Senate President, Godswill Akpabio, has debunked reports of contesting the 2027 presidential election alongside the former governor of Kaduna State, Nasir-El-Rufai.
Naija News learnt that Akpabio’s posters have flooded some parts of Abuja, suggesting that he and El-Rufai would run for the presidency in 2027.
However, Akpabio, in a statement on Wednesday by his Special Adviser on Media and Publicity, Eseme Eyiboh, described the posters flying around as the handiwork of mischief makers.
Akpabio stated that he has no interest in contesting for the presidency but is currently preoccupied with collaborating and providing the required legislative support to President Tinubu to reset Nigeria.
The Senate President urged security agencies to launch serious investigations into the matter to unravel the promoters of the “ugly enterprise.”
The statement reads, “The attention of the office of the President of the Senate has been drawn to posters circulating in some parts of Kaduna associating the President of the Senate with a supposed El-Rufai 2027 political ambition.
“This is the handiwork of mischief makers and familiar fifth columnists and those bent on opening up windows for tar brushing of the President’s loyalists. The action is spurious and mischievous.
“Senator Akpabio is presently preoccupied with the responsibility of collaborating and providing the required legislative support to President Bola Tinubu to reset Nigeria and make the nation regain its pride of place in the comity of nations.
“This is exactly what Senate President Akpabio, as the Chairman of the National Assembly has been doing since June 13, 2023; and has NEVER at any time contemplated running for President in 2027 or at any other time.
“It is therefore, embarrassing for anyone to link the person of Senate President Godswill Akpabio to an insipid presidential ambition, when a competent, trusted and tested leader, Asiwaju Bola Ahmed Tinubu, GCFR is in the driving seat, effectively navigating the contours of purposeful leadership and adept governance with his renewed Hope Agenda.
“We implore members of the public to disregard this unbridled mischief intended to distract Nigerians from the purposeful and positive interventions the Senate under the leadership of Senator Godswill Akpabio is demonstrating.”
President Bola Tinubu on Wednesday said the majority N62,000 minimum wage proposal by the federal government and the Organised Private Sector (OPS) was negotiated in good faith.
The president’s assertion was disclosed in his speech to mark the 25th anniversary of Democracy celebrated June 12.
Recall the Governor of Imo State, Hope Uzodinma had expressed optimism, that the federal government and OPS N62,000 proposal would be enacted as law.
According to him, “Arising from what happened in 2018, when the government lost after offering N24,000 and OPS and Labour offered N30,000.
“When the recommendation got to the then-president, he approved and took the opposition party. In the same margin, we expect when this gets to the president, he will also take the majority position”.
However, the President of the Trade Union Congress (TUC) Festus Osifo while reiterating the organised labour demand of N250,000 told THE WHISTLER “There is nothing really about the majority proposal, because Labour creates wealth, and we are those who create wealth, we are those who wear the shoes and know where the shoe pinches also.
“We believe that Mr President is reasonable enough and understands what Nigerians are passing through having promised Nigerians a living wage, that he will consider our positions and our Plight”.
But addressing the N62,000 minimum wage proposal, the president said, “In this spirit, we have negotiated in good faith and with open arms with organized labour on a new national minimum wage.
“We shall soon send an executive bill to the National Assembly to enshrine what has been agreed upon as part of our law for the next five years or less.
“In the face of labour’s call for a national strike, we did not seek to oppress or crack down on the workers as a dictatorial government would have done. We chose the path of cooperation over conflict.
“No one was arrested or threatened. Instead, the labour leadership was invited to break bread and negotiate toward a good-faith resolution”.
In the end, our national greatness will not be achieved by travelling the easy road, it can only be achieved by taking the right one, the president said
‘What We Have Is State Capture Not Democracy’ – Peter Obi Decries State-Sponsored Attacks On Journalists
AFOLABI
The presidential candidate of the Labour Party in the 2023 election, Mr Peter Obi, has said Nigeria is not practising democracy but experiencing state capture with increasing attacks on journalists.
Journalists have come under increasing attacks with a number of them abducted and thrown into jail without trial for months under the administration of Bola Tinubu.
But Obi decried the attacks on media practitioners insisting that true democracy forbids such state-sponsored attacks on free speech while speaking on Wednesday to Mark the 25th democracy day celebration.
Nigeria returned to democracy in 1999 after years of military rule.
