Nigeria’s Gross Domestic Product (GDP) declined by 2.98 per cent in the first quarter (Q1) of 2024 due to economic hardships under President Bola Tinubu’s administration.

The National Bureau of Statistics, NBS, disclosed this in its Q1 2024 GDP report released on Friday.

The report said the nation’s current growth rate is 2.98 per cent, higher than the 2.31 per cent recorded in the same quarter in 2023 but lower than the 3.46 per cent recorded in the fourth quarter (Q4) of 2023.

“Nigeria’s Gross Domestic Product (GDP) grew by 2.98 per cent (year-on-year) in real terms in the first quarter of 2024. This growth rate is higher than the 2.31% recorded in the first quarter of 2023 and lower than the fourth quarter of 2023 growth of 3.46 per cent,” the report read.

“The performance of the GDP in the first quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 4.32 per cent and contributed 58.04 per cent to the aggregate GDP.

“The agriculture sector grew by 0.18%, from the growth of -0.90% recorded in the first quarter of 2023. The industry sector’s growth was 2.19%, an improvement from 0.31% recorded in the first quarter of 2023.

“In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the first quarter of 2024 than the corresponding quarter of 2023.”

In the period under review, Nigeria recorded a surge in the inflation rate, which rose to 33.69 per cent in April.

A political activist and one of the spokesmen for the defunct 2023 Obi/Datti Presidential campaign, South-West, Dele Farotimi has said the fight between the Rivers State Governor, Siminalayi Fubara and his immediate predecessor Nyesom Wike was about “how to share loot”.

In a video clip that went viral on Friday, the activists declared that the two political warriors were only fighting for their selfish interests.

He urged Nigerians not to take sides with either Fubara or Wike, stating that when the duo “are done fighting, they are coming for you”.

He said, “My enemy’s enemy is my enemy, not my friend. That Sim is Wike’s enemy doesn’t make him my friend. Fubara is not different from Wike.

“When they are done fighting, they are coming for you. The fight was just to determine how to share the loot. They are not fighting over anything but rather than to control your commonwealth.

“The entirety of the fight is about how to mortgage your future and how to sell your children and children’s children into slavery. It is about the control of the common purse.

“They have the same people, they were doing it together. You can’t be picking sides with armed robbers who are quarrelling on how to divide the spoils of your home”.

DAILY POST reports that the political space in Rivers State recently plunged into a seemingly unresolvable crisis following the battle of supremacy between Fubara and Wike, the current Ministry of the Federal Capital Territory, FCT.

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The Nigerian government has said convicted certificate forgers, drug offenders, and cultists, amongst others, are not eligible for the federal government’s student loan scheme. Education Loan Fund (NELFUND).

This was disclosed in a post by the administrator of the student loan scheme on its official X handle on Friday.

The post addresses some of the “frequently asked” questions by the prospective applicants.

NELFUND said applications by citizens “convicted of fraud and forgery, drug offences, cultism, felony, or any offences involving dishonesty” would be rejected.

Others whose application would be rejected include anyone “proven to have defaulted in respect of any previous loan granted” by any licensed financial institution and anyone “found guilty of submitting fake/fraudulent documents and dismissed for exam malpractices by any school authority.”

DAILY POST reports that NELFUND opened the application portal on Friday for the first phase of the student loan scheme, which is open to students from federal institutions across the country.

The Academic Staff Union of Universities, Nsukka Zone, has stated that it is not sharing in the joy of one year in office of President Bola Tinubu due to the administration’s unfulfilled promises

Addressing journalists on Friday at the Benue State University, Makurdi, the Zonal Coordinator, Raphael Amokaha who decried the insensitivity of successive administrations in meeting the renegotiation of the 2009 Federal Government/ASUU agreement said their expectations were much higher than the present reality.

Some of the unfulfilled agreements, according to Amokaha include; poor funding of the nation’s universities, breach of university autonomy, particularly in the Integrated Personnel Payment Information System, nonpayment of earned academic allowances, and the four months salaries withheld.

While recognizing the submission of the president to review the appointment of university governing councils recently released, the union advised the president not to see it as patronage for political loyalty.

Amokaha noted that contrary to the promise of President Tinubu that  the era of the strike in Nigerian universities was over, the ASUU zonal boss said, ‘Unfortunately, we are on the verge of a strike.’

He added, “The government of President Bola Ahmed Tinubu is about to celebrate one year in office. Unfortunately, members of our union do not share in the elation of the one-year celebration.

“Our expectations were much higher than the present reality. Again, we cry out to the President, let the lecturers breathe! Do not suffocate us!! 

“The draft renegotiated 2009 agreement must be signed immediately and implemented even though it may need to be looked at before signing now so that what will be agreed upon now will be commensurate to the hyperinflation ravaging our country.

