The Debt Management Office, DMO, has warned the Federal Government against additional borrowing, saying 73.5 per cent of revenue generated this year will be used to service debt.
According to the DMO, the projected FGN Debt Service to Revenue ratio of 73.5 per cent for 2023 is high and cannot support higher levels of borrowing, and is also a threat to debt sustainability.
Consequently, the DMO advised the FG to focus on increasing revenue generation, stressing that attaining a sustainable Debt Service-to-Revenue ratio will require increasing FGN revenue from N10.49 trillion projected in 2023 budget to about N15.5 trillion.
It gave this warning as part of recommendations to the Federal Government, following analysis of the nation’s debt profile in 2022.
According to the DMO in the report of the Annual National Market Access Country (MAC) Debt Sustainability Analysis, “the analysis of the results of 2022 MAC-DSA shows that the Total Public Debt-toGDP ratio is projected to increase to 37.1 per cent in 2023, relative to 23.4 per cent as at September 2022, due to the inclusion of the N8.80 trillion (new borrowings) for the year 2023, the FGN Ways and Means at the CBN of over N23 trillion and estimated Promissory Notes issuance of N2.87 trillion in the debt stock.
“Baseline Scenario: The Country’s Debt stock remains sustainable under these criteria, but the borrowing space has been reduced when compared to Nigeria’s self-imposed debt limit of 40 per cent set in the MTDS, 2020-2023.
“On the other hand, FGN Debt Service-to-Revenue ratio at 73.5 per cent in 2023 exceeds the recommended threshold of 50 per cent due to low revenue, which means that there is need to significantly increase government revenue.
“Under the alternative scenario, the total public debt-to-GDP ratio at 45.4 per cent in 2023 exceeds Nigeria’s self-imposed debt limit of 40 per cent, while the FGN Debt Service-to-Revenue also exceeds the recommended threshold of 50 per cent.
“Based on the analysis of the results of the 2022 MAC-DSA, the DMO recommends the following:
“Although the baseline analysis projects total public debt-to-GDP ratio at 37.1 per cent for 2023, indicating a borrowing space of 2.9 per cent (equivalent of about N14.66 trillion) when compared to the self-imposed limit of 40 per cent, it is recommended that this should not be used as a basis for higher level of borrowing as was the case in the 2023 budget.
“This is because the outcome of the shock scenario, which is more realistic in the circumstances, exceeded the self-imposed limit.
“The projected FGN debt service-to-revenue ratio at 73.5 per cent for 2023 is high and a threat to debt sustainability. It means that the revenue profile cannot support higher levels of borrowing.
“Attaining a sustainable FGN debt service-to-revenue ratio will require an increase of FGN revenue from N10.49 trillion projected in 2023 budget to about N15.5 trillion.
“With respect to expansion in fiscal deficit, there is need to strictly adhere to the provision of extant legislations on government borrowing, especially the Fiscal Responsibility Act 2007 and Central Bank of Nigeria Act, 2007 as it relates to Ways and Means advances, in order to moderate the growth rate of public debt.
“There is urgent need to pay more attention to revenue generation by implementing far reaching revenue mobilization initiatives and reforms, including the Strategic Revenue Growth Initiatives and all its pillars, with a view to raising the country’s tax revenue to GDP ratio from about 7 per cent (one of the lowest in the world) to that of its peer.
“Government should encourage the private sector fund infrastructure projects through the Public-Private Partnership, PPP, schemes and take out capital projects in the budget that are being funded from borrowing, thereby reducing budget deficit and borrowing.
“Government can reduce borrowing through privatization and/or sale of government assets.”
Debt service-revenue situation very precarious —Abidoye
Reacting to the warning yesterday, Head of Equity Research at FBNQuest Securities Limited,Tunde Abidoye, counseled the FG to conform to the recommendations of the DMO, as the country was in very precarious situation with regard to the debt service-to-revenue ratio of the government.
He said: “The recommendations of the DMO are the right things to do because when we look at things from a debt service-to-revenue ratio, the country is actually in a very precarious situation.
