The Nigerian National Petroleum Company Limited is still the sole off-taker of Premium Motor Spirit, popularly called petrol, from the Dangote Petroleum Refinery despite the recent directive of the Federal Government that other oil marketers were free to start loading PMS from the plant.

Oil marketers revealed on Wednesday that NNPC would continue to be sole off-taker of the product from the $20bn Lekki-based plant until its agreement with the Dangote refinery as regards the lifting of PMS terminates.

They, however, did not tell when the agreement between both organisations would end. Officials of NNPC and the Dangote refinery also did not respond to enquiries on when the agreement would end.

On October 11, 2024, the Federal Government in a statement from the finance ministry, announced that oil marketers were now free to negotiate purchase of petrol directly from the Dangote refinery without recourse to NNPC.

“Moving forward, petroleum product marketers are now able to purchase PMS directly from local refineries without the intermediary role of NNPC. Marketers are encouraged to initiate direct purchases from refineries on mutually negotiated commercial terms, which will promote competition and improve market efficiency,” it stated in the statement.

But after meeting with officials of the Dangote refinery on Tuesday, members of the Independent Petroleum Marketers Association of Nigeria revealed that NNPC was still the sole off-taker of Dangote petrol pending the termination of an agreement between Dangote and NNPC.

In a notice to IPMAN members in the Western Zone, issued by the Zonal Chairman, South-West, Dele Tajudeen, the association said, “The IPMAN National Vice President, Zonal Chairman of Western Zone, IPMAN members, and PTD Zonal Chairman met with the Vice President of Dangote Group and many other notable staff members of the Dangote refinery yesterday, October 15, 2024.

“We had a very useful and fruitful discussion on the direct purchase of products from the Dangote refinery.  The Vice President of Dangote confirmed that the Minister of Finance/ Coordinating Minister of the Economy, and the Minister of Petroleum Resources have directed them to commence sales of products to marketers who have duly registered with the refinery, but they are still having a pending agreement with NNPC Ltd which still subsist.

“Until and when the agreement is terminated by either party, the direct sales will still be on hold.”

The notice stated that the IPMAN National Executive Council would hold a meeting in Abuja on Wednesday “in that respect.”

It added, “In view of this, marketers who are yet to officially register as IPMAN members should do so without wasting time as such marketers will not benefit from this opportunity when we eventually commence lifting from the Dangote refinery.”

Both the Dangote refinery and NNPC did not respond when contacted to react to the development.

However, major oil marketers told our correspondent that they were still lifting products from the Dangote refinery through the deal between NNPC and the Lagos-based refinery.

“There is a subsisting deal between NNPC and Dangote refinery and it is based on that deal that we major marketers are lifting PMS from the refinery using PFI (proformer invoice),” a major dealer who spoke in confidence due to lack of authorisation to speak on the matter, stated.

The Federal Government, through the Ministry of Petroleum Resources, has directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority to investigate the tanker explosion that claimed the lives of over 100 people in Jigawa State.

In a directive by the Minister of Petroleum Resources, Heineken Lokpobiri, signed by his Special Adviser on Media and Communications, Nneamaka Okafor on Wednesday, the minister also expressed regret over the circumstances surrounding the unfortunate incident.

The tragic incident in Majiya Town, Taura Local Government Area of the state, occurred at around 11:30 p.m. on Tuesday in Majiya Town, when the tanker driver lost control near Khadija University, according to the state police spokesperson, Shi’isu Adam, the explosion

The tanker, which had departed Kano and was heading to Nguru Town in Yobe State, exploded after the driver lost control.

It was reported that, following the explosion, some individuals attempted to scoop the spilt product, which led to many fatalities.

The statement read: “The Minister of Petroleum Resources, Senator Heineken Lokpobiri, has expressed deep sorrow over the tragic petrol tanker explosion in Majiya Town, Taura Local Government Area, Jigawa State, which resulted in the loss of over 100 lives and left dozens more injured.

“On behalf of the Ministry of Petroleum Resources and the Federal Government, we extend our heartfelt condolences to the families and loved ones affected by this devastating incident.

“Our thoughts and prayers are with the injured, and we wish them a swift and full recovery.

“The Minister has instructed the Nigerian Midstream and Downstream Petroleum Regulatory Authority to promptly commence a detailed investigation into the circumstances surrounding this unfortunate event.”

The Minister also urged Nigerians to avoid approaching vehicles transporting petroleum products that have been involved in accidents or mechanical failures. He called on petroleum transporters to ensure that only certified drivers who comply with safety standards, as stipulated by the Federal Road Safety Corps, are employed to transport petroleum products.

