After the over-centralisation of about thirty years of rule by brass hats had contributed hugely to the country’s persistent underdevelopment, a civilian president ought not to be foisting increased federal power on the country. The urgent first steps are: (i) immediate review of the distorted revenue allocation formula inherited from the military in 1999 by assigning 65 per cent to subnational governments and 35 per cent to the central government…

The announcement of the imminent establishment of a Federal Ministry of Livestock Development raises two important questions. First, is creating a 49th federal ministry consistent with the advertised objective of the Tinubu administration to reduce the cost of governance through the Oronsaye Committee Report Implementation Committee? Second, is an enhanced role for the Federal Government in livestock development consistent with reducing its functions as promised in president Tinubu’s 80-page manifesto that was released in 2022? 

While the seriousness and urgency of tackling livestock-related problems in the country are unquestionable, the solution is NOT in creating a federal ministry. After highlighting the terrible consequences of farmers/herders’ conflicts – “over 60,000 deaths across 22 states since 2001” – the PUNCH editorial of 15 July proffered an eminently sensible remedy: “The solution lies in commercial cattle ranches, which must be the prerogative of the states (subnational governments) and private investors…The government should limit itself to technical and financial interventions to support settled ranchers.” The contrary plea in the editorial of THE NATION on 23 July – “Creation of Ministry of Livestock Development should be given a chance” – is wrong-headed. 

After the over-centralisation of about thirty years of rule by brass hats had contributed hugely to the country’s persistent underdevelopment, a civilian president ought not to be foisting increased federal power on the country. The urgent first steps are: (i) immediate review of the distorted revenue allocation formula inherited from the military in 1999 by assigning 65 per cent to subnational governments and 35 per cent to the central government; and (ii) significant reduction in the central government’s legislative list that will be consistent with the new revenue allocation formula, similar to the provisions in 1954 and 1963 constitutions. Then, at a stroke, an over powerful and overreaching central government that is funding the establishment of Development Commissions for geopolitical zones and the creation of a new federal ministry will become history.  

Ladipo Adamolekun writes from Fairfax, Virginia, United States of America.

Another #EndSARS protest is building up but this time, in a different guise. While the nation is still nursing the old wounds, some forces have once again, taken over the social media, vigorously mobilising our vibrant youths to take to the streets, once again, to vent their anger over the hardship of the economy under the banner of #Endbadgovernance protests.

As already widely publicised, the planned protests will begin simultaneously across the 36 states of the federation from 1 August till 10th of the month. That implies that the economy that they are complaining about as being in a bad shape will then face total paralysis for good ten days. That will definitely, amount to throwing the baby away with the bath water! This in my opinion, should not be at this critical moment when all hands must be on deck to build a much stronger and virile nation. Otherwise, the socio-economic consequences of the planned protests will be too grave for all of us to bear.

In a democracy, protected rights such as peaceful protests are lawful means of showing public discontent against any government action or policy that is perceived to be undesirable. It is also a potent weapon to shape government policies particularly, when all other options, including dialogue have failed.

To be sure, there is nothing wrong in organising a peaceful protest and civil disobedience, like the Indian independence activist and father of nonviolence peaceful resistance movement for social and economic justice, Mahatma Ghandi did decades ago, or the non-violent resistance and civil disobedience movement led by Dr Martin Luther King Jr. Beyond belief, peaceful protests in Nigeria are often hijacked by undesirable elements, snowball into uprising against the state and infringe upon the rights of other innocent citizens from going about their lawful businesses. That’s crossing the borders of protected rights.