“Some estimates of debt service-to-revenue might even tell you it is even higher than that, and Debt-to-GDP has never been a good measure.
“If we take the U.S for instance, the debt-to-GDP is around 100 per cent but when you look at their debt service-to-revenue, it is very low. It is like the opposite of Nigeria. So they really don’t have so much worry.
“So the DMO has given the right recommendations and it is now for the fiscal and monetary authorities to conform, especially when it comes to things like Ways and Means, where with what we saw in the last administration, there was unrestricted access to printing money and all that.
‘’I think all those limits have to be adhered to, and implement some discipline. So I hope the FG listens to the DMO.”
Caution against further borrowing belated —Adonri
David Adonri, Vice Chairman, Highcap securities, said: “This caution from DMO against further borrowing by FGN is belated because excessive borrowing by previous administration has already damaged the financial economy of the country.
“However, it is better late than never. FGN is already choking under the weight of current debt liability. Adding more is akin to signing one’s death warrant. Hope FGN will listen to this wise counsel because a word is enough for the wise”
Fuel subsidy removal should lead to less borrowing —Kurfi
Analyst and Managing Director, APT Securities Limited, Mallam Garba Kurfi , said: “It is in order to caution about borrowing.
“However, since fuel subsidy is removed I expect less borrowing by the FGN. The other measures taken by government to improve revenue, especially in the increase of crude oil production will improve the finances of FG.”
Private sector should drive the process —Olayinka
Chief Executive Officer, Wyoming Capital and Partners. Tajudeen Olayinka said: “The debt profile of a country is a function of the government’s economic focus and structure of the economy, vis-a-vis other macroeconomic factors.
‘’A government with a public sector domineering focus will accumulate more public debt to fund projects in the economy, whereas a government with emphasis on private sector dominance would require less public debts and more private capital to fund projects and drive capital formation in the economy.
‘’This is the reason for massive public debt and excessive borrowing from the Central Bank by the past administration of President Muhammadu Buhari.
“That is also part of the reason for low revenue generation capacity of the government and much lower economic growth. The only way forward is to place the economy on a normal course of adjustment, with the private sector in the driver’s seat. That way, you encourage total-factor productivity, job creation and faster economic growth.
“This should be the focus of the administration of President Asiwaju Bola Ahmed Tinubu. The economy is in dire need of drip and blood infusion.”
Also siding with DMO’s recommendations, Marvellous Adiele, Senior Associate, Parthian Partners, said: “More borrowings will increase our public debt and will also lead to an increased portion of our revenue being used for servicing debt in future.
“Our public debt is already at an all time high (N46.25trn as at Dec 2022) and the government needs to be cautious about more borrowings while improving revenue generations and introducing reforms to reduce deficit financing.”
Former Minister of State for Labour and Employment, Festus Keyamo says the great performance of President Bola Tinubu in the early days of his administration has continued to inspire everyone including his staunch critics.
Keyamo, who was Tinubu’s spokesperson during the 2023 presidential election campaign said Tinubu has been attracting his political opponents as he addressed issues of governance since his assumption of power.
The former minister said this on Twitter in reaction to a viral video in which Chioma Olowo, a follower of the Labour Party presidential candidate, Peter Obi, declared her support for the president.
Olowo, in the video, called on Obi to withdraw his court case against Tinubu, adding that the latter has done creditably well since he took over the affairs of the country.
Reacting to the video on Wednesday, Keyamo wrote, “And another one bites the ‘corn’!
“The strong start of @officialABAT to issues of governance has continued to inspire many, even his greatest critics, to fall in love with him.
“Some of us saw the future…”
The Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) has denied media report that it has approved the increment of salaries of political office-holders, judicial and public office holders by 114 per cent.
Christian Nwachukwu, the RMAFC’s public relations officer, said in an exclusive interview with LEADERSHIP that President Bola Tinubu had not approved the raise in public employees’ salary.
Rakiya Tanko-Ayuba, a Federal Commissioner in the Commission, had made the salary increment remark when she represented RMAFC chairman, Mohammad Shehu, at the presentation of the reports of the reviewed remuneration package to Kebbi State Governor, Nasir Idris, in Birnin Kebbi, on Tuesday.
