The All Progressives Congress (APC) on Wednesday said President Bola Tinubu is taking some courageous and decisive steps to reposition Nigeria.
The party stated this in its 2023 Eid-el-Kabir message to the people of the country which was signed by the APC National Publicity Secretary, Felix Morka.
According to the APC, the steps being taken by President Buhari are targeted at repositioning the country for rapid economic growth and wholesome greatness in line with his administration’s Renewed Hope agenda.
The ruling party urged Nigerians to embrace the virtues of sacrifice and patience.
The statement read, “This year’s celebration remarkably coincides with a period in our nation’s history when our dear President, Asiwaju Bola Ahmed Tinubu, is taking some courageous and decisive steps to reposition our beloved country for rapid economic growth and wholesome greatness in line with his administration’s Renewed Hope agenda.
“We urge Nigerians to subscribe to the virtues of sacrifice and patience as we soldier on in our quest for a better Nigeria. We also enjoin our Muslim compatriots to continue to show compassion towards the needy and less-privileged among us as they celebrate.”
Elder statesman and chieftain of the New Nigeria People’s Party (NNPP), Buba Galadima has submitted that the presidential election tribunal can’t change the outcome of the 2023 presidential election in which President Bola Tinubu was declared winner.
Though according to him, the election was not free and fair, historically since 1979, the outcome of any presidential election has never been changed by the court.
He added that the NNPP has little confidence in the credibility of the judiciary based on recent happenings in the country.
Naija News reports Galadima stated these on Tuesday during an interview appearance on Channels TV Political Paradigm.
According to him, rather that spend about 10 or 15 billion naira on a wild goose chase at the tribunal, the NNPP would rather use such money to prepare for the 2027 polls.
He said, “Which politician has succeeded in court since 1979 in Nigeria in a presidential petition case?
“Why waste our N10bn or 15bn because we heard some people are spending such billions now on social at the tribunal; if we have such money we would use it to prepare for the 2027 general election.
“The NNPP is strong, we did not do well because the registration of the party came late, if not for INEC targeting us and our candidates names and logo was omitted in some states we could have performed better”.
The Federal Government met with officials of Deposit Money Banks and other related institutions in Abuja, on Tuesday, to plan for the production of functional three-in-one identity cards for older citizens across the country.
Speaking at the Roundtable Meeting with Banks on the Production of Senior Citizens Identity Cards, the Director-General, National Senior Citizens Centre, Emem Omokaro, said the initiative would improve the quality of life of older persons across the country in various ways.
Omokaro called for public-private partnerships in the production of the ID cards.
“This roundtable meeting, we hope, being a joint novel and maiden meeting on funding possibilities for the production of functional and seamless (three-in-one) identity cards for senior citizens, would provide equal opportunity for all present to contribute your perspectives and ideas to the national project.
“The National Senior Citizens Centre’s vision is a multi-purpose card that would serve as a vehicle for financial inclusion, conducive economic and social enterprise empowerment instrument and access to age-friendly physical environment outcomes for Nigeria’s senior citizens – a population most left behind,” she stated.
The Director, Active Ageing and Support Services, NSCC, Kayode Fagbemi, outlined the benefits of the multipurpose ID cards for the senior citizens.
“The ID card is expected to provide unique benefits to the senior citizens in the following ways: The cards will be multipurpose cards as they will serve as both national identity cards, bank cards, and senior citizens cards.
“It contains vital information about the senior citizen. For travel benefits, senior citizens should be able to enjoy concessions on railway tickets. Separate counters or queues should be available for booking tickets.
“Airlines should be able to offer discounts on domestic flights. Separate counters or queues should be available for booking tickets. Public transport in the states should be able to offer discounts for senior citizens,” he stated.
Fagbmi said the objectives of the roundtable include to work out modalities for the printing of identity cards for senior citizens of Nigeria above the age of 60.
“To deliberate and determine the designs of the cards, create awareness, as well as address older persons keying into acquiring the cards and taking part in the benefits that come with the card.
“These benefits include discounts that will be placed for older persons from pharmacies, restaurants and other services such as transport, hospitals and many more,” he stated.
Some Nigerian pastors have expressed mixed reactions on whether the use of ‘Aboru Aboye’ in the viral song by popular gospel singer, Tope Alabi, is proper in a gospel song.
While some of the pastors who spoke with our correspondent saw nothing wrong with Alabi’s choice of lyrics in the viral song, others disagreed, arguing that the singer should not incorporate traditional terminologies into gospel music.
Alabi made headlines last Friday following the release of a song where she was heard singing the words ‘Aboru Aboye,’ terms mostly used by Ifa worshippers when greeting initiates, sometimes referred to as ‘Babalawo’.
Alabi, in the viral video, could be heard singing the lyrics; ‘Emi ni aboru, aboye… abiye ni mi, Oruko mi ni yen. Mo de bo, mo ru, mo ye,” (I am a sacrifice, that’s my name. I am a sacrifice accepted by God, that’s my name).
