Edo State Governor, Godwin Obaseki has made a stark assertion that Nigeria is technically bankrupt, criticizing the Federal Government for being “stuck in the past” and emphasizing the urgent need for restructuring to facilitate progress.

In an interview on Channels Television’s Politics Today on Thursday evening, Obaseki elaborated on his concerns regarding the nation’s financial health.

He pointed out that Nigeria neither possesses sufficient resources nor generates enough revenue to meet its expenditures, asserting that government spending continues to rise without corresponding revenue increases.

Obaseki argued that the current approach hampers states’ ability to thrive economically and innovate.

He said, “Nigeria is technically bankrupt. And I mean it. When you are bankrupt anywhere in the world, like in the United States, you file for what they call Chapter Eleven. You restructure your affairs so that you can reorganise and meet your obligations. Nigeria is not restructuring in that sense; it still behaves as if it had money like it used to.

“It (Nigeria) has been in trouble for a while. I won’t say insolvent, but technically so, in the sense that we don’t have enough to cover our expenditure, we are not reducing our expenditure, and we are not earning more.

“First, the Federal Government does not have the capacity to manage the economy at the scale and in the way it is currently doing. You’re producing 1.3 million barrels of oil, right? Because you are trying to do it centrally. We have 147 oil wells in Edo, and only 53 or fewer are producing.

“Unless you create a new design that allows the individual states to take advantage of the economic opportunities they have, stressing the assets of this country and paying what they need to pay to the central government, the federal government cannot sit and try to micromanage the country and its assets. It has shown that it cannot. It doesn’t have the capacity to do so.

“I think for me, it’s like this federal government is stuck, and stuck in the past. Because you cannot resolve a malignant problem using the same tools you have used over the years.

“It’s not that the people there are not smart; it’s not that they’re stupid. It’s more that they just don’t have the courage to make the decisions they need to make.

“The problem with Nigeria today is structural. The structure we have is expired; it’s outdated. We need a new structure to run the economy of the state. If it doesn’t happen, we are not going anywhere.”

Domestic crude oil refiners and officials at the Dangote Petroleum Refinery have kicked against the commencement of the importation of Premium Motor Spirit, popularly called petrol, by major oil marketers in Nigeria.

Oil refiners alleged that some imported fuels were of low quality when compared with the ones produced by the Dangote refinery, a position that was reiterated by officials of the $20bn Lekki-based plant.

The PUNCH exclusively reported on Wednesday that three major oil marketers were expecting vessels of imported petrol this week barring any unforeseen circumstances.

Dealers said about 141 million litres of PMS are being conveyed to Nigeria by oil 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 refinery and released by the Nigerian National Petroleum Company Limited on Monday had allowed room for PMS imports.

Reacting to this on Thursday, officials at the Dangote refinery and the Crude Oil Refiners Association of Nigeria tackled the marketers, stressing that aside from the fact that the situation would increase the demand for United States dollars, the imported fuels were of low quality.

“These people (marketers) are importing dirty fuels that are toxic,” an impeccable source at the Dangote refinery who spoke to one of our correspondents in confidence, declared.

The source added. “They are importing substandard fuels and if allowed they will not stop importing such. We have more than enough, but these guys don’t want it. They want the game to continue, but the game will not continue.”

Another official at the plant stated that Nigerians should be concerned about the importation of substandard petroleum products into the country.

“You have to be concerned about the quality of the products they import. These are toxic fuels when you consider their blending process. All this is just to maximise profit,” the official stated.

Their positions were corroborated by the Publicity Secretary of CORAN, Eche Idoko, who alleged that some of the substandard fuels were blended in Malta or Togo.

He called for backward integration, saying some were afraid that Dangote would become a monopoly.

“The fear marketers are having is that Dangote will become a monopoly, but that has been taken care of by Dangote subscribing to our association. With the Petroleum Industry Act in place and all the agencies in play, there is no way that Dangote can become a monopoly.

“But for people who are used to a particular way, the fear of what the unknown holds keeps them back. I think that’s where a lot of marketers are now. They don’t know what to expect in this new regime and they are trying to struggle.

“So I would assure you this regime will pay them way better than the regime of importing petroleum products, where they sell to us, substandard products blended in Malta or Togo and imported into our country,” Idoko stated.

The domestic refiners’ association spokesperson condemned the continuous importation of fuel by marketers despite the coming on board of the Dangote refinery.

He said the focus at this time should be on how to export refined products instead of bringing substandard fuel into the country.

