The African Union Ambassador, Ousmane Yara has revealed how President-elect, Bola Tinubu got his Guinean citizenship.
Reports had emerged that the All Progressives Congress, APC, Presidential Candidate is a dual citizen.
There had been controversy following the discovery of the passport after a viral video of him and Lagos State Governor, Babajide Sanwo-Olu, in a helicopter belonging to the Guinean government.
Speaking to the Sun, Yara said Tinubu got his Guinean citizenship because the former President of Guinea, Alpha Conde, saw him as a special envoy.
He stressed that Tinubu’s recognition was as Ambassador extraordinaire (special envoy) of Guinea.
According to him, Tinubu is the biggest pan-Africanist and was given the Special Envoy status by Conde as a show of appreciation for supporting African presidents.
Confirming the viral video, he said Tinubu visited Guinea in 2016 as a guest of then-President Conde during the country’s independence anniversary celebration.
He said, President Conde invited Tinubu to the independence anniversary. Since the official function at every independence anniversary was done in different regions, Tinubu was required to fly from the country’s capital, in a helicopter, to Mamu, where that year’s event was held. That was the video being circulated. At the independence anniversary celebration, President Conde gave Tinubu the honour and privilege of a president, in appreciation of what he did for him during his reelection bid and towards the economic development of Guinea.
He added that the governments extend honorary citizenship to important people who may not be their citizens as a mark of recognition of their contributions to socio-economic and political developments in the countries, which does not make such persons citizens of the countries.
A human rights activist, Festus Ogun, has predicted many Certificates of Return issued after the February 25 and March 18 polls in Nigeria would be handed back.
The legal practitioner advised successful candidates not to get too comfortable.
The Independent National Electoral Commission (INEC) has been accused of delivering controversial conduct despite receiving billions of naira for preparation.
The umpire’s sins include the malfunction of the Bimodal Voter Accreditation System (BVAS) and the failure to promptly update the INEC Result Viewing Portal (IReV).
Ogun noted that the “failure on the part of INEC to conduct a free, fair, transparent and credible” exercise has brought about hundreds of cases across the country.
The lawyer, however, expressed confidence about the shocker that awaits a number of winners that will be sworn in on May 29 and in June (federal and state lawmakers).
I am involved in quite a number of election cases where I, alongside others, represent both petitioners and respondents.
This gives me a broad view that even the supposed winners acknowledge that the electioneering process was flawed. Worryingly, some of INEC officials, including RECs and returning officers, were not neutral.
Lots of the Certificate of Return issued by INEC will be returned. I know, as a matter of fact, that there will be review of some of the outcomes.
On how to avoid a repeat of the irregularities witnessed during the elections, the Principal Partner of Festus Ogun Legal demands a system that makes the electoral body “truly independent”.
This starts from the appointment of INEC leadership; the mode of appointment needs to be reviewed. The Adamawa experience shows clearly that some INEC officials are not neutral.
Ogun added, These characters, with respect, are a misfit and a product of a system that allows rogue politicians to appoint their cronies into INEC key decision-making positions.
Section 132 (7) & (8) of the Electoral Act, 2022 allows for petitions to be filed within 21 days after the declaration of results, while the respondents have 21 days to respond.
The judges at the tribunals have 180 days to deliver judgment, and taking into account the April 15 supplementary elections, verdicts are expected between May and October 2023.
Southeast, South-South should produce next Senate President, no rubber stamp NASS – Arewa youths
Editor 1The Arewa Youths Consultative Forum, AYCF, on Tuesday, said the South-South and Southeast should be allowed to produce the next Senate President.
AYCF National President, Yerima Shettima, said Senators should avoid picking a leader that would be a rubber stamp to President-elect Asiwaju Bola Ahmed Tinubu’s administration.
Speaking with DAILY POST, Shettima said competence and character should be the basis for selecting the next Senate President.
According to Shettima: “The South-South and Southeast have come to the fore, but it’s left to the National Assembly to look inward because we expect that the Senate Presidency should come from there.
