Ademola Adeleke, the governor of Osun State, has reaffirmed that his administration has vowed never to borrow money from any financial institution.
Additionally, Governor Adeleke disclosed that he has developed more effective internal revenue generation strategies to support his ongoing efforts in the state.
The Governor announced this on Thursday at the inaugural “Ipade Imole” interactive public engagement session in Osogbo.
While listing the achievements of his government, Adeleke also disclosed that he has resolved to spend the N2bn palliative fund from the federal government on major projects among which are: renovation and procurement of more buses for easy and affordable transportation, as well as rehabilitation of health facilities.
“Development of Osun is paramount to me and hence I decided to take huge sacrifice by adding my security vote to fund the project in the state rather keep it to myself like others before me”, he said.
The Governor also disclosed his administration has prioritised projects it intends to finance with the Infrastructure Support Fund of the Federal Government, which include a flyover in the state capital.
“We intend use the N2billion to fund some projects, including dualisation of roads at two per senatorial districts; flyover bridges at Osogbo and some other towns; street lights for newly constructed roads; second stream of 332 boreholes across wards; commencement of Imole transport service; and Imole Housing Estate at 500 units per federal constituency,” he said.
A Coalition of Pro-Democracy Organisations in Nigeria, an amalgamation of groups committed to ensuring transparency, fairness, and accountability in the electoral process, have vehemently rejected the proposal by the Independent National Electoral Commission (INEC) to abandon electronic transmission of results in the forthcoming Bayelsa State governorship elections.
Rising from a meeting in Abuja on Thursday, the group said the planned manual transmission of results being proposed in the forthcoming governorship election, is an attempt at allowing desperate politicians to manipulate the will of the Bayelsa electorate, during the election.
The INEC, had on Wednesday, stated its plans to transmit results of the November 11 Bayelsa governorship election manually.
This was made known through the State’s Resident Electoral Commissioner (REC), Mr. Obo Effanga.
Olufemi, National Secretary, Campaign for Democracy (CD) and Atani John, Niger Delta Democratic Vanguard, who signed the communique, said: “We believe that the integrity and credibility of any election depend on the transparency of the electoral process, including the accurate and timely transmission of results.
“Electronic transmission of results is a vital component of ensuring the authenticity and fairness of elections, and its abandonment would undermine the trust of the electorate, Nigerians and the international community in the electoral process.
“The use of technology in the transmission of election results has proven to be a valuable tool in reducing electoral fraud, promoting accountability, and delivering more accurate and timely results to the public. It enhances the transparency of the electoral process and minimises the potential for manipulation or tampering with results at various stages.
“We urge the Independent National Electoral Commission (INEC) to reconsider its proposal and uphold the principles of transparency and accountability in the Bayelsa State Governorship Election.
“We call on INEC to ensure that the electronic transmission of results is not only maintained but also improved upon to guarantee the credibility of the electoral process.”
Founder of Afe Babalola University in Ado-Ekiti (ABUAD), Chief Afe Babalola (SAN), has accused governors of misapplying financial allocations to local governments in their domains.
He said the “inactions” of the governors were stunting development at the grassroots as well as depriving the people of the benefits that they should ordinarily access without stress.
Babalola spoke yesterday in Ado-Ekiti, the Ekiti State capital, while declaring open the eighth edition of the Afe Babalola Agricultural Expo (ABAEX).
The eminent lawyer expressed dissatisfaction with the way governors run the third tier of government.
He said the governors have made the local governments the appendages of the state government, thereby rendering them ineffective.
Babalola urged President Bola Ahmed Tinubu to ensure that the nation’s 774 local government areas get their allocations directly from the Federation Account to ensure grassroots development and engender transparency.
The ABUAD founder explained that releasing funds to the local governments would enable their chairmen to contribute to the socio-economic development in the communities, especially in the support for farmers.
According to him, the country has over the years abandoned agriculture, which was responsible for increasing food insecurity.
Babalola stressed the need for government at all levels to invest massively in agriculture.
He said: “I am suggesting that local governments should be empowered. Each local government should set up farming equipment for farmers to hire. They should also earmark large hectares of land for the farmers to farm.
“When I was a councillor in those days, local government funds used to come directly to them. We all know what has been happening to their money.
