The federal executive council (FEC) has approved a $2.2 billion external borrowing plan to strengthen the country’s finances and support economic reforms.

Wale Edun, the minister of finance and coordinating minister of the economy, spoke to journalists at the end of the FEC meeting on Thursday, presided over by President Bola Tinubu.

The minister said the financing package will be raised through a combination of eurobonds and sukuk.

He said approximately $1.7 billion is expected from the eurobond offer and $500 million from the sukuk financing.

The minister disclosed that the borrowing would happen this fiscal year, stressing that the ultimate funding arrangement would be decided by market conditions and the transaction adviser’s counsel.

“The first objective is to complete the federal government’s external borrowing programme with the approval of the $2.2 billion financing package, which will include access to the international capital market through a combination of Eurobonds and Sukuk bonds —approximately $1.7 billion from the Eurobond offer and $500 million from Sukuk financing,” Edun said.

“The actual composition of the financing will be finalised once the national assembly has considered and approved the borrowing plan. 

“After the external borrowing approval is granted, the funds will be raised as soon as possible within the year.

“The exact combination of instruments will depend on the advice of transaction advisers and market conditions when we decide to enter the market.

“Earlier in the year, we demonstrated the resilience of the Nigerian financial markets and their capacity to handle more complex and sophisticated offerings, such as the domestic issuance of dollar bonds that attracted investors from both Nigeria and abroad.”

Edun said the success of the domestic dollar bond demonstrates the Nigerian financial market’s tenacity.

He said the most recent overseas borrowing was “made possible by the government’s economic agenda, which includes market-based pricing for important economic variables like foreign exchange and petroleum goods”. 

‘FEC APPROVED $250 BILLION HOUSING FUND’

The minister said the council also approved the establishment of a N250 billion real estate investment fund with the goal of addressing Nigeria’s housing deficit.

“Approval has been granted for the Ministry of Finance Incorporated (MOFI) real estate investment fund,” he said.

“This fund will serve as the basis for the revival of long-term mortgage financing in the Nigerian economy.

“The MOFI real estate investment fund will initially amount to N250 billion and will provide low-cost, long-term mortgages to Nigerians who wish to acquire homes. It will help address part of the 22 million-unit housing deficit.

“Of course, it will create jobs, stimulate economic growth, and pave the way for other private sector investors to participate in the housing construction industry, with significant benefits for the broader economy.

“The concept is long-term. Investors will have the opportunity to earn market rates of interest and returns on investment, blended with seed funding of N150 billion.”

Edun said the initiative will provide Nigerians with the opportunity to secure mortgages at interest rates significantly lower than the current market rates, which can exceed 30 percent, with tenures that could extend up to 20 years or more.

On November 16, voters in Ondo state will head to the polls to decide who will pilot the state’s affairs for the next four years. Nothing is certain yet. Either the status quo will remain or change.

In the last few months, political gladiators in and outside the state have been making moves to woo voters.

However, the political tension in Ondo is not as heated as the September governorship election in neighbouring Edo state, where Monday Okpebholo was elected governor.

Unlike the Edo election, the build-up to the Ondo election has been relatively peaceful and devoid of heated political dramas.

 

Two former deputy governors — Lucky Aiyedatiwa, candidate of the All Progressives Congress (APC), and Agboola Ajayi of the Peoples Democratic Party (PDP) — have been tipped as favourites to win the Ondo election. The two politicians are not newcomers to the state’s political system.

Ajayi, 56, served as the deputy governor of Rotimi Akeredolu, then governor of the state, from 2017 to 2021. He fell out with Akeredolu in the build-up to the 2020 governorship election.

Ajayi defected to the Peoples Democratic Party (PDP) to contest the election but lost in the primary to Eyitayo Jegede. He then moved to the Zenith Labour Party (ZLP), where he clinched the party’s governorship ticket. Akeredolu also picked Aiyedatiwa as his running mate.

The former deputy governor came a distant third in the election, which was won by the joint ticket of Akeredolu and Aiyedatiwa.

Following Akeredolu’s death in December, Aiyedatiwa became Ondo governor.