They should look out for a competent hand and consider it. The Southsouth and Southeast are more qualified, and they should come from there. They should consider selecting a more serious-minded person from those zones; they should not consider a rubber-stamped leader.
They should look out for the character before deciding who emerges so that there would be a truly democratic process in the National Assembly. If we have a rubber stamp like this ninth Assembly, then we would have a problem; there must be check and balances.
Shettima also urged Tinubu to ensure his administration provides justice for all Nigerians.
he added, As Tinubu assumes office, I want him to look inward and discharge his duty as the president of Nigeria, he shouldn’t be seen as a sectional leader. He should do justice to all.
Seplat Energy has revealed that the company’s Chairman, Basil Omiyi, will resign ahead of its ongoing proposed acquisition of assets belonging to ExxonMobil.
Ripples Nigeria previously reported that Seplat offered to acquire ExxonMobil’s stake in Mobil Producing Nigeria Unlimited (MPNU) in February 2022.
But one year after, the acquisition is yet to be completed, as the oil and gas industry regulator is blocking the deal. However, as Seplat continues the discussion on the acquisition, the firm said part of the acquisition plan was the retirement of Omiyi from the board before the May 2024 Annual General Meeting.
This was disclosed in a corporate document filed with the capital market authority, Nigerian Exchange Limited (NGX) on Tuesday.
Omiyi will exit the post 11 months after he was appointed as chairman. Also, the Senior Independent Non-Executive Director (SINED), Charles Okeahalam, will leave the company as well.
“The Board is fully committed to enhancing the corporate governance at the company and establishing a truly independent Board. Despite the recent targeted attacks aimed at derailing that process, the Board remains strong and resolute in completing the task.
“On the 11 April, the Company published on its website its 2022 Annual Report in which it set out in the Chairman’s Statement and Governance Overview, the succession plan for the Board.
“Looking ahead at the likely completion timetable for the ongoing proposed acquisition, the business restructuring activities and the time needed to strengthen its governance, the Company has developed a Board of Directors’ Succession Forward Plan to underpin the transition and business transformation envisaged over the next 12 months.
“The Chairman, Mr. Basil Omiyi, CON and the Senior Independent NonExecutive Director (SINED), Dr. Charles Okeahalam, will both retire from the Board before the May 2024 Annual General Meeting,” Seplat said.
Seplat said the recruitment of Omiyi’s replacement will be completed before the end of 2023. His replacement is expected to come from within the company.
“The Company will embark immediately on a recruitment process to run a search for the next Seplat Energy Chairman.
“As part of that process, the Independent Non-Executive Directors of the Board who qualify to be Chairman of the Company will also be evaluated.
“This is in line with the Companies and Allied Matters Act (“CAMA”) whereby, the successor Chairman must already be a Director of the Company and will be voted in by the other directors by a simple majority.
“We expect the recruitment process to be completed before the end of 2023, with the Chairman’s election to follow thereafter,” the document reads.
Also, an Independent Non-executive Director, Fabian Ajogwu, will resign from the board on October 21, 2023, citing external interference.
Ajogwu hinted that his resignation was a forced one, as he had been prevented from doing his job as an Independent Non-executive Director.
In the document addressing Ajogwu’s exit, the Board said: “an Independent Non-executive Director, Professor. Fabian Ajogwu, SAN, OFR, will step down from the Board on 21 October 2023.
Prof. Ajogwu resigned from the Board citing recent events and deliberate external interferences which have prevented him from effectively discharging his fiduciary and statutory duties as an Independent Non-Executive Director to the highest standards of corporate governance he has written and subscribed to.
“He has confirmed in writing his support for the steps the Company is taking to strengthen governance. He has also made known his dismay over the actions of those who have tried to damage Seplat Energy and derail its efforts to improve corporate governance.”
[RipplesNigeria]
US President Joe Biden has officially announced his bid for re-election in 2024 in the form of a three-minute video.
In a video released early Tuesday, Biden, 80, framed next year’s contest as a fight against Republican extremism, implicitly arguing he needed more time to fully realize his vow to restore the nation’s character.