Tanko-Ayuba reportedly said that implementation of the reviewed remuneration packages was effective from January 1, 2023, a claim that has been strongly denied by the Commission’s spokesman.
“Not my chairman. Not my chairman. My chairman has never made any statement on it. And I have not made any statement on it. No statement from chairman, no statement from me. So, I don’t know. I heard one of the Commissioners said it. I don’t want to be quoted,” the RMAFC spokesperson told our Correspondent while denying the Commissioner’s assertion.
“No approval yet. There is no approval yet. I don’t know the source of that story. Everything is under the process. It has to come as a Bill for Mr President to assent.
“The President has not given assent. Until the President gives assent, you cannot take it as if it has taken effect. You know that. You are a journalist.
“I don’t want to be quoted wrongly. The President has not given assent to it. It is still under the process,” Nwachukwu said over a phone chat with this writer.
Asked if the National Assembly has begun work on the proposal, he said: “it will be sent to National Assembly. Whichever way, whether it has been sent or not, the President has not assented to it. All those legislative process has to be completed; finally, it will land on Mr President’s table for assent. That has not been completed.”
When our correspondent asked if that means that the story making the rounds on salary increment was not true, Nwachukwu said: “just take it the way you understand it so that you don’t quote me anyhow.”
Asked whether the RMAFC has sent the executive bill through FEC to the National Assembly for deliberation, Nwachukwu simply said: “everything is under the process.”
The Federal Government (FG), 36 states and 774 local governments (LG) in Nigeria shared N2.84 trillion as statutory allocation from the Federation Account Allocation Committee, FAAC, in the first four months of this year (January to April).
This represents a 7.98 percent year-on-year (YoY) increase when compared to N2.63 trillion shared in the corresponding period of 2022 (4m’22).
But there was a monthly downward trend during the four months.
Data from the monthly FAAC communique for the period showed that allocations for January stood at N750.2 billion. In February allocations fell by 3.67 percent to N722.6 billion and down by 1.1 percent to N714.6 billion in March.
The downward trend continued in April where allocations fell by 8.2 percent to N655.9 billion.
During the period FG received N1.07 trillion, up YoY by 5.9 percent from N1.01 trillion received in same period of 2022.
States received N931.85 billion, representing a 12 percent rise from N828.8 billion, while the LGs received N685.88 billion, rising by 11.9 percent from N612.5 billion in 2022.
Similarly, allocations from VAT rose YoY by 19.5 percent to N880.16 billion in 2023 from N736.06 billion in 2022.
However, the 13 percent derivation fund received by oil producing states dropped YoY by 32 percent to N132.7 billion in 2023 from N196.07 billion in 2022, reflecting the decline in crude oil production in March 2023 and April 2023.
In January 2023, crude oil production stood at 1.25 million barrels and rose by four percent to 1.3 million barrels and down by three percent to 1.26 million barrels in March.
The downward trend continued in April where it fell by 21.5 percent to 998,602 barrels.
Suspended EFCC Chairman, Bawa, Refuses To Write Statements - Says DSS Has No Right To Detain Him Without Charges
AdminThe suspended Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, who is still in the custody of the Department of State Services (DSS) has refused to write statements at the secret police’s facility, According to SaharaReporters reports.
Our correspondent further gathered that Bawa told investigators that the DSS had no right to detain him without charges, hence his refusal to write any statements in custody.
Bawa has been in detention along with Godwin Emefiele, the suspended governor of the Central Bank of Nigeria, since they were suspended from their respective offices by the President Bola Tinubu’s administration over corruption allegations and abuse of office.
Bawa had refused to cooperate with DSS investigators, protesting against his detention without charges.
“The detained EFCC chairman has refused to write statements; he told DSS they have no right to detain him without charges.
“He was also accused of shielding former Governor of Zamfara, Abdulaziz Yari, while helping him to hunt down his opponents,” one of the sources revealed.