Obi said as the country marks democracy day commemorating 25 years of striving to be a democratic country, the fundamental question remains if the country is truly democratic.
He said an unexamined life is not worth living, “so it is now time to re-examine what we have been doing over this quarter of a century.
“Democracy, as we know, is the government of the people, by the people, and for the people.
“While we may say that in 1999 we started in earnest in the right direction, today we have deteriorated into what can be classified as classical state capture. Instead of benefiting all, it has become a deprivation to all.”
He stated that the consequences of not being a true democracy have led to leadership failures that have resulted in “uncontrolled systemic corruption, high levels of insecurity, lack of freedom of speech, increasing poverty rates, and unprecedented levels of hunger and hardship, which remain unsolved and are growing geometrically.”
True democracy, he said, should be people-oriented, where the rights of citizens are respected, the laws are obeyed, the leaders remain accountable to the people, and people’s welfare and care, especially for the poor, become paramount and high priorities.
He pointed out that to “further illustrate that we are not truly democratic and have only produced the vices enumerated above, we are now ranked as follows:
“In the measurement of democracy, we have a democracy index score of 4.23, which ranks us low on the Global Democracy Index.
“In the Corruption Perception Index, we are ranked 145th among the 180 countries measured, showing a high level of corruption in Nigeria.
“In the Rule of Law Measurement, we are ranked 120th out of 142 countries measured in the World Justice Project (WJP) Rule of Law Index, indicating that Nigeria suffers from gross disobedience to the rule of law.”
He referenced that the “2024 World Press Freedom Index by Reporters Without Borders (RSF) describes Nigeria as one of West Africa’s most dangerous and difficult countries for journalists.
“Nigeria ranks 112th out of 180 countries where journalists are regularly monitored, attacked, and arbitrarily arrested.
“We are ranked 109th out of 125 countries measured on the Global Hunger Index.”
He called for a return to a truly democratic nation, the fear he said was achieved on June 12, 1993, by collectively voting for democracy. “We must stand in defence of Nigeria’s democracy today.
“I urge everyone to respect and protect the institutions of the democratic state, obey the governing laws of the state, be accountable to the people, and fulfil the responsibilities of responsible governance as contained in the constitution.
“As we build a New Nigeria, these tenets shall be the pillars of our true democracy. It is possible,” Obi said.
Our attention has been drawn to a message circulating on WhatsApp claiming that the licenses of some commercial banks (including Fidelity Bank) may be seized soon.
As the law enforcement authorities work to bring the mischiefmakers behind the false and malicious post to book, it has become necessary to debunk the story and point out the following:
1. The said message is attributed to a faceless author.
2. The Central Bank through a press release issued on 4 June 2024 confirmed that there are no plans to revoke the licenses of additional banks, stating that such allegations are false and intended to trigger panic in the financial system.
3. Fidelity Bank recently secured approval of the CBN, SEC, NGX and other regulators to embark on it’s capital raising drive. This is a mark of endorsement of the bank as no regulator would approve such an exercise if it did not find the bank in a good standing.
4. Fidelity Bank has been on a growth trajectory in the past three years, increasing PBT by a compounded Annual Growth Rate of 64%, Deposits by 33%, and Risk Assets by 32%. A review of the published financials of Nigerian Banks as of December 2023 showed that Fidelity is ranked 6th across several measures like total assets, total deposits, and total risk assets.
5. The Bank has consistently paid dividends, which has endeared us to shareholders. Two years ago,we introduced the payment of interim dividends. The average dividend yield in the past three years is 11% which ranks amongst the best in the country.
6. Fidelity Bank has maintained one of the healthiest NPL and capital adequacy ratios in the industry.
7. Global Ratings agency, Fitch, last week upgraded our LongTerm Issuer Default Rating (IDR) to Positive from Stable, while affirming the rating at 'B-'. They also affirmed our National Long-Term Rating at 'A(nga)' with a Stable Outlook.
8. Our full year audit was recently carried out by reputable audit firm -Deloitte attesting to the efficiency of our operations
We urge members of the public to continue to disregard the story as it is entirely misleading.
Signed.
Dr Meksley Nwagboh
Divisional Head, Brand and Communications
Fidelity Bank Plc.
The League of Nigerian Columnists (LNC) has condemned the arrest of journalists in the country.
The association expressed this in a statement made available to this paper by Anthony Kila, Secretary General of the LNC, on Tuesday, while calling for press freedom.