“When I ran for president four years ago, I said we are in a battle for the soul of America. And we still are, the question we are facing is whether in the years ahead we have more freedom or less freedom. More rights or fewer. I know what I want the answer to be and I think you do too. This is not a time to be complacent. That’s why I’m running for reelection,” he said in the video.
The announcement sets a battle to convince the country his record merits another four years in the White House and that his age won’t impede his ability to govern.
The 46th US president argued that abortion rights, the defence of democracy, voting rights and the social safety net will be among the most important issues on the ballot in 2024.
He stated that voters will be faced with the choice of leaving the next generation with “more freedom or less” and “more rights or fewer”.
“Every generation of Americans has faced a moment when they’ve had to defend democracy, stand up for our personal freedoms, and stand up for our right to vote and our civil rights. This is ours.”
The Biden campaign will also ride on promoting the achievements made during the first two years of his presidency, stating that he needs to “finish the job. I know we can,” he said.
Biden’s official declaration ends any lingering doubts about his intentions and begins a contest that could evolve into a rematch with his 2020 rival, former President Donald Trump.
He enters the race with a significant legislative record but low approval ratings, an issue his advisers have so far been unable to solve.
Already the oldest president in history, he also confronts persistent questions about his age.
A 33-year-old nursing mother, Olaide Adekunle, suspected to have sold her 18-month-old daughter to buyers, has said that she was not involved in such an act as she was still breastfeeding when the baby was cunningly taken away.
She said that she was deceived by child traffickers into believing they were helping her to care of her daughter and keep her from the sun whenever she was hawking drinks and sachet water for survival and to repay the loan she had defaulted in paying.
She also spoke about how she left her abode in Ifo, Ogun State, and went to Igando in Lagos State to escape pressures from the micro finance banks she was owing and to make enough money from hawking drinks to pay back the loan.
Sorrowful, the nursing mother said that the people who offered her help to care for her baby nearby while she was hustling were godsend, and were acting as is custom among Nigerians and Africans.
Adekunle was arrested by Ogun State Police Command for allegedly being complicit with those who absconded with her baby as she was paid N600,000, albeit surreptitiously, by the yet-to-be-identified buyer(s).
Nigerian Tribune learnt that it was the woman’s husband, Nureni Rasaq, who lodged a report at Sango divisional headquarters that she left for Lagos on of March 15 with their daughter, Moridiat, but came back home without her.
According to the command’s Police Public Relations Officer, SP Abimbola Oyeyemi, the report made the Divisional Police Officer, Sango Division, CSP Dahiru Saleh, to invite the nursing mother.
On interrogation, she spoke about how debts she owed micro finance banks took her to Lagos, where she started hawking to get money to pay back, until a man came and linked her with a woman to assist her in caring for to her daughter while hustling.
She further told the police that the woman she was introduced to gave her N600,000, which she said she didn’t know was being used to buy the child.
The PPRO said that the acting Commissioner of Police in the state, DCP Babakura Muhammed, had directed that the woman be transferred to the State Criminal Investigation Department for further investigation and possible recovery of the baby.
In an interview with the Nigerian Tribune, the distraught mother, who hailed from Igboora in Oyo State, narrated her life situation and the event that led to the stealing of her daughter thus: “My mother died when I was very young. I used to hawk drinks and sachet water for survival. I had a first marriage in which I gave birth to three children but one of them died. When we separated, my ex-husband kept our son while my daughter stays with my sister.
“My second man and I got together and had a daughter. She is one and a half years old now. He is a tricycle driver.
“We were living in Ifo but I left for Igando to stay with my father when things were tough. My man used to beat me so much. Also, to have money to buy drinks for sale, I used to obtain loan from different micro finance banks. The agreement was that as I would borrow at the beginning of a month, I would be making a daily return of the loan in parts, to be completed by the end of the month. I was borrowing from five different micro finance banks.
