The candidate of the Labour Party (LP) in the 2023 presidential election, Peter Obi on Tuesday led the leadership of the party and the Obidient Movement to Maiduguri, the Borno State capital to condole with the state over the flood disaster that befell the state recently.

Obi who visited the state governor, Babagana Zulum and Shehu of Borno, Abubakar Ibn Umar Garba Al Amin El-Kanemi, was accompanied by his 2023 running mate, Dr Datti Baba-Ahmed, and Chairman of the party’s National Caretaker Committee Senator, Nenadi Usman.

The former Anambra State governor donated the sum of N50 million to the emergency relief fund of the state Government.

“We will continue to stand with the people of Borno, providing aid and resources to help them rebuild and recover from this tragedy,” he said in a statement by his media aide, Ibrahim Umar.

He told the people of Borno that as they navigate the challenging time, “We want them to know they are not alone.

“We are dedicated to helping alleviate the suffering and hardship caused by the floods, which have submerged over half of Maiduguri and displaced thousands of residents.

“Our thoughts and prayers are with the affected families, and we will do everything in our power to support them.”

Three major oil marketers are expecting vessels of imported Premium Motor Spirit, popularly called petrol, this week barring any unforeseen circumstance, it was gathered on Tuesday.

Dealers said about 141 million litres of PMS are being conveyed to Nigeria by the vessels following the full deregulation of the downstream oil sector by the Federal Government.

They also noted that the recent hike in the pump prices of petrol produced by the Dangote Petroleum Refinery and released by the Nigerian National Petroleum Company Limited on Monday had allowed room for PMS imports.

This came as the Nigerian Midstream and Downstream Petroleum Regulatory Authority declared that all imported PMS would be subjected to at least three major tests by the agency before being allowed for sale across the country.

On Monday, NNPC announced that it would sell the petrol lifted from the Dangote refinery at a price above N1,000/litre in the far north.

Its spokesperson, Olufemi Soneye, disclosed in a statement titled, ‘NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing’.

Soneye explained that the price may go for as high as N1,019/litre in Borno State and N999.22 in Abuja, Sokoto, Kano, and others.

In Oyo, Rivers, and other areas in the South, it will be N960/litre. The lowest price, according to an infographic released by the NNPC, is N950 in Lagos and its environs.

Reacting to this on Tuesday, a major marketer confirmed that the deregulation of the downstream sector had fully set in, stressing that three dealers are expecting their products (PMS) this week.

The marketer, who spoke to our correspondent in confidence due to lack of authorisation to speak on the matter, stated that each vessel would bring in about 35,000 metric tonnes of PMS.

This means the three dealers are expecting about 105,000 metric tonnes of PMS this week, all things being equal.

Going by the conversion rate of 1,341 litres to one metric tonne, it, therefore, implies that the marketers are bringing in about 141 million litres of petrol.

“Most marketers often import three parcels for this kind of transaction and the lowest parcel is about 35,000 metric tonnes of PMS. Now, because of how the business is run, you see marketers bringing in between two and three parcels.

“This week, we expect about three marketers to bring in products. However, some of these imports are not cast in stone, in the sense that the influence of many regulatory authorities is still there. So it is not that you will just go and bring in products and you then start to sell them.

“The regulators, such as the NMDPRA, have to look at the quality, flash points and so many other things that should be taken into consideration before the product comes in. And when it lands, they will take samples and check them in their labs,” the marketer stated.

On whether the three parcels of each of the marketers would land this week, the dealer replied, “All of them are not going to bring in the three parcels at the same time. They bring in a parcel first and later, say in one week time or so, another parcel comes in. All these imports have storage implications.

“It is not something you do in a day. You can’t bring in one vessel today (Tuesday) and you bring in another one on Saturday. No, it is not done like that. This is not the importation of 20,000 or 30,000 litres of PMS.”

When contacted, the spokesperson of the NMDPRA, George Ene-Ita, said marketers with approved import licenses were free to import PMS, but stressed that the products must be subjected to three major tests by the agency.

“The products must be subjected to our testing protocols at the ports. The products must conform to stipulated standards before we give them the authorisation to offload to their terminals.

“Also, before the smaller vessels bring it further inland to Nigeria our people will fly to the place to see the product and carryout some tests to ensure the right specification is upheld.

“Tests are also done at the products’ origins. And when the products come in, before they are released to the market, further tests would be conducted to ensure that they meet the specifications,” he stated.

The presidency says President Bola Tinubu did not ask Yemi Cardoso, governor of the Central Bank of Nigeria (CBN), to resign.

According to a report on Tuesday, the president reportedly asked Cardoso to resign from his position owing to his inability to stop the poor performance of the economy, most especially, the free fall of the naira.

The report also alleged that Tinubu instructed Cardoso to step down before his departure to China, despite alleged efforts by prominent Yoruba leaders to retain him in the role.