“I think the current President (Bola Tinubu) should do all he can to ensure that local government allocations get to them directly and not through the governors because they (governors) steal a lot.
“There is no parent that will send their children to school – some to Master’s and Ph.D levels – only to come back and be asked to use cutlass to farm.
“The best the government can do now to revive agriculture is to buy modern implements to encourage people to farm. If local government funds get to them, they will be able to buy tractors for the people to rent.”
The chairman of the expo’s Local Organising Committee (LOC), Prof. Abiodun Ojo, said the vision of ABAEX is to encourage excellence and sustainable performance among farmers in Ekiti State.
The LOC chairman said it is also meant to increase value addition across all agricultural products.
“To prosecute this ABAEX 2023 successfully, including logistics and the award for five winners from each local governments and te overall winner from all the local governments in Ekiti, plus the empowerment programme for youths and girls, a total of N32,478,400 has been expended,” he said.
Says I’ll Change Edo Narrative, Give Power Back To People.
Former President of the Nigerian Bar Association (NBA), Mr Olumide Akpata, formally declared his intention to vie for the Edo State governorship seat in the September 21, 2024, elections under the banner of the Labour Party (LP).
Akpata, who was at the Edo State secretariat of the party on Ogbelaka Street, Benin City, late Thursday evening, said that he decided to join the gubernatorial race using LP as the platform because the party remained the only “people-oriented” party in the country.
Accompanied by a mammoth crowd of supporters and LP members across the 18 local government areas of the state, the former NBA President noted that with the formal declaration, all speculations about his governorship ambition and the vehicle he would use to actualize it had been permanently laid to rest.
Addressing the crowd after a closed-door meeting with the state executive council members of the party, Akpata said that his interest in the people of the state informed his choice of the LP as the only means through which the people could liberate themselves from the shackles of politicians who had held them down and retarded the progress of the state.
Lamenting that the people had been taken out of the equation in governance and politics, Akpata said that if given the opportunity to fly the flag of LP in the forthcoming election, he would change the narrative and give the people a new lease on life.
“My interest is for the people of Edo State. And what I find out about politics and governance in Nigeria today is that the people have been taken out of the equation. Nobody cares about the people.
“So, when I look around, the only party I find to be people-oriented and interested in lots of our people is the Labour Party. So I have come here to express my interest and to carry the people along,” he declared.
Akpata promised to take the Labour Party to greater heights in the event that he emerged as the party’s candidate in the primary.
Receiving the aspirant, the Edo State Chairman of the party, Mr Kelly Ogbaloi, said the State Working Committee (SWC) of the party had accepted to allow Akpata to run, just as he promised a level playing field for all aspirants who would be desirous to run under the platform of the party.
Public universities may be in for tough times as lecturers continue to leave the system in droves for greener pastures abroad, thereby putting the future of Nigeria’s tertiary education in jeopardy.
The looming crisis, if not checked, would not only lead to acute shortage of teaching staff, but also affect quality of teaching in the institutions.
An official of the university who spoke in similar vein, said to make up for those who have left, non-teaching staff who are done with their doctoral programmes are being converted to academic cadre.
The source, who pleaded anonymity, said: “The situation on campus is worrisome, lecturers are resigning everyday, all those sent abroad for their PhDs are not coming back. The morale is low; the job is no longer attractive to lecturers. The facilities are not there, salaries are being owed and living conditions of both teaching and non-teaching staff is very poor.”
At AAUA, it was learnt that about 45 per cent of lecturers, drawn from the various departments, had already left for overseas, while many others are planning to leave.
At the University of Ilorin, an official, who pleaded anonymity, confirmed that about 40 per cent of lecturers and some non-teaching staff have left the country for greener pastures.
It was also learnt that about 50 per cent of lecturers at the Obafemi Awolowo University (OAU), Ile-Ife; Federal University of Agriculture, Abeokuta (FUNAAB), and the Olabisi Onabanjo University (OOU), Ago-Iwoye, had similarly resigned and relocated abroad.
An official of ASUU at the University of Uyo, Dr Happiness Uduk, confirmed that many of her colleagues had left the system. Though she did not mention the number of lecturers and professors that have left the institution, she noted that “professors and other lecturers in UniUyo who had opportunities outside have left and more are leaving the country for greener pastures.”