“So far since his detention, he has vehemently refused to cooperate with DSS investigators,” another top source noted.
Meanwhile, Emefiele named Bawa as an accomplice in the Naira redesign scam that rocked the country some months ago.
Bawa’s invitation and grilling by the DSS came days after Emefiele was arrested and flown from Lagos to Abuja to also face interrogations over alleged corruption and abuse of office.
Tribunal Admits Evidence On BVAS, IReV, Others From Peter Obi, LP Despite Objections By Tinubu, INEC
AdminThe Labour Party and its presidential candidate, Peter Obi, presented a security expert, Dr. Chibuike Ugwoke as one of their subpoenaed witnesses (PW8) before the Presidential Election Petitions Court sitting in Abuja on Wednesday.
Obi’s legal team, represented by P.I Ikweto SAN, asked him to enter the witness box and give his evidence in chief.
But before the witness could give evidence, INEC lawyer, A.B. Mahmoud SAN, said the expert’s statement on oath was only received by him minutes before the proceedings commenced.
He asked that cross examination of the witness be adjourned till Thursday so he could study his statement and question him appropriately.
Lawyers representing President Bola Tinubu and Kashim Shettima’s lawyer, Wole Olanipekun SAN and Lateef Fagbemi SAN, aligned with the submission of INEC.
Ikweto equally aligned with the respondents that his seventh witness would be cross-examined tomorrow.
Having taken note of their positions, the court directed the witness to go ahead to give his evidence in chief.
The respondents rose up again and urged the court not to take his evidence but Ikweto asked the court to allow his witness to continue.
The panel reserved ruling on their assertions till the time of final judgement.
Dr Ugwoke continued by telling the court that he is a cyber security expert living in Abuja.
He referred to a meta data (metadata is the hidden data that accompanies an image, video, and file in the internet) document regarding the INEC Results Viewing Portal IRev, and other online information relating to the election.
The security expert also tendered sources and archived links to materials (press releases) issued by INEC from 2018 to 2023.
One of the documents includes an INEC statement tagged “Alleged plot to abandon the Electronic Transmission of Results to IREV portal”, signed by Festus Okoye and dated November 11, 2022.
Ikweto asked the court to admit the documents cited by the security expert as Peter Obi’s evidence in the case.
Again, the respondents objected to the admissibility of the documents (metadata and INEC press releases) saying they would state the reasons for their objections at their final address.
The five-man panel of the court noted the position of the lawyers but admitted the documents cited by the security expert as evidence.
“The document is admitted in evidence and marked as exhibits,” Justice Haruna Tsammani held while discharging the witness.
Obi’s lawyer, Ikechukwu Ezechukwu SAN, then called Onoja Oloko Sunday, a staff of Women and Child Rescue Initiative, an NGO, as his next witness for the day.
The witness said he served as an election observer duly certified by INEC to observe the 2023 general elections.
Ikechukwu asked that his witness’ identity card be tendered in evidence but that was objected to by lawyers representing INEC, Tinubu and the APC.
However, the court admitted it in evidence.
Under cross-examination by INEC lawyer, Sunday admitted that the ID card he submitted is not an accreditation from INEC.
According to him, the only role he played in the polling units was observation.
He said from his observation, voting and counting went well except for the real-time transmission of scanned copy of polling unit results using the Bimodal Voter Accreditation System BVAS machine.
But he agreed that he was not in a position to state that real-time transmission did not happen at the polling units he observed because he was not an INEC presiding officer.
“Your party won the election in that polling unit?”, Mahmoud asked, to which he replied “I did not work for any political party.”
Under cross-examination by Tinubu’s lawyer, Emmanuel Ukala SAN, he said the subpoena (summon from the court) was issued to him personally and not to his NGO.
He agreed that electoral officials complied strictly with the conduct of elections at the polling unit he observed.
But he maintained that results were not uploaded electronically at the polling unit.
After giving his testimony, the court discharged him.
After him, Cephas Iya, an INEC ad-hoc presiding officer staff, came forward as Obi legal team’s ninth witness.