Those who know me will admit that as a student activist and youth, there was hardly any protest in Nigeria in the 80s and 90s (be it labour or students) that I didn’t participate in either in planning or organizing. I remember the “Ango-Must-Go” Protests of 1986 which was the culmination of Professor Ango Abdullahi’s mishandling of students’ affairs at Ahmadu Bello University Zaria and the “Anti-SAP Protests” of 1989 which was one of the most famous student-led anti-government protests that occurred throughout Nigeria between May and June 1989 etc. As a pro-democracy activist and lawyer, I also belonged to what Professor Sylvester Odion-Akhaine, the then Secretary of the Campaign for Democracy (CD), recently referred to in his letter to President Tinubu as the “engine room of CD” during the dark days of the protests against the annulment of June 12, 1993 Presidential election by General Ibrahim Babangida. As a member of the National Democratic Coalition (NADECO) that became the symbol for the actualisation of the June 12, 1993 Presidential election results won by Chief MKO Abiola and mass resistance against the repressive regime of General Sani Abacha, I was once forced out of the country.

Hence, I know the importance of good government and I fully understand the inalienable right of the people to assemble peacefully, engage in Constitutionally protected protests and petition the government without fear of persecution or prosecution if they think a policy is not working or they want something to change. That is settled.

The socio-economic situation in Nigeria today may be unsavoury but it is without doubt, a consequence of many years of inept leadership, malfeasance policies, and bad governance which the current administration is trying hard to reverse. In doing so, the President is proactive and responsive to the public and making sure that the government is able to provide the necessary resources to support the people and cushion the effects of the current economic situation. Above all, he is not pretending to be all-knowing: he is listening, he’s engaging and he’s always ready for dialogue that can promote national unity and economic development.

Undoubtedly, the new reform policy initiatives introduced by President Bola Tinubu to re-shape and revitalize the economy have brought about some untold hardships on the populace and we all feel the pains. However, these are temporary sacrifices we all have to endure to rescue the nation from rent-seekers and ubiquitous powerful cabals who have held down the economy for so long.

Already, there are positive indices showing that the Tinubu’s administration is on the right track. For example, the International Monetary Fund (IMF), in its latest report, projected that Nigeria will have a 3.1 GDP growth rate in 2024 due to reforms being implemented by the Tinubu administration. This is one of the best projections for an economy that had hitherto suffered prolonged haemorrhage under the successive governments. If the government eventually succeeds in stopping the economy from further bleeding, and it will, we will all be better for it. The future of our youths and coming generations will also be safeguarded and guaranteed.

Be that as it may, the revenue generation capacity of the Federal Government has shored up significantly since President Tinubu assumed the mantle of leadership. Available records show that state governments have received far more federal allocations than they did under the immediate past administration of former President Muhammadu Buhari. So much is the difference that states like Nasarawa and Anambra now get 100 percent and 70 per cent more respectively.

Naysayers can go and verify this from the appropriate quarters leveraging the Freedom of Information Bill. Figures don’t lie. Although the overall effect of this improvement might not have reflected that much in the quality of life of ordinary people, there is hope in the horizon that better days are coming.

Arguably, the challenge of food security in the country remains daunting despite the various measures adopted by the administration to address the hardship.

The purchasing power of income earners is dwindling amidst high inflation as well as fluctuation in the value of the naira. The shortage in the supply of food is partly due to the combination of weather and insecurity which had festered in some parts of the country under the successive governments. On the other hand, climate change is a global phenomenon affecting all economies both developed and underdeveloped.

As for the security concern, without shifting blame, the present government is frontally confronting the situation with all seriousness and commitment it deserves. However, all of us must understand that the task of protecting lives and property is not the sole responsibility of the government alone. It is our collective responsibility to deal with the menace of banditry, insurgency, kidnapping and ransom-taking which have made it difficult for farmers to go to their farms. Those who perpetrate these heinous crimes are no spirits. They are human beings like us. And they live in our communities.

While the fight against insecurity is still ongoing, the government has responded to the public outcry over the high rate of inflation by introducing a new policy directive that has approved the removal of tariff on some imported food items including rice, beans, and wheat for a period of five months as part of the ongoing fiscal measures to cushion the negative impact of the surging food prices nationwide. In no time, all the tensions arising from the current food crisis will naturally fizzle out. Once there is an improvement in supply chains, the prices of essential commodities will naturally drop. The directive is also expected to reduce food importers’ demand for forex. In 2023, Nigeria spent $2.13 billion to import food items from foreign countries.