According to her, more than 70 per cent of bright and promising young academics retained by the university through mentorship have all left the country for greener pastures due to the poor conditions of service in Nigeria.
‘’Those remaining are on the verge of leaving. No government in the history of Nigeria has been so insensitive, brash and disrespectful of the best brains in the country than the past administration. This is unfortunate and a shame,’’ the don lamented.
An official of Federal University of Technology (FUTA), Akure, said considering the sorry state of Nigerian universities and non-payment of eight months outstanding salaries to lecturers, many had to look for alternatives.
“It is true that lecturers are leaving the country, at FUTA, I can say about 40 per cent, if not more, have left and many are still planning to leave. These are tough times, no salary, no tools for teaching, no funding for research and the atmosphere is not even conducive for teaching or learning. If you were in their shoes and you found a better opportunity, what would you do?”
Findings at Ahmadu Bello University (ABU), Zaria, and the Kaduna State University (KASU) are not different. A staff at KASU disclosed that resignation or mass exodus of lecturers seeking greener pastures outside the country or elsewhere has become a common phenomenon among the workforce.
“The issue is not really about those that have left, but those that want to leave,” the sources said, stressing that the majority of the workers are not happy with the situation.
“The issue of brain drain is a serious development, there are so many lecturers that have moved abroad because of the way our education sector is presently,” they said.
A lecturer at the Federal University, Otuoke, Dr Socrates Ebo, admitted that some of his colleagues had left the university for overseas, “where things work.”
“Being a lecturer in recent times is like signing a pact with poverty. The salary is nothing to write home about,” he lamented, adding that the deductions as well as lack of infrastructural facilities are also discouraging.
In the same vein, a lecturer in the Department of Science and Mathematics Education at Benue State University, Makurdi, Dr. Garshagu Atovigba, confirmed that about 35 percent of lecturers had relocated from the institution.
He said” “If you look at the trends of salary increment from 2009 till date, it showed civil servants have been paid up to 250 per cent of their salaries, while lecturers have been the same since 2009. The government has deliberately impoverished the Nigerian lecturers, hence, there is no option left for many of us than to pursue greener pastures in other climes.”
He recalled how a Professor of Language Education left the university five years ago, and the school has not been able to get another lecturer with PhD in English/Education to replace him.
Atovigba expressed regrets that as lecturers are leaving in droves; there would be a challenge to get replacements in a long time, thus leaving the institutions without lecturers.
The development has raised concerns among stakeholders, who have expressed worry over the fate of public universities. They lamented that the mass exodus of lecturers abroad would put the future of the nation’s universities in jeopardy.
A university don, Prof Olu Ademoye, noted that despite the mass resignation of experienced and young lecturers, universities could not employ new hands to replace them because of an embargo of government policy. He said losing any of the experienced hands to foreign universities would naturally spell an unquantifiable setback for the nation’s universities.
“No one should blame whoever decides to relocate to a more conducive and friendly environment, countries where they are better welcomed, with ample opportunities to realise their potential as university lecturers and researchers.
Director, Centre for Open, Distance and e-Learning, Federal University of Technology, Minna, Musa Aibinu, described intellectual flight as “one of the greatest challenges” of the Nigerian education sector and Africa in general. He said about 23, 000 lecturers emigrate from Africa to other climes on yearly basis.
“Some go for further studies and end up not coming back; some go for greener pastures; others run away from the unfavourable conditions we have here.
“Lecturing has three components-lecturing, research and community service; the funding of research here is very low though Tertiary Education Trust Fund (TETFund) is trying, but we are still far below. Again, the decay in infrastructure does not favour basic and applied research- all these factors push our lecturers abroad.’’
On his part, Professor of Adult Education, John Odu, said to retain quality professionals, the working conditions of lecturers must be improved upon.
“The university system needs help, not only because of today but also because of tomorrow.
“May I plead with the Committees of Pro-Chancellors, Vice-Chancellors, Nigerian Academy of Science, other academies in the country, and every other stakeholder in Nigeria to kindly rise to the occasion so as to minimise or stop this “academic bleeding” that we are experiencing.”