Although Aiyedatiwa and Ajayi are favourites to win the Ondo election, Abass Mimiko, candidate of the ZLP, is an underdog in the race.

TheCable further provides a lowdown on the three major candidates

AIYEDATIWA: THE ‘LUCKY’ GOVERNOR EYEING A FULL FOUR-YEAR TERM

Born on January 12, 1965, Aiyedatiwa hails from Obenla, an oil-producing community in Ilaje LGA of the state. He is a businessman and former commissioner of the Niger Delta Development Commission.

Aiyedatiwa attended Saint Peter’s UNA Primary School, Obenla and Ikosi High School, Lagos. He obtained a Nigeria Certificate in Education (NCE) from Lagos State College of Education in 1986, and he also got an advanced diploma from the University of Ibadan. In 2013, he obtained a master’s degree in business administration from the University of Liverpool, United Kingdom.

Fate smiled at the former deputy governor in December 2023 after Akeredolu’s death. Aiyedatiwa was immediately sworn in as the new governor of the state to complete the four-year term of his late principal.

Although Aiyedatiwa has repeatedly denied the insinuations, the relationship between Aiyedatiwa and Akeredolu had turned sour in the dying moments of the late governor.

Political analysts have argued that Aiyedatiwa, who was believed to be a political neophyte, would not have gotten the governorship ticket of APC if Akeredolu was alive. Olusola Oke, the most influential politician from Aiyedatiwa’s LGA, was said to be Akeredolu’s favourite. Nonetheless, Aiyedatiwa beat Oke, who came in third, during the APC primary election to clinch the ticket. Oke, who was said to have brought the governor into state politics, has since collapsed his political structure to support Aiyedatiwa.

At the moment, the governor is unarguably the strongest candidate in the race owing to the incumbency power and the popularity of the APC in the state. APC has been a force to reckon with in Ondo since the 2016 election.

Aiyedatiwa also enjoys the support of top APC chieftains in and outside Ondo.

However, it appears that the governor is yet to pacify some of Akeredolu’s loyalists, who were not pleased with the politicking that took place when the former governor was sick.

In what appears to be a political move to pacify Akeredolu’s kinsmen, Aiyedatiwa selected Olayide Adelami as his deputy governor and running mate. Adelami hails from Owo, the same town as late Akeredolu.

Speaking during a campaign rally, Aiyedatiwa promised to carry out more infrastructural projects across the state, if elected governor.

He said his administration has touched every sector of the state in the last 10 months, adding that he would do more if elected.

Critics of Aiyedatiwa have argued that governance and election are not based on luck. The question in the minds of many is, “Will Lucky be lucky this time around?”

AJAYI: THE CANDIDATE WITH THE MOST POLITICAL EXPERIENCE

Born on September 24, 1968, Ajayi hails from the Kiribo community in Ese-Odo LGA of Ondo state.

He had his primary and secondary education at Community High School in Kiribo and Methodist High School, Okitipupa, after which he bagged a law degree at Igbinedion University, Okada, Edo state, and was called to bar in 2010.

Before he became Akeredolu’s deputy governor, he had been in politics as far back as 1988, when he was the Social Democratic Party chairman of Old Opoi Ward 1. He later moved to PDP and served in different political positions in the LGA. He was elected as the chairman of Ese-Odo LGA from 2004 to 2007. Ajayi was also elected as a lawmaker to represent Ilaje/Ese-Odo in the house of representatives from 2007 to 2011. In Ondo south, many call him the grassroots politician.

This is the second time Ajayi will be on the ballot for the Ondo governorship election. The former deputy governor contested the 2020 election under the umbrella of the ZLP. He came a distant third with 69,127 votes.

This time around, Ajayi is contesting the election under the platform of a major political party — the PDP.

To become the governor of the state, Ajayi must beat his closest challenger, Aiyedatiwa. The duo are from the same senatorial district — Ondo south. Ajayi hails from Ese-Odo LGA, while Aiyedatiwa is from Ilaje LGA. Ilaje/Ese-Odo used to be one LGA until they were separated.

Since the votes from Ondo south will be divided between Ajayi and Aiyedatiwa, the two other senatorial districts — Ondo north and Ondo central — will play a deciding role in the race.