“While we understand the temptation to scavenge, the dangers of attempting to collect spilt fuel cannot be overstated. The tragic loss of lives in this incident serves as a stark reminder of the severe risks involved.

“The Ministry remains committed to ensuring the safety of Nigerians in all aspects of petroleum product distribution and transport. We will continue to work closely with all relevant stakeholders to enforce stricter safety measures and prevent future occurrences.”

The Vice President, Senator Kashim Shettima, will depart Abuja for Sweden on a two-day visit to represent Nigeria in bilateral engagements with the Scandinavian nation.

A statement by the Senior Special Assistant to The President on Media & Communications (Office of The Vice President), Stanley Nkwocha on Wednesday, said Shettima’s visit is at the instance of President Bola Tinubu.

The Vice President, during the working visit, will engage in high-level bilateral talks with key government officials, including a meeting with Crown Princess Victoria of Sweden and the Swedish Prime Minister.

Senator Shettima will use the visit to explore opportunities for strengthened collaboration between Nigeria and Sweden in areas such as ICT, innovation, education, digitalisation, sustainable transport, mining, and agriculture.

He will meet with key stakeholders in both the Government and Private Sector.

The Vice President will also meet with Norrsken, a Stockholm-based venture capital impact investor, which recently launched Norrsken22, a USD 205 million tech investment fund for Africa.

Norrsken22 is a technology growth fund, backed by over 30 prominent unicorn founders, partnering with exceptional entrepreneurs to build Africa’s next tech giants.

The meeting with Norrsken will provide insights into how Nigerian entrepreneurs can benefit from this fund and further strengthen the technology ecosystem in Nigeria.

Notably, 40% of the investments from Norrsken22 are expected to be allocated to Nigerian technology entrepreneurs.

Twelve (12) Nigerian private sector companies that are doing business with Sweden are going independently as a private sector bloc.

While in Sweden, VP Shettima is also expected to articulate Nigeria’s economic vision and the reforms being undertaken by the administration to create a business-friendly environment in Nigeria for investors. The myriad of opportunities that abound in Africa’s largest economy will also be showcased.

The Vice President is expected back in the country on Saturday.

There are strong indications that the nation’s university system may be crippled any moment from now as members of the Non- Academic Staff Union of Educational and other Associated Institutions, NASU, have threatened to resume their suspended strike over four-month withheld salaries by the Federal Government.

General Secretary of NASU, Prince Peters Adeyemi, gave this hint on the sideline of the ongoing National Executive Council, NEC, of the Union taking place in Abuja.

Though he declined to give the exact date of the commencement of the strike, it is expected that the NEC members will take the decision in the course of their meeting.

Details soon.

The Minister of Sports Development, John Enoh, has accused the Libyan Football Federation of deliberately mistreating the Super Eagles during their recent stay in Libya.

The Nigerian players and officials faced a distressing ordeal on Sunday when they were stranded for several hours at a Libyan airport, denied access to food and the internet as they prepared to honor their 2025 Africa Cup of Nations (AFCON) qualifier against the Mediterranean Knights.

The situation raised serious concerns about the treatment of the national team in a foreign country.

Enoh’s comments came two days after the incident during an interview on Channels Television’s Politics Today.

He expressed outrage over the conditions faced by the Super Eagles, stating that the conduct of the Libyan Football Federation was unacceptable.

It took considerable diplomatic efforts and social media outcry for the Super Eagles to finally be cleared to leave Libya.

He said, while dismissing allegations by the Libyan side that their players were badly treated during their first encounter in Nigeria, “The Port Harcourt Airport where they arrived is one of our best airports. That Port Harcourt Airport, there is no circumstance that will lead to a team having the footballers lie on the floor.

“All these things were created deliberately to create some make belief. If this was an issue, it should have been made an issue there and then.”

When asked if the Confederation of African Football (CAF) was explicit in the whole saga, the minister did not categorically answer the question.

Rather he said the CAF Secretary General did not allow the NFF President an opportunity for communication.

He decried a situation whereby the CAF did not comment for about 13 hours after the Nigerian players were subjected to that harsh treatment in Libya.

The minister said, “I called the attention of CAF yesterday morning to the fact that when that happened and the NFF was on the ground trying to sort out whatever logistics, the CAF Secretary General didn’t allow the President one minute of continuous contact and pressure.

“Yesterday morning, it was about 12, 13 hours. How come 13 hours after our team is so subjected, there is no indication that CAF is in direct communication with the Libyan Football Federation?

“If there are such two authorities in Libya, does Libya offer a good environment for international matches of this nature to be hosted in the country?”

Nigeria’s external debt is the largest amongst all sub-Saharan African nations, despite the fact that it received debt waivers from the Paris Club, London Club or from Independent Creditors.