“Unfortunately for me, I couldn’t pay back the last loan which amounted to about N150,000. I had used about five people as my guarantors to take the loan. The banks started dragging me for repayment. This, coupled with the way my husband was constantly battering me, telling me to go to Igando to hawk drinks so that I would be able to gather enough money to repay the loan, made me to go there.
“It was in Igando that I met a man called Damilare. He used to sit at BRT park in Igando and had seen me when I was selling drinks to commuters plying the road. I thought he was a conductor of a commercial bus. He pitied the way I used to straddle my daughter on my back while hawking in the sun. He asked me for the reason I was suffering so much, telling me he had people who would help me. I explained to him about the default in loan payment which brought me to the state, and the fact my father was even telling me to leave his house and go back to my husband.
“When he told me he was ready to tell some people to help me, and that my suffering would end, I was so elated. I believed that God would not come down but would send helpers in human form. I did not know the evil plan he and his accomplices had for me. He gave me his phone number and said he would take me to his sister, which he did. We met her outside General Hospital, Igando, with another woman.
The ‘sister’ and the other woman also used to go inside the premises of the hospital. I was told by Damilare that they had worked there as nurses in the past but were not working at that time. They used to hang there everyday. The woman said she would not like me hawking in the sun with my daughter, offering to be helping me to carry her whenever I was selling in the traffic. She showed me the pictures of some children who she said she and other women had helped their mothers to care for to ease their sufferings. I believed them because I was seeing them there everyday.
“We started this and she used to buy things for my daughter. She would bring her to me whenever I was done with selling. One day, she called me and gave N5,000, asking me to go and open a bank account. I had an account with an old generation bank and got another one in a new generation bank. When I did, I told the woman and Damilare’s ‘sister’. Then they said that they would give me some money to save so that I would not hawk again but have enough to take care of myself. At first, they sent N300,000 to one of the banks, before sending another to the second one which I thought was also N300,000 which they claimed to have done. It was after the incident that my statement of account showed that they sent N270,000 the second time. I didn’t know that they wanted to exchange my daughter for money.
“On the day they would take her away, as usual, two of the women came to me. One of them was Yoruba and the one Igbo. They said they wanted to buy things for my daughter and went away with her. I did not foresee any danger. When i didn’t see them return with my child at the usual time, I called them to ask why they were so late. They replied that they were with my daughter and she was fine. I told them to bring her but didn’t know they had taken her away. They never told me that they wanted to buy my daughter.
How I discovered
When I waited in vain and they didn’t bring back my daughter, I knew something had happened. I started crying and walked round the hospital to check them, but I didn’t see them. The following day, April 1, I waited at the bus stop at Iyana Ipaja to be on the lookout for them, because they used to tell me sometimes that they were there with my daughter when they started helping me to care for her. But my waiting was in vain. That was why I called my husband and he took me to police station to lodge a complaint. When I called them in the presence of police, they told me my child was fine. I told them to bring her and they asked me to wait for them. I waited with police officers for a long time but they never came.”
[Tribune]
Governors Mai Mala Buni of Yobe State and his Borno State counterpart, Prof. Babagana Zulum, both of the ruling All Progressives Congress (APC), have been rated as top contenders for the chairman of the Nigeria Governors’ Forum (NGF).
Sources disclosed to Leadership that Buni and Zulum had been tipped for the office because they enjoy strong support from both the party and the forum.
Also, the APC has produced the highest number of governors in the just-concluded election, which qualifies it to pick the NGF chairman, while the Peoples Democratic Party (PDP), with the second majority, will produce the deputy chairman.
APC had seven governors re-elected in the 2023 governorship election. They are Inuwa Yahaya (Gombe), Mai Mala Muni (Yobe), Abdullahi Sule (Nasarawa), Babajide Sanwo-Olu (Lagos), Dapo Abiodun (Ogun), AbdulRahman AbdulRazaq (Kwara), and Babagana Zulum (Borno).