He testified that he and one Suleiman Mustapha supervised 24 polling units in Madagali Ward, in Adamawa state.
He told the PEPC that there were issues between PDP and APC agents at respective polling units in his ward but they were eventually resolved.
He added that scores were properly recorded on Form EC8A (polling unit result sheet) and announced but that of the presidential election could not be uploaded in real-time using the Bimodal Voter Accreditation System BVAS machine.
He was subsequently discharged.
After that, another lawyer from Obi’s legal team, Peter Afuba SAN asked the court to admit several documents produced by INEC based on subpoena as part of his client’s evidence.
Part of the documents he tendered was the list of total number of registered voters and PVCs collected in 32 states, CTC of certificate of compliance in Edo State, supplementary IREV reports for 3 Local Government Areas of Benue , Cross Rivers (2 LGAs) and Lagos State, among others.
The respondents including INEC again objected to the admissibility of the certified documents from the electoral umpire.
They, however, reserved their reasons until the time of final address.
The court subsequently admitted the documents as part of the petitioners’ exhibits.
The exchange rate between the naira and dollar sold for an intra-day high of N815/$1 at the official Investor & Exporter Window on Wednesday, June 21, 2023.
This is the highest rate traded for the dollar on the official market since we started tracking records in 2018 when the window was launched.
The exchange rate however closed at N763.17/$ at the close of business on Wednesday depreciating from N756.61/$1 recorded a day earlier.
Meanwhile, the disparity between the black market and the official exchange rate market closed again on Wednesday with the official rates closing at N763/$1.
This was close to the black market rate which sold for between N760-N770/$1 depending on who is buying or selling.
By achieving exchange rate parity for the third consecutive day, analysts believe the official rate has crossed a critical first step in price discovery.
The three major phases to price discovery are the transition phase, speculation and adjustment phase and the intervention phase.
In the speculation and adjustment phase, market participants, such as banks, forex traders, and institutional investors, analyze economic data, policy announcements, and other relevant factors to form expectations about the future exchange rate.
They may take positions in currencies based on these expectations, leading to fluctuations in the exchange rate.
As the market becomes familiar with the managed float regime, speculative activity, and adjustments may also occur.
In the intervention phase, the central bank may intervene in the foreign exchange market to influence the exchange rate.
[NationalDaily]
[PRESS RELEASE] Nigerian Navy Debunks Allegation By Some Online Media Of The Outgoing Chief Of The Naval Staff’S Refusal To Hand Over
AdminThe attention of the Naval Headquarters has been drawn to a malicious publication by some online media such as Peoples Gazette, opr.news, hallmarknews and others alleging
the refusal of the outgoing Chief of the Naval Staff (CNS), Vice Admiral AZ Gambo CFR to hand over to the incoming Chief of the Naval Staff, Rear Admiral EI Ogalla.
The media reports are totally lies, misleading and capable of spreading falsehood to unsuspecting members of the public. It is therefore necessary to put the record straight.
Suffice to state that handing and taking over ceremony in the Nigerian Navy from inception is procedural. Upon the announcement of the change of the ‘Watch on deck’, the outgoing CNS is expected to give detailed brief to the incoming CNS, tour key naval facilities and perform the ceremonial lowering of ensign. Accordingly, the programme of events leading to the formal handing and taking over ceremony has kicked off to culminate at a public ceremony on Friday 23 June 2023 in line with age-long naval
tradition.
Instructively, it is pertinent to mention that sister Services are also due to hand over as they have set aside specific dates for their handing and taking over ceremonies.
Members of the public are therefore advised to discountenance the malicious publication and erroneous information as a figment of the reporter’s imagination.
You are please requested to disseminate this information to the general public.
Signed
AO AYO-VAUGHAN
Commodore
Director of Information
Protesting members of the Nigeria Labour Congress (NLC) on Wednesday prevented work activities at the premises of Shaanxi Construction Engineering Group Corporation, a Chinese construction company responsible for building the new headquarters of the Economic Community of West African States (ECOWAS) in Lugbe, Abuja.