The arrears of this debt have accumulated inexorably, putting Nigeria in the bad books of international financial communities. Also, Nigeria’s huge debt profile has negatively affected its economy, hence, a big reason to worry.

Nigeria’s Vivid Debt History

The Pre-independence Debts

Nigeria’s public debt dates back to its colonial rule. The first recorded public borrowing was in 1923-24 when a loan of £5.7 million was taken by the Nigerian Protectorate at an annual interest rate of 2.5 percent and with a structured repayment time of 20 years. In 1927, another £1 million loan was taken from the Bank of England to finance the construction of the Lago-Port Harcourt Railway. This loan was guaranteed by the British Government and was repaid in 1938. In 1936, the Nigerian Protectorate took another loan of £4.89 million. From 1946 to 1948, it took additional loan of £5.74 million. In 1958, the Nigerian Protectorate took a loan of £28 million from the International Bank for Reconstruction and Development, IBRD, which is also known as the World Bank to finance the expansion of the Kainji Dam and the Ugheli Power Station. This was repaid in 1978.

By the end of the Colonial rule, Nigeria had a national debt of $31 million at an interest rate of 3.5 percent per annum and a repayment period spanning two decades.

Post Independence Debts

Following its independence in 1960, Nigeria continued incurring both domestic and external debt to finance its development needs. It borrowed from the World Bank, the International Development Association, the International Monetary Fund, the African Development Bank, the European Economic Community and bilateral creditors such as the United States, Britain, France, Germany, Japan and China.

The main sources of domestic loans are the Central Bank of Nigeria, the Nigerian Industrial Development Bank, the Nigerian Agricultural and Cooperative Bank, and the Nigerian Bank of Commerce and Industry.

1. Debts under the First Republic
   It is noteworthy that Nigeria took no external loan from 1963 to 1966 when Dr. Nnamdi Azikiwe was president.
2. Debts under the Military Rule from 1966 till 1979
   Post independent. It was under the military that Nigeria started taking foreign loans.
   a. Under the rule of General Yakubu Gowon from 1966 to 1975, Nigeria’s debt profile rose by $1.687 billion.
   b. From 1975 to 1976 under the rule of General Murtala Mohammed, Nigeria’s debt dropped from $1.69 billion to $1.33 billion.
   c. Under the rule of General Olusegun Obasanjo from 1976 to 1979, Nigeria’s debt increased by $4.90 billion.
3. Debts under the Second Republic: Nigeria’s debt increased by $11.33 billion from 1979 to 1983 under the democratic leadership of Alhaji Shehu Shagari
4. Debts under the Military Rule from 1983 to 1993
   a. Under the rule of General Muhammadu Buhari from 1983-1953, Nigeria’s debt increased by $1.078 billion.
   b. Under the rule of General Ibrahim Babangida from 1985 to 1993, Nigeria’s debt increased by $12.04 billion.
5. There was no recorded debt under the Third Republic
6. Debts under the military rule from 1993 to 1999
   a. Under the rule of General Sani Abacha from 1993 to 1998 Nigeria’s external debt dropped from $30.7 billion to $30.31 billion.

b. Under the rule of General Abdulsalami Abubakar from 1998 to 1999, Nigeria’s debt dropped from $30.32 billion to $29.1 billion

7. Debts under the Fourth Republic
   a. Chief Olusegun Obasanjo met a foreign debt of $28.04 billion and domestic debt of N798 billion in 1999. Chief Obasanjo was worried about the foreign debts, hence he embarked on a world tour meeting with the Paris Club and other creditors of Nigeria and he pleaded for the forgiveness or reduction of Nigeria’s debts.

This led to a huge reduction of Nigeria’s external debt from $28.04 billion to $2.11 billion. Consequent upon his efforts and prudent management, he left the presidential office in 2007 with an external debt of $2.11 billion and domestic debt of N2.17 trillion. This was a total of 31.8% decrease in the Federal Government’s debt from N3.55 trillion to N2.42 trillion.

b. President Umaru Musa Yar’Adua ruled from 2007 to 2011. Within this time, domestic debt increased from N2.17 trillion to N5.62 trillion. Foreign debt increased from $2.11 billion to $3.5 billion. That is an increased debt from N2.4 trillion to N5.62 trillion in four years. Dr. Goodluck Ebele Jonathan completed President Yar’Adua’s tenure. In that one year, the Federal Government debt increased from N4.94 trillion to N6.17 trillion.

c. Dr. Goodluck Jonathan commenced his tenure in office in 2011 with a foreign debt of $3.5 billion and left with a debt of $7.3 billion. Domestic debt increased to N8.4 trillion by 2015. This translates to an increase in national debt from N6.17 trillion to N9.8 trillion.

d. President Muhammadu Buhari increased the domestic debt from to N8.4 trillion to N19.24 trillion and external debt from $7.3 billion to $33.62 billion.

e. On assumption of office, Asiwaju Bola Tinubu inherited a domestic debt of N19.24 trillion and external debt of $33.62 billion. By the end of the first quarter of 2024, Nigeria has domestic debt of N65.65 trillion and external debt of $42.12 billion, totalling N121.67 trillion. In addition to this, the states owe a total of N4.07 trillion.

