… Over N1trn To Be Used To Shore Up CBN Reserves

 


The 36 State Governors have endorsed the proposal of the Federal Government not to share the entire revenue of N1.9trn which may have accrued to the federation by Federation Accounts Allocation Committee, THE WHISTLER can authoritatively report.

The endorsement of the Federal Government’s proposal was made at a meeting held by the Governors on Wednesday night in Abuja.

It was gathered that during the meeting, the issue of the revenue accruals into the federation account was discussed ahead of the FAAC meeting to be held later today.

During the meeting, THE WHISTEER understands that the Federal Government had proposed that the sharing of the entire N1.9trn was not a good idea because it would increase the amount of money in circulation and cause further inflationary pressures in the economy.

Nigeria’s inflation stands at about 22.7 per cent based on figures released by the National Bureau of Statistics.

One of the governors who attended the meeting told THE WHISTLER that in view of the removal of fuel subsidy, the Federal Government raised concerns that if the entire N1.9trn is to be shared, it may put pressure on the naira and also affect the price of fuel.

Rather than sharing the entire N1. 9trn, the governors, it was learnt agreed that N900bn should be shared while the balance of N1trn should be transferred to the Central Bank of Nigeria to shore up the nation’s external reserves.

Figures obtained from the Central Bank of Nigeria showed that as of July 18, Nigeria’s external reserves stood at $33.99bn

The governor said, “The N1.9trn revenue is true. But we won’t be sharing all. FAAC will only be sharing N900bn and keep the rest with CBN. The fear is that sharing all will further push inflation and put pressure on the dollar, which will in turn push further the fuel price.

“The governors have agreed with the proposal made by the Presidency not to share all the money. The idea is to help the CBN raise the foreign reserve up to $40bn from the current $33bn.”

The revenue of N1.9trn is the highest amount generated in one month in the history of Nigeria.

The amount almost tripled the N786.161b shared in June and more than tripled the N655.93bn in May.

Allocations are usually shared from the preceding month’s revenue — meaning June will be shared in July.

Statutory collections make up N1.7trn of the federally collected revenues, followed by N293bn from Value Added Tax and N12bn from electronic money transfer charges.

The fall in the official exchange of the naira might have contributed to the seemingly unprecedented rise in revenue.

It was learnt that FAAC adopted N436.38 to a dollar as the exchange rate for the calculation of the forex component of federally-collected revenues for June 2023, but this has now gone up to at least N750 to dollar.

Members of FAAC will be meeting in Abuja today to share the N900bn which was endorsed by the governors last night.

Some of the agencies remitting funds to the federation account are the Federal Inland Revenue Service, and the Nigeria Customs Service among others.

The FAAC committee is made up of commissioners of finance from the 36 states of the federation; the Accountant-General of the Federation, representatives of the Nigerian National Petroleum Company Ltd, the Revenue Mobilization Allocation and Fiscal Commission, CBN and Customs
.

The federation account is currently being managed through a legal framework that allows funds to be shared under three major components – statutory allocation, Value Added Tax distribution; and allocation made under the derivation principle.

National vice chairman North-West of the All Progressives Congress, Salihu Lukman has cautioned against a move to give the leadership of the party national secretariat to former Kano State Governor, Abdullahi Umar Ganduje.

The erstwhile national chairman, Abdullahi Adamu and national secretary, Iyiola Omisore resigned from their positions on Monday.

Speaking with journalists, Deputy National Chairman, ( North) Senator Abubakar Kyari who presided over the National Working Committee said he had since assumed the position of acting national chairman in line with provisions of the party Constitution.

Checks revealed that at the meeting of the Progressives Governors Forum held on Wednesday night, Imo State Governor and Chairman of the Forum, Senator Hope Uzodinnma conveyed the stance of President Bola Ahmed Tinubu to give the exalted seat to the former Kano State Governor.

Reacting in a statement on Thursday, through a statement, “APC: Way Forward,” Lukman who incidentally is a member of the APC National Working Committee expressed strong reservations about the speculated choice of Ganduje by President Tinubu and the governors.