The NLC expressed their protest against what they described as dehumanizing working conditions endured by Nigerian workers at the Chinese company. They aimed to liberate the workers from what they perceived as slavery-like conditions.
Initially, the Chinese company resisted the entrance of the NLC leadership and their picketing team onto the company premises. However, they later opened the gate and received the complaint from the workers’ union.
The management of the construction company did not comment on the protest or respond to the allegations made by the NLC.
The Chinese government had undertaken the construction of the new ECOWAS Secretariat as part of an aid package to the West African regional organization.
During the protest, the General Secretary of the NLC, Comrade Emma Ugboaja, expressed concern about the alleged inhumane treatment of workers at the construction site. He stated that the NLC had responded to a complaint from the construction workers’ union in the Federal Capital Territory (FCT) regarding poor working conditions at the site.
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According to Ugboaja, the Chinese company engaged the workers on an ad hoc basis without providing any employment terms or welfare benefits, including medical services.
He expressed regret that due to the deplorable work conditions, one of the workers, a driver named Mr Augustine, had died due to neglect and lack of timely medical attention.
Ugboaja mentioned that while the picketing action continued, the labour leadership hoped to engage in discussions with the management of Shaanxi Construction Engineering Group Corporation to address the concerns of the workers.
Referring to the deceased driver, Ugboaja said, “Mrs Ruth Augustine migrated with her husband and family to Abuja to come and earn a living. Now the man, in an aid to help build the ECOWAS Secretariat, has ended up six feet down, leaving his poor widow to face the vagaries of life: no pension, no gratuity, no food, no water, and no explanation. Where will help come from? Every day we plead with the government to provide a minimal social security net, to no avail. That is the challenge we have. This challenge is real.”
Ugboaja emphasized that, contrary to critics accusing labour of crying wolf where there are none, the widow of the deceased was present to share the tragic story of her late husband’s experience.
Ruth, the widow, narrated her ordeal, stating that her husband had secured a job as a driver with a Chinese company last year. However, the conditions of his employment did not allow him to return home after work.
“He would work from Monday till Sunday. I asked him whether they gave him a bonus for the overtime and extra work he was doing. He said no. My husband would work from morning till night without food, and he would not be allowed to come home. Even when he did come home, he would not stay for more than an hour before hurrying back to the site,” the woman said.
Ruth explained that after her husband returned to work in January following the Christmas festivities, he stayed at the company for two months without visiting home. Worried, she called him.
“From the conversation, I knew he was very sick,” she said.
According to her, the company failed to take her husband to the hospital and also did not allow him to go home for treatment.
“When they eventually permitted him to go home, his condition had worsened. He had a swollen neck and looked highly malnourished,” she said.
The woman added that she took her husband to the Gwagwalada Teaching Hospital in Abuja and later to the National Hospital, where he passed away.
Throughout this ordeal, Mrs Augustine stated that the Chinese company failed to heed her pleas for assistance. Instead, they gave her a termination letter for her husband.
As France prepares to host world leaders at a global financial summit seeking to reconfigure global financial systems, sources in the French government say developed countries will be able to, by year end, deliver on the $100 billion climate financing pledge of 2020.
The financial summit hosted by France seeks to establish a system that will be more responsive, just and inclusive. A system that will fight inequalities, finance the climate transition, biodiversity protection, and move closer to achieving the United Nations Sustainable Development Goals (SDGs).
In 2009 at COP 15 in Copenhagen, in the context of meaningful mitigation actions and transparency on implementation, developed countries decided to commit to a goal of jointly mobilising $100 billion a year by 2020 to address the needs of developing countries.
Parties decided that this funding would come from a wide variety of sources, public and private, bilateral and multilateral, including alternative sources of finance, and that new multilateral funding for adaptation would be delivered through effective and efficient fund arrangements, with a governance structure providing for equal representation of developed and developing countries.
The commitment was formalised at COP16 in Cancun and at COP21 in Paris, it was reiterated and extended to 2025.
French officials involved in organising this week’s summit are now saying that developed countries are on their way to fulfilling this pledge by the end of 2023. The OECD in its most recent analysis (2022) put the figure mobilised by developed countries in 2020 at $83.3 billion for climate finance.