“Cardoso, who reportedly secured the nomination for the plum job through the Yoruba Elders, allegedly lacks the knack to turn around the troubled institution and the poor economy he inherited,” the report said.

“Cardoso’s undoing, according to insiders, is his inability to live up to the promise he made to President Tinubu in January to salvage the Naira and return it to between N700 and N900 to $1 before May 29, 2024, and also, save the economy from the ruins it currently lays.”

Addressing the claim via his X handle, Bayo Onanuga, special adviser to the president on information and strategy, called the report false.

“It’s all lies. President Tinubu has not asked Yemi Cardoso to resign,” Onanuga said.

Cardoso was appointed by Tinubu on September 22, 2023.

Within the first year of Cardoso’s tenure, the naira has depreciated by 124.39 percent in the official window and depreciated by 66.83 percent in the parallel market.

When Cardoso assumed office, the naira was N738/$ in the official window however, almost a year later, the naira has depreciated to N1,656 per dollar in the official market as of Tuesday.

Also, in the parallel market, the naira has depreciated to N1,660/$ as of Tuesday, from the N995/$ reported when he began his tenure.

The Federal Government earned approximately $1.2bn in telecom license fees from major operators, including MTN, Globacom, Econet (now Airtel), and Etisalat (now 9mobile), during the inception of mobile technology in Nigeria.

These license fees played a vital role in establishing the telecom industry in 2000, a sector crucial to Nigeria’s economy.

Former President Olusegun Obasanjo revealed this at the book launch and exaugural lecture of former Editor of The PUNCH, Dayo Oketola, in Lagos on Tuesday.

He revealed that his administration rejected attempts to sell telecom licenses for a mere $3m, instead ensuring they were sold at their true value of $280m each to MTN, Glo, and Etisalat.

Notably, Etisalat, the last entrant into the telecom sector, paid a substantial $450m for its license. This strategic move generated a total of $1.2bn to the Federal Government through the Nigerian Communications Commission.

“When the first three mobile telecom companies came in, they were offered licenses. The cost of one of these licenses was $280m, but soon, the same license was going to be offered for just $3m by some individuals in the previous government who wanted to give out these licenses to their friends for just $3m,” Obasanjo said.

He said while these investments have driven significant progress, creating the right conditions remains essential for attracting future investments and sustaining sector growth. 

“There are still opportunities today for Nigeria to attract investments, but the right conditions need to be created for that money to come in again,” he stated.

MTN, a South African firm, began operations in Nigeria in August 2001 and quickly became a market leader. Globacom entered the market in 2003, introducing a pioneering per-second billing model that compelled MTN and Econet to follow suit.

Econet Wireless Nigeria, launched in 2000, initiated commercial GSM services on August 5, 2001. In 2007, Emerging Markets Telecommunications Service, trading as Etisalat, joined the Nigerian telecom market.

Speaking further, he acknowledged that the competition among operators (MTN, Econet, Glo) significantly shaped the sector.

“We achieved competition. The three of them were competing. And of course, the one who had the upper hand in terms of spread, I think, was MTN, followed by Glo and then there was Econet. Econet made the heart quarrel among themselves a bit, but eventually, they sorted themselves out. Well, when they came, they came last,” the ex-president stated.

Before the advent of mobile telephony in Nigeria around 2000, landlines were the primary means of communication. During this period, landlines were limited and often considered a luxury, accessible mainly to the wealthy.

The former head of state recounted how Nigerians faced considerable challenges with limited infrastructure, securing fewer than 500,000 phone lines despite extensive investments.

“The story of communication telecommunication, particularly mobile communication telecommunication, was a very interesting one, because before mobile telecommunication, we’d done a lot of things.

“We spent a lot of money. We have had companies we have invited from America, from France, even from Britain, and we did not get more than 500,000 lines with all that we have done, and people have to queue at the telephone,” Obasanjo stated.

The Nigeria Hydrological Services Agency (NIHSA) has issued a flood alert to Nigerians as the management of the Lagdo Dam in Cameroon is set to begin regulated water releases into the country.

In a statement on Tuesday, Umar Mohammed, NIHSA’s director-general, said the dam’s regulated water releases will commence on September 17.

Mohammed said the dam managers intend to release the water gradually so as not to exceed the transfer capacity of River Benue and cause major flooding in Nigeria.

He said the water will be released at an initial rate of 100 cubic metres per second (m3/s) — 8.64 million cubic metres per day, and gradually increased to 1000 m¾s in the next seven days.

“Notwithstanding, it is highly imperative for all states that are contiguous to the Benue River system, namely —Adamawa, Taraba, Benue, Nasarawa, Kogi, Edo, Delta, Anambra, Bayelsa, Cross Rivers, and Rivers; the government at all levels (Federal, State, and LGAs) to step up vigilance and deploy adequate preparedness measures to reduce possible impacts of flooding that may occur as a result of increased flow levels of our major rivers at this period,” the statement reads.