Speaking during a recent debate, Ajayi accused Aiyedatiwa of “destroying” Akeredolu’s Amotetun legacy and that the security of the state has deteriorated under the incumbent governor.

“I must give it to our late boss; he had the courage and boldness to say we must establish Amotekun which is more or less a state police arrangement,” Ajayi had said.

“But unfortunately these days, that legacy is almost destroyed by the incumbent governor.”

Ajayi said he would strengthen the Amotetun security outfit with modern equipment if elected governor.

WILL ABBAS MIMIKO ACHIEVE HIS BROTHER’S FEAT?

Mimiko, from Ondo town, is a senior consultant psychiatrist and psychologist. He obtained his bachelor of medicine and surgery degrees from the University of Lagos in 1987. He worked in the United States and is said to be board-certified in psychiatry and neurology in America. He is also a published poet.

Mimiko will surely pray to attain what his elder brother, Olusegun Mimiko, achieved during the 2007 and 2012 Ondo governorship elections with the LP.

This time around, another Mimiko is eyeing the number one seat in Ondo under the platform of the ZLP. Although he is a political newbie, he is hoping to pull out a surprise move to defeat other candidates.

Recently, Mimiko said he does not need his brother’s endorsement to win the November 16 election, and what he needs is the endorsement of the people of the state.

In his manifesto, Mimiko promised to implement the seven Ks agenda if elected governor.

The seven Ks initiatives were worded in the Yoruba language. The agenda seeks to end hunger, provide clean water, create jobs, and ensure quality education and healthcare in Ondo state.

However, Mimiko is from Ondo central. His chances are dim with the two major candidates coming from Ondo south, where the next governor is expected to come from based on the unwritten power rotational system in the state.

Only time will tell whether he will pull a surprise like his brother, Olusegun Mimiko, a former governor of the state, who won the election under the platform of the Labour Party (LP).

OTHER CANDIDATES IN THE RACE:

Ebiseni Nehemiah — Labour Party

Falaiye Ajibola — Accord Party

Omolere Akinuli — Action Alliance

Ajayi Adekunle — African Action Congress

Akinnodi Ayodeji – African Democratic Party

Popoola Olatunji — All Progressives Grand Alliance

Ogunfeyimi Isaac — Allied Peoples Movement

Fadoju Amos Babatunde — Action Peoples Party

Olugbenga Omogbemi — New Nigeria Peoples Party

Ajaunoko Jenyo — National Rescue Movement

Alli Babatunde Francis — Peoples Redemption Party

Akingboye Benson Bamidele — Social Democratic Party

Adegoke Kehinde Paul — Youth Party

Akinmurele Otiloloju — Young Progressives Party

The management of Obafemi Awolowo University (OAU), Ile-Ife, Osun State, has expressed its commitment to supporting extra-year students facing academic challenges by considering the option of granting them a waiver.

The move is in response to a recent suicide attempt by a 200-level student who attempted suicide following academic struggles.

PUNCH Metro exclusively obtained an internal memo on Wednesday, dated November 1, 2024, from the university’s Senate Division.

The memo revealed that a special Committee of Deans meeting was convened to address the case of the affected student and thereafter came up with compassionate measures.

The memo, signed by the Deputy Registrar, M.S. Oluwajoba, revealed that the student, whose name was not stated, had transferred from the Faculty of Pharmacy to the Department of Biology Education, and reportedly attempted suicide on October 16.

The incident prompted the Dean of the Faculty to take up the matter to the higher authorities.

The memo seen by our correspondent was titled, “Decision Extract: Re: Special Meeting of Committee of Deans held on Wednesday,  October 16, 2024,” and directed to all deans.

It partly read, “The Dean, Faculty of Education reported a case of a suicide attempt by a Part II student who transferred from the Faculty of Pharmacy to the Department of Biology Education on Wednesday, October 16, 2024. After due deliberation on the matter, the Committee decided that: Members of staff should continue as usual to offer support to our students.

“The departmental and the Faculty Boards of Examiners are advised and encouraged to provide an enabling environment for students’ support.

“Staff and Part Advisers should kindly cooperate in this regard.

“The above information supersedes the earlier circulated decision extract.”