“We are in trouble in Nigeria, and the Federal Government is not helping us. The younger ones who are brilliant have relocated abroad. As soon as they complete the first degree, they relocate abroad, they do well there, and they are not coming back to this country,” Odu stated.
[Guardian]
The United States Consul General in Nigeria, Will Stevens, said the growing trend of military takeover of government in Africa was because some leaders in the continent refused to relinquish power after their tenure in office.
Stevens expressed concern that Africa is facing challenges like climate change and food insecurity, saying only democratic stability could help in resolving the problems.
The Consul General spoke on Wednesday at the launch of the ‘Recycling Waste to Wealth Challenge’ competition for secondary school students at Abeokuta Window on America, located at the Youth Development Centre of the Olusegun Obasanjo Presidential Library (OOPL), Abeokuta, Ogun State.
DAILY POST reports that the programme is a US Government supported enterprise competition for students in vocational and technical colleges in Ogun State.
In his words, Stevens said leaders of Africa must embrace the real tenets of democracy by ensuring peaceful transition of power.
According to him, Nigeria has enjoyed 25 years of uninterrupted peaceful democratic transition, urging other African nations to learn from Nigeria.
He said, “(Olusegun) Obasanjo served two terms and left power, he set the precedent in Nigeria of you serve and then you step aside for your successor.
“Nigeria has enjoyed 25 years of presidential succession. President Buhari just did the same thing.
“There are Presidents of neighbouring countries that have been there for a very, very long time, 20, 30, 40 years, this leads to democratic instability, it leads to coup.”
[DailyPost]
Access, Fidelity, Zenith lend states N46bn in six months as govs battle poor IGR
•Fiscal Responsibility Commission issues guidelines to banks on lending to states, MDAs
State governments borrow about N46.17bn from three banks to pay salaries between January and June 2023, according to findings by The PUNCH.
The findings were based on an analysis of the half-year 2023 financial statements of Access Bank, Fidelity Bank, and Zenith Bank Group.
The PUNCH observed that the states borrowed the most from Access Bank in six months, with a record of N42.97bn loan.
It was followed by Zenith Bank (N1.78bn borrowed) and Fidelity Bank (N1.42bn borrowed) within the six-month period.
According to the H1 2023 financial statement of Access Bank, the outstanding balance on the salary bailout fund was N58.84bn by June 30, 2023, from N101.81bn in December 2022.
“The amount of N58,842,651,795 represents the outstanding balance on the state salary bailout facilities granted to the bank by the Central Bank of Nigeria for onward disbursements to state governments for payments of salary of workers of the states. The facility has a tenor of 20 years with a 2 per cent interest payable to the CBN. The bank is under obligation to on-lend to the states at an all-in interest rate of nine per cent per annum. From this creditor, the bank has nil undrawn balance as at 30 June 2023,” Access Bank noted.
For Fidelity Bank, the H1 2023 financial statement showed that the outstanding balance on the salary bailout fund was N80.65bn by June 30, 2023, from N82.07bn in December 2022.
The bank noted “FGN Intervention fund is CBN Bailout Fund of N80.65billion (31 Dec 2022: N82.07bn). This represents funds for states in the Federation that are having challenges in meeting up with their domestic obligation including payment of salaries. The loan was routed through the bank for on-lending to the states. The bailout fund is for a tenor of 20 years at 9 per cent per annum.”
It added, “The bailout fund is for a tenor of 20 years at 7 per cent per annum and availed for the same tenor at 9 per cent per annum until March 2020, the rate was reduced to 5 per cent for one year period due to Covid-19 pandemic to March 2021 after which it was extended to February 2023. CBN on August 17 2022 further reviewed the rates in response to economic outlook and approved the following order; All intervention facilities granted effective July 20, 2022 shall be at 9 per cent per annum while all existing intervention facilities granted prior to July 20, 2022 shall be at 9 per cent per annum effective September 1, 2022.”
According to the H1 2023 financial statement of Zenith Bank, the outstanding balance on the salary bailout fund was N125.14bn by June 30, 2023, from N126.92bn in December 2022.