Mohammed added that the agency would ensure that it closely monitors the flow situation to forestall further flood disasters.

He assured Nigerians that there is no cause for alarm, noting that the flow levels along the Benue River are still within the warning levels.

On September 10, residents of Maiduguri were displaced from their homes following a devastating flood caused by the collapse of Alau Dam, which has been at full capacity for the past week.

The National Emergency Management Agency (NEMA) said more than 30 persons lost their lives and over 400,000 displaced due to the floods.

The Nigeria Police Force (NPF) says its operatives have arrested Taimako Mato, a suspected weapon handling instructor for the Boko Haram terrorist group, and four others for alleged gunrunning.

The four other suspects are John Danladi, Mohammed Munkail, Manasseh William, and Muhammadu Haddi.

In a statement on Tuesday, Muyiwa Adejobi, the force spokesperson, said the suspects are members of a gunrunning syndicate operating in Bauchi and Plateau states.

“The suspects, identified as Taimako Mato ‘m’, John Danladi ‘m’, Mohammed Munkail ‘m’, Manasseh William ‘m’ and Muhammadu Haddi ‘m’, were arrested with 1 PKT machine gun, 40 rounds of 37.2mm and 95 rounds of 62mm cartridge ammunition,” the statement reads.

“The leader of the syndicate, Taimako Mato, was a weapon handling instructor at a Boko Haram camp who procures these prohibited weapons and passes them on to the other members of the syndicate to sell to various buyers.”

Adejobi said police have arrested 295 suspected armed robbers, 186 kidnappers, 271 murder suspects, and 71 suspects for unlawful possession of firearms in the last one month.

“Also arrested 199 suspects for sexual-related offences, 143 suspects for cultism, and 1,575 suspects arrested for other various crimes,” the force spokesperson said.

“The force also recovered 185 firearms and a total number of 4,087 rounds of ammunition of various calibres, 111 vehicles were recovered, and 129 kidnapped victims were rescued.”

The force spokesperson said the police would not relent in ensuring that crimes are reduced to the barest minimum in the country.

Debt servicing costs incurred by 29 state governments consumed 80.7 per cent of their Internally Generated Revenue during the first six months of 2024, highlighting the significant financial burden the sub-nationals currently face, The PUNCH reports.

The dire situation also forced the governors to borrow a total sum of N446.29 billion within the same period despite a 40 per cent increase in its statutory allocation from the Federation Account.

The latest information is according to an analysis of data obtained by our correspondent using the budget implementation reports from each state’s website and Open Nigerian States. This BudgIT-backed website serves as a repository of government budget data.

The performance report is prepared quarterly and issued within four weeks from the end of each quarter.

This heavy burden underscores a critical issue in fiscal management, as the vast majority of the revenue that states could otherwise allocate to essential public services and development projects is being diverted to meet debt obligations.

It also reveals the severe constraints faced by state governments in managing their debt burdens inherited from previous administrations and addressing the needs of their residents.

Nigerians had hoped that with an increased statutory allocation of 40 per cent from the central government, state governors should have more than enough to fulfill their statutory obligations. 

In 2023, state governors got the most FAAC allocations in at least seven years. The rise in FAAC allocations to the three tiers of government, especially states followed the petrol subsidy removal and currency reforms of the current administration.

The reforms have reportedly led to a 40 per cent boost in income. Experts believe the revenue increase should have reduced state governments’ appetite for more borrowing.

Instead, the sub nationals are spending a large chunk on repaying loans and taking more loans.

Recall that the PUNCH had reported that most of the Federal Accounts Allocation Committee funds for Osun, Ondo, Kaduna, and Cross Rivers states will be used in servicing debts this year.

This is because these states currently have a deficit of N10.94bn, N27.72bn, N15.83bn, N10.02bn respectively following debt servicing deductions by FAAC.

With such a large portion of revenue being used to service debt, it becomes increasingly challenging for states to achieve long-term economic stability and improve the quality of life for their residents.

Earlier this year, Kaduna State governor, Uba Sani had complained vehemently about the huge debt burden inherited from previous administrations, lamenting that it had stopped the prompt payment of salaries and more borrowings in the last nine months of his government.

The governor who made this known while addressing a Town Hall Meeting at the late Umaru Musa Yar’Adua Hall, stated that his administration inherited a total of $587m, N85bn, and 115 contract liabilities.

He said, “Despite the huge debt burden of $587m, N85bn, and 115 contractual liabilities sadly inherited from the previous administration, we remain resolute in steering Kaduna State towards progress and sustainable development. We have conducted a thorough assessment of our situation and are sharpening our focus accordingly.”