Her lyrical choices have since gotten many tongues wagging on and off social media.
However, reacting to the viral video, Pastor Lanre Kayode, Senior Pastor of the Christ Apostolic Church, Shibiri branch, Lagos, said the controversy trailing the video could be blamed on the poor understanding of the Yoruba language by some of her critics.
Pastor Kayode said, “It’s a language thing. I see nothing wrong with what she said. She was simply praising God.”
He argued that another gospel act, Dunsin Oyekan, has a song where he used similar words only sung in the English Language and no one raised an eyebrow.
Oyekan, in the song titled ‘More than a Song, sang the words: ”I am more than a song today, I am a sacrifice…” similar words to Alabi’s but conveyed in a different language.
”Why are people not complaining about that? Is it because he sang in English?
“Why do people not have issues with this? Is it because Tope sang in Yoruba?” Pastor Kayode asked.
He stressed that there is nothing wrong with Tope Alabi’s choice of words. “It’s simply a language thing. Not many people understand Yoruba that well and that’s why they are criticising the song,” he said.
Also speaking with our correspondent, Pastor Tunde Afolabi of the Christ Redemption Church, Ogba, Lagos, kicked against the criticism of Tope Alabi over the Aboru Aboye song saying people probably misinterpreted Alabi’s stance on the use of the ‘Aboru Aboye’ and believed it is and can only be used by traditionists.
He said, ”People believe she is referring to Ifa but I feel she is worshipping her God the best way she knows how. We all have the best ways to worship God.”
Prophet Akinyele Timothy of Celestial Church Of Christ, El morijah Olubukun parish, Ikorodu, also backed Alabi’s use of ‘Aboru Aboye’ words in the viral video.
Prophet Timothy said, ”Tope Alabi was simply praising God. Even the Muslims say ‘Oba Ajoke aye, Asake Orun’. They are also simply praising God. Tope was simply acknowledging God’s might, she was not in any way affirming that she is an Ifa worshipper. I do not see anything wrong in the phrases she used.”
However, Pastor (Mrs.) P.S. Otitolaiye of the Mount of Fire Ministries, Ijanikin, was against Alabi’s use of ‘Aboru Aboye’ in a gospel song.
She said Alabi should have refrained from using traditional phrases in her songs, noting that there is no relationship between light and darkness.
In her words, ”Tope Alabi should endeavour not to bring in any traditional phrase into her song because there is no relationship between light and darkness.”
Pastor Otitolaiye, however, added that “the conversation about the intersection of religion and culture in Nigeria is far from over.”
Speaking in the same vein, Pastor Ifeoluwa Fatoki of Divine Grace Baptist Church Ogbomosho, a graduate of African Traditional Religion and World Religion from the Nigerian Baptist Theological Seminary Ogbomoso, argued against the use of ‘Aboru Aboye’.
He said, ”I do not think those words are appropriate in the worship of God because they are not original to Christianity and they already have roots in the worship of Ifa.
”I think there are better words that can be used. To refer to the believer as a sacrifice is okay. But those three words have different connotations. It’s like saying, Eriwo ya… No matter how we paint it, it is not acceptable.
”More so, hallelujah, which is the Jewish word for ‘praise Yahweh’ as a word is known in Christianity. It’s like saying, Ifa worshippers now also say hallelujah in their worship.”
General Superintendent, Apostle Adeboye Ajakaiye (JP) of Ile Adura Mose Orimolade Tunolase Cherubim and Seraphim Church, Festac Town, said Tope Alabi was only performing to please her fans as a singer.
Apostle Ajakaiye said, ”Romans 12:2 shows that we live out God’s will when we change our thoughts to God’s thoughts, rather than living as the world dictates. The world will always pressure us to live sinfully and selfishly, but to live the good life God wants from us requires changing how we behave—by changing our thoughts.
”Tope Alabi is an entertainer. From my observations over the years, her performances have always been to please her audience, whether intentionally or not I can’t say. She’s also human that can also make mistakes. From the video that I watched, she was trying to use the word, ‘Aboru, Aboye, Abiye’ positively in her way.
”I know the devil twists the things of God for his own use, but should or can we as children of God, in the light of Romans 12:2 do the same? I think you know the answer. Such thinking has made the Church conform to the world. These days, you can’t distinguish a Christian from the world in all ways, from dressing, talking, use of worldly vibes in Christian songs, dancing, etc. I remember in times past, a word of commitment from a Christian was seen as a bond; now, when you call yourself a Pastor, that’s when people become extra careful in dealing with you.
”Why? It is because we have refused to conform to the instructions of the Lord by allowing such little compromises in the body of Christ. It’s sad, but it’s the current reality. The Church needs to wake up. Luke 18:8 says, however, when the Son of Man comes, will he find faith on the earth? The choice is yours.”