IN 2020, DEBT SERVICE COSTS ACCOUNTED FOR A STAGGERING 83 PERCENT OF REVENUE. BY JANUARY 1, 2024, THE FEDERAL GOVERNMENT’S REVENUE WAS N449.7 BILLION WHILE IT SPENT N755.9 BILLION ON DEBT REPAYMENT. NIGERIA’S DEBT IS NOW 168% OF ITS REVENUE.

THE SAD REALITY IS THAT NIGERIA IS NOW REPAYING DEBTS WITH DEBTS, SINCE ITS REVENUE CAN NO LONGER PAY ITS DEBT.

It is therefore worrisome that Nigeria is reported to be taking more debts. In September 2024, the world bank approved a $1.57 billion loan for Nigeria to support its health and education sectors and help provide sustainable power. In June 2024, the World Bank approved $2.25 to be disbursed to Nigeria for Economic Stabilization. In the same year, Nigeria took $8.8 billion debt to be repaid with unexplored oil. This is a total of $12.62 billion in addition to already existing debt.

The questions are:

1. What have we done with all these loans and what are we proposing to do with these additional loans?
2. Where will the Federal Government draw the line on financing the Nigerian economy with debt?
3. When are we repaying the loans?
4. Where are we going to get the money to repay the loans?

The several trillions of Naira taken as loan has not reflected positively on the economy. Where are the projects on which we spent all these monies? Regrettably at 64 years post-independence, Nigeria still suffers from infrastructural decay, declining foreign investments, declining educational standards from infrastructural deficits, increase in the rate of poverty, unrivaled rates of inflation and an astronomical fall of the value of the Naira in international market.

NEWSPAPER REPORTS ABOUT EMBEZZLEMENT OF PUBLIC FUNDS, EXTRAVAGANT SPENDING, POOR INFRASTRUCTURES, NON-PAYMENT OF SALARIES AND PENSIONS, INFLATION, HUNGER AND POVERTY HAVE RESULTED IN LARGE “JAPA” SYNDROME.
A passionate plea to rescue Nigeria

The Nigerian debt burden has retarded internal development and hindered economic growth in Nigeria. Most government funds are diverted towards debt servicing rather than essential public services. Governments have also taken to financing their debts through other debts. All these have exacerbated the poverty rate in Nigeria leading to the conclusion that Nigeria urgently needs an economic rescue.
Recommendations

In view of the dire state of the economy of Nigeria, the Federal Government should:

1. Adopt Chief Obasanjo’s laid down example by approaching the lenders for total forgiveness of the debts or reduction, and in any event the waiver of the payment of the interests on the debts.
2. Set up committees to investigate and ascertain the actual amounts borrowed, the purposes for which they were borrowed, the accounts into which the monies were paid into and the projects for which the debts were utilised.
3. Enquire into whether it is true or not that Nigeria’s unexplored crude oil was sold in advance. If so, what the money was spent on.
4. Urgently revive national oil refineries to reduce the importation of refined oil in Nigeria. This will leave more monies in government coffers which can then be utilised in the repayment of our debts.
5. Reduce the cost of governance by adopting the practice in the First Republic where law makers regarded their positions as opportunities to serve and only took sitting allowances.
6. Place premium on infrastructural development and reduce recurrent expenditures on politics or governance.
7. Use all recovered proceeds of corruption to service national and international debts.
8. Encourage, promote and finance the development of the agricultural sector and discourage the mindset of Nigerians that politics is the only lucrative business in Nigeria.

All imaginable economic woes have visited Nigeria. However, there is still hope for our beloved nation. A hope that needs political will to thrive.

*Please send your comment/ contribution to president@abuad.edu.ng

The Tunisian pilot who flew the Super Eagles of Nigeria to Libya for African Cup of Nations, AFCON, qualifying match in Benghazi has said he was ordered by the Libyan government to divert the flight to Al-Abraq Airport, located 150miles away from destination point.

Recall the Super Eagles were billed to have landed at the airport in Benghazi and travelled nearly four hours drive by road to Benina where the match was to be played.

The pilot’s account came on a day the two arms of the National Assembly, the Senate and House of Representatives, flayed the Libyan government for subjecting the Nigerian team to dehumanising treatment, seeking stiff penalties for the Libyan authorities and asking the Federal Government to summon the country’s ambassador.