It described the arrests, detention, and even abduction of journalists in the country as “not worthy of a democratic country and should be condemned in unequivocal terms by all.”
Several arrests and detention of journalists have been recorded in the country lately including the abduction of Segun Olatunji, a former Editor of FirstNews by armed men in his home in Iyana Odo, Abule Egba area of Lagos, on March 15, 2024; Daniel Ojukwu, a journalist with the Foundation for Investigative Journalism; Nurudeen Akewushola, a journalist with the International Centre for Investigative Reporting.
The LNC further noted that the country, with 25 years of interrupted democracy, is old enough to be free of infantile ailing typical of a growing child.
“At 25 years of democracy, the LNC expect journalists to be free to report without fear or favour, and where they err, we expect those who feel wronged should follow civil and legal processes.
“It is important to remind all that a country or government that cannot guarantee the safety and freedom of the press cannot be defined as democratic, and the onus of ensuring the safety and freedom of the media is entirely on the government of the country that wants to described as democratic,” it added.
The LNC is a conglomeration of op-ed writers in Nigeria, led by Tola Adeniyi and Yakubu Mohamed.
It comprises columnists whose columns are published in newspapers and magazines with a full-time editor. Some of its members include Ray Ekpu, Dan Agbese, Dare Babarinsa, Martins Oloja, Sam Omatseye, Ikechukwu Amaechi, and Ruben Abati.
[BusinessDay]
The Enugu Capital Territory Development Authority (ECTDA), on Tuesday, sealed the offices of the Enugu Electricity Distribution Company (EEDC) in Enugu State.
The action followed EEDC’s announcement that it would disconnect the power supply to the Enugu State Government House and other state government institutions in the South East over an N180bn debt.
EEDC’s spokesman, Emeka Ezeh, said upon arriving at the EEDC headquarters, he and other staff members found the building sealed.
“We were informed by the security men on duty that in the early hours of today (Tuesday) at about 2am, a group of men came and locked up the gates, claiming that the state governor directed the action,” he said.
In addition to the headquarters, EEDC offices in Abakpa, Awkunanaw and Ogui areas were also sealed by the agency.
Ezeh described the development as “strange”, noting that EEDC had not received any notice or communication from ECTDA regarding the action.
Ezeh said the sealing their offices might be connected to EEDC’s notice to begin disconnecting indebted customers starting Tuesday.
“Enugu State Government happens to be one of the indebted customers, with over N1bn owed to EEDC.
“It is important to state that the majority of the state government’s facilities are metered. So, it is not a case of estimated billing. EEDC has about N180bn in debts and has concluded plans to commence disconnection of indebted customers,” he explained.
When contacted, the Chairman of ECTDA, Uche Anyanwu, declined to comment on the incident.
[DailyTrust]
The 2023 Peoples Democratic Party, PDP, presidential candidate, Atiku Abubakar, has said the failure of the opposition to unite is threatening Nigeria’s democracy.
Atiku said the failure of opposition political parties to form a coalition and articulate a plan of good governance makes them more guilty than the All Progressives Congress, APC.
He stated this in a statement to celebrate this year’s Democracy Day.
Atiku said: “The historical timeline of the struggle that birthed this democracy is abundant with a series of coalitions and alliances amongst the political leaderships of that era to flush away the vestiges of military and dictatorial governance in order to return power to the people.
“It is commendable that for 25 years, we have witnessed an uninterrupted season of electoral politics. It is an unprecedented epoch in our history.
“It is worthy of celebration and commendation must go to the people of our great country. I must also congratulate the political class for having embraced the rectitude of nurturing a democracy, as well as the civil society. It is important that all stakeholders continue to do their bit to ensure the sustainability of our democracy.
“Today, the failings of the opposition parties to uphold the functionality of their existence are a major threat to our democracy. The earlier they realise that the fortunes of Nigeria lie in their forging a coalition, the better it will be for our country and the people.”
[DailyPost]
President Bola Tinubu marked the 25th Anniversary of Unbroken Democracy in Nigeria with a compelling address on Democracy Day, June 12, 2024. In his speech, he reflected on the nation’s journey from the struggles of military rule to becoming Africa’s most populous democracy.
Paying tribute to the heroes of the democratic movement and emphasizing the importance of sustaining democratic values, Tinubu outlined his commitment to protecting citizens’ rights and pushing forward with vital economic reforms. His call for unity and perseverance underscores the ongoing efforts to secure a brighter, more democratic future for Nigeria.