He noted that having produced the Deputy Senate President and Speaker, House of Representatives, giving the positions of National Chairman to same North West zone would be inimical to the existing zoning arrangement in the ruling party. He further submitted that the Progressives Governors Forum as a power bloc should be willing to submit themselves to the larger interest of the APC.

He said:” Through restoring constitutional order, we can activate some of the power blocs to actively participate in the process of producing and engaging leaders of the party.

For instance, elders of the party can have stronger say when the meetings of the National Caucus are restored. Women, Youth and Persons with Disability will similarly have stronger say when the Women, Youth and Persons with Disability wings are constituted with all the complementary structures as provided in the APC constitution.


In fact, beyond the Women, Youth and Persons with Disability Leaders, these three wings are expected to have Secretaries who will be members of NEC.

“So far, as things are, only the President and Governors blocs are active in the negotiation to produce and engage leaders of APC.

Already, part of the speculations emerging from the Governors bloc is that Dr. Abdullahi Umar Ganduje is being considered to succeed Sen. Abdullahi Adamu.

If this is true, it only suggests insensitivity and taking members of the party for granted. This is without prejudice to the person of Dr. Ganduje.

This is because such a choice will completely distort the zoning arrangement that informed the present configuration of the leadership of the National Assembly.

With the Speaker of House of Representatives and Deputy Senate President coming from North West and North Central shut out of consideration, to propose the party’s National Chairman to move to North West from North Central will be unjust and almost a political suicide.

“We must caution our Governors that since the emergence of APC, Governors have served almost as the conscience of the party. Any consideration for such an insensitive and unjust consideration of Dr. Ganduje to become the National Chairman of APC must be discarded.

If anything, the position of National Chairman of the APC must be retained in North Central. Part of the challenge of managing the current transition within the party is getting the NWC to properly take the driving seat in managing and facilitating negotiations to produce and engage leaders of the party.


The NWC must sit up and guide the unfolding negotiations.

No single power bloc should be allowed to appropriate the process.

“This where the intervention of the President, being the leader of the party would be required to moderate the excessive conduct of any power bloc, especially when such conduct risk further damaging the prospect of returning the APC to its founding vision.

At these early stages of President Asiwaju Bola Tinubu’s leadership of the party, he needs to make that strong intervention to guide the process of restoring constitutional order and returning the APC to its founding vision of progressive politics.

Progressive politics must be about inclusion and justice and not some blind and insensitive considerations.”

The former Director General of the PGF also cautioned against the excitement trailing the exit of the duo of Senators Adamu and Omisore from the party national secretariat.

He maintained that the panacea to peace in the party is to restore constitutional order by allowing statutory organs of the party to function.

“It is therefore necessary that at this very early stage of negotiating new leadership for the APC, we caution all our leaders that the only way we can justify the exit of Sen. Abdullahi Adamu and Sen. Iyiola Omisore out of the leadership of the APC is by demonstrating commitment to restore constitutional order in APC and return the party to its founding vision of being a progressive party.

These are issues that would appear to be taken for granted and if not engaged could be abused by power blocs within the party, which could lead to the emergence of leaders that are worse than Sen. Adamu and Sen. Omisore.

This must be avoided.

“First, restoring constitutional order in APC is basically about complying with extant provisions of the party’s constitution.

A situation whereby the National Chairman usurped powers of National Working Committee (NWC) and all organs of the party is unacceptably.(sic)

” All organs of the party, namely, National Advisory Council (NAC), National Caucus, National Executive Committee (NEC), etc. must be allowed to function in accordance with provisions of the party’s constitution.

The irresponsible culture of asking organs of the party to donate their powers to the NWC, which basically empowers the National Chairman to convert all the resources of the party to personal use must end.

“Inability to allow organs to function will block any attempt to return the party to its founding vision of becoming a progressive party.

Being a progressive party is about ensuring that we can produce a dynamic, action-oriented party that is able to produce governments that can and improve the lives of Nigerians.

It is about goal-setting and developing strategies to achieve them. with a clear vision.

This is easier said than done. In our context in Nigeria, this is reduced to claims and narrowed to winning elections.

Certainly, winning elections is primarily the required precondition to improve the lives of citizens. Being a progressive party will mean that we are able to ensure that organs of the party develop the capacity to hold elected and appointed officials accountable.”