An earlier circular from the office, dated October 17, 2024, had said any student who had only one or two courses to pass to graduate, having attempted those courses in the previous semesters, “should be considered to graduate on compassionate grounds provided such assistance SHALL NOT change the candidate’s class of degree.”

When contacted, the Public Relations Officer of the university, Abiodun Olanrewaju, confirmed the decision of the institution, noting this was to prevent further suicide attempts.

In an interview with our correspondent on Wednesday, the varsity spokesperson said, “We want to reduce to the barest minimum the commission of suicide due to academic stress or rigour especially by those in the final year who are repeating one or two courses and they are being delayed by that.

“So, the human face there is, given the situation and circumstance of the country, we should just let them go. It doesn’t cost the university anything, and so that it will not be that somebody commits suicide because of extra academic years.”

Our correspondent however gathered from a top official that the decision “is not official” but considered “in the wisdom of the university” given the sensitivity of the situation.

The federal government, under the leadership of President Bola Tinubu, has proposed the sum of ₦47.9 trillion as the budget for the 2025 fiscal year.

The figure, which includes new borrowings of ₦9.22tn, was approved by the Federal Executive Council (FEC) during its meeting on Thursday at the Aso Rock Villa in Abuja.

The Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this to State House correspondents after the FEC meeting presided over by President Tinubu.

Bagudu also disclosed that the Council approved the Medium Term Expenditure Framework (MTEF) for 2025-2027.

According to the Minister, the federal government pegged the crude oil benchmark at $75 per barrel and oil production at 2.06 million barrels for its budget proposal.

He added that FEC also pegged the exchange rate at N1,400 to a US dollar while 6.4 percent is targeted for the Gross Domestic Product (GDP) growth.

Bagudu said, “The Federal Executive Council approved a memorandum by the Ministry of Budget and Economic Planning, presented by the Director General of the Budget Office, Tanimu Yakubu, on the Medium Term Expenditure Framework and Fiscal Strategy Paper for 2025-2027.”

The Minister added that the framework would be transmitted to the National Assembly on Friday, November 15, or Monday, November 18.

The parameters adopted include “an oil price benchmark of $75 per barrel for 2025, oil production of 2.06 million barrels per day, an exchange rate of N1400 to $1, and a GDP growth of 4.6 per cent,” Bagudu noted.

“For 2025, the Federal Government’s budget estimate for aggregate expenditure is N47tn, including a borrowing of N13.8tn, which is 3.87 per cent of the estimated GDP.

“This includes projections, with, for the first time, provisions for contributions to the development commissions that have been approved by the National Assembly.

“The budget size approved for presentation to the National Assembly in the MTEF is N47.9tn, with new borrowings of N9.22tn to finance the budget deficit in 2025. We aim to sustain the commendable market deregulation of petroleum prices and the exchange rate, compel the Nigerian National Petroleum Corporation Limited to significantly lower its oil and gas production costs, and potentially amend relevant sections of the Petroleum Industry Act 2021 to address key risks to the Federation,” he added.

The Inspector-General of Police (IGP) Kayode Egbetokun has banned security aides and escorts from accompanying VIPs to polling booths and collation centres during the upcoming Ondo governorship election, on Saturday, November 16.

The move, announced Thursday in a statement by police spokesperson Olumuyiwa Adejobi, aims to promote a peaceful, transparent, and credible electoral process.

The IGP has appointed Deputy Inspector-General Sylvester Alabi as the coordinating DIG for the election to ensure proper security management. Assistant Inspector-General Bennett Igweh and Commissioner of Police Tunji Disu will serve as AIG and CP elections, respectively.

The statement further imposed restrictions on movement across roads, waterways, and other transportation methods in Ondo state from 6 a.m. to 6 p.m. on election day. However, exceptions are allowed for essential services such as ambulances, media personnel, and fire services.

“Security aides and escorts attached to VIPs are banned from accompanying VIPs to polling booths and collation centers to prevent disruptions,” the IGP’s statement reads. Unauthorized security and quasi-security personnel are also prohibited from operating, and a strict ban on siren use by unauthorized vehicles will be enforced.