In a now-viral video, the pilot said the original plan was to land in Benina, a town in the Benghazi area of Libya, with prior approval from the Libyan Civil Aviation Authority, LCAA.

The pilot said, however, that upon beginning descent, he was instructed to divert to Al-Abraq, which was not listed as an alternate airport.

The Tunisian said he was told the order for flight diversion came from “Libya’s highest authorities.”
He said he repeatedly questioned the flight diversion order due to the limitation of aviation fuel but was ignored by Libyan aviation authorities.

“The flight plan was to land in Benghazi, Benina, and we had approval from the Libyan Civil Aviation Authority.

“However, as we began our descent, we were instructed to divert to Al-Abraq, which wasn’t even listed as our alternate airport.

“This decision came from the highest authorities, not me. In aviation, we calculate fuel based on our destination. Diverting unexpectedly can compromise safety.

“Everything is documented. I asked to land in Benghazi as per my flight plan, but they denied it, instructing me to divert immediately.

“I repeatedly questioned the directive and warned them about fuel limitations, but they insisted that we land in Al-Abraq, citing orders from the highest authority.”

Senate calls for probe, stiffer penalties for Libya

Reacting to the development yesterday, the Senate asked the government of Libya to, as a matter of urgency, apologise to Nigeria, while also seeking a probe and stiffer penalties for the Maghreb country as a country following the inhumane treatment they subjected the Super Eagles to upon their arrival for the 2025 AFCON qualifier.

Condemning what it described as unwarranted hostilities and unfair treatment of the Super Eagles, the Senate also asked the Federal Government, through the Ministry of Foreign Affairs, to bring the ugly development to the attention of the Libyan government and the need to exercise restraint, as the act had its negative diplomatic consequences.

It equally asked the Federal Government to report the unsportsmanlike action of the Libyan authorities to the Confederation of African Football, CAF, with a view to apportioning appropriate sanctions on them to forestall recurrence in future.

The Upper Chamber commended the Ministry of Sports and the Nigerian Football Federation, NFF, for their prompt response and action by facilitating the safe return of the players.

Resolutions of the Senate, sequel to a motion, titled ‘Ill-treatment of the Nigerian Eagles Football team by the Libyan Authorities and Football Federation at the Al-Abrab Airport, Libya’, sponsored by the Chairman, Senate Committee on Sports, Senator Ismaila Kawu, NNPP (Kano South), who came under Order 42 of the Senate Standing rules on personal explanation.

In his presentation, Senator Kawu said: “The Senate notes with dismay the ill-treatment meted out on a contingent of the Nigerian Super Eagles in Libya on Sunday, October 13, 2024, an incident which has been reported in the various media platforms across the country.

‘’From information made available by the Nigerian Football Federation’s Director of Communication, it was revealed that the delegation departed from the Aminu Kano International Airport at 13:18 hours on that fateful day in a chartered Value Jet aircraft, ahead of the scheduled second leg of the Africa Cup of Nations’ qualifier against Libya.

“It also notes that upon arrival in Libya, the pilot commenced the initial approach into Benghazi. However, he was instructed by the control tower not to land, in spite of having completed all the required landing papers and formalities before jetting out of Nigeria.

“Consequently, the aircraft was directed to the Al-Abraq International Airport, which lacked the control navigators for landing at such hours, as the said airport is occasionally used for Hajj operations.
“The Senate further notes that in spite of the pilot’s complaint of shortage of fuel, the aircraft was denied access and he was told that the directive came from the ‘highest authorities’.

‘’The actions of the Libyan authorities and football federation did not only endanger the lives of the players but also other members of the delegation, including the deputy governor of Edo State, NFF officials and a couple of parliamentarians.

“This ignoble act is reminiscent of clandestine conspiracy and antic, intentionally orchestrated to frustrate visiting teams in order to weaken their morale and dampen their spirits to the advantage of host country.

“The Senate is aware that the Embassy of Nigeria in Tripoli made arrangements with the authorities in Benghazi to welcome the Nigerian delegation, prior to their arrival, but their application was allegedly and outrightly rejected as the authorities already had a premeditated plan to frustrate our team, ahead of the scheduled match;

“It observes that in spite of series of complaints from the Nigerian Football Federation, NFF, Nigerians in Diaspora Commission, NiDCOM, and other concerned Nigerians, the Confederation of African Football, CAF, is yet to make an official statement, regarding the matter.

“It also observes that though our team embarked on this patriotic journey to perform an important national assignment to make the country proud, their safety and welfare should be of more paramount consideration to us as a nation.”