The ruling party also secured wins for nine new candidates: Uba Sani (Kaduna), Bassey Otu (Cross River), Mohammed Bago (Niger), Umar Namadi (Jigawa), Ahmed Aliyu (Sokoto), Dikko Radda (Katsina), Fr Hycinth Alia (Benue), Francis Nwifuru (Ebonyi) and Dr. Nasir Idris (Kebbi).
Three PDP Governors – Ahmadu Fintiri (PDP), Seyi Makinde (Oyo), and Bala Mohammed (Bauchi) – secured re-election, while seven others are first-term governors: Kefas Agbu (Taraba), Caleb Mutfwang (Plateau), Peter Mbah (Enugu), Umo Eno (Akwa Ibom), Dauda Lawal (Zamfara), Siminialayi Fubara (Rivers) and Sheriff Oborevwori (Delta).
Abba Kabir of the NNPP unseated the APC in Kano State, while Alex Otti won Abia for Labour Party.
APC has 20 governors to PDP’s 13. APGA, LP, and NNPP have one governor each.
Naija News understands that the NGF chairman emerges from among governors of the majority party. First-termers are ineligible to vie for the chairmanship of the Forum.
Former Ekiti State Governor, Kayode Fayemi is the immediate past Chairman of the forum, but the Sokoto state governor Aminu Tambuwal completed Fayemi’s tenure because his election was an off-season poll, and he completed it before May 29, 2023.
The former chairpersons of the forum include Abdulaziz Yari Abubakar (2015-2019), Chibuike Amaechi (2011-2015), Bukola Saraki (2007-2011), Lucky Igbinedion (2006-2007), Victor Attah (2004-2006) and Abdullahi Adamu (1999-2004).
Nigerian scholar, Adenle emerges only African with Sustainability 2022 Carbon Neutrality Award
AdminA Nigerian university lecturer, Professor Ademola Adenle, has emerged as the only African among the winners of the Sustainability 2022 Carbon Neutrality Award by the Sustainability Publishing House Office, Basel, Switzerland.
Adenle who lectures at the Department of Technology Management and Economics, Technical University of Denmark, was listed as the winner of the third prize on the organisation’s website.
The Sustainability Award by the Sustainability Publishing House Office, Basel, Switzerland is a globally competitive award that celebrates remarkable contributions toward carbon neutrality and a sustainable future.
The statement read, “The award consists of a certificate and cash given to the awardee. Prof. Adenle is the only African scholar who was recognised in this category of the award for his exceptional contribution to the field of sustainable development and outstanding scholarly work in Carbon Neutrality.”
Adenle is a Visiting Professor of Sustainability and Innovation Policy at the Department of Technology, Management and Economics, Technical University of Denmark.
His interdisciplinary research is located at the interface of natural and social sciences with over 22 years of combined experience in stakeholder engagement, teaching and research at the international level.
He focuses on the role of science, technology and innovation policy in addressing sustainable development challenges including food insecurity, climate change and energy poverty.
Popular Nigerian Afrobeats star, David Adeleke, professionally known as Davido, has penned a note of gratitude to his fans for coming out in their numbers to attend his Timeless concert in Lagos on Sunday.
According to the singer, the energy in the concert was everything he could have imagined.
He took to his Instagram page on Tuesday to share his gratitude to his fans accompanied by a clip from the concert.
The OBO crooner also hinted at his upcoming global tour, stressing how important it is to take the ‘energy’ from the ‘Timeless’ concert global.
He wrote, “LAGOS LAST NIGHT YOU WERE TRULY TIMELESS.
“The energy was everything we could have imagined. “I’m overwhelmed with gratitude. Big love to everyone who came out. You all know we have to take the energy around the world. Global tour announcement coming soon.”
‘Timeless’ concert which was a homecoming event for the singer was well-attended by fans and colleagues who turned up to show their support and love for the afrobeats star.
The Deputy Governor-elect of Adamawa state, Prof Kaletapwa Farauta, has explained why she resigned as the Vice Chancellor of Adamawa State University to become the running mate to Governor Ahmadu Fintiri.