Idoko, however, recalled that some marketers who tried to import petroleum products could not do so after the removal of subsidies due to the foreign exchange crisis.

“For some people who are doing this import, at the end of the day, you import, and then you go back to CBN to give you ‘Form M’ to be able to access dollars. So, by importing, you are still not solving the problem because you still have to rely on dollars within Nigeria or use your naira to buy dollars from anywhere. And it will reduce the value of the naira. So you have not solved the problem.

“What enables the power of the currency is the level of its demand by other corresponding currencies. So, if you have dollars, francs, cefa, and other currencies chasing the naira because you want to buy a refined product of Nigeria, invariably, the value of the naira will appreciate,“ he explained.

Responding to concerns about the quality of imported fuels, 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.

Its spokesperson, George Ene-Ita, earlier 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 authorise them to move the fuels 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 carry out 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 Yobe State Police Command has arrested a 24-year- old man, Yunusa Isa who killed his business partner, Lawan Adamu to avoid paying back the N500,000 the deceased lent him.

LIB reported that 28-Year-Old Lawan was brutally murdered at the outskirts of Nayi Nawa bypass in Damaturu on Sunday, September 15, 2024.

The corpse was found with deep throat cuts and multiple stab wounds while a blood-stained knife was recovered at the scene.

The Spokesperson of the command, DSP Dungus Abdulkarim, who confirmed the development in a statement on Thursday, said the suspect initially denied involvement in the murder.

However, following intense interrogation by State CID Detectives, he confessed to the crime.

“Recall that, On September 16, 2024, the 'A' Divisional Police Headquarters apprehended Yunus Isa, 24, of Shago Tara, Nayi Nawa Ward, for allegedly killing Lawan Adamu,” the statement read.

Initially, the suspect denied involvement despite overwhelming circumstantial evidence. However, following intense interrogation by State CID detectives, Yunus Isa confessed to the crime.

"Investigation revealed that Lawan Adamu was his employer and business partner in the engine oil trade.

"He borrowed N500,000 from Adamu last year with a profit-sharing agreement.

"However, when he failed to meet the agreement terms, Adamu demanded repayment.

"Isa callously murdered Lawan Adamu to avoid repaying the debt, killing him in cold blood.

“The swift resolution of this case demonstrates our commitment to justice and public safety."

A young woman identified as Olivia was reportedly kidnapped and held captive at Top View Hotel in Wuse, Abuja, by a suspected internet fraudster, also known as a ‘Yahoo Boy,’ for money ritual purposes.

The Nigeria Security and Civil Defence Corps (NSCDC) arrested the suspect and has taken him into custody, pending handover to the police for further investigation.

The Federal Capital Territory (FCT) Police Command has confirmed the incident and is awaiting the NSCDC’s handover to commence a thorough and discreet investigation.

According to FCT Police Public Relations Officer, SP Josephine Adeh, “The FCT Police Command is aware of the video footage circulating about a lady who was criminally confined in Top View Hotel, Wuse, Abuja on 17th September 2024, by an alleged internet fraudster for money ritual purposes.

“Findings revealed that the Nigeria Security and Civil Defence Corps (NSCDC) has taken the suspect into custody and has yet to hand him over to the police for a diligent investigation.

“The FCT Police Command is prepared to commence a thorough and discreet investigation once the NSCDC hands over all parties involved.

“Further developments will be communicated in due course.”

Adeh assured the public of a comprehensive investigation amid growing calls for swift action against the alleged perpetrator of such crime.

…Insists Tinubu betrayed Labour

The Nigeria Labour Congress, NLC, said Thursday it would meet with the federal government on how workers could survive the recent hike in the pump price of petrol.

According to the labour movement, the current price of petrol has eroded the gains of the yet-to-be implemented N70,000 new national minimum wage. President of NLC, Joe Ajaero, who disclosed this at the opening ceremony of a two day workshop on “Minimum Wage Implementation Workshop, Southern Zone, with the theme ‘Strategies for Effective Implementation of the 2024 National Minimum Wage Act, in Lagos,” insisted that organised labour was deceived by President Bola Tinubu into accepting the N70,000 minimum wage to forestall petrol price increase .

He advised the government to address the excruciating hunger, poverty and frustration of Nigerians before things go out of hand, lamenting that Nigerians were really suffering.

While giving insight into the conversations with President Tinubu before the N70,000 minimum wage was agreed, the NLC president lamented that Nigerians appeared to have started adjusting to the situation on ground because the government had been distracting organized labour.