Beyond the ad hoc solution, there are other long-term policy measures the Federal Government has adopted to guarantee sustainable food self-sufficiency at affordable prices for the teeming populace. These include, among others, the declaration of a state of emergency on food security and the National Agriculture Growth Scheme-Agro-pocket, where millions of farmers are supported with training on Good Agricultural Practices (GAP), certified inputs such as improved seedlings and organic and inorganic fertilisers as well as irrigation equipment at highly subsidised prices to enhance productivity and higher incomes to farmers.

In addition to these, the Federal Ministry of Agriculture and Food Security has also put together the first-ever Harmonised Extension Manual and National Agricultural Extension Policy, focusing on the effective dissemination and deployment of agricultural innovations/technologies to end-users using appropriate extension methods. The policy initiative aims to provide a pragmatic, effective, and efficient demand-driven pluralistic, ICT-enabled, and market-oriented extension service to all stakeholders including youths, women, and people with special needs to optimally use resources to promote sustainable agriculture and socio-economic development of the country.

As a demonstration of his commitment to an improvement in the well-being of the citizens, President Tinubu has also approved the take-off of the first phase of the Consumer Credit Scheme to enhance quality of lives by accessing goods and services upfront, paying responsibly over time. Consumer credit serves as the lifeblood of modern economies, enabling citizens to purchase crucial items, such as homes, vehicles, education, healthcare, and other essentials necessary for the fulfillment of their aspirations.

While all these are ongoing, some forces are bent on bringing down the roof to achieve their selfish agenda. As they did in the prelude to the #EndSARS protest, they are gradually regrouping to plunge the nation, yet again, into another round of crisis. They are vigorously leveling the discontent amongst the youths, focusing on the downside of the twin policy of fuel subsidy removal and foreign exchange rate unification.

By implementing the two policies, tough as they are, Tinubu is not reinventing the wheel. It is a policy successive government had long campaigned for but lacked the political willpower to implement. In the run-up to the last general elections, all the presidential candidates subscribed and campaigned for it. None spoke against it until now when President Tinubu decided to take the bullet for our economic growth by taking the bulls by the horns. Those stoking the ember of crisis should therefore, have a rethink and set aside their agenda in the overall interest of the country.

Elections have come and gone. This is a time to reunite for the onerous task of nation-building. No single individual can do it all alone. Doing otherwise will lead us to nowhere. Rather, it will take us back and disrupt the trajectory of economic growth the IMF has predicted for this year.

At this delicate time, the nation can ill afford an unwarranted protest. Of course, there may be some genuine reasons for people to air their grievances. These could be channelled to the appropriate authorities through dialogue and constructive engagement. Tinubu is a listening president who is always ready for dialogue and always willing to accept responsibility for his actions. As a genuine democrat himself, he believes in dialogue as a means of resolving issues. Let us give him time to nurture his policies to fruition.

For our teeming youths, who are often used as willing tool and cannon folders, this is the best opportunity for them to achieve what they want to be. President Tinubu is not only youth-friendly, he is also prepared to implement policies that will guarantee an assured future for the younger generation. This, he has demonstrated through the inauguration of student loan scheme as part of his administration’s efforts to combat poverty through education.

Coming under the Nigerian Education Loan Fund (NELFUND), he has released N32 billion out of the N60 billion budgeted for the programme ready for disbursement. The programme aims to empower Nigerian youths by providing fair, transparent funding and removing financial barriers to educational opportunities. This is no small feat. No government has ever done anything close to that in our nation’s contemporary history.

According to the Executive Secretary of NELFUND, Mr Akintunde Sawyer, since the portal opened on 25 May, no less than 164,000 students have registered, with 103,000 applying for loans. In terms of what the administration has in stock for the youths, this is just the tip of the iceberg. All that is required for the youths to make the best use of the present situation is patience, support, and understanding.