“The balance of the eight months withheld salaries owed our colleagues should be paid immediately. They have now done the work in full and to make it worse, the value of the eight months’ salary is now barely up to the value of two months’ salary at that time.

Speaking further, Amokaha said, “Membership of governing councils requires notable and upright personalities with experience in university administration.

“It’s therefore not proper that personalities like Professors Attahiru Jega, Olu Obafemi, and Munzali Jibril be tossed about in the name of dissolution or reconstitution of councils without recourse to propriety.

“Appointments to university governing councils must not be viewed as patronage for political loyalty.”

Nigerian singer, Seun Kuti has given his opinion on monogamy, stating that it is not feasible.

When asked about his stand on monogamy, he stated that powerful men should have the support of many goddesses given to them by their ancestors.

The musician made his opinion public in an episode of the Bad and Boujee podcast with Tolani Baj and Moet Abebe.

He then divulged shocking news about his grandfather, the legendary Fela Kuti.

Seun shared that apart from Fela’s 27 wives, he also had over a 100 girlfriends, many of whom lived with the family in their home.

The singer’s opinion on monogamy has sparked outrage among netizens, especially considering his marital status.

The Nigerian Safety Investigation Bureau has released a preliminary report on the boat accident involving Nollywood actors in Anambra, revealing that the boat driver was not certified.

The NSIB revealed this on Friday during a press briefing coinciding with the release of four other final and preliminary reports by the agency.

The Director General, NSIB, Alex Badeh, presented two final reports on aviation incidents, one preliminary report on an aviation incident, and a preliminary report on a marine accident, accompanied by 20 safety recommendations.

The boat was carrying 12 actors and crew members when it crashed, resulting in the loss of five passengers, including popular Nollywood actor Mr. Paul Odonwodo, also known as Junior Pope.

The Director of Transport Investigation, who presented the preliminary report and other findings during the briefing, stated that the speedboat capsized, throwing all occupants into the Anam River. According to him, five passengers were fatally injured, and seven were rescued alive.

The NSIB was not officially notified but learned about the accident through social media. Investigators from NSIB’s Enugu Regional office were dispatched to the accident site on April 12, 2024.

According to the agency, initial findings revealed that the boat driver was not certified, the fibre boat was not registered with the National Inland Waterways Authority, and the outboard engine fibre boat was carrying 12 passengers and one boat driver.

The director said, “There was only one person on the wooden fishing canoe. This rowdiness in the boat distracted the driver and he was not looking out as required.

“The boat was on high speed and the crossing canoe was moving at a much slower speed.
“The only occupant of the canoe, on sighting the fast approaching boat jumped into the river and escaped; The boat collided with the canoe at a high speed which resulted in the boat capsizing and all persons onboard were flung into Anam River.”

The report indicated that although five passengers aboard the boat sustained fatal injuries, the driver and seven other passengers survived the collision.

“Only one passenger on the outboard engine fibre boat was wearing a life jacket. The only passenger wearing a life jacket came with it and was not provided by the operator.

“The passenger wearing the life jacket was one of the survivors. The boat was fitted with an outboard engine. There was no manifest of passengers and persons onboard the boat. The rescue operation was not timely and there were no trained divers around to assist in the operation.”

In its safety recommendations, the bureau urged the National Inland Waterways Authority to ensure that all boats involved in commercial activities within the national inland waterways are registered, adding the authority must ensure adequate safety measures are implemented and enforced in our inland waterways.

Junior Pope died after their boat capsized in the Anam River in Anambra state on April 10, 2024.

Muhammadu Sanusi II, former Governor of the Central Bank of Nigeria (CBN), has commended the Federal Government for making tough decisions, stating that such actions are essential to salvage the country's economy, which has been mismanaged for a decade.

Delivering his keynote speech at the second day of the Rivers State Economic and Investment Summit in Port Harcourt, Sanusi said the reform of any economy required taking difficult decisions.

He said such decisions might be painful and unpopular but were necessary to save the future of those experiencing the temporary hardship.

Sanusi said politicians interested in reflections were always fond of running away from taking such difficult decisions and called on Nigerians to be realistic about their expectations.

Insisting that there was no other way to salvage a decade of mismanaged economy apart from taking tough decisions, the former CBN boss advised the citizens to wait a little while to see the turnaround of the economy.

Sanusi said: “At this momentum in our history when the country is desperate to chart a new course in economic thinking opting for a paradigm shift that seeks to harness our vast potential and propel us towards sustainable growth and prosperity, the decision to centre government around economic development and investment promotion is a very thoughtful and brave decision by the government of Rivers State.

“This is more so because the reform of an economy whether of a state or a federation at large requires difficult decisions. It involves policies that may be painful and unpopular which don’t usually go down well with politicians who need a reelection.

“But that is the only way to guarantee a better future for same people it will be hard upon. And at this point it is important for us as Nigerians to be realistic. The mismanagement of the last ten years will not be undone in six months or one year.