In his remarks, the Deputy President of the Senate, Senator Barau Jibrin (APC, Kano North), who presided over plenary, said the manner the players were treated was terrible and condemnable, adding that the action was not in tandem with the spirit of sportsmanship.

Jibrin, who noted that the essence of sports was to promote unity and competition as well as enhance brotherhood among the countries on the continent, said: “The matter was brought under personal explanation by chairman of the Senate Committee on Sports, Senator Sulaiman Kawu (Kano South).

“What happened to the Super Eagles in Libya is not in tandem with the spirit of sports. The essence of sports is to promote unity and competition and enhance brotherhood among the countries on the continent. The way our players were treated is terrible and condemnable.

“Fortunately, you (Kawu) have come through a personal explanation, and this is what we intended it to do because we don’t want a diplomatic row; we think this is a mistake which the Libyans should be given the chance to correct and apologise to the Federal Government.

“Nigeria is a big country in Africa. We always lead in terms of diplomacy, friendship and everything. Based on that spirit, I am sure you decided that this matter should be treated this way, so we can give their leaders a chance to apologise to our national team.

“We call on the ambassador and whoever is concerned and the authorities to come out and apologise for what they have done to our national team.”

Akpabio decries ill-treatment

Meanwhile, the President of the Senate, Senator Godswill Akpabio, in a statement yesterday, condemned in very strong terms the inhuman treatment meted out on the Super Eagles by the Libyan authorities.

Akpabio, in the statement by his Special Adviser on Media and Publicity, Eseme Eyiboh, decried the antics and shameful behaviour of the Libyan officials and authorities, saying “This unfortunate incident is a stark reminder of the disregard for human dignity and the lack of respect for international norms.”

He declared that the reported mistreatment of the Super Eagles’ players was unacceptable and a breach of the principles of fair play and sportsmanship that underpinned international football competitions.

The statement reads: “As the President of the Senate, I stand in solidarity with the Super Eagles, the Nigeria Football Federation, NFF, and the entire Nigerian football community in condemning this unjust treatment.

“The Senate will continue to monitor this situation closely and ensure that the rights and dignity of our citizens are protected. We will not tolerate any form of mistreatment or disrespect towards our nationals, regardless of the circumstances.

“We demand a thorough investigation from the disciplinary committee of the Confederation of African Football, CAF, and appropriate sanctions to be meted out on those involved.

“It is also imperative that the Libyan authorities take immediate action to investigate this incident and ensure that those responsible are held accountable to prevent future occurrences.

“We call on the international football community to condemn this unacceptable behaviour and support our demand for justice.”

Reps ask FG to summon Libyan ambassador to Nigeria

Similarly, the House of Representatives, in its reaction to the incident, asked the Federal Government to summon the Libya ambassador to Nigeria to explain why the players were maltreated

In a motion sponsored by Kabiru Ahmadu under matters of urgent national importance at the plenary presided over by Speaker Tajudeen Abass yesterday, the lawmakers also urged NFF to make an official complaint to the Confederation of African Football, CAF and Federation of International Football Association, FIFA.

Ahmadu recalled that in the Super Eagles contingent were House of Representatives members, led by the Deputy Chairman, Committee on Sports, Deputy Governor of Edo State, members of NFF Board and the entire crew of NFF.

He also recalled that within the 18-hour ordeal faced by the super Eagles at Al-Abraq International Airport in Libya, the contigent was left stranded on arrival at 14:00hrs on Sunday, October 13, 2024, till they were allowed to depart from the airport back to Nigeria almost 20 hours after.

He explained that the team and the delegation were en-route to Benghazi in Libya, before their aircraft was unexpectedly diverted mid-flight to AlAbraq, a small airport typically reserved for hajj operations.

He said it was unfortunate that despite diverting the flight to a small airport with little or no amenities, the Libyan authorities did not allow the team to get out of the airport or move to their hotel, and also denied them access to the internet, food, water, as the airport was cordoned off.

Consequently, the House mandated its committees on sports and foreign affairs to probe the issue and report back accordingly.

I’m still in shock — Eguavoen

In his reaction to the incident, Super Eagles coach, Austin Eguavoen, said he was still in shock over the 20-hour horror faced at the airport in Libya.

Eguavoen, who noted that the team’s experience was tough and too bad for the game, said: “I am still in shock and I have to thank the players for their maturity.

‘’We were locked in a space with so much uncertainty. It was a tough one. We were held hostage.

“Football unites people and nations but I cannot understand why the Libyans behaved that way. It was strange. I thank the government of Nigeria for all the efforts and also the calmness of the players.

“I love the strong mentality of the boys. It would have been nice to come back home with the three points but no match can be played that way. I also thank the Libyans for allowing us to leave because it took a while to convince them.’’

