers, Obaigbena earned the honour because of his “contribution to the media and his dedication to mentoring leaders in the industry”.
The National Chairman of the All Progressives Congress (APC), Alhaji Abdulahi Ganduje, has said the party has initiated moves to de-marginalise Igbos to place them in the limelight of national politics.
Ganduje asserted on Sunday during the APC South East zonal meeting in Abakaliki, noting that Igbos had shown massive support to the party and the President Bola Tinubu-led administration presently.
The APC national chairman said that though a line must be drawn between marginalisation and low performance of the southeast in the APC, the party had decided to break the vicious cycle of marginalisation.
“The present appointments offered the zone by President Bola Tinubu’s administration is heartwarming and with more involvement in the party’s affairs, more would be achieved.
“We must break this cycle of marginalisation with determination, unity and total support to the party and President Bola Tinubu-led administration, he said.
He noted that Ebonyi had followed Imo’s trail in massively promoting the party’s activities and thanked Gov. Francis Nwifuru for sustaining the party’s ideals in the state.
“The challenge before us presently is how to claim Anambra, Enugu and Abia and must get all stakeholders together to achieve this goal.
Gov. Francis Nwifuru of Ebonyi thanked the party’s leaders for honouring the meeting in the state noting that the party is presently rooted in the state and southeast.
Nwifuru noted that Ebonyi had a policy of inclusiveness which had made all stakeholders in the state to be presently under the APC roof.
“The massive defection of opposition stakeholders to APC on July 13 attests to the fact that persuasion works more than bickering and fighting,” he said.
Gov. Hope Uzodimma of Imo in his remark, said it is an ugly coincidence that the APC is ruling Nigeria in these hard times occasioned by the world economic meltdown.
The Chairman of the South East Governors Forum said that many citizens of the country experience excruciating hardship with some going into penury.
“People have to know that there is global economic meltdown with some currencies exchanging 15,000 and 20,000 to one dollar.
“I however, have hope that if the tested policies of President Bola Tinubu administration, are well implemented, Nigerians would receive the much needed succour., he said.
The Deputy Speaker of the House of Representatives, Benjamin Kalu in his remarks, urged people of the south east zone to identify with the federal government’s efforts to de-marginalise the zone.
“President Bola Tinubu has given Ndigbo more than the vote cast for him during the elections.
“It is presently left for us to repay him for his good works because when ones shows appreciation, he gets more,” he said.
He noted that the president offered Igbos lucrative positions in his government as high- ranking ministers, deputy speaker of the house of representatives among others.
“The process for the south east development commission bill which would solve the numerous challenges confronting Igbos, has been finalised and awaiting the president’s accent , he said.
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With just over a year in office, a campaign billboard of President Bola Tinubu for his reelection in 2027 has been spotted in Abuja, the nation’s capital.
On the billboard is a picture of Tinubu holding his wife, Remi, in a lovey-dovey manner with the inscription “Grassroots support for Tinubu 2027”.
The reelection campaign for Tinubu is coming a few months after he celebrated his one year as president of Nigeria.
There are growing concerns about the policies of the present administration, which many believe have worsened the economic situation in the country.
There are fears that the president’s popularity is waning among citizens despite having spent less than two years in office.
The Independent National Electoral Commission (INEC) is yet to fix a timetable for the 2027 elections.
In May, Abdullahi Ganduje, the national chairman of the All Progressives Congress (APC), said the ruling party was being strengthened to enable Tinubu to secure a second term in office.
Ganduje said the APC national leadership is working with states to ensure that the party has functional offices in wards across the country.
Aliko Dangote, Africa’s richest person, says the Nigerian National Petroleum Company (NNPC) Limited no longer owns 20 percent stake in Dangote Petroleum Refinery.
Speaking during a press briefing at the refinery on Sunday, Dangote said NNPC now owns 7.2 percent of the refinery over failure to pay the balance of their share, which was due in June.
“NNPC no longer owns 20 percent stake in the Dangote refinery. They were met to pay their balance in June, but have yet to fulfil the obligations. Now, they only own a 7.2% stake in the refinery,” Dangote said.
In September 2021, NNPC acquired a 20 percent interest in Dangote refinery for $2.76 billion.
Revealing details of the transaction, NNPC, in its audited financial statements for 2022, said NNPC Greenfield holds the investment.
NNPC said the balance ($1.76 billion) of the cost of equity investments made in Dangote refinery would be paid upon completion of the refinery project or any other date agreed.
Dangote refinery commenced production on January 12.
Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu on Sunday welcomed the former Senate President, Senator Anyim Pius Anyim into the All Progressives Congress, APC, saying his decision to join the ruling party would further spur development in the South East region and Nigeria in general.
It will be recalled that Anyim who was also a former Secretary to the Government of the Federation, SGF, formerly defected to APC in a remarkable public event on Saturday in Ebonyi State.
In a statement by his Chief Press Secretary, Mr. Levinus Nwabughiogu on Sunday, Hon. Kalu who graced the event said that having served as Senate President in the Legislature and SGF under the Executive Arm of government, Anyim is bringing his great wealth of experience to bear in the progress and development of the nation.
Hon. Kalu said: “It is my pleasure to welcome my big brother, the former Senate President of the Federal Republic of Nigeria, Senator Anyim Pius Anyim, to our great party, the All Progressives Congress, APC.
“This decision is indeed a step in the right direction for the future of the Southeast and our nation, Nigeria.
“With your experience and leadership, I believe that this step will inspire other leaders to join hands in unity for the growth and development of our nation.
“Welcome to APC, Distinguished Senator Anyim Pius Anyim”.
Former governor of Kogi State, Yahaya Bello, is reportedly in the protective custody of the state Governor, Usman Ododo.
Naija News learnt that Bello has been in the custody of the Kogi state government since he was declared wanted by the Economic and Financial Crimes Commission (EFCC).
According to Cable News, Yahaya Bello is currently enjoying protection from the security agents attached to the state since the aborted attempt by the EFCC to arrest him.
Recall that the EFCC had issued a Red Notice on Bello to the international police organisation, also known as Interpol, based on the warrant of arrest issued by a federal high court in Abuja.
EFCC asked INTERPOL in three North African countries, Morocco, Tunisia, and Algeria, to place Yahaya Bello on its watchlist.
Other countries where the ex-governor is on the watchlist are Egypt, Libya and Sudan.
Sources in the anti-graft agency disclosed that there are many options on the table in dealing with the Bello situation, which include but is not limited to storming the Kogi State Government House in Lokoja, where the ex-governor is believed to be hiding.
The watch list was activated ahead of the July 17th expected appearance of the former governor before a Federal High Court in Abuja.