This is realised from a range of sources including bilateral public, multilateral public, export credit and the private sector.
President Emmanuel Macron of France, Prime Minister Mia Mottley of Barbados and UN Chief Antonio Guterres amongst others are expected to comment on this at the summit starting on Thursday 22 June.
Nigeria’s President Bola Tinubu is in France to attend the financial summit where he will be briefed by Nigeria’s Ambassador to France Kayode Laro, Permanent Secretary Adamu Lamuwa, and other officials on Nigeria’s position on the summit, and the scheduled sideline meetings with leaders and multilateral institutions.
Africa needs more
The president of the African Development Bank Group (AfDB), Akinwumi Adesina, in May, hinted that Africa will need $2.7 trillion to upscale climate change adaptation by 2030.
Mr Adesina made this known at the AfDB annual meeting themed: “Mobilising private sector financing for climate and green growth in Africa,” held in Sharm El Sheikh, Egypt.
“Africa is being shortchanged by climate finance. Africa is choking. Africa will need $2.7 trillion by 2030 to finance its climate change needs,” Mr Adesina said.
Despite being the world’s lowest emitter of greenhouse gases, Africa is one of the worst hit by climate change in the world.
For instance, in 2022, Nigeria experienced one of its worst flood disasters ever. Over 26 of the 36 states in the country were affected by floods, resulting in the death of hundreds of citizens and the destruction of houses. Also, expansive hectares of farmland were ruined, and roads and bridges were washed off.
The flood affected over 2.5 million people, displaced 1.3 million; left 2,407 injured, and 603 persons dead.
This nature’s rage, believed to have been aggravated by the existential climate change effects and poor government attention, sparked humanitarian tragedies as fears of worsening food insecurity linger.
[Premium Times]
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A Federal High Court in Abuja has reinstated Mahadi Aliyu Gusau as the Deputy Governor of Zamfara State.
Gusau and the Peoples Democratic Party (PDP) filed the action over the moves that eventually led to his impeachment in February 2022 by the Zamfara State House of Assembly.
In the judgement on Wednesday, Justice Inyang held that the indictment by the judicial panel constituted by former Governor Bello Matawalle and his impeachment were done in disregard to the matter before the court, which amounted to self-help and taking the law into their hands.
“An order is hereby made restoring the status quo of the Plaintiff/Applicant (Mahadi Aliyy Mohammed) wholly to the position of Deputy Governor of Zamfara State as at the 8th day of July, 2021 when this suit was commenced,” he said.
“An order is hereby made setting aside all the steps taken, proceeding/proceedings conducted and acts or things done by the defendants in furtherance of the purported impeachment proceedings or impeachment of the Deputy Governor of Zamfara State, during the pendency of this suit before this court.”
AIG Hakeem Odumosu, former Commissioner of Police, Lagos State Command, Wednesday, debunked news circulating online that he has been appointed as chairman of Economic and Financial Crime Commission (EFCC).
Reports emerged on Tuesday night that President Bola Tinubu had approved the appointment of Odumosu as the substantive Chairman of EFCC.
But in a statement, Odumosu, who retired as an Assistant Inspector-General of Police, said he was not aware of such an appointment.
He described the circulation of the fake appointment as an unnecessary distraction by mischief makers.
“Good Morning everyone, I have been inundated with so many calls and messages between yesterday and today on a purported “EFCC Appointment”. I just want to use this opportunity to debunk this information and say it’s totally untrue.
“This information must have emanated from Mischief Makers and should be totally disregarded,” he said.
Recall that Tinubu suspended Abdulrasheed Bawa, Chairman of the EFCC.
The suspension was announced in a statement last Wednesday by Willie Bassey, Director, Information in the Office of the Secretary to the Government of the Federation.
Former World Bank president David Malpass has expressed confidence in President Bola Tinubu’s ending of the fuel subsidy regime and scrapping of the dual exchange rates in Nigeria, saying it will help reduce corruption in Nigeria.