“And we need to understand that some of the difficult decisions that are taken will take time to work through the economy. It will take a little while for us to see a turnaround. But those decisions are absolutely necessary in order to save the economy.

“We always knew we have to go through this process if we did not change course. And we have seen this movie in Zimbabwe. We have seen it in Venezuela.

“We have seen it in Argentina and it is a movie we do not want to be part of. I do hope that we will make this transition a short one and go back to economic growth. But it is the right thing to do”.

Sanusi said as the second largest economy in Nigeria after Lagos, Rivers State had a big opportunity to emerge as a beacon of progress in the face of hopelessness by building a resilient dynamic modern and effective system that fostered economic development and prosperity.

He said: “With rich arable land, abundant oil and water resources as well as the strategic location of the state, Rivers can be one of the investor’s paradises not just in Nigeria but in West Africa if the right things can be done.

“The recent boom in mechanised agriculture, international trade, transportation, tourism, real estate and ICT that are being witnessed in the state are evident that development is not too lofty a dream to achieve and they are testament that Rivers is ripe for investment and growth”.

The Emir, however, contended that sustainable development could only happen through deep thinking, deliberate and strategic actions as well as the political will to perform and achieve it .

He said: “Rivers is blessed with abundant resources. However sitting on oil or any natural resource is not enough for economic development. I have said that if we are to dig out all the oil that is under Nigeria soil and sell it and share the money among  all Nigerians, we will at best be a lower  medium income country.

“Oil is a resource but not enough to make us a wealthy country. To achieve development it is important we take some specific steps that transcend natural resources, to diversify and institutionalise foundational economic frameworks. To fully reap the blessings of oil itself chiefly because it is not wholly controlled by the state there is a need to consider its viability and risks.

“To ensure a prosperous future, we must embrace innovation and reforms to make the state attractive for investment and capable of realistic growth. It is the capacity of state institutions to ensure quality in thinking and skills of the population that will be critical to the delivery of results.

“Japan and Singapore do not have any mineral resources neither do Germany, Switzerland, Australia or Rwanda to give a few examples. By no means however, will anyone compare the standard of living, life expectancy or any other development benchmark in these countries with most of the countries with plentiful mineral resources such as Nigeria.

“Again, despite having abundant of mineral resources countries like Russia, the UAE, Norway and others have developed not only by those resources given to them by nature or providence but by successful and deliberate vision to diversify through the quality of their governance, institutions and people”.

Sanusi maintained that  resources could  be a blessing or a curse but said the choice belonged to the leaders insisting that the leaders we had were the curse and not the oil.

Sanusi said: “Human capital and good governance are why countries that are complex in their characteristics such as India, Brazil, China and the USA have developed through innovation, intellectual property education and strong public institutions.

“If we are serious about development we have to stop expecting oil to do everything for us. Everyone in Nigeria talks about investment, infrastructure and development. But few actually considered that no investors will simply deploy resources in the name of investment unless they see that the environment is prepared to accommodate their business, make it proper and protect it.

“Capitalism does not flourish and create wealth for everyone by the number of bridges and office edifices that the government built but by strong fiscal and trade institutions that create a level playing field and incentives to ease business.

“Your roads and bridges will eventually decay and you have to either borrow to build new ones or become helpless. With an easy business environment and a skilled population, economies have transformed and grown to mega cities”.

The Emir said it was not enough to want to bring investors or achieve economic development in Rivers without laying the requisite foundations for the economy.

He said Rivers must develop required human capital, design education and skilled training that were for for the century.

Sanusi said: ”We have to lay some foundations for the economy to stand on. For this we must emphasise human capital and design education and skilled training that are fit for this century such that the IOCs for example don’t have to bring expatriates to work on their offshore and onshore.

“The state education system should create a skilled population that is fit for the requirements of any investor to safeguard employment of your citizens. The standards of the civil service have to implement investor friendly policies that will attract and regulate these investments.

“The judiciary must be independent and judges must be seen to rise above any suspicion of corruption. The laws should be such as to protect investments and our taxation system should not be an extortional system”.

In his recommendations to prepare the ground for investment, Sanusi asked the state government to Invest in the people saying that Rivers needed robust education  and skilled training programme aimed to prepare the youths to be the future workforce.

“You need innovators and entrepreneurs that will supply services across all value chains and industries, and it is important to raise the quality of schools by investing in teaching capacity, learning tools and pedology that will nurture a culture of creativity and problem solving.

“It is critically important to invest in vocational training and apprenticeship to close education gap, aligning with the needs of our economy”, he said

He said the state must carry out  institutional reforms to foster a business friendly environment adding that Rivers must evolve an efficient legal and judicial system as well as invest massively  in strategic infrastructures.