No one gains anything from crisis. Yes, nothing is wrong with peaceful protest but everything is wrong with its destructive outcome. As experience has shown, hoodlums will ultimately hijack the process and unleash terror on innocent citizens. The 2020 #EndSARS protest is still fresh in our memories. To date, the Lagos State government is still counting the losses. The replacement cost of government buildings, transport buses, and other properties destroyed during the protest has been put at N1 trillion, while the overall cost to private businesses has been estimated to be several billion of US dollars.

While it may be difficult to estimate the exact loss, based on the significant contribution of Lagos State to the total Gross Domestic Product (GDP) of the country (approximately 30 per cent) and as over 50 per cent of non-oil industrial capacity, the impact of the crisis has been quite enormous. According to Greenwich Bank, the social unrest impacted negatively on direct investment in the country for the remaining part of the 2020 fiscal year. A total shutdown each day cost Lagos alone as centre of the civil unrest about N54 billion.

In the same way, should there be any protest now, there will be a manifest fall in the real GDP, resulting in rapid economic contraction for the rest of 2024. In the worst-case scenario, there will be disruptions in the supply chain, rising inflation, and a widening fiscal deficit as the government grapples with funding infrastructure. In the end, the innocent good people of Nigeria will be the losers for it. Let’s choose peace over chaos and give peace a chance. Beyond protests, dialogue is the ultimate weapon of peace.

Kayode Oladele, a lawyer and former legislator, writes from Abuja.

Tunji Bello has officially assumed his role as the Executive Vice Chairman/ Chief Executive Officer of the Federal Competition and Consumer Protection Commission (FCCPC) today.

The Senate had on Tuesday confirmed the appointment of Bello Olatunji as Chief Executive Officer/Executive Vice Chairman of the FCCPC.

President Bola Tinubu in June approved the appointment of Bello as the new FCCPC Boss after removing Babatunde Irukera in January 2024.

Bello’s confirmation followed consideration of the report of the Senate Committee on Trade and Investment presented by Suleiman Sadiq, the Senator representing Kwara North during plenary on Tuesday.

The President expects that the new Chief Executive Officer of the agency will ensure the holistic realization of the Commission’s mandate of protecting and promoting the interest and welfare of Nigerian consumers, and ensuring the adoption of measures to guarantee the safety and quality of goods and services.

Bello, a lawyer, administrator, and renowned journalist is the former secretary to the Lagos State Government and holds a Master’s degree in International Law and Diplomacy from the University of Lagos. He studied Law at the same university and was called to the Nigerian Bar in 2002.

Bello began his career in journalism at the Concord Newspapers in 1985 and held the positions of Group Political Editor; Sunday Concord Editor, and Editor, National Concord.

He is a winner of the US Alfred Friendly Press Fellowship and was appointed the Chairman, Editorial Board of THISDAY Newspapers in 2001.

He also served as Commissioner for Environment under various administrations in Lagos State.

Bello brings a wealth of experience to the FCCPC, and we are confident he will be a strong advocate for fair competition and consumer protection in Nigeria.

He was welcomed to the Commission by Adamu Abdullahi, Executive Commissioner Operations, and Kola Alabi, Executive Commissioner, Corporate Services.

Abdullahi served as the Commission’s chief executive in an acting capacity until Bello resumed.

Before settling into his office, Bello went round the Commission to familiarize himself with the staff.

[BuinessDay]

The Chief Executive Officer (CEO) of Dangote Refinery, Aliko Dangote, has revealed that his company secured a total of $2.7 billion in loans from the Central Bank between 2013 to 2023 to finance the refinery.  

Dangote made this disclosure in a statement at his mega refinery in Lagos.  

He explained that the refinery was primarily funded through the company’s own resources, with minimal external assistance.  

He said that he chose to bypass project financing due to the challenges of securing funds from international creditors. 

“On the loan that we got, part of the loan was taken by Dangote Industries, which is a local company. Dangote Industries got allocation from Central Bank and the total allocation that we got, including the money that we lost in terms of interest, was about $2.7 billion from 2013 to 2023.  

“Out of the $2.7 billion we still have more than $200 million of forwards that we’re yet to collect from the CBN. So, it’s the total of $2.5 billion we got from the CBN in real cash which was paid in terms of interest and principal payment,” Dangote said.  