“There is a tactic to distract our attention, to call us names, level allegations against us over cybercrime, financing terrorism, sponsoring terrorism and the rest.

”Those things have paid off because while we are facing those allegations, this issue of pump price has remained.

 “I repeat, we were betrayed by Mr President, That statement we issued over our being betrayed is being denied by officials of the government. I am repeating it that we were betrayed. Some of you here were at the meeting when Mr President said, Ajaero you are the problem.

 ”Since we said subsidy is gone. You don’t want to allow us to increase again. If you allow me to increase we will pay you that N250, 000. Immediately I came out that day I was on Arise Television I repeated what Mr President told us.

  ”The president said I am giving you one hour to decide on this and get back to me. He said he was goig back to his office and we should decide over this (between N250, 000 minimum wage and petrol pump price hike). 

 “We said no sir, Mr President; we can’t be holding our meeting here in your office. Let us take one week break and come back and report back to you. He said okay, I am traveling but I will cancel my trip for one week. That was how we adjourned for one week. 

”If you followed the trend of those negotiations, we adjourned for one week. And when we came back after consultations, we said to Mr President, no, we can’t allow you to increase to any length because that will affect all Nigerians and we will be seen to be selfish.  ”Even the N250,000 will not be useful to us. If we continue to increase salary, it will make a mess of our economy and then you continue to increase pump price. In fact, that N250,000 may not be enough to even buy fuel.

 “Mr President equally offered to fund our trip to tour some West African countries, where the least price of petrol is selling at N1,700. He even said in Cameroon, they are selling N2000 and that none of them has a refinery but they are getting their products from Nigeria.  

”We responded by telling him to check the borders because that is why they are smuggling those products to those countries.  ”We equally said no because Nigerians will say they have given us money; they won’t say it’s money for us to visit those West African states.

 “On the adjourned date, we went there and told Mr President, we are not here for increase in pump price or negotiation. So let’s concentrate on the minimum wage. Some of these things informed the acceptance of N70,000 minimum wage which some of us here were saying was not enough. But some people are still saying they cannot pay that N70, 000.  ”This is the dilemma all of us are facing. In fact, the private sector employers in our meeting gave us tough time. They refused to shift and they wanted to vote with state government, federal government and the private sector on one side, all against labour on the other side. These were some of the things that necessitated all those walkouts you saw.”

Edo State Governor, Godwin Obaseki has reaffirmed his assertion that Saturday’s governorship election is a “do or die affair,” despite facing backlash from opposition members and critics.

In an appearance on Channels Television’s Politics Today on Thursday, Obaseki clarified his controversial statement, arguing that the stakes are high for the people of Edo State if the All Progressives Congress (APC) were to regain control.

“It’s a do or die affair because if they do, we die,” he emphasized. “The level of impunity, the level of recklessness we see in the opposition party—if they take over Edo State, that is the end.”

The governor alleged that the APC had devised plans to rig the upcoming election but expressed confidence that the people of Edo would resist such efforts.

He underscored the importance of protecting the electoral process, warning of dire consequences should the opposition prevail.

Obaseki also voiced concerns regarding the impartiality of the police in the lead-up to the election, accusing law enforcement of bias.

“If you see the evidence of what they have done, the blatant way they have gone about it, it is like they forget that the police are being funded by taxpayers’ money. They should be more professional and unbiased,” he stated.

Additionally, Governor Obaseki echoed concerns over the opposition’s tactics, stating that the APC is resorting to intimidation tactics out of fear of an impending defeat.

The presidential committee on livestock reforms has submitted its report to President Bola Tinubu, recommending “integrated solutions” to the country’s pastoral issues.

In September 2023, Tinubu set up the livestock reform committee to proffer solutions to the recurring clashes between farmers and herders.

Tinubu inaugurated the committee after receiving a report from the national conference on livestock reforms and mitigation of associated conflicts in Nigeria.

The conference gave the president 21 recommendations, including creating a ministry of livestock resources.

In the past years, the clashes between herders and farmers have led to the death of many people, destruction of properties, and displacement of many people.

President Tinubu is the chairman of the committee, while Attahiru Jega, a former chairman of the Independent National Electoral Commission (INEC), serves as the co-chairman.

INTEGRATING OPEN GRAZING AND RANCHING 

Speaking with the State House correspondents in Abuja on Thursday after submitting the report, Jega said the committee proposed “integrated solutions” to the pastoral issues in the country.

The former INEC chairman said Nigeria must combine open grazing and ranching to solve the challenge of farmers and herders’ crises in the country.