Farauta noted that she was prompted to leave her VC post and go for the deputy governorship position by the people of her community and the governor.
The former Vice Chancellor said it is time for all parties to put politics behind and join hands to unite the people of the state.
Farauta said this in an interview on Channels Television’s Politics Today on Monday.
She said, “Life is about taking risks and whatever you do in life amounts to taking risks. I knew that when I left the classroom and university environment to take up being the running mate of a sitting governor, it’s either I win or I lose.
“I believe that God orders people’s destinies and whatever comes your way is a risk and whatever you take up to do in life, as long as you believe in God, and believe in yourself, God will sort it out with you.”
“The community prompted me, my people prompted me and of course my boss did,” she added.
Recall that Adamawa governorship election extended to a supplementary poll, which was greeted with controversies.
But, the Deputy Governor-elect said it is time for all parties to put politics behind and put hands together to unite the people of the state.
Farauta further said, “We might have hurt each other in the process of politicking. Now, that is over, we should put it behind us as brothers and sisters, mend our fences because the things that unite us are more than the things that divide us.
“If we focus on things that unite us as Adamawa citizens and Nigerians, we will build a better Adamawa State for ourselves and our children yet unborn,” she added.
The Deputy governor-elect also promised to speak to the governor to see how they can talk to different groups in the state “to mend every fence that have been broken during this politicking.”
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Presidential candidate of the Labour Party Peter Obi has said he hasn’t rested since the election because ‘no serious leader would go on vacation with the way things are going on in Nigeria’.
Obi, while felicitating yesterday with the Muslim community in Awka, Anambra State, said his visit had nothing to do with politics.
The former governor, who was also at the Onitsha mosque on Sunday, said paying such visits should not only be borne out of political ambitions.
He said: “People who want to rest can go and rest. For me, I’m not resting. No serious leader will go and rest in Nigeria with the way things are today. We will continue to visit as many people as we can, and also support them in the best way we can.”
While donating foodstuff to the community, Obi promised to help them rebuild the mosque which was undergoing a facelift.
“I thank you for inviting me to celebrate with you. You wanted to come to my house instead, but I said it will be better for me to come and now that I have come, I have also seen that the mosque is undergoing reconstruction. I want to pledge here and now that I shall contribute to the work you have at hand, to ensure that you have a befitting place of worship.
“I am a Christian and you are Muslims, but we are all Nigerians, and Nigeria is one. It is only politics that divides us. But I have never seen any road being traveled by only Muslims. I have also not seen any market where Christians buy bread cheaper than Muslims. If you know such market, please tell me, let me go and buy.”
Leader of the Muslim community in Awka, Alhaji Musa Bello, who spoke on behalf of the community said Obi remains the only individual who has consistently visited them.
“I was among the Muslims you sponsored to Saudi Arabia during your tenure. You did not know me before you did it. You are a lover of all men, and you have been very beneficial to mankind,” he said.
As the tussle for principal positions of the 10th National Assemble gets hotter, another caucus of 120 new members-elect has erupted in the House of Representatives.
Naija News understands that the new group, which is tagged the ‘New Dawn’ says it wants to chart a new course to foster unity in Nigeria through purposeful legislative engagement for the House of Representatives.
The position of this new group which is said to be convened by the member-elect for Esan West, Esan Central and Igueben, Marcus Onobun was contained in a statement signed by Joshua Chinedu Obika, member-elect for AMAC/Bwari federal constituency.
The ‘New Dawn‘ which has reportedly held its inaugural meeting at the Transcorp Hilton Abuja aspires to chart a course for the emergence of a new leadership of the 10th Assembly.
The group in the statement pointed out that there are 120 members that cuts across political divides, and they are determined and unanimous in working with every member of the Green Chamber to birth a new Nigeria through robust legislation that will impact on the lives of the citizens.
The statement partly read “The New Dawn caucus of the 10th assembly is a group of intellectuals from different political parties, APC, PDP, NNPP, APGA, LP, SDP, ADC, YPP and others. It consists of new members- elect who are just coming into the national assembly and have done well in their various fields of endeavors regardless of political affiliations or religious background to be able to chart a new course for Nigeria.