The Chairman/Founder of The Address Homes Limited, Dr Bisi Onasanya, has donated a completed multi-million naira block of classrooms to Ilara community in Epe, Lagos State in furtherance of his vision to support education through his philanthropic works.
The donation of a block of six classrooms with a fully-equipped library at Ilara Model Primary School, Ilara, Epe, was made by Onasanya in collaboration with the Rotary Club of Lagos, Bowen College and Bank of Industry and was commissioned by His Royal Majesty Oba Olufolarin Olukayode Ogunsanwo, the Alara of Ilara-Epe Kingdom on Monday.
Speaking at the commissioning ceremony, Onasanya, a former Group Managing Director and Chief Executive Officer of First Bank Plc, said the gesture formed part of his efforts to support the underprivileged and contribute his quota in bridging the infrastructural deficit in Nigeria's education sector.
Onasanya, whose company, The Address Homes Limited, leads the luxury homes market of the property industry, reckoned that the figure of children without access to education in Nigeria is still alarmingly high, a development that should trigger an alignment between the government, private sector and well-meaning Nigerians to address the gap.
"I have always believed that as individuals we should always remember where we are coming from. Society has been kind to some of us and we should give thanks to God; in addition to that, we must give back to that society.
"There is an event that I never shared but remains indelible in my memory. I attended St. Paul Primary School in Idi Oro, Mushin, Lagos, a public school, I remember that on my very first day in school, there was a very rowdy session because people were struggling to get enlisted. I am not sure my mum will remember this incident, the head of the school then, because of the rowdiness and the first come, first serve arrangement, actually slapped my mother. I was six years old, that was in 1967, I can never forget and it made me resolute that no child should be made to go through a situation like that to access education and no child should be disadvantaged as a result of the status of his parents.
"The UNICEF standardization report showed that only 61 percent of children between ages 6 and 11 are in school; this is a dangerous situation and I just thought that no child should be denied basic and quality education, no child should be made to walk up to a mile before he or she could access quality education and I think this is a big opportunity to achieve what I have always wanted to do which is making education easy and accessible to every child," said Onasanya who recently bagged an honourary doctorate degree in finance from the Federal University, Oye-Ekiti.
Meanwhile, the outgoing President of the Rotary Club of Lagos, Joseph Aikhigbe, recalled how Onasanya promptly acceded to their request for the construction of the classrooms which underlined the property mogul's commitment to the upliftment of education in Nigeria.
"Education is a powerful agent of change, it stabilises lives and livelihood and drives long-term economic growth. It is every child's right to have access to quality and basic education. We thank Dr Bisi Onasanya; we approached him on this laudable project and he showed his commitment and kept his word. It is difficult to find people like him, he only told us it is done, and today we are commissioning the project. We laid the foundation on September 29, 2022, and today the edifice is standing before us," he said.
An elated Oba Ogunsanwo said he immediately approved the land for the construction of the project because it aligned with his vision for the kingdom. He said Dr Onasanya's kind gestures would go a long way in solidifying education in his domain.
"When I ascended the throne, I said attention to education will be one of the bedrock of what we do and my three years of ascension have been dedicated to educating our children because they are not only our tomorrow, they are our today, if you train a child, you are educating a nation. We thank God to have bestowed this edifice on the people of Ilara Kingdom through Dr Bisi Onasanya. We also thank Bowen College for providing the furniture and the Bank of Industry for the e-library as well as the physical library. We can't thank you enough and may God reward you," said Oba Ogunsanwo, who is the Vice Chairman of Lagos State Council of Obas.
One of the major highlights of the event was the bestowment of the chieftaincy title of Akinrogun and Yeye Akinrogun of Ilara Kingdom on Dr Onasanya and his wife, Helen, by Oba Ogunsanwo.
Many royal fathers within Lagos and beyond graced the well-attended event. Other dignitaries at the ceremony include the Permanent Secretary, Ministry of Education, Abayomi Abolaji; the Chairman of Lagos State Universal Basic Education Board, Wahab Olawale Alawiye-King and property merchant, Otunba Yemi Lawal, among others.