Jega said policy frameworks should accommodate both ranching and open grazing for a period of time, while increasing awareness against the extensive nature of pastoralism should be encouraged.

“You cannot wake up tomorrow, and all you have is ranching because you have already had quite a large chunk of the population in traditional pastoral activities,” Jega said.

“What do you do with them? Any solution that has to be developed now has to be a combination of both.

“Why we are promoting a long-term objective is that we now have livestock production. You have to develop policies and frameworks that can accommodate both for a period of time.

“The objective is to have intensive livestock production and not to have extensive in the nature of pastoralism that we have now.”

The former INEC chairman said the committee made recommendations on the creation of the federal ministry of livestock development.

Former Kogi State Governor Yahaya Bello reportedly evaded arrest by operatives of the Economic and Financial Crimes Commission on Wednesday, with the assistance of his successor, Governor Usman Ododo.

The EFCC had laid siege to the Kogi State Government Lodge in Abuja in an attempt to apprehend Bello, who is wanted over an alleged N80.2bn fraud case.

Despite the operation, Ododo allegedly helped Bello avoid arrest, leveraging the immunity he enjoys as a sitting governor.

The incident follows a similar attempt in April, where Ododo reportedly facilitated Bello’s escape from EFCC operatives during another raid in Abuja.

On Wednesday, after a visit by Bello and Ododo to the EFCC headquarters, the commission denied having Bello in custody.

EFCC spokesman Dele Oyewale stated that Bello was not detained, despite claims by Bello’s media team that he had visited the agency.

EFCC officials indicated that Ododo’s actions prevented them from arresting Bello, stating that his governorship immunity hindered the operatives from taking further action.

Speaking on what transpired on Wednesday, EFCC officials said Ododo helped Bello to escape again just like in April.

One of the officials said, “Yahaya Bello has not been arrested. The Kogi State governor prevented operatives from doing their work yesterday just like he did the other time. He took him away and our men could not do anything because of the immunity he (Ododo) is enjoying.”

Efforts to get the EFCC’s spokesperson, Dele Oyewale, proved abortive as calls and message to him on the matter were not answered.

Also, the Director of Bello’s media team, Ohaire Michael’s number, was switched off and he had yet to respond to the message sent to him on the matter as of press time.

•FG to fund 360,000 farmers by 2025 

•Nigeria to attain 2nd largest economy by 2026 , at $400bn – Rewane

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, yesterday said that the economic reforms embarked upon by the present administration are yielding positive results as the country recorded a net inflow of $16.45 billion into its foreign reserve in the first seven months of the year.

The Minister disclosed this at the 2024 edition of the Access Bank Annual Corporate Forum themed: “Nigeria’s Economic Rebirth: Hopes and Implications”, in Lagos, saying that the federal government plans to fund 360,000 farmers as part of efforts to curtail the ravaging food inflation while giving the economy a rebirth.

Edun, among other things, stated: “Seventeen months or so, we rethink the reforms from the evidence, from the data, from the details that we have in our hands , the reforms are yielding fruits.

“The economy is beginning to turn a corner and I think we all are witnesses to the improved macroeconomic stability, stable exchange rates, increasing government revenue, positive and increasing trade balances, current account balances and the total reconfiguration and the revamping of government revenues as well as the greater emphasis on expenditure.

“We have relative currency stability, and of course, the all important margin of the rates. We’ve seen a gradual elimination of multiple exchange rates.

“We also have foreign exchange liquidity. The gross reserves are up. There has been a net inflow in the first seven months of this year of about $2.35 billion every month.

“On the fiscal side as well, government revenues are growing. And the key to government revenue is not so much that the government has revenue to compete with the private sector. It is the fundamentals, the social and the key infrastructure spending, the social safety net spending.

“And, historically, our figures are low. Our tax to GDP ratio is as low as 10 percent. Our revenue to GDP is also around 15 percent.”

Highlighting the various steps the government is taking to rebirth the country’s economy, he said that the government is working to ramp up crude oil production as a buffer for the fiscal revenues, adding that the country is on track to produce the targeted 2 million crude oil barrels per day (bpd) before the end of 2024.

On food security, Edun noted that the FG plans to fund 360,000 farmers with resources to cultivate on 360,000 hectares of land by January 2025.

“Apart from quickly ramping up oil production, one of the key areas is that in the agricultural sector, not just for raw output, but for putting us on the path to industrialisation, just as the way as put in as a step taken to have local refining of petroleum products what’s come back after so many decades is an important step in the road to industrialization in agriculture.