The bank noted, “The Salary Bailout Scheme was approved by the Federal Government to assist state governments in the settlement of outstanding salaries owed their workers. Funds are disbursed to banks nominated by beneficiary states at two per cent for on-lending to the beneficiary states at 9 per cent. The loans have a tenor of 20 years. Repayments are deducted at source, by the Accountant General of the Federation, as a first line charge against each beneficiary state’s monthly statutory allocation. This facility is not secured.”
The PUNCH findings show that the loans occurred despite the slight increase in the revenue allocation to states.
The PUNCH had earlier reported a N540bn increase in the amount shared between the Federal Government, states, and Local Government Areas.
This was according to an analysis of the communiqués issued by the Federation Account Allocation Committee between January to July for 2022 and 2023.
In 2022, a total of N4.96tn was shared for the first seven months of the year.
By 2023, a total of N5.5tn was shared for the first seven months of the year.
However, The PUNCH has also reported that about 25 states in Nigeria suffered a drop in their internally generated revenue and battled cash crunch in the first quarter of 2023.
Data obtained from the budget implementation report of each state showed that 25 states earned N182.26bn in Q1 2023.
This was a shortfall of 3.07 per cent or N5.77bn from the N188.03bn made in Q4 2022, based on a quarter-by-quarter analysis.
Although there are 36 states in Nigeria, Rivers and Sokoto have no data for Q1 2023 yet; Akwa Ibom has no data for Q1 2022, while Kwara, Edo, Kaduna, Lagos, Bauchi, Zamfara, Yobe, and Ogun have no data for Q4 2022.
Therefore, the figure for IGR was limited to 25 out of the 36 states in the country.
The PUNCH findings showed that the 25 states projected an IGR of N219.56bn for Q1 2023 but only made about N182.26bn, which means that they had a revenue performance of 83.01 per cent.
This also means that the revenue underperformed by 16.99 per cent as it failed to hit the states’ revenue target.
States debt
Also, The PUNCH had reported that state governments’ indebtedness to commercial banks rose to N2.2tn amid worsening revenue challenges.
This was according to data from the quarterly statistical bulletin of the Central Bank of Nigeria, which showed that states and LGAs owed banks about N2.21tn as of March 2023.
CBN data also revealed the states’ indebtedness rose from N1.97tn to the current figure, indicating an increase of about N240bn within the period under review.
Data from the Debt Management Office showed that the 36 states and the Federal Capital Territory have N5.82tn domestic debt and $4.35bn external debt.
In its December 2022 edition of the Nigeria Development Update, the World Bank noted that states’ debts would rise above 200 per cent of the revenue generated in 2022 and 2023.
The report read, “Debt levels for an average state are estimated to increase from 154.6 per cent of revenues in 2021 to above 200 per cent of revenues in both 2022 and 2023.”
Borrowing for salaries
Economic experts, who spoke with The PUNCH on Wednesday, described borrowing for the payment of salaries as dangerous, cautioning states against this.
An economist and former Vice-Chancellor of the University of Uyo, Prof Akpan Ekpo, acknowledged the bad economic situation of the country, which has compelled states to do more borrowing.
He, however, advised against borrowing for recurrent expenditures, such as salaries.
“The situation is bad but most states do not have enough in terms of internally generated revenue. A lot of the states, even their federal government allocation, cannot pay salary, which is very dangerous. You should not borrow to pay salaries.
“You should borrow to finance capital projects. States have to think of new ways of increasing their IGRs. If they continue borrowing to pay salaries, it is not good for the economy,” Ekpo said.
He urged the states to look at what they have in their states in order to find a way to increase their revenue.
Ekpo also urged the states to increase service delivery, which will attract more revenue.
A development economist, Dr Aliyu Ilias, also acknowledged the economic difficulties that states are faced with but noted that borrowing to pay salaries is a problem.
“With the current hardship we have in the country, they may not have alternative than to resort to borrowing. But borrowing to pay salaries is becoming a problem. We must stop borrowing for recurrent expenditure. We can borrow for capital expenditure; that is okay. The consequence is that we are digging ourselves into more trouble,” he said.
He admitted that state governments might be unable to join in the Federal Government’s effort to increase allowance to workers.
He then advised, “Each state should look inward, find what they are good at and maximise it.”
Also speaking with The PUNCH, a Professor of Economics at the Olabisi Onabanjo University, Prof Sheriffdeen Tella, said borrowing for consumption is worsening the country’s inflation.