L-R: Olori Yetunde Ogunsanwo, HRM Oba (Dr) Olufolarin Olukayode Ogunsanwo, (Telade IV) The Alara of llora Kingdom, Dr. Bisi Onasanya, Chairman/Founder, The Address Homes Ltd, Rrn. Omorunde Lawson, District Governor, 2022-2023 and Rtn. Joseph O. Akhigbe, President, Rotary Club of Lagos and students of Dowen College during the commissioning of block of 6 classrooms with fully equipped library donated by Dr. Onasanya for Ilara Model Primary School, Along Igbonla Road, Igboku-Kekere llara, Eredo LCDA, Epe Division, Lagos State, on Monday June 26, 2023
L-R: Olori Yetunde Ogunsanwo, HRM Oba (Dr) Olufolarin Olukayode Ogunsanwo, (Telade IV) The Alara of llora Kingdom, Dr. Bisi Onasanya, Chairman/Founder, The Address Homes Ltd and Otunba Yemi Lawal during the commissioning of block of 6 classrooms with fully equipped library donated by Dr. Onasanya for Ilara Model Primary School, Along Igbonla Road, Igboku-Kekere llara, Eredo LCDA, Epe Division, Lagos State, on Monday June 26, 2023
Excitement as ex-Super Eagles player Onazi hosts Osimhen, Asiwaju Lerry at his Lagos residence (PHOTOS)
AdminOn Tuesday, June 27, former Super Eagles player Ogenyi Onazi hosted Victor Osimhen and Asiwaju Lerry.
Super Eagles veteran Ogenyi Onazi was seen hosting Napoli striker Victor Osimhen and media personality Asiwaju Lerry in his villa in Lagos in a viral video that has surfaced on social media.
Osimhen came to Nigeria to spend his vacation after a fantastic season in Serie A in which Napoli won the Scudetto for the first time in 33 years.
After representing the Green and White over the international break, the 24-year-old Napoli target man is now back in his home country.
Osimhen scored twice as the Super Eagles defeated Sierra Leone 3-2 on the road to earn a spot in the 2023 Africa Cup of Nations (AFCON) in Ivory Coast.
Osimhen came to Nigeria to spend his vacation after a fantastic season in Serie A in which Napoli won the Scudetto for the first time in 33 years.
Osimhen also went to his childhood home in Olusosun and the elementary school he attended, where he received a massive reception.
In a video on the official Twitter page of Asiwaju Lerry, Osimhen was seen praising the former Lazio player for the support he has been giving him ever since his move to the Italian Serie A.
In the video, Osimhen said, “I am here to thank you for all you have been doing for me and I pray that God Almighty will bless you and you will never fall.
“Many don’t know what you have been doing, but me that you are doing it for knows.”
In the photos, Osimhen is seen playing the Whot card game with Onazi.
Onazi also thanked Osimhen for his visit, along with photos on his official social media platform that said, “It was really great to have you at my place last night, so much fun..
“Oboy na dis picture make me know say I tall.??❤️??@victorosimhen9.” he wrote
Osimhen took to his official Instagram account to post photos of his meeting with Onazi.
The Alaba Amalgamated Council has called on the Lagos State Governor, Babajide Sanwo-Olu, to probe the demolition exercise carried out by the Lagos State Building Control Agency at Alaba International Market, Ojo Local Government Area of the state.
A statement signed by the council, and made available to The PUNCH on Tuesday, revealed that over 30 properties worth billions of naira were demolished.
President-General of Alaba Amalgamated Council of Sectional Heads, Mr Geofrey Mbonu, revealed that some buildings that were not initially marked and with no sign of defects were demolished during the exercise.
He narrated that prior to the demolition, there was no notice given to them by the agency.
He said, “We were not given time to even evacuate our goods. On Friday, June 16, 2023, officials of the LASBCA and armed policemen were seen in the market and on Sunday, traders’ properties were brought down.
“We the leaders of Alaba International Amalgamated Association want to show our displeasure in the way and manner this exercise was carried out.
“The leaders of the market were never carried along neither were the property owners given enough time to evacuate their goods and this led to the unmitigated loss of wares and properties. The demolition has brought hardship and loss of livelihood.
“We call on the Executive Governor of Lagos State, His Excellency, Babajide Sanwo-Olu, to come and inspect what is going on in the Alaba International Market.”
The President, Alaba International Market Association, Electronics Section, Mr Camillus Amajuoyi, said the demolition took place suddenly and the extent of damage was enormous.
Amajuoyi said they had written several petitions to the Lagos State Government on the exploitative activities of miscreants in the market, adding that the state government did not pay attention to their needs.
The World Bank yesterday called on the Federal Government to reallocate part of the savings from fuel subsidy removal to reduce the suffering of Nigerians worsened by the negative impact of the policy.
Making this call in its latest Nigeria Development Update, NDU, released yesterday, the World Bank noted that an additional 7.1 million Nigerians would be pushed into poverty, especially without measures to compensate for the negative impact of subsidy removal on the populace.
The removal of the petrol subsidy and foreign exchange (FX) management reforms, according to the World Bank, are crucial measures to begin to rebuild fiscal space and restore macroeconomic stability, and the opportunity should be seized to take further, necessary policy reform steps.
It noted that the new administration had initiated critical reforms to address macroeconomic imbalances.
Specifically, the organisation said the president should seize the window of opportunity for a transformative impact on the lives of millions of Nigerians and establish a solid foundation for sustainable and inclusive growth.