Refinery is not responsible for the depletion of the CBN FX Account  

Speaking further, the business mogul said contrary to popular belief, his refinery was not responsible for the depletion of CBN’s foreign exchange account.  

Dangote said not only were the funds obtained from the apex bank in a ten-year period minimal, they would also be returned into back into the country through dividends and payments.  

Accordingly, Dangote said once the refinery begins to make a profit, it will begin payment of the loan has soon as possible. 

“Dangote Industries as soon as they get their dividends are bringing that money back to sell in the local market. They’re bringing that money back into Nigeria.  

“There’s no money we’ve taken away from Nigeria. And the one that we took, we’ll return it back. So it’s better for people to understand. 

“It’s better for people to understand that what we took from CBN, we’re bringing it back. The thinking of people is that the majority of the Central Bank’s money was depleted by the Dangote’s major projects. We got $2.5 billion cash from Central Bank and that money will come back as soon as we start making money. Once we start making money, we’ll start paying the loans that we have,” Dangote added. 

What you should know  

• Recently, the Dangote Refinery has found itself in conflict with Nigeria’s oil regulatory bodies, particularly the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). 
• Dangote, who has been clearing the air on different allegations levelled at him by the regulators, explained how he funded his refinery.  
• In an earlier statement, Dangote said his company has paid back $2.5 billion of the total of $5.5 billion gotten from different banks to finance the building of the refinery.  
• According to the former CBN governor, Dangote has paid back 70% of the loan he obtained from the apex bank as of 2023.  

[Nairametrics]

The former National Deputy Chairman (Southwest) of the Peoples Democratic Party (PDP), Olabode George has called on the party’s Board of Trustees (BoT) to urgently wade into the crises rocking its Rivers and Edo chapters.

The elder statesman lamented that the crisis is assuming an ugly dimension that needs the urgent intervention of the party leaders.

Speaking during a television programme, George said the opposition party’s chances of winning elections in the two states would be undermined if its leaders failed to resolve the lingering disputes in the affected chapters.

Acknowledging the fact that intra-party disputes were not alien to politics, he disagreed with those calling on the party to wield a big stick against some individuals.

He added that disciplining anybody now will not bring the needed solution, but may fuel the crises to consume the party.

Asked if he was not bothered over the political disagreement, George said, “I agree with you and as I follow the gladiators’ utterances, I’m wondering what the BoT is doing regarding the disputes in Edo and Rivers chapters.

“This is a time to forget all the various divides and go to talk to warring factions to resolve the issues. We can resolve our issues.

“While I agree that there will be disagreements here and there in any party, and this happens all over the world; this party is not the private property of any individual for God’s sake. Let the leaders in the BoT rise above those utterances and do the needful. The way it is going is getting disturbing.”

George, who said the fights were capable of hurting the party’s reputation in the eyes of the electorates, said party leaders should do all within their powers to rescue the situation.

“What will the electorate think about us? We want to convince the electorates that though there will be crises, we have the capacity, knowledge and ability to amicably resolve our issues. Let the BoT get up. This is the time they can show that they mean well for the party. It is so disturbing with the level of the crises.

“Unfortunately, the judiciary that should be independent has been dragged into the fiefdom. Now, we have verdicts and counter-verdicts from the courts,” he added.

[Naijanews]

Former President Olusegun Obasanjo, on Thursday, shared a remarkable story about his birth, revealing that his mother carried his pregnancy for 12 months due to the influence of witches and wizards.

Obasanjo made this revelation during a drama presentation titled: “Aremu Omo Asabi,” held to commemorate 66 years since the passing of his mother, Bernice Obasanjo.

The event took place at the main auditorium of the Olusegun Obasanjo Presidential Library in Abeokuta, the Ogun State capital.

Obasanjo, in a statement by his media assistant, Kehinde Akinyemi, recounted the difficulties his mother faced before his birth, attributing the delay to supernatural forces.

He however expressed gratitude for God’s intervention, which eventually led to his birth.