“It is part of what was creating inflation. Most of the money borrowed were for consumption not production. It is unfortunate,” he said.
He urged the states to stop depending on the Federal Government and boost local production for more revenue generation.
A former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, described the borrowing by states as bad.
“This is the bad borrowing we are talking about – borrowing for recurrent expenditure. That is a very bad one,” he stressed.
He further called on states to stop depending on the Federal Government, cut governance costs, and block revenue leakages.
“Most of them depend on the Federal Government. I will advise them to work hard to increase their internally generated revenue. When they do that, they have to look into the costs of governance – having a fleet of cars for themselves and aides.
“They should reduce the cost of governance and block leakages. Most of the money you see are being embezzled,” he told The PUNCH.
FRC engages banks
The Fiscal Responsibility Commission has said it is set for a stakeholder dialogue on how to implement sections of the Fiscal Responsibility Act, 2007 relating to lending by banks to governments and public institutions in the federation.
The agency, which is saddled with the task of promoting a transparent and accountable government financial management framework for Nigeria, disclosed this in a statement by its spokesman, Bede Anyanwu, on Wednesday.
The statement read, “The Fiscal Responsibility Commission has concluded preparations to hold a stakeholder dialogue on implementing sections of the Fiscal Responsibility Act that relate to lending by banks to governments and public institutions in the Federation.
The Fiscal Responsibility Act 2007 (FRA), which is Nigeria’s foremost legal framework for the promotion, monitoring, and enforcement of fiscal discipline and accountability in the management of public finances, stipulates that lending by banks to governments or their agencies in contravention of certain provisions of the Act shall be unlawful.
The statement added, “The Commission aims at using the stakeholder dialogue to refresh the attention of stakeholders to this provision of the Act and to engender stakeholder agreement on ways to enhance compliance and thereby improve the nation’s debt management practices.”
The measures currently being implemented by the Nigerian National Petroleum Company Limited to tackle crude oil theft and pipeline vandalism is yielding tremendous results as the Nigerian oil and gas industry achieved its highest crude oil and condensate output in nearly 18 months, with a production of 1.72 million barrels of crude and condensate.
This improvement is the result of months of collaboration with operators to co-create unique solutions to peculiar challenges, mainly evacuation issues faced by individual operators, stakeholder management, political will, and support from government institutions.
Data from the NNPC showed ghaf as of 25th of September 2023, the Nigerian oil and gas industry achieved its highest crude oil and condensate output in nearly 18 months, with a production of 1.72 million barrels of crude and condensate.
This improvement, it was gathered is directly attributable to the reopening of operations along corridors with a history of security challenges, the restart of production from facilities that have been shut down for extended periods due to evacuation challenges, the completion of Turn Around Maintenance (TAM) of some assets, completion, and hook-up of infill wells, and critical NEPL well intervention projects.
In September 2023 alone, ABO TAM was completed, while ESSO-operated offshore Assets (Erha & Usan) recorded significant gains.
Similarly, the old and new Kolo Creek Trunklines were reopened, while production was restarted into the Okodia-Rumuekpe line (Zone 7) effectively enabling the recommencement of production from the SPDC East Assets including Nun-River and Kolo Creek.
Also, AITEO Exploration and Production, NNPC Eighteen Operating Limited, Heirs Energies Limited, Total Energies (OML 58 & 102) and Mobil (Etim & Inim) all ramped up production in September 2023, contributing sizeable volumes to Nigeria’s national output.
These improvements, combined with prevailing crude oil, have significantly improved the overall mood of the industry, with operators able to meet their obligations to contractors and a line of sight to healthy returns on investments.
The NNPC Ltd, it was learnt, has also been consistent and timely in meeting its cash call obligations with the much-improved production output.
“There is indeed a lot to be optimistic about, and there is still enough room for improvement. NNPC Ltd. is pursuing all avenues to meet and exceed expectations,” a top official said.
The fate of the suspended Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, remains uncertain 112 days after his arrest.
Bawa was suspended from office by President Bola Ahmed Tinubu on June 14th, 2023 and Abdulkarim Chukkol was appointed to act in his capacity.