In the NDU report, titled “Seizing the Opportunity”, The World Bank added that it is critical to implement a comprehensive reform package encompassing a range of complementary measures, including a new social compact, to protect the poor and most vulnerable, to maximize the collective impact on growth, job creation, and poverty reduction.
The report showed that in the first part of 2023, Nigeria’s economic growth weakened, as real Gross Domestic Product, GDP, growth fell from 3.3% in 2022 to 2.4% year-on-year (y-o-y) in Q1 2023.
It added: “The challenging global economic context has put pressure on Nigeria’s economy. However, domestic policies play a major role in determining Nigeria’s economic performance and resilience to further external shocks.
“The previous mix of fiscal, monetary, and exchange rate policies, including the naira redesign programme, did not deliver the desired improvements in growth, inflation, and economic resilience.
“The new government has recognized the need to chart a new course and has already made a start on critical reforms, such as the elimination of petrol subsidy and reforms in the FX market.
“With the petrol subsidy removal, the government is projected to achieve fiscal savings of approximately N2 trillion in 2023, equivalent to 0.9% of GDP. These savings are expected to reach over N11 trillion by the end of 2025.
Impact of subsidy removal on Nigerians
The World Bank stated: “In the immediate term, the removal of the petrol subsidy has caused an increase in prices, adversely affecting poor and economically insecure Nigerian households.
‘’Petrol prices appear to have almost tripled, following the subsidy removal. The poor and economically insecure households who directly purchase and use petrol as well as those that indirectly consume petrol, are adversely affected by the price increase.
‘’Among the poor and economically insecure, 38 per cent own a motorcycle and 23 per cent own a generator that depends on petrol. Many more use petrol-dependent transportation.
“The poor and economically insecure households will face an equivalent income loss of N5,700 per month, and without compensation, an additional 7.1 million people will be pushed into poverty.
“Many current, as well as newly, poor and economically insecure households, will likely resort to coping mechanisms that will have long-term adverse consequences, such as not sending children to school, or not going to the health facilities to seek preventative healthcare or cutting back on nutritious dietary choices.”
Measures to compensate Nigerians
Highlighting measures to reduce the negative impact of the subsidy removal on Nigerians, the World said: “Compensating transfers will be essential in helping to shield Nigerian households from the initial price impacts of the subsidy reform.
“In addition to providing immediate cash compensation, the government could also elaborate on the use of the freed-up resources in a new compact with the Nigerian people, outlining support in the immediate as well as medium and long term, at the federal, state, and local government levels.
“The recent proposal to implement a set of measures to alleviate the impact of the subsidy removal, led by the National Economic Council, NEC, should clearly identify priority areas for government investment and effectively communicate these to the public to garner support.
“A public commitment to identifying development (including infrastructure) spending priorities, pro-poor service delivery, and a role for social protection programs to help households cope with shocks could guide such a compact.
‘’The compact should also be anchored in a clear commitment to fiscal realism, as a large expansion in spending could have fiscal implications, potentially leading to increased fiscal deficits over the medium-term.”
FX restrictions
“Similarly, the move to harmonize the FX windows will help to improve the efficiency of the FX market, unlock private investment, and reduce inflationary pressures, but it is crucial to complete this important reform by removing FX restrictions, clearly communicating how the new FX regime will operate, and implementing supportive monetary and fiscal policies.”
The report recommended specific, critical measures to build on the new government’s bold start in making critical reforms, to ensure that Nigeria rose to its full potential.
These included restoring macroeconomic stability by increasing non-oil revenue, reducing inflation through a sequenced and coordinated mix of trade, monetary and fiscal policies, and completing the FX reform; expanding social protection to protect the poor and most vulnerable; and developing and communicating how, as fiscal space recovers, resources will be redirected.”
World Bank Country Director for Nigeria, also said: “The current move by the Government to implement long-anticipated reforms such as the removal of costly and opaque petrol subsidy, and efforts to harmonize the multiple FX windows, are timely and crucial to set Nigeria on the path of economic growth.
“These reforms should be accompanied by compensatory actions to mitigate the short-term impact on the poor.
“Nigeria should now seize the opportunity to implement a robust, large-scale cash transfer program to provide quick relief to the poor, near poor, as well as low-income households which are most directly affected by higher petrol prices, as part of a broader compact to redirect scarce fiscal resources towards development priorities.”
World Bank approves fresh $500m loan for Nigeria
Meanwhile, the World Bank has approved a fresh $500 million loan for Nigeria to help improve the livelihood of women.
Disclosing this in a statement, the World Bank said: “The World Bank has approved $500 million for Nigeria for Women Program Scale Up (NFWP-SU). The scale-up financing will further support the government of Nigeria to invest in improving the livelihoods of women in Nigeria.
“The NFWP-SU will help to ensure better economic opportunities for women which is essential for addressing gender inequality; guaranteeing better education, health, and nutrition outcomes for families; and building women’s and communities’ resilience to climate change.”