The PUNCH had reported that state governors faced an uphill task of stimulating the economies of their respective states after they inherited at least N2.1tn in domestic debts and $1.9bn in external debts from their predecessors.

This was as 22 states spent a total sum of N251.79bn to service debt borrowed by past administrations within nine months of assuming office (July 2023 and March 2024).

The situation also forced the state governments of Ekiti, Cross River, and Ogun to propose a suspension of their foreign debt repayments worth $501m due to severe foreign exchange volatility.

The request, though rejected by FAAC, was part of their efforts to mitigate the heightened debt service burdens, which state officials claimed has significantly hampered their ability to service existing debts.

Experts say the high debt servicing costs leave little room for investment in infrastructure, education, healthcare, and other key areas vital for economic growth and social welfare.

Meanwhile, an analysis of the budget implementation report showed that Akwa-Ibom, Borno, Cross Rivers, Edo, Katsina, and Niger spent between 60 and 80 per cent of their internally generated revenue to repay owed debts.

Also, states as Abia, Anambra, Bayelsa, Delta, Ebonyi, Ekiti, Jigawa, Enugu, Kebbi, Kwara, Ondo, Osun Zamfara, and Oyo disbursed between 13 and 58 per cent of their revenue for debt servicing

While the amount spent on debt servicing for nine states including Adamawa, Bauchi, Gombe, Imo, Kano, Kogi, Plateau, Taraba, and Yobe exceeded their revenue within the period.

Data for Benue, Nasarawa, Ogun, Rivers, Sokoto, and Kaduna states were not available when this report was filed. Only Lagos State recorded an impressive IGR of N603.71bn while it paid N201.49bn as debt charges.

A state-by-state breakdown indicated that Abia State under the leadership of Governor Alex Otti spent N4.83bn on servicing its debt, while it earned N15.6bn as revenue, representing a ratio of 31 per cent.

Adamawa spent N14.48bn on its debt but earned N5.75bn, recording a deficit of minus 252 per cent, Akwa-Ibom state spent N20.78bn on its servicing but got N31.74bn IGR indicating 65.4 per cent ratio.

Anambra serviced its debt with N4.8bn but got N18.61bn IGR at a ratio of 25.9 per cent. Bauchi got a debt service ratio of minus 42.9 per cent after it earned N3.92bn but spent N16.8bn on servicing. Bayelsa spent N17.84bn on servicing but earned N46.98bn as revenue, indicating a servicing ratio of 38 per cent.

Further analysis of the report indicated Borno spent N7.25bn on debt charges and earned N12.04bn, representing a ratio of 60.2 per cent, Cross Rivers had a debt service ratio of 60.7 per cent after it spent N12.05bn on loans and got N19.86bn IGR.

Delta State’s burden was 58.2 per cent after it spent N39.08bn on reducing its debt and earned N67.05bn within the review period. Ebonyi had a 48.6 per cent debt ratio due to its N5.05bn spending on debt and N10.39bn revenue collection. Edo State under the leadership of Governor Godwin Obaseki spent N22.66bn on servicing and collected N34.44bn as revenue, indicating a debt ratio of 65.8 per cent.

Ekiti had a debt service ratio of 47.9 per cent after it spent N7.85bn on loans and got N16.39bn IGR. Enugu spent N3.49bn on its debt but earned N16.39bn, indicating a 20.6 per cent ratio. Gombe spent N13.07bn on its debt but earned N9.6bn, recording a deficit of minus 136 per cent. Imo State also recorded a deficit of minus 1.10 per cent after it spent N10.68bn on servicing but got N9.69bn as revenue.

Also, Jigawa State spent N1.89bn on servicing while it earned N4.55bn as revenue, representing a ratio of 41.6 per cent. Kano recorded a deficit of minus 244.4 per cent due to N60.02bn expense on debt but collected N24.57bn as revenue.

Katsina had a 77.4 per cent debt ratio due to its N8.14bn spending on debt and N10.51bn revenue collection. Kebbi spent N1.99bn on its loan servicing while it earned N4.79bn as revenue, representing a ratio of 41.6 per cent. Kwara State recorded the lowest debt-to-revenue ratio of 13.9 per cent, and spent N4.87bn on debt charges but collected N35.1bn as revenue.

Kogi spent N12.79bn on servicing and collected N12.75bn as revenue, indicating a debt ratio of minus 1.06 per cent. Niger State recorded a debt ratio of 80.7 per cent due to debt charges of N11.88bn and revenue collection of N14.73bn.

Ondo State recorded a debt to revenue of 52.4 per cent, Osun (43.2 per cent), Oyo (57.2 per cent). Plateau State recorded the highest debt-to-revenue ratio of minus 550.76 per cent, spending N61.23bn on debt charges but collected N11.11bn as revenue. Taraba and Yobe states recorded a deficit of minus 283.5 per cent and 1.16 per cent respectively.