“I was told I was in my mother’s womb for 12 months, and since I was born, I have not been left for once. She had nine children, but two of us survived, myself and my sister,” Obasanjo shared.

He also noted the challenges his family faced, emphasising that he was the only child who received education due to his father’s belief that educating a female child was unnecessary.

Obasanjo lamented that his mother did not live to see his accomplishments and enjoy the fruits of her labour.

He vowed to support the drama troupe’s ambition to set a Guinness World Record for the longest open drama performance.

Ogun State Governor, Dapo Abiodun who was represented at the event by his deputy, Noimot Salako-Oyedele, praised Obasanjo’s mother, describing her as a foundational figure whose influence persists through her children.

“Mothers will forever be the bedrock upon which the foundation of any society is built,” she said.

She highlighted the sacrifices mothers make and the lasting spirit they impart to their children.

Lagos State Governor, Babajide Sanwo-Olu, represented by the Secretary to the State Government, Salu Hundeyin, commended Obasanjo for honouring his mother 66 years after her passing.

He stressed the importance of treating mothers with respect and recognising their critical role in both divine and human contexts.

The event underscored the vital role of mothers and the enduring impact of their sacrifices, and also served as a call to action for society to support and honour mothers, ensuring that their dreams for their children are realised through access to quality education, healthcare, and opportunities.

The musical drama, ‘Aremu Omo Asabi,’ performed in celebration of Bernice Obasanjo’s life, was not just a historical recount but also a poignant reminder of the strength and resilience of mothers.

Governor Abiodun highlighted the current administration’s commitment to policies that support mothers and their aspirations for their children’s futures.

“This tribute is also a call to action for all of us to honour and support mothers in every way possible. It reminds us of our collective responsibility to create an enabling environment where every mother’s hope for their children can flourish,” Abiodun stated.

[Leadership]

There is nothing wrong with a peaceful demonstration and a lawful legitimate protest.

What is unacceptable is a premeditated attempt by a group of faceless individuals who are on the payroll of subversive elements to destabilise the country and incite people to violence and carnage.

That is what this so-called #nationwidestrike that they have labelled as the #endbadgovernanceprotest is all about.

Worse still there is a covert and subterranean attempt to provoke the security forces to open mutiny and rebellion against constituted authority and thereby truncuate our democracy.

Those that are behind it are attempting to take advantage of the undoubtedly enormous economic challenges in the land to create panic, fear, chaos and mass unrest with a view to provoking anarchy, mayhem and armed insurrection.

This is unacceptable and no responsible Government will sit back and allow it to happen.

I urge those that are behind this surreptitious, subterranean and sinister subterfuge to have a rethink and not spark off a reaction from the security forces that they will later regret.

We do not want or need a nationwide #endsars-like round of protests and neither can we afford the attendant violence, strife, division, damage to property and bloodshed that comes with it.

The way forward is to put off the protest, exercise patience, enter dialogue with the Federal Government and express our collective concerns in a lawful, restrained, responsible and legitimate manner.

Anything outside of that will be dangerous and counter-productive.

(FFK)

Former Nigeria international, Victor Ikpeba has heaped plaudits on the Super Falcons despite the team’s defeat to Brazil.

Gabi Nunez’s first half goal separated both teams on the night.

The Super Falcons put up a spirited display and were denied by Brazil goalkeeper Lorena thrice in the opening 25 minutes.

Ikpeba commended the players for giving everything against the Brazilians.

“You just must commend the girls, they gave everything, they played with their heart, with determination, with passion,” saluted 1997 African Footballer of the Year Ikpeba.

“They had their moments in the first half, but unfortunately they didn’t make the most of them.

They probably lacked the quality in attack, but they have everything to be proud of.

“The Super Eagles must learn from how they fight for each other.”

Randy Waldrum’s side will take on Spain in their second Group C game in Nantes on Sunday

[DailyPost]

The economy is growing faster and government’s financial position becoming better as ongoing reforms continue to address fundamental pillars for sustainable development.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, yesterday gave a full overview of the national economic data, with significant improvements in fiscal and monetary positions. 