Tribute to Heroes: He pays tribute to the individuals who sacrificed their lives for the nation’s democratic struggle, including MKO Abiola, Kudirat Abiola, General Shehu Musa Yar’Adua, and others.
Role of Activists and Journalists: Tinubu acknowledges the contributions of pro-democracy activists, journalists, and media establishments in fighting against military dictatorship.
Democracy as a Way of Life: He emphasizes that democracy is more than just holding elections; it is a way of life that includes freedom of speech, liberty, and peaceful transitions of power.
Commitment to Democracy: Tinubu vows to protect the rights, freedoms, and liberties of Nigerian citizens and pledges to cement democracy as the nation’s way of life.
Economic Reforms: He acknowledges the economic challenges facing Nigeria and highlights ongoing reforms aimed at creating a stronger economic foundation for future growth.
Labour Relations: Tinubu discusses negotiations with organized labour on a new national minimum wage, emphasizing the importance of cooperation over conflict in resolving disputes.
Principled Leadership: He underscores the importance of reasoned discussion and principled compromise in democratic governance.
Call to Action: Tinubu urges Nigerians to embrace the challenges of the future and to continue moving forward together toward progress and prosperity.
Preservation of Democracy: He calls on citizens to keep the fire of democracy burning and to preserve it for future generations, ending with a blessing for the Federal Republic of Nigeria and a wish for a Happy Democracy Day.
[Vanguard]
Minister of Works, Engr. David Umahi, has said that phase one of the Lagos-Calabar super highway will be ready for commissioning by May 2025.
Umahi disclosed this at a meeting with contractors at the Ministry’s headquarters in Mabushi, Abuja. Commending the contractor handling the project for the quality of work, Umahi also revealed that the Federal Government has paid N10bn as compensation for communities and individuals along the road corridor affected by the project.
He said;
“The ministry is doing everything possible to see how we can do away with veriation of price. In the states, there is nothing like variation of price, but what is fashionable in the Ministry of Works is variation of price.
“Let me announce that the concrete we gave, the asphalt we gave are based on a price of N1,700 per $1 US dollar; it don’t attract any variation. Even the legacy project, the Lagos-Calabar Coastal Highway, we have cut down to six lanes. The project has not been stopped.
“It is going on smoothly. The first phase of this project should be ready for commissioning by May 2025. It shows that we mean business. As we are taking now, over 4 kilometers of concrete road has been completed. And where you have MTN and African cable, we saved the community and the cables.
“We had to reroute to establish a new pathway away from the old route and the gazetted route. We’ve paid compensation of almost N10bn.
“Over 90 percent of the new projects in the 2024 budget are constituency projects of the National Assembly. These constituency projects have very poor (funding) allocations in the 2024 budget, and that is why I say it is a palliative budget.
“The budget is, (however) also very useful because a chain is as strong as its weakest link. If you have a beautiful road and it is broken into two by a flood, what do you do? That is where the budget provision or emergency project will come in handy.
“We have 330 (emergency) projects, and as at today, we have completed over 80 per cent. We’ve completed some bridges.”
Umahi also said that the Federal Executive Council has agreed that some projects that do not have funding will be stepped down for those that have the greatest impact on the lives of a greater number of Nigerians.
The National Orientation Agency (NOA) says the official version of the national anthem it issued remains the correct lyrics.
On May 29, President Bola Tinubu signed the national anthem bill 2024 that reintroduced the old anthem, “Nigeria, We Hail Thee,” into law.
Subsequently, the NOA released the standardised lyrics of the reintroduced national anthem.
However, on Tuesday, Senate President Godswill Akpabio reportedly said what the agency is circulating is different from the new national anthem approved by the upper legislative chamber.
“Take note of what we have here; what we have is different from what the NOA has,” Akpabio was quoted as saying.
“Where we have Nigerians ‘all’ are proud to say, they have Nigerians all and proud to say. Also, where we have ‘though’ tribe and tongue may differ, they have ‘though tribes and tongues.
“Also, at the end, where we have ‘Nigeria shall be blessed’, they have Nigeria ‘may’ be blessed. We are using ‘shall’ which is a compulsion that this country shall be blessed. So tell the National Orientation Agency to drop what they are circulating now.”