Experts have, however, attributed the significant increase in debt servicing cost partly to the devaluation of the naira, which drove up the cost of servicing foreign debt obligations as the nation grapples with the forex liquidity crisis and exchange rate volatility.

The Director/CEO of the Centre for Promotion of Private Enterprise, Dr Muda Yusuf, speaking in an exclusive interview on Sunday, stated that the significant debt servicing cost was adversely impacted by the depreciation of the naira, which caused a decline in its value relative to other currencies.

He noted that the enormous debt burden inherited by the current administration is also straining state finances and impacting its ability to meet major obligations.

Mr Muda said, “The point is that these states inherited a huge burden of debts. The figure mentioned may sound outrageous but is not much when calculated in dollar terms. Multilateral debts are also tied to infrastructural projects and developmental purposes. Borrowing is not in itself bad if it is used for developmental purposes but the burden of debt must not suffocate the state finances and affect its ability to fulfill major obligations.

“Also, those debts are foreign and once the naira depreciates, it affects the level of debt. As they struggle to service it, the level is still going up because of the exchange rate depreciation. With the depreciation of the currency, the burden of servicing those loans has become extremely very heavy. The exchange rate factor is a major challenge in the debt burden of many states.”

Government spending has come under increased scrutiny in recent times, particularly in light of the country’s worsening economic challenges.

At different fora, financial experts have also raised concerns about states’ spending on recurrent expenditure, highlighting the need to embrace financial innovations. 

A professor of Economics at Babcock University, Segun Ajibola, stated that the enduring problem of high governance expenses had persisted at the state level, with inadequate oversight and accountability resulting in minimal economic benefits for grassroots citizens.

Ajibola, a former president of the Chartered Institute of Bankers, lamented that state assemblies had also abandoned their oversight duties, leaving the state governors to operate with no iota of transparency and accountability.

He said, “The first issue is the perennial complaint about the high cost of governance in Nigeria and at all levels. When you look at these issues, attention is often concentrated on the Federal Government, so the searchlight is always more on the central government. Most often, nobody cares about what is happening in the states and local government, and that is where the problem is.

“There are so many institutional frameworks in place to look at what is happening at the federal level but who cares about the states? The cost of governance in relative terms is even much higher in states than the federal and that is why you hardly feel the impact of governance in most states.

“Only a few states can boost a significant presence in the lives of their people in our states. The state assemblies are expected to conduct oversight functions on the activities of the executives in their respective states, but in reality, how many states are doing that, leaving the executives to be all in all incurring high costs.”

Meanwhile, 20 state governments borrowed a total sum of N446.29bn collectively to address their budget deficits and to cover various expenses, including essential services, infrastructure projects, and operational costs.

Our correspondent’s findings also revealed that the majority of these loans were sourced from multilateral and international creditors, contrary to the Federal Government’s emphasis on borrowing from the domestic market. 

Further analysis showed that Cross Rivers State was among the states that got the highest loan of N121.22bn between January and June. It was followed by Oyo State with N55.36bn loans. Third on the list is Kogi State with loans worth N41.22bn.

Katsina State also obtained loans worth N34.09bn from creditors within the quarter.

Other states including Niger got N34.03bn, Gombe (N32.38bn), Ondo (N20,82bn), Borno (N20.7bn), Bauchi (N19.28bn), Taraba (N20.23bn), Yobe (N10.17bn), Kwara (N10.06bn), Ekiti (N7.94bn), Ebonyi (N6.43bn), Kano (N6.15bn), Abia (N3.37bn), Enugu (N1.39bn).

The states with the least borrowing include Edo (N633.73m), Osun (N250m), and Plateau state with N530.86m loan.

The federation account allocation committee (FAAC) says the three tiers of government shared a total of N1.203 trillion in August 2024 from a gross total of N2.278 trillion.

According to a statement on Tuesday by Mohammed Manga, director of information and public relations at ministry of finance, FAAC announced the allocation at its September meeting chaired by Wale Edun, minister of finance.

The amount shared dropped by N155 billion compared to the N1.35 trillion allocated in July.

“From the stated amount inclusive of gross statutory revenue, value added tax (VAT), electronic money transfer levy (EMTL) and exchange difference (ED), the federal government received N374.925 billion, the states received N422.861 billion, the local government councils got N306.533 billion, while the oil producing states received N99.474 billion as derivation, (13% of mineral revenue),” Manga said.

“The sum of N81.975 billion was given for the cost of collection, while N992.617 billion was allocated for transfers intervention and refunds.”

Manga said the communique issued by the FAAC shows that the gross revenue from VAT for August was N573.341 billion, representing a decrease of N51.988 billion from the N625.329 billion distributed in July.