“The plan and the key target is for this dry season after a very successful dry season harvest earlier this year, there was disappointment in the wet season harvest and that’s the reason we have not completed and the result is a continued elevated level of food prices.

“So the plan this time around, and we must be determined in its succeeding, 360,000 farmers will be funded, assisted, mobilized and resourced to farm 360,000 hectares and from that we are estimating 1.4 million metric tons by next January, February when the harvest comes of maize, wheat, cassava and tubers.

“And that is a key success factor, a key indicator that we must hit as a target. And everybody has a role to play in producing food.”

On his part, Chief Executive Officer, Financial Derivative Company, Bismack Rewane, projected among other things, the country to move from the third position to the second largest economy in Sub-saharan Africa by 2026 at $400 billion from its present $368 billion.

He added: “Electricity tariff in our government will remain above $200 billion in bands A and B. Telecom tariffs will increase significantly to maintain that investment.

“There will be an efficient forex option system by 2026 and air-combact reserves will be at $20 billion.

“Inflation will continue to decline to anywhere between 19 percent and 22 percent and MPR, I think, will decline to 20 percent rather. I’m talking about June 2026.

“The Naira will appreciate from its current levels to anywhere between $1,450 and $1,500 at that time.

“‘Exchange rate will be aligned on the proper Forex system that is functioning in place due to one, integration funds, direct foreign investments and exchange rate adjustments. The trade balance will go up from $8 billion to $9 billion.

“The price of petrol will be stippled and this is at N900 per liter, the quality will be higher”.

Also speaking, Uche uwaleke, Professor of Finance and Capital Market at Nasarawa State University, said that deepening the capital requires raising the right mix of instruments.

He averred that the federal government has not been deploying the right instrument in its borrowings from the domestic capital market, saying more infrastructure bonds should be issued .

He also made a case for crypto assets adoption, arguing that youths who comprise over 70 percent of the population would find crypto assets more attractive and acceptable and hence would propel their participation in the capital market.

In his welcome remarks, Mr Roosevelt Ogbonna, Managing Director/CEO, Access Bank, said: “This is the   kind of forum that we have been having since this current administration came into service in May 2023. I think in many respects it signifies the challenges that we are having as a nation and the need for us to combat the rising economic headwinds that we are facing. At   least Nigeria is not isolated in this term. Many emerging markets and local markets are facing significant challenges”.

Less than 24 hours before the conduct of the governorship election in Edo state, residents have expressed fears and hopes ahead of the poll.

Data released by the Independent National Electoral Commission (INEC) shows that 2,249,780 registered voters have collected their permanent voter cards (PVC) and are expected to attend the poll on Saturday to elect a new governor for Edo state.

Despite assurances by INEC of a fair and credible poll, Hope, a trader in Benin, the state capital, said she would not go out to the poll because she does not believe that her vote will count.

“I don’t want to vote, and I will not vote because no matter what, it will not count. They will still make whoever they want governor,” she said.

“I voted in the time of Oshiomhole because he did the right thing and really tried for us. But now I’m not going to.

“The suffering is too much, and I don’t know any of the candidates who can do the right thing. So, this time I won’t vote.”

On the other hand, James Ogunshola, an entrepreneur, expressed optimism that the election process would be free and fair.

“I hope and expect that this election will be free and fair. I really want to believe that Edo people are not violent. So, the election will be peaceful,” Ogunshola said.

“I pray INEC will conduct the election fairly so that the right person will come into power. I have my voter’s card, and I will vote for the right person, not a party.”

Also, John, one of the many youths who gathered to watch the distribution of election materials at the Central Bank of Nigeria (CBN) in the capital city, encouraged residents to come out and vote.

John expressed optimism that the conduct of the election would be peaceful.

“I believe, by the grace of God, PDP will win. The hardship in this country is too much, and we cannot see the suffering and go and vote for the same people,” he said.

“I believe Asue Ighodalo Will continue from where Obaseki stopped since they are the same party. If another person gets into power, he will not continue from where Obaseki stopped, and we don’t want that.

“We are here watching the distribution of election materials, and everything is currently peaceful. I’m sure it will be that way on election day. So everyone needs to come out and vote.”

On Wednesday, Christopher Musa, chief of defence staff (CDS), said operatives of the local security networks and vigilantes should steer clear of election duties during the Edo governorship poll.

The CDS also warned that anyone who disrupts the poll would bear the consequences, adding that the military has the presidential mandate to ensure a free, fair, and credible election in Edo.