Speaking at the newly introduced quarterly media briefing yesterday in Abuja, Edun highlighted that the economy grew faster in the first quarter of 2024 compared to 2023.

According to him, economic activity in the first quarter of 2024 was not only faster than first quarter of 2023, but it was also the second fastest first-quarter growth in the last six years.

He noted that the economic growth was broad-based across several sectors including agriculture, industries and services, with agricultural growth recovering from negative in the first quarter of 2023 to a modest growth in the first quarter of 2024.

He pointed out that the industrial sector grew seven times faster in first quarter 2024 than in first quarter 2023.

He attributed this positive economic performance to the government’s well-coordinated fiscal and monetary policies.

Edun explained that aggregate federal government revenue in the first half of 2024 was more than double of the corresponding period in 2023.

He attributed the revenue growth to the reconfiguration and improvement in government finances, with oil revenue as a percentage of gross revenue increasing from 11 per cent in the first half of 2023 to 30 per cent in the first half of 2024.

The finance minister also highlighted the strong performance of non-oil revenue, which not only surpassed the revenue in the first half of 2023 but was also 30 per cent above the 2024 budget target, without any increases in taxes.

He emphasised the government’s commitment to further improving revenue through increased oil production and sales, as well as enhancing the fiscal policy landscape to attract more investment into the sector.

He pointed out that Nigeria’s debt burden has reduced in dollar terms, and the government’s fiscal deficit has improved, as the country’s economic reforms continue to yield positive results.

“Our debt has fallen in dollar terms from $108 billion to $91 billion. Not only that, the government has diligently serviced all its loans and obligations with no recourse to ways and means financing. The government has met all its obligations,” Edun said.

He noted that the government is not relying on ways and means borrowing, which can be inflationary, and has paid back the previous N7.3 trillion obligation within a year of President Bola Tinubu’s administration.

He highlighted the improving debt service-to-revenue ratio, which has declined from 97 per cent in the first half of 2023 to 68 per cent in 2024, indicating the government’s strong position in managing its debt obligations.

On the budget, Edun said that the 2024 budget deficit has moved in the right direction, with a target of 4.1 per cent of GDP, an improvement from the 6.1 per cent deficit recorded in 2023.

“On an annualized basis, we are at 4.4 per cent, so you can see we are effectively very, very close to the budgetary target,” Edun said.

He noted government’s efforts to attract foreign inflows, including the implementation of the national single window project, which is expected to generate $2.7 billion per annum in economic benefits.

He added that the government’s accelerated stabilisation and advancement plan has already attracted $500 million in investment in the gas sector, with $7 billion more on the sidelines waiting to come in.

According to him, to address the high cost of living, the government has implemented several initiatives and interventions, including a strategic input programme to increase the supply of food, a pivot to Compressed Natural Gas (CNG) fuel for mass transit vehicles, and providing lower-cost financing for the manufacturing industry and production.

He expressed optimism that inflation, despite being “quite sticky at the moment,” will moderate soon due to the government’s commitments and actions.

“Clearly, as part of the reform program, on the monetary side, monetary policy has been tightened. CBN has been proactive in adjusting the monetary policy rate to address inflation head-on, which is in line with its legal mandate,” Edun said.

Addressing the concerns about social unrest, Edun acknowledged the right to protest and freedom of speech in a democracy, but urged Nigerians to give the government more time to push through the necessary reforms that have come at a cost.

He emphasized the government’s plans to provide long-term, low-interest mortgages to ordinary Nigerians to help alleviate the high cost of living.

[TheNation]

The reinstated Deputy Governor of Edo, Philip Shaibu, said had his principal, Godwin Obaseki, been reasonable and spoken to him well, he (Shaibu) would have dropped his governorship ambition and allow the governor have his way in order to preserve their relationship.

Shaibu, who described Obaseki as a dictator, said he became more resolved to pursue his governorship ambition after Obaseki threatened he would destroy him if he did not back down.

He maintained that he won the Edo State Peoples Democratic Party’s governorship primary because he had 381 delegates, who would have voted for him had not not been shut out of the Samuel Ogbemudia Stadium in Benin where the exercise took place on February 22.