The Department of State Services (DSS) had immediately picked up Bawa for questioning at the DSS headquarters at about 9:pm on the same day he was suspended.
The DSS Spokesman, Peter Afunanya confirmed the arrest in a statement saying: “The Department of State Services (DSS) has invited Mr. Abdulrasheed Bawa, the suspended Chairman of Economic and Financial Crimes Commission (EFCC).”
Before his arrest, some civil society groups had called for his removal for allegedly disobeying court orders.
But 112 days after, no further statement has been issued about him.
But while in detention, Bawa is said to have refused to cooperate with his interrogators and revealed little.
However, recent reports in the media claim Bawamay have agreed to a deal that could see him resign as EFCC chairman and walk home in peace.
It is also reported that President Tinubu may soon appoint a new EFCC chairman together with the Director General, Nigerian Financial Intelligence Unit (NFIU) and ICPC chairman.
Some prominent lawyers and civil society groups have called for his release after months in detention without trial.
A lawyer, Nkereuwem Anana, had also filed a suit seeking an order for the immediate release of the embattled EFCC Chair from custody.
The lawyer is seeking the sum of N100 million from the federal government for compensation to Bawa for “unlawful and continuous” detention by the DSS.
Justice Akintayo Aluko of the Federal High Court in Lagos has slated October 9, 2023, for the court hearing.
The U.S House of Representatives Speaker, Kevin McCarthy, was voted out of office on Wednesday by colleagues in his Republican Party, alongside those in the Conservative and Democratic Parties.
The House voted 216-210 to remove McCarthy while few Conservatives joined Democrats and Republicans to remove him.
A number of Republicans accused McCarthy of aligning with the policies of the Democrats and not taking a critical stand against President Joe Biden.
He was accused of not making moves to end the war in Ukraine, secure the US border and make America energy independent again – an ideal that was championed by former US President, Donald Trump.
McCarthy told the press he would not contest for speakership again in the House of Representatives dominated by Republicans.
He equally accused former US Speaker, Nancy Pelosi, of supporting the Republicans that were not in alignment with his political ideals.
“I may have lost this vote today, but as I walk out of this chamber I feel fortunate to have served,” McCarthy said.
The development is reportedly the first in U.S. history.
It was engineered by McCarthy’s colleagues in the Republican Party who disagreed with his disposition towards a number of political issues.
The Democrats aligned with the Republicans to perfect McCarthy’s removal through a vote.
Former US president Donald Trump is also being blamed for McCarthy’s removal and a number of foreign media claim Trump is rallying his Republican House members to press ahead to remove president Joe Biden.
The House has adjourned to next week for lawmakers to choose a new speaker.
The Republicans are searching for a replacement within the party.
The Republicans are also reportedly planning to impeach Biden.
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The National President of Arewa Youths Consultative Forum, (AYCF), Yerima Shettima has stated that it is too early to accuse President Bola Tinubu of engaging in lopsided appointments.
Shettima said this while speaking with Daily Post.
He stated that the region is keenly watching Tinubu’s administration.
Shettima noted that Tinubu only took over power three months ago, adding that every administration has its own method of doing things.
The AYCF president stated that he believes the president has good intentions for the North and they are patiently waiting to see his plans unfolds.
Shettima, said, “It’s too early to conclude that appointments are lopsided or there is nepotism.
“He took over the government just three months ago, so naturally, every government has its own style, but what’s important before Nigerians is who are we picking? Are they competent? Can they give us what we want as a nation?
“Since we have tried nepotism over time and it didn’t work, can we try competency? I’m sure Tinubu has not made all the appointments, so let us not put the cart before the horse; let’s give him the benefit of the doubt and see how far he would go and after a while, we will respond accordingly.
“I’m not part of those who believe that they would just imagine things and assume that all is not well.
“As for the North not being favoured, we are watching at the moment, but we are not in a hurry to conclude that he is not doing anything good because I believe he has good intentions; until he proves otherwise then we will look for an alternative.
“But for now, let’s not be in a hurry because it’s still early. We didn’t get it exactly how we wanted it, and we didn’t expect it to be this way.
“We are not in a hurry; we Northerners don’t believe in propaganda or talking anyhow.