But in a statement, Lanre Issa-Onilu, the director general of NOA, said the official version of the national anthem the agency unveiled remains the correct lyrics approved in the Act signed by the president on May 29.
“Mallam Issa-Onilu clarified inquiries from the media on the correct lyrics of the new national anthem, saying as an act of the Parliament, the NOA is duty-bound to only promote the official version,” the statement issued by Paul Odenyi, spokesperson of the agency, reads.
“Believing that the Senate President was misquoted, Mallam Issa-Onilu advised the media to always cross-check their facts before publication.
“He also advised the media to check the Act signed by the President as approved by the National Assembly to confirm the version as released by the NOA.
“The official version that we issued remains the correct lyrics. We are making an effort to standardise the instrumental and audio versions before we release it to the public.”
[TheCable]
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President Bola Tinubu, has raised the alarm over alleged attempts by some people to cash in on the current economic challenges in the country to undermine and destroy democracy.
The President, however, promised to preserve democracy and protect the rights, freedoms, and liberties of Nigerians.
He added that the Federal Government negotiated in good faith and with open arms with organised labour on a new national minimum wage.
He promised to as soon as possible send an executive bill to the National Assembly to enshrine what has been agreed upon as part of the law for the next five years or less.
In his nationwide broadcast, today on Democracy Day, the President noted that some persons sacrificed their lives to ensure that democratic government was put in place about 25 years ago.
His words: “My dear compatriots, Nigeria faced a decision of untold gravity 25 years ago: Whether to veer towards a better destination or continue aimlessly in the fog of dictatorship.
“We made the right choice then. We must continue with that choice now.
“As Nigerians, we must remind ourselves that no matter how complicated democracy may be, it is the best form of governance in the long run. We must also be aware that there are those among us who will try to exploit current challenges to undermine, if not destroy, this democracy for which so much has already been given.
“These people do this not to make things better but to subject all other people and things to their control and dominance until the point that, if you are not counted among their elite, then your life will be small and no longer owned by you.
“This is the great battle of our day and the major reason we specially celebrate this Democracy day.”
The President said that Nigeria’s democracy is more than a historic fact, noting that it is a living, breathing reality.
He further said that the true meaning of the day is not to focus solely on the great deeds of the past that have brought the country to her present point.
He said: “Yes, we pay eternal honour to those who laid down their lives, sacrificing everything to pave the way for the nation.
“I stand uniquely placed in this regard. I was among those who took the risk to midwife the birth of our democracy. I am now a direct and obvious beneficiary of the fruits of those historic efforts.
“As president of this nation, I am morally and constitutionally bound to preserve this precious form of governance. I vow to do my utmost best to protect your rights, freedoms, and liberties as citizens of Nigeria.
“Even more than that, I pledge to do whatever is necessary to cement democracy as our way of life.
“I come before you also to declare that our most important work remains before us. This real test has never been whether we would rise to challenge the slings of misfortune and grievous pain of dictatorship.
“The real test is whether we shall lower our guards as the shadow of despotism and its evident physical danger fade.”
We must re-commit to inclusivity, accountability, transparency
President Tinubu had earlier urged the citizenry and leaders to recommit to the values of inclusivity, accountability and transparency to guarantee an enduring democracy.
President Tinubu said after 25 years of uninterrupted democracy, it was time for all Nigerians to partake “in building a nation where every voice is heard, where every potential is realised, and where every citizen is empowered to contribute to the collective good.”
The President, who spoke during the 2024 Democracy Day Lecture at the Banquet Hall of the Presidential Villa, Abuja, noted that at this point of the nation’s democratic journey, every Nigerian, irrespective of background, must be given a chance to contribute to the nation’s shared destiny.
The president spoke as a host of leaders and groups dissected Nigeria’s democracy since the June 12, episode and offered suggestions on the way forward.
With a series of activities mapped out to celebrate June 12 by The Patriots, state governments, especially in the South-West, and Civil Society Organisations, CSOs, notable Nigerians and groups, who spoke on June 12, yesterday, included former Vice President Atiku Abubakar; the Peoples Democratic Party, PDP; Academic Staff Union of Universities, ASUU; International Press Centre, IPC, among others.
This happened as the Federal Government declared today as a public holiday with the Department of State Service, DSS, warned those planning to embark on June 12 protest to have a re-think or face the consequences.