According to the World Bank, women’s empowerment is essential to their ability to build resilience to climate change and, by extension, the resilience of their households and communities.
It noted that by building assets, women could better respond to family needs and mitigate risks and the effects of climate and other shocks on livelihoods, adding that gender disparities in earnings held back the Nigerian economy.
Shubham Chaudhuri, World Bank Country Director for Nigeria, said: “We have seen promising outcomes from the parent NFWP which has helped to create economic opportunities for thousands of rural women through the Women Affinity Groups.
‘’NFWP’s model is helping to improve livelihood opportunities for women and enhancing their capacity to adapt to climate change and participate in local administrations for policymaking related to community empowerment.
“closing the gender gap in key economic sectors could yield gains of between $9.3 billion and $22.9 billion, we are optimistic that this scale-up will help Nigeria to move closer to bridging this gap.”
Task Team Leader for Nigeria for Women Project, Michael Ilesanmi, also said: “The Program aims to mobilize poor and vulnerable women into different institutions and, using these institutional platforms, link them to markets as well as financial and non-financial services.
‘’Through participation in Women Affinity Groups, project beneficiaries build social capital that can then be leveraged to access financial, political, and economic capital, thus leading to both social and economic empowerment.”
The statement further noted that the NFWP had been implemented in six states and provides support to over 427,887 WAG members through the formation and strengthening of 20,506 of these groups.
It added that in about two years, these WAGs had saved about NGN4 billion ($8.9 million equivalent), with a significant percentage of these funds in circulation as loans at any given time, noting that so far, 835,573 community members have benefited from the NFWP through different interventions.
[Vanguard]
Peter Obi, Labor Party Presidential candidate
has urged Muslims in Nigeria to imbibe the spirit of love, brotherliness, and peaceful co-existence.
Obi made the call in a series of tweets on Wednesday.
He said Muslim faithful should use this year’s Eid-El Kabir festivities to engender the spirit of oneness and also re-dedicate themselves to the virtues of love, patriotism, and unity for the desired national development.
“Sallah gives us ample opportunities to appreciate our creator whose mercy and grace to us are enormous, even when we do not deserve them.
“Nigerian Muslims should use this solemn period of Sallah to present Nigeria’s discomforting situation to Allah for His prompt intervention.
“I urge Nigerians to devote themselves to the values that unite and bind all citizens in love. Let us permanently put behind all divisive tendencies.
“We should not despair and miss the essence and meaning of Eid-el-Kabir festivities, and the divine succour that it brings in assuring us that there is always a light at the end of every tunnel. A new Nigeria is Possible.
“Happy Sallah Celebration!"
[DailyPost]
Former President, Muhammadu Buhari has reportedly received assurance and cover from his successor, President Bola Tinubu concerning any political anti-corruption probes by the new government.
Naija News gathered that Buhari at a meeting with Tinubu on Monday night in London, United Kingdom had discussed that he and his close aides be left off of any political anti-corruption investigation by the Tinubu-led administration.
Buhari’s request follows a series of attempts by the Tinubu-led government to investigate anti-corruption acts from principal officers of the past administration.
Calls for probe into the activities of Buhari and his ministers have also been intensified in recent times.
Recall that the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, and the suspended Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa are both in custody of the Department of State Services (DSS) over issues bothering corruption and related matters.
However, a source told SaharaReporters on Tuesday that part of what formed the subject of Tinubu and Buhari London discussion on Monday was an agreement that Buhari and his close aides would not be bothered by any probe or anti-corruption war during Tinubu’s tenure.
“Tinubu met Buhari to reportedly discuss that Buhari and his close aides will not be bothered with any ‘corruption war,’” the source said.
Meanwhile, Tinubu, who was initially scheduled to be back in Abuja on Saturday, proceeded to London, United Kingdom, for a short private visit, after participating in the two-day New Global Financial Pact Summit, held in Paris, France.
He returned to Nigeria on Tuesday.
[NaijaNews]
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The World Bank has projected about N3.9 trillion revenue savings for Nigeria to enable it reduce the current fiscal deficit as a result of removal of subsidy on gasoline.
The new federal administration of President Bola Ahmed Tinubu announced full deregulation of the oil sector on May 29, 2023, causing a sharp increase in prices of petroleum products from N194 per litre to between N537 and N542 per litre across the country.
World Bank and the International Monetary Fund (IMF) has been among the key advocates for removal of fuel subsidy and the floating of the nation’s hitherto managed exchange rate regime.
Speaking at the presentation of the World Bank report to assess Nigeria’s economy over the past six months that was released in Abuja yesterday, lead economist at the bank, Alex Seinart, projected that the removal of fuel subsidies would yield fiscal gains estimated at about 3.9 trillion Naira in 2023.
Seinart however warned that the subsidy removal would likely lead to a temporary increase in inflation in the coming months but predicted it would contribute to disinflation in the medium term.