Last modified on Thursday, 20 July 2023 16:57

Governor Douye Diri of Bayelsa State has unveiled a new transport scheme as part of measures to alleviate the suffering of commuters in the state occasioned by the Federal Government’s removal of fuel subsidy.

Inaugurating 100 taxis and six luxury buses at the DSP Alamieyeseigha Banquet Hall premises in Yenagoa, yesterday, Diri said the initiative was his administration’s palliative to boost the transportation sector.


The governor in a statement by his Chief Press Secretary, Mr. Daniel Alabrah, acknowledged the hardship on Bayelsans due to the removal of the subsidy on petrol.

He said: “This is another historic day as we launch this fleet of transport vehicles to alleviate the suffering of our people.

“For those who have been crying over the ban on commercial tricycles at night, this is an effective replacement. The ban is, however, still in force.


“Now, we have taxis that will run within the city of Yenagoa and environs to the Niger Delta University at Amassoma, to the airport and the Federal University, Otuoke and other towns.

“I appreciate all Bayelsans for their patience. You know that your government has your welfare at heart.”

He called on youths of the state to take advantage of the initiative to empower themselves just as he projected that over 100 youths would be engaged as drivers in the intra-state and intra-city transport scheme.

Handing over the keys of the vehicles to General Manager of the Bayelsa State Transport Company, BSTC, Chief Timi Fanama, the governor said the new arrangement would be different from previous government’s transport initiatives in the state and urged the management to make good use of the vehicles to enhance the transport system.

On his part, Fanama urged youths to avail themselves of the scheme and see driving as a career.

In a welcome address, the Commissioner for Transport, Grace Ekiotene, appreciated the governor for inaugurating the scheme to cushion the effect of the hardship faced by Bayelsans as a result of the subsidy removal.

The police in Nigeria’s federal capital territory have apprehended a 46-year-old man, identified as Jude, for having the carnal knowledge of his two daughters and impregnating them in the process.

The incident happened at Ikwa community, Zuba Chiefdom, in Gwagwalada Area Council of the FCT.


The accused reportedly has four kids; two females and two males.

According to a neighbour, identified as Idris, the incident came to public knowledge after one of the daughters reported the matter to her fiancé who was a police officer in Minna, Niger State.

He further disclosed that before the arrest, the accused conspired with his wife to abort the pregnancies and sweep the matter under the carpet.

He added, “In fact, when the man was taken to the police station, his wife was trying to cover up the matter, but her daughters opened up and told them how their father had been sleeping with them and how they aborted their pregnancies.’’

A police officer at the division who preferred anonymity, confirmed the incident, saying the suspect would be charged to court.

Spokeswoman of the FCT Police Command, DSP Adeh Josephine, has not issued a statement regarding the incident.

The naira appreciated against the United States dollar on the Investor & Exporter forex window on Wednesday, closing at 793.70/$.

A spot exchange rate of N853 to the dollar was the highest rate recorded within the day’s trading before it settled at N793.70.


On Wednesday, $87.19 million was traded at the investor’s and exporters’ window.

The local currency had earlier traded at N825 a week earlier on the I&E window.

According to figures obtained from the FMDQ, the trading, which commenced at 778.07/$ on Wednesday reached a high of 853/$ before closing at 793.70/$.


The trading also recorded a turnover of $87.19m as of the end of trading.

The Central Bank of Nigeria, in recent weeks, directed Deposit Money Banks to remove the rate cap on the naira at the I&E window to allow for a free float of the national currency against the dollar and other global currencies.

The banking regulator explained its new forex operation in its report on ‘Understanding the operational changes to the foreign exchange market’.

By collapsing all segments in the FX market into the I&E window, it said this meant all eligible FX transactions in the market would only be done via the I&E window, as all other windows ceased to exist.

“The I&E market functions by a willing buyer, willing seller system, where an entity with demand for FX seeks out another entity with FX to sell at an agreed price through an authorised dealer,” the CBN stated.

On the concept of the willing buyer and willing seller model, it explained that the rates were mutually agreed by both parties.

The CBN said PTA, BTA and other invisible transactions would continue to be accessed through the banks at the prevailing market rate.