We must entrench flourishing democracy – Tinubu
President Tinubu, who was represented by Vice President Kashim Shettima, said the lessons learned after 25 years is that democracy is a journey that must be constantly nurtured and watched closely.
His words: “Our progress has been marked by both triumphs and trials, each serving as a reminder of the preciousness of our democratic principles. As we move forward, let us recommit to the values of inclusivity, accountability, and transparency, ensuring that our democracy not only endures but flourishes for generations to come.
“The future of Nigeria lies in our hands, in our ability to dream, innovate, and act with courage and conviction. Let us embrace this moment with a renewed sense of purpose, knowing that the path we tread today will shape the Nigeria of tomorrow.
“This is an invitation for each of us to participate in building a nation where every voice is heard, where every potential is realised, and where every citizen is empowered to contribute to the collective good.”
President Tinubu observed that sustaining democracy for 25 years, the longest in the country’s checkered history is evidence of “the enduring sacrifices of several generations of patriots.”
Passing his verdict on the democratic journey so far, the President declared that 25 years was time enough to ascertain the effectiveness of any experiment.
He said, “Our democratic experience, despite the lows and the highs, is a telling referendum on our aspiration to build a nation that serves the interests of all, a federation that has not conspired against any benign group.
“We are here because the alternative is a descent into dystopia. Today is a moment to reflect on our journey so far. The tragedies Nigeria survived to settle for this democracy, the fourth of such experiments, must inspire each of us to play our part to honour the labour of our founding fathers and mothers and remind ourselves of the principles that drove their resolve to build for us a diverse nation that has defied the pessimism of detached agents of anarchy.”
Noting that it is not just a day of remembrance, Tinubu stated that it is a call to action, even as he said young and competent Nigerians, including the patriotic and innovative, must all be engaged in crafting a succession plan that secures the desired future.
“It is through their energy, creativity, and commitment that we will build a Nigeria that stands resilient against the challenges of tomorrow. Let us therefore pledge to create an environment where every Nigerian, regardless of background, has the opportunity to contribute to our shared destiny,” President further noted.
Earlier, Secretary to Government of the Federation, Senator George Akume, highlighted the sacrifices made by heroes and heroines who fought for democracy, with many paying the ultimate price.
He saluted the courage of Nigerians in upholding democratic values despite challenges.
He said, “Our democratic journey is one of optimism as reversal is never contemplated. Today provides an opportunity to salute the resilience of our people in believing in democracy,” Akume stated.
In his keynote address, former Katsina State Governor, Aminu Masari, called on politicians to prioritise citizens’ needs, saying: “democracy is about the government of the people, not just politicians. We therefore need to prioritise the needs of the populace ahead of our own needs. We also need to become better democrats. We need to fully imbibe the culture of democracy. We need good winners and good losers.”
The Federal Government will seek a a $2.5 billion World Bank facility as a funding window for the 2024 supplementary budget.
The money will augment the N50 billion Presidential Infrastructure Development Fund (PIDF) domiciled in the National Sovereign Wealth Investment Authority (NSWIA), which the government has also earmarked for the budget.
The Minister of Budget and Economic Planning, Sen. Atiku Bagudu, stated this in Abuja on Tuesday when he briefed the Joint Senate and House of Representatives Committees on National Planning and Economic Affairs.
Bagudu told the lawmakers that the $2.5bn was meant to augment the N50bn, which he said was not enough to execute the Renewed Hope Transformational Projects of the administration of President Bola Tinubu.
Recall that on May 29, President Tinubu had hinted the National Assembly of his plan to forward a Supplementary Appropriation Bill for the lawmakers to work on it.
According to Bagudu, the budget will be devoted mainly to the transformational projects of the administration, though he added that it might also include a provision for the new national minimum wage.
The minister listed the projects to include the Lagos-Calabar Coastal Road; the proposed Sokoto- Badagri Road; and the completion of all ongoing railway projects, which the government had yet to provide its own counterpart fund.
In addition, Bagudu informed the lawmakers that the budget would provide more money to support CNG, LNG projects targeted at improving energy for transportation and household use.
He added that the Trans-Saharan Highway, which the current administration inherited, would also be funded with the supplementary budget.
Bagudu spoke more, “The supplementary budget that was announced or rather was mentioned, came about when Mr President presented a memo to the Federal Executive Council.
“In the memo, he said that he inherited the Presidential Infrastructure Development Fund, which was domiciled in the National Sovereign Wealth Investment Authority.