We will give him the benefit of the doubt until he gives us reason to react, and then he will see us in full colour. Even if we can’t get our way now, there are elections ahead of us so we will decide before then.”
Benue State Governor, Rev Fr Hyacinth Alia has ordered the Urban Development Board in the state to investigate the encroachment of government lands by residents within Makurdi, the State Capital.
This was contained in a statement by the Governor’s Chief Press Secretary, Tersoo Kula, on Wednesday in Makurdi.
Governor Alia gave the order when he visited Benue Links, the state-owned transport company, to inspect ongoing work on erosion control and other maintenance work in its office premises.
He ordered the board to, within the shortest time, identify and summon all those who have built on waterways, as well as those who have illegally possessed government lands.
”Those who encroached on lands or built on waterways must present their titles and other relevant documents for assessment and verification, ”he said.
Governor Alia maintained that the state will not fold its hands while people suffer the greed of a few individuals
President Bola Tinubu’s ministerial nominee, who replaced former governor of Kaduna State, Nasir el-Rufai, Mr Abbas Lawal Balarabe, suddenly slumped in the Senate Chamber during screening.
Balarabe is former Secretary to the Government of Kaduna State.
The nominee had chaired a 65-man transition committee ahead of the swearing-in of Senator Uba Sani, as governor of Kaduna State on May 29.
He also headed the transition committee of the state in 2015 and served as the vice-chairman of the committee in 2019.
The Red Chamber had in August declined to confirm three ministerial nominees who included el-Rufai, Senator Abubakar Sani Danladi (Taraba) and Stella Okotete (Delta) over lack of security clearance.
President Tinubu in his letter urged the Senate to consider his request expeditiously.
[ThisDay]
The Nigerian currency, the naira, has suffered a significant depreciation in the third quarter of 2023, according to official and unofficial data.
The third quarter of 2023 has closed with startling figures for the Nigerian economy as the Naira faced a significant depreciation in value.
According to data gathered by Nairametrics, the official exchange rate at the end of Q3 was N755.27/$1, a noticeable drop from N769.25/$1 at the end of Q2.
However, it’s the parallel or “black” market that paints a more distressing picture, with the rate plummeting from N770/$1 to N1000/$1 over the same period—a staggering 23% loss.
Simultaneously, the external reserves have slipped from $34.1 billion at the end of Q2 to $33.2 billion, raising further questions about Nigeria’s economic stability.
The widening gap between the official and unofficial rates reflects the persistent scarcity of foreign exchange in the country, as well as the divergent policies of the CBN and the market forces.
The central bank has blamed the forex backlog estimated at between $6 billion to $10 billion as the major reason for the currency depreciation.
At the recent Senate confirmation of the central bank governor, Yemi Cardoso stated that he intends to establish the exact unsettled obligations and find ways to “take care of it” confirming that progress will not be made without clearing the backlog.
- “Number one- it is that of which I’ll term an operational issue. Right now, we have a situation where we are aware there are unsettled obligations of the central bank whether it is $4bn, $5bn, $7bn, I don’t know.”
- “But definitely, the immediate priority will be to verify the authenticity and extent of the unsettled obligation and once we do that, we need to look for a way to take care of it.
- It would be naive for us to think we will be able to make progress if we don’t handle that side of the foreign exchange”
The naira’s weakness has had negative impacts on the Nigerian economy, as it has increased the cost of imports, fuelled inflation, eroding purchasing power, and discouraged investment.
The inflation rate rose to 25.8% in September, according to the National Bureau of Statistics (NBS).
The outlook for the naira remains bleak, as analysts expect further pressure on the currency in the fourth quarter of 2023. The exchange rate experienced a sharp depreciation in November 2022 after the apex bank announced its currency redesign policy.
The CBN may have to devalue the official rate again to align it with the market reality and conserve its dwindling external reserves, which fell from $34.1 billion at the end of June to $33.2 billion at the end of September.
Nairametrics analysts however suggest a further devaluation might be avoided if the apex bank is able to meet its obligations to clear forex backlogs. However, achieving this might require the government tap new loans from friendly countries.
Without this, experts with hawkish views opine the parallel market rate may also breach N1100/$1 by December, as demand for dollars increases ahead of the festive season and amid a new wave of Nigerians seeking to “Japa” in the new year.