The Central Bank of Nigeria had announced Tuesday and Wednesday next for its Monetary Policy Committee Meeting, where decisions will be made on the Country’s economic challenges.

Last modified on Thursday, 20 July 2023 11:47

No fewer than 2,500 ghost workers have been uncovered from the payroll of local government areas in Benue State.

There are 23 local governments in the state.

Benue State Governor, Hyacinth Alia, disclosed this in a press statement issued by his Chief Press Secretary, Kula Tersoo, and made available to journalists in Makurdi on Thursday.

The governor, who gave reason for the the delay in payment of salaries of teachers in primary and post-primary schools, as well as the local government staff, said there was a need to sanitize and clean all the manipulations created by the past administration.

Alia explained that the probe into activities of local government during the last administration revealed mindless padding of the wage bills and manipulation of the payroll.

The statement read in parts, “The governor says the decision for the delay in the payment of salaries of the above-mentioned workers was taken after the government discovered mindless padding of the wage bill and other fraudulent manipulations on their payroll.

“He says the decision became necessary after the discovery, to enable the government sanitize and cleanse the payroll; to ascertain the actual wage bill of the state, and to know the genuine workers that are worth their wages.


“He reveals that the first phase of an extensive staff verification and payroll audit for all teachers and local government staff has just been concluded, and it has already uncovered over 2500 ghost workers that have already been removed from the payroll.

“He identifies ghost workers, ghost schools, double dipping, unlawful employment, salary padding, payment to dead or retired individuals, unlawful replacement, and inflation of the wage bill, as some of the payroll infractions discovered from the audit.

“He assures that workers who were successfully screened will receive their salaries before the end of this week, noting that government is not only fishing out ghosts workers and removing the padding associated with payroll fraud but also putting in measures to ensure the systems are protected going forward.”

Alia had suspended the 23 local government chairmen to pave the way for a thorough investigation into alleged maladministration in the council areas by the state assembly.

The Vice President described President Tinubu as a leader with a genuine interest to transform the country, adding that his principal is a good man.

He said: “President Bola Tinubu is a good man, I will urge all of us to rally around and support him.”

On his personal relationship with the former senators, the Vice President said “In the last four years, I have formed permanent bonds of friendship and of fraternity that I believe will stay with me for the rest of my life.

“I want to assure you that I will work with you in the interest of our nation. What binds us together as a family and a nation supersede whatever that divides us.”

Earlier in his remarks, the leader of the delegation, Sen. Philip Aduda, said the visit was not partisan as composition of the group comprised members across different political affiliations who are united for the progress of the country.


He pledged their support for the Tinubu administration and prayed for the success of its policies and programmes.

In the same vein, Senator George Sekibo expressed confidence that the capacity, humility and depth of knowledge of the Vice President will impact the policies and programmes of the Tinubu administration and reassured Shettima of their loyalty and solidarity at all times.

Other members of the delegation included Senator Sam Egwu; Sen. Aliyu Abdullahi; Sen. Gabriel Suswam; Sen. Emmanuel Bwacha; Sen. Chukwuma Utazi; Sen. Ibrahim Oloriegbe; Sen. Uche Ekwunife; Sen. Betty Apiafi; Sen. Yakubu Oseni; Sen. Jarigbe Agom Jarigbe; Sen. Suleiman Kwari; Sen Danjuma Laah; Sen. Cleopas Moses and Sen. Stella Oduah.

Sen. Biodun Olujimi; Sen. Nora Daduut; Sen. Bulus Amos; Sen. Istaifanus Gyang; Sen. Michael Nnachi; Sen Hassan Mohammed; Sen. Albert Bassey Akpan; Sen. Clifford Ordia; Sen. Hezekiah Dimka, and Sen. Chukwuma Ibezim, were also at the meeting.

The National Working Committee (NWC) of the factional National Chairman of the Labour Party ( LP), Lamidi Apapa, has felicitated with the party’s flag bearer, Peter Obi, on his 62nd birthday.

The Apapa-led NWC of the party, as much as they jubilate with Obi, said they regret fielding him as the party’s presidential candidate for the 2023 presidential election, Naija News gathered.