Rivers Governor Siminalayi Fubara, who earlier spoke at a cocktail party at the Banquet Hall on Wednesday night vowed to sustain the drive at mobilising critical stakeholders with attractive investment portfolios in the business community to join forces with his administration to chart an economic growth trajectory of the state.

Fubara told the captains of businesses that the economic summit would provide salient data that would assist his administration to draw up economic roadmap for the state.

…says Justice Ministry got 235 judgements, 250 convictions

The Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, on Friday, disclosed that the President Bola Tinubu-led administration faced a total of 625 court cases in the past 12 months.

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The AGF, who made the revelation when he presented the scorecard of the Federal Ministry of Justice as part of activities to mark the first year of Tinubu’s administration, said the legal actions were instituted before States, Federal and ECOWAS Court.

He said the Ministry had after it was served with copies of the suits, responded accordingly, stressing that effective justice system is measured not only by the number of cases that were successfully disposed of, but by strategic measures that were adopted to avoid litigation.

According to the AGF, using a combination of effective defence strategies to cases, arbitration, mediation and diligent prosecution of appeal cases, the Ministry succeeded in saving the country from huge debt liabilities.

He said: “In the reporting period, a total of 625 (Six Hundred and Twenty-Five) cases instituted against the President, Federal Government and its Agencies, before States, Federal and ECOWAS Court were served and responded by the Ministry.

“The Ministry also received and treated 593 requests for legal advice and Petitions from May 2023 till date.

“In all, the Ministry obtained 235 judgements from May, 2023 to date,” he added.

Besides, the AGF further disclosed that through prosecution, the Ministry secured 160 convictions for criminal offences, 87 convictions for terrorism cases, 3 novel convictions for extremist terrorism actors involved in the radicalization of children and violence against women.

“I am pleased to report that following the Ministry’s intervention for the upgrade of facilities designated for trial of terrorism cases, the Ministry has resumed trials of terrorism cases in conjunction with the Legal Aid Council, National Human Rights Commission and other stakeholders.

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“The percentages of Terrorism Cases initiated and Corruption Cases concluded within the reporting period has been significant.”

Fagbemi, SAN, said the Justice Ministry, in furtherance of President Tinubu’s priority of improving governance for effective service delivery, made concerted and collaborative efforts with relevant stakeholders in the justice sector which culminated in significant gains and achievements.

“Within the period, the Ministry vetted/reviewed 485 Contracts and PPP Projects to ensure value for money, eliminate corruption and ensure adequate protection of FGN investments.

“A total of 574 Legal Opinions were also proffered during the reporting period.”

On some of the recoveries that were made, the AGF, said the Asset Sharing Agreement between the Federal Republic of Nigeria and the Bailiwick of Jersey was signed in February, 2024 for the return of £2,125,944 proceeds of corruption.

“This has been approved by the President to be utilized for continuation of works on the Abuja-Kano Road project.

“The Ministry on behalf of the Federal Republic of Nigeria on April 25, 2024 concluded negotiation of a Settlement Agreement with Glencore International A.G. wherein Glencore is expected to pay the sum of $50 million USD as penalty and compensation for certain activities in Nigeria,” he added.

Reeling out some of the activities and achievements of agencies under the Ministry of Justice, the AGF, said the Nigerian Law Reform Commission, NLRC, is working with the Ministry in reviewing legal instruments that were affected by the recommendations of the Oronsanye Committee report and white papers on restructuring and rationalization of the Federal Government Parastatals, Agencies and Commissions, 2012 and 2022, respectively.

Noting that the National Human Rights Commission, NHRC, through ongoing advocacy and collaboration efforts, handled a total of 2,849,203 complaints from the public on various human rights issues, the AGF, said the National Agency for the Prohibition of Trafficking in Persons, NAPTIP, secured 65 convictions comprising 57 perpetrators of human trafficking and 8 offenders who were prosecuted under the Violence Against Persons (VAPP) Act.

“The Agency also rescued 1,600 victims of human trafficking, out of which 340 victims were empowered with various skill acquisitions, with 90 victims enrolled in school for educational empowerment.”

Whereas the National Legal Aid Council, according to the AGF, handled 5,081 number of cases involving indigent citizens, from May 2023 to April, 2024, the National Drug Law Enforcement Agency, NDLEA, in the past 11 months, recorded seizure of approximately 959,917.30 kg of illicit drugs, arrested 13,798 suspected drug traffickers, and secured the conviction of 3,247 drug offenders.

“A total of 7,586 individuals with drug abuse problem were counselled, while 1,337 others were successfully rehabilitated, reflecting the Agency’s dedication to providing holistic care and support for affected individuals.

“Additionally, over 3,188 public enlightenment programmes were conducted to raise awareness in schools, places of work, worship centres, markets, motor parks and communities about the dangers of drug abuse and trafficking,” the AGF stated.