“In terms of legislation, the caucus will be concerned with making bills, policy drive, and welfare for members and look out at areas where Nigerians have yearned for legislation and champion those courses. Above all we will work towards choosing a leader in the house of representative regardless of party affiliation.
“It means that we want to be part and parcel of choosing the leadership of the house and we are trying to look at the North by profiling all the aspirants for speakership and other positions and taking a decision as a block to give votes to who will become the speaker.”
[NaijaNews]
No fewer than 26,000 bread factories have shut down across Africa’s biggest economy in the last four years.
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The President of the Premium Bread Makers Association of Nigeria (PBAN), Emmanuel Onuorah made the revelation in an interview on Arise, monitored by THEWHISTLER.
Onuarah said the cost of making bread which has more than doubled has also led to the layoff of thousands of workers.
President Muhammadu Buhari won his re-election bid in 2019.
He said considering the difficulties in the industry, his company has laid off 130 workers in the last four years.
Onuorah said, “In my factory, I used to have about 180 workers and we were doing two shifts, today, we have about 50 workers. That is how it is in the industry.
“I have laid off about a hundred and you can see the job losses. Just imagine that you don’t want to do that but you are forced to do that. At the end of the day, you must pay. A laborer deserves his wages. That is for me.
“So many have shut down. Four years ago, when we started this association, we had about 36,000 members. Today, it is less than 10,000 across Nigeria and what are you having? It is a series of job losses across the line. “
He said out of the 30 per cent wheat levy, 15 per cent is for wheat development levy, while 15 per cent is on duty.
According to him the industry players have written several times to the Federal Government to remove the 15 per cent development levy which has outlived its usefulness.
But he said nothing has been done by the Nigerian government to stabilize the price of wheat.
He said, “Those millers that bring in the wheat from Ukraine, the US, and other places, they pay 30 per cent on wheat import. There is a 15 per cent wheat development levy. It was supposed to be a stopgap.
“It started in June 2012 and it hasn’t gone away. For the Federal Government, it is a revenue stream that is not a good one. You can’t generate revenue from everything. It is supposed to be for two years or thereabout after which the money generated will be used for
“Wie have been begging the FG, we have written for them to remove the 15 per cent development levy which has outlived its usefulness so that we can have some cushion for those people bringing in wheat.
“With that, you can stabilise to a reasonable extent the price of wheat coming into Nigeria. But it is just like flogging a dead horse. Nobody listens.”
About 54 per cent of cost of making a loaf of bread comes from wheat, milk constitutes 17.46 per cent, sugar 13.64 per cent, and yeast accounts for 3.82 per cent of the cost, according to PBAN.
Recall that the levy on wheat was introduced to discourage import.
However, Nigeria’s wheat metrics according to the Federal Ministry of Agriculture showed that local production in 2020 was 420,000 MT, while imports were 6.5 million MT.
Nigeria President-elect, Asiwaju Bola Ahmed Tinubu, will inherit N46.25 trillion debt incurred by past administrations including that of President Muhammadu Buhari government when he is sworn in on May 29, 2023, NaijaNews reports.
This excludes the N369 billion loan approval the incumbent government said it had received from the World Bank to cushion the effect of fuel subsidy removal scheduled for implementation in June 2023.
Reports according to the Debt Management Office (DMO) show that Nigeria’s total debt stock has hit 46 trillion in the eight years of the Buhari administration.
The financial management organization revealed that Nigeria’s debt profile had grown from N12.6 trillion in 2015 to over N46 trillion in 2023.
The situation has continued to raise fiscal worries, especially as the International Monetary Fund, IMF, said Nigeria almost emptied its treasury on debt servicing in 2022.
Recently, the Federal Inland Revenue said it collected N10 trillion in revenue in 2022, with a 2023 budget expenditure of N21.83 trillion pegged on deficits of N11.34 trillion.
The issue of debt sustainability and economic instability currently chokes Nigeria without hope.