CAF officially puts the Nigeria-Libya match on hold

Meanwhile, the Confederation of African Football, CAF, declared officially yesterday that the match between Nigeria and Libya would not hold until issues around it were resolved.

The match between both the Super Eagles and The Mediterranean Knights was to have been held at 8 pm last night
In a statement released yesterday, CAF said the case between the two nations “will be referred to the competent CAF bodies.”.

The terse statement read: “The TotalEnergies CAF Africa Cup of Nations Morocco 2025 qualifier fixture between Libya and Nigeria will not occur as scheduled tonight (last night). The matter will be referred to the competent CAF bodies.”

Chief Justice of Nigeria (CJN), Kudirat Kekere-Ekun, has cautioned that the Nigerian public will lose confidence in the judiciary if judges continue to delay case execution.

She made this statement during the third annual National Judicial Council (NJC) conference on judges’ performance evaluation in Abuja on Tuesday.

Expressing concern over the rising number of pending cases and the slow rate at which judges are resolving them, the CJN highlighted alarming statistics.

“As of the first quarter of 2024, we had a total of 243,253 cases pending in our superior courts of record, exclusive of the Supreme Court,” Kekere-Ekun said. These cases include 199,747 civil suits and 43,506 criminal cases.

The CJN expressed dissatisfaction with the low case disposal rates, noting that some judges had failed to deliver a single judgment over an entire quarter.

“This is simply unacceptable,” she remarked, urging the judiciary to take immediate action to address the situation.

To improve judicial efficiency, Kekere-Ekun called for the use of technology and case management innovations such as digital case management systems, virtual courtrooms, and e-filing.

She also advocated for alternative dispute resolution mechanisms like mediation and arbitration to ease the workload on courts.

“My Lords, ladies and gentlemen, we cannot wish away the growing backlog of cases or expect a different result when we continue to do things the same way,” she said, stressing that delayed justice equates to denied justice.

The CJN emphasized that timely and effective case resolutions are crucial to maintaining public trust in the judiciary, urging judicial officers to take full advantage of digital tools to enhance performance.

Taiwo Oyedele, chairman of the presidential fiscal policy and tax reforms committee, says Nigerian businesses are strained due to taxes paid in foreign currency.

Speaking at the Nigerian Financial Intelligence Unit (NFIU) first revenue assurance summit, Oyedele said businesses are required to pay certain taxes in dollars, which amounts to an estimated $3.5 billion annually.

According to Oyedele, the practice not only strains local businesses but also contributes to the depreciation of the naira.

“We found that Nigerian businesses are being asked to pay some taxes in dollars — NIMASA, NPA, etc. which amounts to an estimated $3.5 billion a year,” the chairman said.

“We are crying that our naira is losing value; why wouldn’t it lose value when we impose unnecessary dollar demands?”

In his address, titled “The Importance of Revenue Assurance in Economic Stability,” Oyedele noted that revenue should be used to enhance the lives and livelihoods of citizens rather than simply serving as a financial target.

He called for a coherent policy environment that fosters investment and collaboration among federal and state agencies.

‘RELEASE DATA IN 48 HOURS OR FACE CONSEQUENCES’

Oyedele warned government agencies against withholding data from each other, noting that the data does not belong to them.

Giving an instance, Oyedele said the Joint Tax Board (JTB) was required to pay for data access from governmental sources.

He questioned how the government would generate revenue if the agencies were selling data.

To prevent government agencies from withholding data, Oyedele announced plans to draft legislation mandating the free provision of government-held data, with strict deadlines for compliance.

“Our economy must be designed to be conducive and investment friendly, our policy environment must be purposeful and coherent, let’s not be pulling in different directions, states versus federal or even within federal agencies.

“JTB (Joint Tax Bank) told me as part of the work we are doing, the number of agencies they were looking for data, you know they were commending the NFIU and we are grateful for the NFIU and the leadership… and they were asking them to come and pay for data.

“JTB was being asked to pay for data I couldn’t believe it. In the same Nigeria, government has data and government is selling data and we say government does not have revenue,” he said.

“How are we suppose to have revenue if we are selling data?

“So we drafted a law, it is not your data, it is our data, you will give it. In fact we will give you a deadline of 48 hours. If you don’t release the data, there will be consequences. We are criminalising it. Give the data.”

He further stressed the necessity of linking domestic data with international standards to ensure the integrity of information while making revenue collection processes efficient and transparent.

Oyedele said protocols are being developed to ensure data integrity and protection.