He said from that amount, the sum of N22.934 billion was allocated for the cost of collection and the sum of N16.512 billion was given for transfers, intervention and refunds while the remaining N533.895 billion was shared among the three tiers of government.

The director said the federal government received N80.084 billion, the states got N266.948 billion, and local government councils were allocated N186.863 billion.

“Accordingly, the gross statutory revenue of N1.221 trillion received for the month was lower than the sum of N1.387 received in the previous month by N165.994,” Manga said.

“From the stated amount, the sum of N58.415 billion was allocated for the cost of collection and a total sum of N976.105 billion for transfers, intervention and refunds.

“The remaining balance of N186.636 billion was distributed as follows to the three tiers of government: federal government got the sum of N71.624 billion, states received N36.329 billion, the sum of N28.008 billion was allocated to LGCs and N50.675 billion was given to derivation revenue (13% mineral producing states).

“Also, the sum of N15.643 billion from electronic money transfer levy (EMTL) was distributed to the three (3) tiers of government as follows: the federal government received N2.252 billion, states got N7.509 billion, local government councils received N5.256 billion, while N0.626 billion was allocated for cost of collection.”

He said the communique also showed that N468.245 billion from the exchange difference was shared, with the federal government receiving N220.964 billion, the states receiving N112.076 billion, local governments N86.406 billion and N48.799 billion going to the oil-producing states as derivation (13 percent of mineral revenue).

Manga said the communique also reported decreases in revenue from companies income tax (CIT), VAT, import and excise duties, EMTL, petroleum profit tax (PPT), oil and gas royalty and customs external tariff (CET) levies.

“According to the communique, the total revenue distributable for the current month of August 2024, was drawn from statutory Revenue of N186.636 Billion, Value Added Tax (VAT) of N533.636 Billion,  N15.017 Billion from Electronic Money Transfer Levy (EMTL) and N468.245 Billion from Exchange Difference, bringing the total distributable amount for the month to N1.203 Trillion,” he said.

“The balance in the Excess Crude Account (ECA) as at September 2024 stands at $473.754.57.”

‘NIGERIA’S ECONOMY IS ON RIGHT PATH’

Speaking at the meeting, Edun appreciated members of the FAAC for their continued support and contributions, urging them to do more.

He also thanked revenue-generating agencies for their hard work in ensuring smooth operations for all levels of government.

The minister assured that Nigeria’s economy is on the right path, adding that the country has a president whose actions are in line with the rule of law.

“He is making sure that whatever the country is going through is a stringent economic conditions aimed at repositioning the economy for the benefit and future of our country,” Edun said.

“The policies are for the good of the nation. It is for our own good, we have to go through turbulent situation before the economy will stabilise for good.”

Edun said the economic challenges are not unique to Nigeria but are being experienced globally, adding that “we have to play our own role and fasten our belts”.

Ahead of Saturday’s governorship election in Edo State, the first batch of the 35,000 police officers deployed to ensure law and order during election has arrived in the state, The PUNCH has learnt.

Also in the state are soldiers and officers of the Nigeria Security and Civil Defence Corps and the Economic and Financial Crimes Commission as moves intensify to ensure a hitch-free poll.

Seventeen political parties presented candidates for the poll but the All Progressives Congress candidate Senator Monday Okpebholo, Asue Ighodalo of the Peoples Democratic Party and Olumide Akpata of the Labour Party are the leading contenders ahead of the ballot.

The Defence Headquarters said the deployment of soldiers was meant to guarantee a safe environment for the electorate during the election. 

Speaking in an interview with The PUNCH, the Director, Defence Media Operations, Maj. Gen. Edward Buba, said the military would take steps to ensure the election was devoid of violence.

He said, “During elections troops are required to provide security in order to encourage high voter turnout as well as ensure the safety of voters. The forthcoming election in Edo will not be an exception. The military is resolute on taking steps to ensure a hitch-free election in Edo State.”

Soldiers patrol Benin 

On Tuesday, armed soldiers were visible on the streets of Benin City, the state capital. An army truck with soldiers patrolled the Government Reservation Road, Ring Road and Akpakpava Road axis, apparently to announce their presence in the state.

The military presence has raised concerns after a Federal High Court in Lagos ruled in 2015 that the Nigerian Armed Forces had no role in the conduct of elections in the country.

The court relied on a Court of Appeal ruling that barred the use of soldiers in the conduct of elections, stating that it was a violation of Section 217(2)(c) of the Constitution and Section 1 of the Armed Forces Act.

Security expert, Taofik Onigbanjo, said the presence of the military personnel would deter thugs and miscreants from planning to foment trouble on or before Election Day but cautioned against using the soldiers to intimidate the state residents.

“The military presence is good to discourage those who are may want to cause trouble on before the election. I have seen the soldiers in several areas in town and their presence will be good for the smooth conduct of the election,” Onigbanjo said.