On this ground, the onerous task of surmounting the country’s economic challenges would be shouldered by Tinubu after his swearing-in on May 29, 2023.
There are, however, great concerns as economic experts said fixing Nigeria’s debt-burdened economy would be a hard nut to crack.
During an interview earlier, a Professor of Economics at Lagos Business School, Bongo Adi, told reporters that the debt incurred by Buhari’s government had mortgaged the future of the country through heavy obligations.
Adi told Daily Post that in the coming days, it will be difficult for the Nigerian economy because Buhari has left the country broke.
However, he suggested that the only viable option is for the incoming government to seek loan renegotiation, as it is the practice internationally, provided the government has credibility.
“With such a colossal debt burden without apparent means of repayment, the already unsustainable debt profile undermines fiscal sustainability, no matter what the next government will do.
“There is another borrowing spree of $800 million from the Word Bank without how to pay back.
“They are taking advantage of borrowing to share among themself as they want to exit because they know that nobody would hold them to account.
“There is nothing else to talk about; Nigeria is broke. The coming days are not going to be nice at all. Because if you look at the horizon with this kind of debt, we are not bleeding only from the financial side but all ramifications.
“Medical doctors and professionals of all cadres are leaving, so who will create the money to pay back the loans? The factors that drive economic activities are fast depleting.
“So when they go on accumulating loans, they endanger the lives of everybody. Based on the way it is, today’s situation is better than what we will see in the incoming days. They are handing over a dead economy to Tinubu, and I don’t know which magic he would perform.
“The World Bank’s advice has never helped Nigeria or a developing country. There is nothing they would tell you that will work.
“The only thing I can tell you is to renegotiate our debts; however, for anyone to listen, there must be credibility. Now will the incoming government assemble credible individuals?
“The most important thing is to give young Nigerians hope to stay in the country, but then you have to stabilize the economy and security. Every country invests in the youth, but that is not the situation in Nigeria, so who would grow the economy? The priority of the coming government should be how to find creative ways to assure the youths of hope in Nigeria,” he stated.
Tinubu Must Learn From Buhari’s Mistakes
In his submission, while reacting to the country’s economic status, an economic expert and the Chief Executive Officer of the Economic Associates, Dr Ayo Teriba, said the incoming administration must learn from President Buhari’s error.
According to him, Buhari’s government was not to transition from income-based debt management into an asset-based debt management model.
He disclosed that to ensure sustainability, the incoming government must learn from the mistake of Buhari’s government by borrowing against assets, not income, Naija News reports.
He said this was what Brazil and India did that attracted Foreign Direct investment into their countries. Teriba called on Nigerians to support the call for the incoming government to focus on equity financing rather than debt to grow the economy.
“The current administration will be eight years in about five weeks; the error of omission they committed is not transiting from the income-based model of debt management to the asset-based model of debt management.
“They replaced the government that enjoyed an income boom from commodity prices. An annual average oil price per barrel had been way below $100pb, but the Buhari economy faced declining revenue.
“It continued borrowing such that towards the end of the administration, debt cost rose as high as the revenue. It is threatening the fiscal outlook of the country that by the time you pay interest on them, you won’t have anything left.
“The Buhari administration would have changed our borrowing model but did not because they kept hoping the oil price would increase.
“The incoming government has learnt a lot from the mistakes of Buhari. Going forward, the incoming should borrow against assets, not against income. For example, Saudi Arabia and Malaysia did the same thing.
“I expect the incoming administration will not issue the same instrument as Buhari’s government did.
“Nigeria should move to asset-based borrowing, in the process, unlock revenue for both investors. Nigeria has options: the country is blessed with a lot of assets.
“Instead of issuing debt, equity should be issued; I don’t see why Nigeria cannot attract equity. Nigeria’s prospect of attracting equity is brighter than that of India and Brazil. The clarion call is for Nigerians to support the incoming government to transit to equity issuance. Nigeria’s potential of issuing equity is greater than that of debt”, the financial expert said.