To ensure accessibility, special accommodations will be made for individuals with disabilities, pregnant women, nursing mothers, and others with mobility challenges at polling stations. Additionally, designated election lines will be announced for inquiries and incident reporting.
 

The Rapid Response Squad (RRS) of the Lagos State Police Command has apprehended three suspects for allegedly stealing two phones from an accident victim on Governor's Road, Alausa, Ikeja.

It was gathered that the suspects were apprehended on Wednesday night while searching the victim's pockets and vehicle instead of offering assistance.

This was made known in a statement by the RRS on Thursday.

The statement identified the suspects as,  Isaiah Adegbenro (38), Edet Johnson (30) and Efe Sowemimo (28) were arrested few meters aways from the accident point while trying to escape with the phones.

"The accident victims were heading towards Ikeja in a red Toyota Camry 2010 when the driver lost control of the vehicle and rammed into a road divider in front of Adeyemi Bero end of Governor Road, Alausa, Ikeja.

"The three suspects who were close to the scene when the accident happened, rather than assist the driver and the occupants out of the badly damaged vehicle, were ransacking the victims’ pockets and vehicle.

However, stolen from the accidents victims were: an iPhone 15, valued at N1,300,000 and an iPhone 12 worth N620,000

Meanwhile, the RRS operatives who were patrolling the area, when alerted about the actions of the fleeing suspects pursued them and recovered the two iPhone from their pockets.

The operatives assisted the victims to the hospital and also removed the vehicle from obstruction.

The suspects have made significant confessions. They are to be charged to court today in line with the directives of Commander, Rapid Response Squad (RRS), CSP Shola Jejeloye.

President Bola Ahmed Tinubu has officially approved the acquisition of shares of Mobil Producing Nigeria Unlimited (MPNU) by Seplat Energy.

Seplat Energy disclosed this in a statement, on Wednesday.

In the statement, Seplat said it would work with all parties to bring the transaction to completion.

The oil company thanked President Tinubu for granting and acquisition and his support.

According to the statement, Tinubu‘s approval was communicated by the Nigeria Upstream Petroleum Regulatory Commission (NUPRC).

It read, “Seplat Energy Plc, is delighted to announce that the Nigerian Upstream Petroleum Regulatory Commission (“NUPRC”) has confirmed that consent has been granted by the Honourable Minister of Petroleum Resources in Nigeria, President Bola Ahmed Tinubu GCFR, to proceed with the acquisition of the entire issued share capital of Mobil Producing Nigeria Unlimited (“MPNU”) (“the Transaction”).

“Seplat Energy sincerely thanks His Excellency, President Bola Ahmed Tinubu GCFR, for granting this approval, and appreciates the support and diligence of the various Ministries and regulators for all the work on this Transaction.

“The Company will now work with all parties to bring the Transaction to completion,” it stated.

Seplat explained that further information concerning to takeover of Mobil would be made public in line with regulatory requirements after completing the transaction process.

“Further announcements will be made as and when appropriate, in line with regulatory requirements,” it added.

The Federal Capital Territory (FCT) Minister, Nyesom Wike, has dismissed former Vice President Atiku Abubakar’s chances of securing the Peoples Democratic Party (PDP) ticket for the 2027 general elections, asserting it is unlikely to happen.

During a live media session on Wednesday evening in Abuja, Wike noted that Atiku has repeatedly shared his vision with Nigerians, who, in turn, have consistently rejected him.

Naija News reports that Atiku, who ran as the PDP’s presidential candidate in the 2023 elections, recently claimed that if he had won, his leadership approach would differ from President Bola Tinubu’s, and Nigerians would not be experiencing the current level of hardship.

Wike remarked, “Didn’t he (Atiku) present his blueprint to Nigerians? And did they choose him? Now he’s seeking another chance, but that opportunity won’t come. In which party? How can we rely on the same person for so many years?”

Referring to the American political landscape, Wike added, “Look at America—many opposed Trump, citing his controversial views, yet Americans made their decision based on what they believed was best for their country.”

He concluded, “In 2023, Nigerians listened to Atiku’s proposals and decided it wasn’t the right fit. Criticisms alone don’t signify that the opposition is truly resonating with the people.”