Sharing a Financial Times story on steps taken by Mr Tinubu’s government, Mr Malpass described the fuel subsidy regime and dual exchange rate as harmful to the Nigerian economy.
“Glad to see @officialABAT taking concrete steps to scrap Nigeria’s harmful government subsidies and multiple exchange rates,” Mr Malpass said in a tweet on Wednesday. “These are important steps toward currency stability, lower inflation, and reduced corruption in Africa’s most populous country.”
Mr Tinubu assumed office on May 29, declaring an immediate end to fuel subsidy.
“Subsidy is gone,” Mr Tinubu said in his inaugural speech, a development that saw fuel price skyrocket from N195 to N540.
A week after he assumed office, he also ordered the Central Bank of Nigeria to float the naira, allowing banks to determine exchange rates to the dollar and other foreign currencies.
Amid these developments, the president has suspended CBN governor Godwin Emefiele and EFCC chair Abdulrahseed Bawa and ordered investigations into their respective tenures.
Mr Tinubu also signed a student loan law with stringent conditions, allowing eligible students in higher institutions access loans for their education.
His actions so far have been applauded by analysts as welcome developments. However, Nigerians have been left to suffer the immediate adverse effects of fuel subsidy removal without any palliatives put in place.
Laments Judicial Nepotism and Corruption, Says Sons, Daughters, and Acquaintances of Politicians Fill the Bench
Former Chairman of the Nigerian Human Rights Commission (NHRC), Prof. Chidi Odinkalu, whilst speaking to the members of the Press on Thursday, 15th of June 2023, stated unequivocally that judicial independence had been trumped and appointments to the Bench had been politicized.
He recanted that of the 34 original nominees to the Bench, 23 were sons, daughters, mistresses and acquaintances of the top-ranking politicians.
The Human Rights advocate admitted that recent appointments to the Bench were largely influenced by a senior member of the Bench (unnamed), and the appointments were made behind series of close-door meetings and back-door handshakes between the judiciary and the Executive.
He made a satirical allusion to the game of chess, claiming that judicial officers were akin to pawns in the political landscape, and are in high-demand by corrupt politicians. This Executive-Judiciary tag team, he stated sadly, was veering away from the core tenet of democracy: separation of powers, and undermining free and fair elections. He lashed out at the manipulative use of the Judiciary to secure highly coveted electoral positions, making reference to the case of Senator Adamu Bulkachuwa.
The veteran lawyer surmised rather painfully, that the judiciary did not realize the enormity of the power vested in them by the Constitution and other relevant legal frameworks. Thus, it has abdicated its core responsibility to dispense justice, choosing rather to fraternize with self-seeking, sleazy and corrupt politicians in thwarting democratic processes.
He argued that this miasma predates contemporary Judicial appointments, and has been lingering on for decades. He made reference to the Babalakin report of 1999, which he dubbed as a must-read for all legal practitioners interested in understanding the history of judicial corruption.
He advised lawyers present to trenchantly argue for prompt and speedy exit from court with the same effervescence as they argue for equal and uninhibited access to court. He presented the recent statistics of judicial decision-making, buttressed by the popular case of Mojekwu v Mojekwu, to show that unnecessary delay tactics have succeeded in robbing the Court of its power to dispense justice. “Afterall, justice delayed is justice denied”, he claimed.
He stridently condemned the Statement made by the Nigerian Bar Association (NBA) President, Y.C. Maikyau SAN, on Thursday, 20 June 2023. In his words, the statement made by the NBA Chairman was a disgrace, as he lacked the locus standi to make such a Statement. He further derided the Statement as a disgusting cover up to blindside members of the public from the corruption in the Nigerian Judicial Council.
Concluding, he suggested that the office of the Chief Justice of Nigeria should be unbundled. He advocated for the diffusion of the omnibus powers of the CJN, thereby allowing transparency and accountability. He equally advocated for same to be done with the NJC and the NBA. Finally, he urged for a review of the process employed in judicial appointment and candidly observed that it was inept, and should be made more democratic, like that of Kenya.