According to the faction, Obi, rather than representing varied interests in the party, chose the interest of a faction.


The faction, in a statement issued on Wednesday night by Suspended National Publicity Secretary of the Labour Party, Comrade Abayomi Arabambi, said as he celebrates his 62 birthday, he should reflect on being a statesman rather than a regional bigot.

Arabambi said, “The National Working Committee (NWC) of the Labour Party (LP) felicitates with its popular presidential candidate, Mr. Peter Gregory Obi, on his 62nd anniversary.


“The Party wishes that the occasion should provide the celebrant a period of deep reflection and ponder on the citizens-conferred status of a statesman who represents interests beyond his ethnic leaning

“The Lamidi Apapa-led National Working Committee of the Party hereby charges the celebrant to, on this occasion of thanksgiving to God, to be reflective of the Nigerian interest, which he seeks to serve.


“While we in the Labour party join him to thank God and wish him a good health and prosperity we want to also remind him that his popularity emanates from the love of the people for the Labour party and galvanized by his representation of the people.

“In wishing him well, we want him to state that we regret fielding him on the platform of the party, in the light of recent development particularly actions that undermined the discipline the Labour party has been known for.

“It is indeed worrisome that even though he went to the Presidential Electoral Tribunal as a non-member of the Labour Party and lied severally that there was a time they issued subpoena to INEC for all those document and maintained that they, they were unable to pay all the documents they seek to tender, kicks regret in our party stakeholders.

“We are further disturbed that our presidential candidate would rely on a “non party agent’ who came to court to defend the alleged stolen mandate,” this is regrettable as it is laughable.

“We wish him well for his 62nd year birthday. We made a mistake to have fielded him to, which we will never repeat again.

“We had thought that this birthday will offer him an opportunity to have a reflection that would make him a better Nigerian and not an Ethnic bigot.”

 

The ICC International Maritime Bureau (IMB) recently released its January to June 2023 IMB Piracy and Armed Robbery Report Summary Sheet, which indicates a resurgence of piracy around the Gulf of Guinea waters. In this report, TOLA ADENUBI looks at the reasons the scourge is returning.

The launch of the Integrated National Security and Waterways Protection Infrastructure, otherwise known as Deep Blue project by the Federal Government in 2021 and the collaborative efforts of international navies patrolling the Gulf of Guinea (GoG) waters brought succour to the waters off Nigerian coastline, leading to a drastic drop in the rate of piracy attacks on vessels between late 2021 and most part of 2022.

With a drop in piracy incidents, Nigeria recorded zero attacks on ships calling at its  ports and this necessitated the removal of the most populous black nation from the list of countries designated as risk maritime nations by the International Bargaining Forum (IBF) in the first quarter of 2022.

Top 5 facts about Nigeria
 

The IBF, which is a body that brings together the International Transport Federation (ITF) and the international maritime employers that make up the Joint Negotiating Group (JNG), had listed five designated risk areas and applicable benefits in the event of attacks leading to deaths and disability, mentioning the Gulf of Guinea as second extended war risk zone covering Liberia/Ivory Coast border to 00°N 005°E, to the Angola/Namibia border.

However, events in the first and second quarter of 2023, according to the 2023 January to June IMB Piracy and Armed Robbery Report Summary Sheet of the International Maritime Bureau (IMB), has shown a return of insecurity in the GoG waters.

According to the IMB, 65 incidents of piracy and armed robbery against ships were recorded in the first half of 2023 in the GoG, an increase from 58 incidents for the same period in 2022.

 

Of the 65 incidents reported, 57 vessels were boarded, four had attempted attacks, two were hijacked and two were fired upon. Perpetrators successfully boarded 90 percent of targeted vessels. Violence towards crew continues with 36 taken hostage, 14 kidnapped, three threatened, two injured and one assaulted.

The IMB mid-year report further stated that “The Gulf of Guinea witnessed a concerning surge in maritime incidents between Q1 and Q2 of 2023, with five incidents in the first quarter and nine in the second quarter. Out of these, 12 were classified as armed robberies and two as piracy, predominantly targeting anchored vessels in the region.