Based on the report, the World Bank has expressed its support for the federal government’s decision to remove subsidies and unify the country’s exchange rate.
World Bank country director, Dr. Subham Chadhuri, said although the policy would be painful, it is essential for rebuilding the nation’s economy.
He also called for measures to mitigate the impact on the population moving forward.
Dr. Chadhuri revealed that the World Bank’s concessional funding to Nigeria currently amounts to over ten billion dollars, underscoring the organisation’s commitment to supporting the country’s economic reforms.
On the exchange rate, the senior economist highlighted that the previous foreign exchange management approach hindered investment and economic growth, contributed to inflation, and undermined the effectiveness of monetary and fiscal policies.
[Leadership]
I have been reliably informed that the Senate President, Senator Godswill Akpabio and Gov. Umo Eno are currently working together on a number of significant initiatives that would be included in the 2024 Federal Budget for the benefit of AKwa Ibom State. Such projects will span infrastructure, environment and many more, and would be the first time in a long while that Akwa Ibom interests are captured in the Appropriation Bill of the federal government. I commend the two gentlemen for tossing aside partisan politics to collaborate in the interest of our people, and I thank all those working behind the scenes to make this new era possible. From the enthusiastic airport reception last Friday and the massive turnouts at his thank you visits to the various constituencies in his district, it is clear that Akwa Ibom people are pleased to have one of their own as Senate President.
In addition to the whatever the governor and the SP are working on, I should mention the four major federal roads that lead into Akwa Ibom state which require urgent attention from Abuja. They are: Calabar-Itu-Ikot Ekpene Expressway; Aba-Ikot Ekpene Road; Umuahia-Ikot Ekpene Road and a section of the East-West Road. The Senate President should ensure that these roads are adequately provided for in the budgets in the next four years and contractors adequately funded for their reconstruction. Although the Aba-Ikot Ekpene Road is funded directly from the tax proceeds paid by NNPCL, it is important for us to keep a close eye on it. Of course, the Ibaka Deepsea port project is very dear to our people. The SP and the state government should work closely to close deal before the next general elections.
Akwa Ibom was completely forgotten by the Buhari administration, partly due to the arrogant aloofness of the former governor. He felt too important to go and see the Minister of Works and other relevant officials in Abuja who were in a position to help. In a complex federation like ours, a governor must come down from his high horse and seek help, even from lowly places. Now, that we have our son as the Senate President, it is important that we close ranks and work earnestly to cover lost grounds. Umo Eno is off to a good start on this.
On his part, Senator Akpabio is bent on leaving an enduring legacy as the most prominent politician from the state. Whosoever emerges as a minister from the state should quickly fall in as part of the political trinity for the development of the state. For now, the Senate President is taking steps to endear himself to his supporters and deepen his grassroots networks. His homecoming and the series of thanksgiving events he’s been holding in his senatorial district testify to his sense of gratitude. His people are now satisfied that the dream of his becoming the Senate President which dominated discussions during the campaign season has not turned out to be a hoax. They would be justified to expect some dividends from his exalted office.
In terms of appointments, Chief Sylvester Okonkwo is a solid pick as the Chief of Staff. I knew him way back in 2006 as a member of Akpabio’s inner circle who worked with others for his gubernatorial election. Okonkwo was the intermediary between some of us in Lagos and the campaign in Uyo. He is very knowledgeable about Akwa Ibom and its politics. That he is not from Akwa Ibom should be an advantage. It will help insulate him from our peculiar ethnic issues in the course of his work. Okonkwo should not pay attention to such idle talks like ‘’enyem ado owo Attah, or enyem odo owo Etiebet’’.
Finally, as we continue to savour the shifting alliances in the state, I wish to draw the governor’s attention to the long line-up of abandoned projects in the state. The important ones are: The Worship Center; Airport Road expansion; Airport Terminal Building; the hotel and water parks at the Tropicana entertainment complex and the Science Park. I am told that the former governor received another tranche of N250 billion from the federal government as payment for Derivation shortfall in the last one month of his administration. Nobody knows how he spent all that money, but it is now up to Gov. Umo Eno to complete these abandoned projects and put them to use in the interest of Akwa Ibom people.
The Central Bank of Nigeria has set a daily cumulative limit for contactless payment.
The bank in a circular on Tuesday defined the transaction limits for contactless payment through accounts and wallets as N15,000 and daily cumulative of N50,000.
Contactless payment system are credit cards and debit cards, key fobs, smart cards, or other devices like smartphones and other mobile devices, that use radio-frequency identification or near-field communication for making secure payments.
“High-value contactless payments are transactions that exceed the above-stated limits and shall require appropriate verification and authorization. Limits above this stipulated daily cumulative limit shall be conducted using contact-based technology,” CBN said.