Shaibu, who has now defected from the PDP to the All Progressives Congress, spoke on Wednesday when he paid a courtesy visit to the APC National Working Committee in Abuja.

 He said he felt betrayed by Obaseki despite all his sacrifices and loyalty to him.

He said, “The truth is that the issues were all political. I declared to contest for the governor of Edo State. That is where the fight started.”

Looking pensive, the deputy governor told journalists that he did everything humanly possible to pacify his boss to no avail.

“He (Obaseki) said, ‘You cannot contest because I have my plans’. The next thing was that he would destroy me if I continued. For me, no man can destroy the plan of God. As an activist, that day I made up my mind that I was going to contest. As of the time our conversation was on, I was still consulting. I went into the race and I won it because I played high-powered politics. They are not politicians. They rode on our back to where they are. In the politics I played, I actually had 400 out of the 572 delegates.

“A week to the primary, I lost some and had 381. So I brought those 381 on the day of the primary but they were refused accreditation. They took the accreditation tags and gave to their appointees to go and do Aso Ebi reception at the stadium they call primaries. Now, the court has ruled that the delegates I had were the authentic delegates and the ones they brought were fake. So as it is, they have boxed themselves into a corner where I don’t want to go because it is a legal issue.

“We are in court and by the grace of God, I had already been vindicated by two judgments. What is critical is that I want to prove internal democracy must be respected and allowed to play. You can lobby, you can talk to people and people will understand. If the governor had shown leadership, maybe I wouldn’t have contested because I am not a desperate person. My ambition is not inordinate. I have an ambition to fix the state. If somebody else can agree that we collectively fix it, I will follow. But the governor wanted to behave like a military dictator. And for me, we fought. I have captained people that have fought for this democracy. I started from the youth wing. I am sure I am one of the top people you will mention for this democracy that we now have. And for me, I cannot watch this democracy be derailed and allow dictatorship to take control.”

He described as false the claim that he went away with 22 official vehicles after his impeachment.

According to the accountant-turned-politician, the governor bought only one official car for his convoy in the seven and a half years of their administration.

Shaibu said, “The easiest way to have a disagreement is money. Even my official entitlements, most of them I didn’t even apply for them. That is, anything that has to do with going to meet the governor to apply for anything, including my personal or official entitlement. I confined myself within the official salary that came to me. “Recently, I saw an advert that I should return 22 vehicles. Only one vehicle in the seven and a half years that the governor bought for my convoy. Only one. Every vehicle you see in my convoy, some of them, especially the Landcruiser I used for three years with a coat of arm and flag as staff car, the Prado I used as back-up for three years, was the same that I used as the Majority Leader of the Edo State House of Assembly.

“It was the third year of his first term that the governor eventually bought a Landcruiser jeep. Even when they were bringing the jeep, it had an accident on the way. We had to change the wheels and it took two weeks for us to fix it. I never made it an issue, because for me, anything that will bring trouble I was able to manage it. I am happy that I gave everything and I was never found wanting. I was not impeached because I stole money, I was not corrupt, or because of incompetence.

“Today, the court has also told us that what they said was gross misconduct was never a misconduct. They said I gave out government secrets. I have worked diligently with this man. I was asked to perform his duty as acting governor and I was able to organise the security system. I have not done anything wrong to warrant impeachment.”

When asked if he could ever forgive Obaseki for treating him as an outcast, Shaibu hesitated before nodding.

He said, “The only person that is perfect is the Almighty God. None of us created by God is perfect. One of the greatest commandments in the world is ‘Love your neighbour as yourself.’ If all of us can actually take to that commandment, there will be peace in the world. But I have just discovered that there is no perfect relationship with what has happened between the governor and me.

“From my own end, I gave everything. I gave all to have him succeed. Because, for me, it is about the state and the state in everything. So, I gave everything even my official earnings. I forfeited lots of my official entitlement. Why? It is because I didn’t want any trouble or disagreement.”

[Punch]