 

“Fourteen crew were kidnapped, of which eight crew members were taken from vessels anchored within territorial waters. Additionally, in two separate hijackings, 31 crew members were held hostage, communication and navigation equipment destroyed and partial cargoes stolen. One of these incidents also involved the abduction of six crew members.”

Appealing to governments in the GoG waters to redouble efforts in tackling maritime crimes, IMB Director, Michael Howlett, said, “The resurgence in reported incidents including hostage situations and crew kidnappings in the Gulf of Guinea waters is concerning. The IMB calls for continued, robust regional and international naval presence as a deterrent to address these crimes.

“We once again call on the Gulf of Guinea regional authorities and the international community to refocus their attention on the region, to establish long-term, sustainable solutions that effectively address these crimes and protect the seafaring and fishing communities.”

Why resurgence of piracy?

Findings by the Nigerian Tribune have revealed that due to the ongoing onslaught against oil thieves on Nigerian waters, most of the people siphoning the nation’s crude oil are gradually returning to their first job – piracy.

Disclosing this to the Nigerian Tribune exclusively, a top official of Tantita Security Services, a private security firm contracted by the Nigerian National Petroleum Company Limited (NNPCL) to tackle oil theft, explained that most of the people perpetrating oil theft were also involved in kidnapping-for-ransom attacks on ships before.

The Tantita Security Services official, who wouldn’t want his name in print as he has not been authorised to speak on the matter, said “I am not surprised piracy is gradually on the rise again.

 

“The pirates never left before; they only switched trade due to the pressure on them from international navies and the Nigerian Navy. They switched to oil theft after some of them were killed by foreign navies patrolling the GoG.

“If you observed, as piracy declined, oil theft increased. These guys never left in the first place; they only switched trade. These guys are used to making money in foreign currency through illicit activities on Nigeria’s waterways.

“So, as piracy went down, activities in oil theft increased. Nigeria was losing huge revenue due to its crude oil being stolen to neighbouring African countries. That was why Nigeria witnessed a drastic drop in piracy attacks on ships.

“But since the NNPCL contracted Tantita Security Services to help in tackling oil theft, the pressure is now on these guys to switch trade again. You know that anywhere Tompolo puts his hands, the place always becomes hot for whoever is competing with him (Tompolo) for such space.

“Tompolo is fully focused on the war against oil theft and, as such, there cannot be room for people who indulge in such illegal activities. They are moving back to piracy because stealing crude oil now is a no-go area for them.

“Some of them have lost ships. We just destroyed a ship, MT TURA II, some days ago for trying to steal Nigeria’s crude oil to Cameroon. The vessel was burnt to serve as deterrent for other would-be-oil-thieves.

“So, they are going back to piracy. I saw the IMB report. It is important that our security operatives are on top of their game because the statistics of attacks on commercial ships may rise if unchecked.”

Recall that the vessel, MT TURA II (IMO number: 6620462), owned by a Nigerian registered company, Holab Maritime Services Limited, with registration Nnumber RC813311, was heading to Cameroon with stolen crude on board when it was apprehended at an offshore location (Latitude: 5.8197194477543235°, Longitude: 4.789002723991871°), with the captain and crew members on board.

[Tribune]

The First Lady, Oluremi Tinubu, on Wednesday in Abuja, urged female lawmakers in the 10th National Assembly to work together and remain teachable as they discharge their duties for the next four years.

“As a former lawmaker, I advise you to please work together, irrespective of party affiliation, because the success of the nation depends on this. My advice is that, be teachable. Stay that way. Learn new things. Try it. You can’t say you are all-knowing,” Mrs Tinubu said when she received female senators and members of the House of Representatives at the Presidential Villa, Abuja.

The Special Adviser to the First Lady, Busola Kukoyi, disclosed this in a statement she signed on Wednesday titled, ‘The First Lady Oluremi Tinubu encourages female National Assembly members to remain committed to constituents.’

The statement quoted her as saying, “You are the women here at the National Assembly for the masses, and you should not take this for granted”.

“As a former lawmaker, I advise you to please work together, irrespective of party affiliation, because the success of the nation depends on this.”

She urged the women not to lose their femininity in the execution of their duties.

[Punch]