“However, the election should not be too militarised so that it will not appear like voters, party leaders and others are being intimidated because this can put a question mark on the credibility of the election.”

In a similar move, the first batch of the 35,000 police officers deployed for the election by the Inspector-General of Police, Kayode Egbetokun, arrived in the Edo State capital on Tuesday. Spokesman of the Edo State Police Command, Moses Yamu, told The PUNCH that the Deputy Inspector-General that would supervise security for the election was being expected.

He said, “I can tell you that the officers that will join those in the Edo Police Command started arriving today (Tuesday). The DIG supervising the election will brief the media when he arrives in Benin soon.”

The NSCDC also deployed 6,433 personnel to ensure a peaceful and secure electoral process in the state.

The PUNCH learnt that the officers would arrive in Edo on Thursday.

The corps spokesperson, Afolabi Babawale, explaining the breakdown, stated, “The NSCDC will draw officers from neighbouring states, including 300 from Ondo, Delta (300), Kogi (300), Imo (300), Rivers (400), Bayelsa (350) and 250 officers from Enugu.

“Edo State will contribute 3,626 officers to the operation. Additionally, 607 special forces, including intelligence squads, anti-vandal units, and specialised security teams will be mobilised from the NSCDC national headquarters.”

He further stated that the Commandant-General of the NSCDC, Ahmed Audi, urged officers to remain neutral, professional, and disciplined throughout the election.

Babawale added that officers had been strategically deployed to flashpoints and potentially volatile areas to maintain law and order.

He added, “Security personnel will work in collaboration with other agencies to secure polling units, collation centres, and sensitive areas across the state.”

There’ve been fears that the economic hardship in the country could induce vote trading and buying in the poll.

The Transition Monitoring Group, a coalition of over 400 human rights organisation, which trained 100 observers for the election, last week called on the EFCC to deploy enough personnel to monitor vote buying and selling in polling units.

In June, EFCC chairman, Ola Olukoyede, during a Town Hall meeting on voter’s sensitisation in Ekpoma, Esan West Local Government Area and at the Famcoop Hall, University of Benin, warned against vote buying and selling in the forthcoming election.

The EFCC spokesman, Dele Oyewale, said the deployment had been made but didn’t disclose the figure.

He said, “We have deployed our officers to monitor the elections.  The officers are in appreciable numbers.”

A Benin resident, Mallam Hassan Alabidun, said vote buying could only be reduced but not completely eradicated, adding that gifts or provision of refreshments on Election Day could sway votes and change the mind of voters.

He said, “Vote- buying is not all about giving money to the electorate. We see party agents buying refreshments for voters on Election Day and that is also a form of vote buying because that gesture can sway votes the way of the candidate the agents represent.

“We also see that after voting party agents give money to people who they can confirm voted for their candidates. These are not new and it is expected to happen in this election.”

Chairman of the Edo State chapter of the Conference of Registered Political Parties, Samson Isibor, admitted that it would be difficult to reject some of the offers but urged the electorate to collect the money and vote their conscience.

He said, “For me, this is an unwelcomed development, any political party that wants to buy votes does not mean well for the people and the state. What they are engaging in is transactional politics, where buying and selling of votes becomes the order of the day.

“We do not want politics to degenerate into this. Those who buy votes are not coming to serve the people. You don’t need to buy votes from people you want to serve. All you have to do is sell your manifesto to them.

“I will urge the people to be careful with these types of politicians who are bent on getting to power by hook or crook. They are very dangerous and cannot be trusted. My advice to the people is to collect the money, which is theirs in the first place, and vote their conscience.

“The people should please not mortgage their conscience and lives. There is economic problem in the country, which has resulted into lack of food, so don’t further put yourselves into trouble by selling your votes.”

2.2 million voters

Meanwhile, INEC on Tuesday announced that out of 2,629,025 registered voters in Edo State, 2,249,780 Permanent Voter’s Cards were collected ahead of the election.

The National Commissioner and Chairman of the Information and Voter Education Committee, Sam Olumekun, disclosed this in a statement.

He noted that the collected PVCs represent 85.57 per cent of the total, with 379,245 PVCs, or 14.43 perc ent still uncollected as of the extended deadline on Sunday September 15, 2024.

The statement read, “Nigerians may recall that the commission recently announced that the total number of registered voters in Edo State is 2,629,025.

“Out of this figure, 2,249,780 (85.57 per cent) have collected their Permanent Voters’ Cards while 379,245 (14.43 per cent) of the PVCs are uncollected as at the end of the extended period for PVC collection on Sunday, 15th September 2024.

“Consequently, the commission is making available data on PVC collection on Polling Unit basis in Edo State ahead of the Governorship election holding this weekend. 

“There are 4,519 Polling Units in the State. Voting will take place in each unit. The detailed  breakdown of the number of PVCs collected, as well as the number uncollected in each unit, has been uploaded to our website for guidance of political parties, candidates and public information,” the statement read.