The CBN had in October 2022 released a ‘Draft Guidelines for Contactless Payments in Nigeria, ‘ which provides minimum standards and requirements for the operations of contactless payments in Nigeria.
Based on the guidelines, the contactless transaction is limited to only accounts or wallets that have the Bank Verification Number.
On guidelines for merchants, the CBN said any amount above the stipulated limits per transaction will request for customer’s authorisation such as PIN, token, and biometrics.
“The bank shall determine the transaction limit and cumulative daily limits for contactless payments from time to time. Stakeholders shall be permitted to set limits in line with the bank’s limits,” the document said.
Cashless transaction has begun to gain traction in Nigeria with players like Interswitch, in partnership with ProvidusBank, Mastercard and Thales Group, announcing their Tap-to-Pay service in Nigeria in 2022.
Now-Now, a Nigerian Company that offers Tap-and-Pay services6 raised $13m seed to increase the adoption of Contactless Payment in Nigeria.
More international manufacturing companies may leave Nigeria and site their factories in other countries should power distributors implement the planned hike in the tariff payable by consumers from July 1, 2023, the Manufacturers Association of Nigeria has said.
It stated that some international manufacturing firms had already exited Nigeria as a result of the power crisis, coupled with the unpredictability of the country’s foreign exchange rate before it was recently unified.
The President, Manufacturers Association of Nigeria, Francis Meshioye, told our correspondent on Tuesday that the over N144bn spent on alternative sources of energy by manufacturers in 2022 impacted adversely on the operations of his members.
He stressed that any further hike in tariff would lead to an exodus of companies, and called on the government to reconsider the move.
“In every system there’s always a core structure and this includes the elements that make up the total cost spent in generating your revenue. Now, what we experience as manufacturers is that energy cost is a major cost in processing our products.
“Now, if you spent N144bn on alternative energy sources in one year, you can only imagine the impact which that will have on your cost of operations. The manufacturing business in Nigeria is affected by so many factors, energy is a major one,” Meshioye stated.
He added, “Manufacturers provide almost every infrastructure by themselves. Outside the major roads, you find out that manufacturers provide water, power, security, etc. So when you look at it, you find out that the cost of doing business is so huge, that a businessman will ask, is this the only place I can do my business? Can I move may capital elsewhere?
“The downsizing of businesses in Nigeria, for instance, shows that businesses are not doing very well. So this power issue and other things have made some manufacturers, particularly international businessmen to relocate from Nigeria to other countries.”
He stated that something should be done about the power issue, adding that raising tariffs was not in the interest of manufacturers.
“Therefore anything to reduce this energy cost will be very beneficial both to manufacturers and the masses in general. So it (power) is a high cost to us, and a major driver in terms of cost. At the same time, it could lead to other things.
“It is one of the things that make some manufacturers to seek to move their business to another region and site their factories there. It is not the only reason, but, of course, it is one of the major ones,” Meshioye stated
In a statement issued last week, MAN stated that its surveyed data suggested that manufacturers spent at least N144.5bn on sourcing alternative energy in 2022, up from N77.22bn in 2021.
This, it said, translated to about 87 per cent increase in the cost of access to alternative energy sources by manufacturers within a year.
The statement read partly, “In the last eight years, electricity tariff has been increased by 186 per cent. The fact that the government itself is owing N75bn in unpaid electricity bill is indicative of how burdensome the cost of electricity has become.
“Therefore, it is highly concerning for manufacturers to witness the electricity tariff skyrocketing beyond the present high prices, starting July 1. A 40 per cent hike at this time is simply outrageous.”
When asked to name some other reasons that might make manufacturers to Nigeria, Meshioye replied, “We have the unpredictability of the foreign exchange rate.
“In a business model, the more predictable the forex, the better you are. But the availability of the forex itself is another thing. All these are problems that border manufacturers.”
On whether there was an estimated number of international manufacturing companies that had exited the country due to the issues around power supply and forex concerns or manufacturers that had closed down as a result of these challenges, Meshioye said, “I can’t say categorically now.”
Tariff may hit N300/kwh
The President, Nigeria Consumer Protection Network, and coordinator, Power Sector Perspectives, Kunle Olubiyo, explained that Nigerians might pay between N150/kilowatt-hour to N300/kwh once the Discos hike electricity tariffs from July 1, 2023.
“At the moment, band C (customer category) that presently goes for about N40/kwh may be increased to about N100/kwh, while band A that is presently at about N56kwh might be jerked up to about N150kwh.
“What it means technical speaking is that electricity tariff is now going to be floated and it will be market driven as naira/dollar exchange rates, and it will now be subjected to a free market.
“With high exchange rate volatility, in the next few days, electricity tariff may go from a minimum baseline of N100/kwh to a maximum threshold of N300/kwh. As sad as it is, this shall not translate into any significant improvement in reliable electricity supply, nor translate into efficient service delivery,” he stated.