“He has also identified transformational projects, including Lagos – Calabar, Coastal Road; proposed Sokoto-Badagri Road; completion of all ongoing railway projects, which we have not provided counterpart funding.
“We also plan to fund the rehabilitation and expansion of dams and irrigation schemes in order to support increased production within the economy. Last but not the least, more money to support CNG, LNG.
“The three roads, dams and irrigation, and railways, is what Mr. President designated as the infrastructure, renewed health infrastructure priority items.
“So that’s what he directed that the ministry prepare for appropriation supplementary appropriation bill.
“We have not finished work on the bill, we have not submitted the supplementary appropriation draft to the Federal Executive Council yet.
“So many people have approached the ministry and indeed leadership of the National Assembly as well as many members asking about the renewed hope the supplementary appropriation.”
Commenting on the new wage demand by the organised labour and the government’ plans, said the new pay demand might be covered by the budget.
“We are not clear how much revenue we have, given the challenges of the moment.
“Yes, we have done some scenarios given the exchange rate fluctuation and the impact of the budget and even scenarios given the current minimum wage negotiation that is ongoing.
“This is because even at N60,000, even at N62,000, that immediately doubles the minimum wage.
“So it was the forecast that even at the lowest level, it will increase inflation rate and that might affect interest rates which will affect in turn, economic activity, debt surges among others.”
He also spoke on the performance of the main 2024 budget of N28.7trillion, explaining why funds had yet to be released to some MDAs.
Bagudu stated, “Unlike the usual practice where every quarter the ministry of finance sent money to MDAs depending on what the envelope size is. That has been discarded and replaced by the bottom up cash.
“Under our procurement laws, ministries and MDAs are supposed to commence procurement as soon as the budget is passed into law.
“So most MDAs are in that process now. The first quarter capital releases is not high because most MDAs have not yet awarded the contracts and consequently they have not put any request for cash.
“We believe that it will pick up in this second quarter and subsequent quarters. So the budget performance will be difficult as procurement processes are completed by MDAs.
“Equally, as part of an effort for better treasury management, the federal Ministry of Finance have now decided that for some category of contracts, they will be doing the payments.
“So again, that is intended to ensure that financial resources are pooled in one place, rather than sent to various MDAs awaiting processes. So those are the broad brief on the 2024 budget.”
However, the Chairman of the session, Sen. Yahaya Abdullahi, felt that that executive should have proposed amendments to the 2024 budget as against sending in a new one, considering the time it would take to conclude work on the new bill.
As the Country sets to commemorate its 25th Democracy Day on June 12, the Department of State Services (DSS) has issued a stern warning against individuals and groups planning to stage a protest.
The intelligence unit on Tuesday raised the alarm over a staged protest, it said has been designed “with sinister objectives to coincide with the Democracy Day Celebration.”
The agency acknowledged the right of assembly and expression but noted that the determination by some non-state actors to incite mass disaffection through demonstrations, which may turn violent, will not be tolerated.
The DSS said, “However, it is instructive to note that violent demonstrations are at variance with the peaceful disposition of the Federal Government to amicably address all contentions including the minimum wage.
“Citizens are, therefore, called upon to resist any persuasions to be lawless or cause disorder and anarchy in the nation. Displeased persons are rather encouraged to appropriately channel their grievances through the right channels and procedures.”
The agency further reaffirmed its duty to protect the country from inimical acts being orchestrated by disgruntled groups to cause a breakdown of law and order through collaborations with relevant stakeholders and sister agencies.
“The Service, while felicitating the government and citizens on this auspicious occasion of celebrating 25 years of unbroken democracy, calls for continued patriotism, unity and commitment in building a Nigeria of our collective dream.
“Meanwhile, the DSS website, dss.gov.ng; email address- This email address is being protected from spambots. You need JavaScript enabled to view it. and Telephone lines +2349153391309; +2349088373514 remain open to the public in the event that there is need to contact it.”
In past weeks, the social-economic stability of the nation has been tense, particularly with the unresolved negotiations between the Federal Government and the National Labour Congress concerning a deserving wage for the nation’s workers among other demands.
The NLC, after a week-long grace that was given to the federal government to enable an upward negotiation of the minimum wage, is likely to embark on a strike in the absence of a favourable agreement.
With this in view, President Bola Tinubu is set to address the nation on June 12 at 7 am.