INEC commenced the collection of the PVCs by newly registered voters on August 22 to 26, 2024 at ward level, after which the collection moved to Local Government offices from August 28 to September 8, 2024.

The commission later extended the deadline for the collection of PVCs by three days following an appeal from stakeholders.

The extension ran from September 13 to September 15,  2024 at INEC offices across the state’s 18 Local Government Areas.

The electoral commission told The PUNCH that all the non-sensitive materials for the poll had been delivered and batched.

The Chief Press Secretary to the INEC chairman, Rotimi Oyekanmi, who disclosed this to The PUNCH on Tuesday, said the sensitive materials were at the Central Bank and would be distributed this week ahead of the election.

He said, “All the non-sensitive materials for the election have already been delivered and batched. All activities and movements connected to them are being monitored on our special platform. The INEC chairman was in Edo State last week on a Readiness Assessment Visit to inspect some of the materials and was given a progress report among other activities he undertook.

“The sensitive materials are at the Central Bank, Benin-City and will be distributed this week. Party agents, observers, the media and security agents will be invited to witness the process.”

Oyekanmi also said that INEC was working to get materials to riverine areas on time by signing a Memorandum of Understanding with the Maritime Workers Union of Nigeria, who will use motorised boats to get materials and the commission’s officials to the riverine areas.

“It was in recognition of the peculiar challenges of delivering electoral materials to some of the riverine areas in Edo State that the commission signed a Memorandum of Understanding with the Maritime Workers Union of Nigeria. We have the assurance that the adequate number of motorized boats that we requested for will be deployed for that purpose.”

Meanwhile, Governor Godwin Obaseki has warned civil servants in the state that they would become the first victims, should the opposition win Saturday’s governorship election.

“Those who want to take over power by all means are uneducated and have never worked in any better place. My message to you is that it’s a risk we can’t afford. It’s not about Obaseki but democracy and development,” Obaseki said during a meeting with the civil servants on Tuesday.

“The risk is allowing people without ideas of what to do to lead, people who can’t even articulate their ideas, people who can’t read a balance sheet. They can’t offer us anything but all they talk about is federal might and others.

“Edo will face a major risk if you miss it on Saturday. Any mistake you make will affect you first before others. You will be the first victim.”

PDP governorship candidate, Asue Ighodalo, said one of the worst things that could happen to a people was a leadership that they won’t be proud of.

“Edo State will never be like that. When we vote for the wrong person, we go into retrogression and the economy will crash. Edo will not be so,” he said.

Ighodalo’s wife, Ifeyinwa, embarked on a roadshow in Benin City to drum support for her husband.

The roadshow, which kicked off from the National Museum, had women in large numbers in attendance, especially from the Arewa community in the state and from Oredo, Ikpoba Okha and Egor LGAs respectively.

“I come to you to tell you that my husband will support all Edo People, including the market women. A vote for him is not a wasted one,” Ifeyinwa said.

A chieftain of the All Progressives Congress, APC, Abayomi Nurain Mumuni has advised the federal government to make policies to ensure price control on essential goods and services across the country.

Mumuni noted that this is necessary to curb the incessant increment of prices of goods and services by providers.

The APC chieftain made the call in a statement signed by his Media Aide, Rasheed Abubakar and made available to DAILY POST on Tuesday.

Mumuni said the federal government must put certain measures in place to prevent further inflation in the country, urging the federal government to encourage the production of goods that are typically imported.

He added that this would help mitigate inflation and tasked the federal government to provide support for sectors like agriculture, manufacturing, and technology.

Mumuni said, “Mitigating inflation following the devaluation of the naira is a complex challenge that requires a multi-faceted approach. Here are some strategies the Nigerian government can adopt to address inflation and stabilize the economy:

“Investing in infrastructure, such as transportation and power supply, can lower production and distribution costs for businesses, helping to bring prices down. Encouraging the production of goods that are typically imported can help mitigate inflation. This could include providing support for sectors like agriculture, manufacturing, and technology.

“Enhancing agricultural productivity through research, subsidies for farmers, and improved access to markets can help stabilize food prices, which are a major component of inflation.

“In some cases, the government may consider temporary price controls on essential goods to prevent excessive price hikes. However, this should be done cautiously to avoid market distortions and shortages.

“Implementing a regulatory framework to monitor and regulate the prices of essential goods and services to protect consumers from sudden price spikes. Intervening in the foreign exchange market to stabilize the naira by leveraging foreign reserves can help manage inflation expectations and reduce volatility.

“Establishing trade agreements that facilitate easier access to goods can help mitigate the impact of currency fluctuations on prices. The government should focus on controlling public expenditure and ensuring that spending is targeted at productivity-enhancing projects rather than populist spending that could ignite inflation”.