‘FOCUS ON PROBLEM-SOLVING RATHER THAN OBSTRUCTING EFFORTS’

Addressing misinformation surrounding his committee’s initiatives, Oyedele criticised unfounded claims about fiscal policies, particularly a recent report alleging the committee announced a 10 percent reduction in federal government allocations from the federal account allocation committee (FAAC).

On October 13, Oyedele denied proposing a reduction in the federal government’s share of revenue from FAAC.

He said his committee’s recommendation was explicitly in respect of the value-added tax (VAT) revenue.

Speaking on the issue, the chairman urged stakeholders to focus on problem-solving rather than obstructing efforts to improve the economy.

‘EFFECTIVE COLLECTION OF TAXES WILL INCREASE REVENUES WITHIN 3 YEARS’

Oyedele announced that the committee has proposed a synchronised tax system that includes eight key taxes across federal, state, and local levels.

He said the effective collection of the taxes could result in a four- to five-fold increase in revenues within two to three years.

Additionally, Oyedele proposed a national framework for subsidies aimed at alleviating financial pressures on businesses, expressing hope that political leaders will adopt the reforms while calling for unity among stakeholders in implementing the reforms.

In her remarks, Hafsat Bakari, chief executive officer (CEO) of the NFIU, said while the unit’s work on tax crimes initially focused on supporting the Federal Inland Revenue Service (FIRS), NFIU has now expanded its efforts to partner with sub-national counterparts.

Bakari said most tax evasion occurs at the state level and that financial transaction data held by the NFIU would greatly benefit state internal revenue services.

“While FIUs were created by international conventions to address criminal activity, the same international conventions and standards require that we put in place measures to protect the integrity of the information that we provide,” Bakari said.

“To this end, our approach to working with States is built on the establishment of a memorandum of understanding which sets out the principles, objectives and limitations of the intelligence provided.”

She also announced the creation of the crime records information management system (CRIMS), a secure platform for requesting and receiving intelligence from the agency.

Bakari said through CRIMS, paper records, which are prone to compromise, have been eliminated.

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says the country’s foreign reserves rose by 12.74 percent to $39.12 billion as of October 11.

Cardoso spoke on Tuesday when he appeared before the house of representatives committee on banking regulation.

The CBN governor said the country’s reserves stood at $34.70 billion at the end of June.

Data from the apex bank had showed that foreign reserves fell to $32.29 billion on April 15 — the lowest level in over six years.

Cardoso said the nation’s foreign exchange reserves have “grown significantly” with remittance flows currently representing 9.4 percent of total external reserves.

“The reserves rose by 12.74% to $39.12 billion as of October 11, 2024, from $34.70 billion at the end of June 2024,” he said.

The CBN governor said the foreign reserves are driven largely by foreign capital inflows, receipts from crude oil-related taxes and third-party.

“In Q2 2024, we maintained a current account surplus and saw remarkable improvements in our trade balance,” he said.

“The current external reserves position can finance over 12 months of import of goods and services or 15 months of goods only.

“This is substantially higher than the prescribed international benchmark of 30 months, reflecting a robust buffer against external shocks.

“Regarding the foreign exchange market, the bank implemented various reforms including a unification strategy, which streamlined various exchange rate windows into a single model, adopting the willing buyer, willing Seller’ approach to enhance FX liquidity and financial market stability.

“This move was aimed at fostering transparency, reducing market distortions, and enhancing the efficiency of foreign exchange allocations.

“This consolidation involved the implementation of new operational guidelines which included removing the international money transfer operators (IMTOs) quote cap.

“Additionally, the bank resumed the sales of FX at the NAFEM and Bureau De Change (BDC) segments, bolstered by an improved supply from foreign portfolio investors (FPIs).

“In the foreign exchange market, we have achieved increased transparency and improved overall supply. By allowing the foreign exchange rate to be determined by market demand and supply, the CBN has reduced arbitrage and speculative activities and eliminated the front-loading of FX demand.

“These policy measures have effectively narrowed the exchange rate disparities between the NAFEM and BDC segments which have largely led to the convergence of FX rates.

“Improved transparency in the market has restored market confidence leading to increased capital inflows which enabled the CBN to clear existing FX backlogs.

“The settlement of all legitimate backlogs of outstanding FX obligations by the bank has significantly improved Nigeria’s credibility and ratings across the global financial market, helping to boost investor confidence, and enhanced liquidity in the foreign exchange market.

“With improved investor confidence, foreign investments have increased as evidenced by a significant rise in capital importation by 65.56% to $6.49 billion between January and July 2024, compared to $3.92 billion in the corresponding period of 2023.

“Collectively, these actions have contributed significantly to the stability of the financial system.”

‘INFLATION REMAINS A CONCERN’

Cardoso admitted that inflation remains a pressing concern, but said there are reasons for an optimistic outlook.

The latest data by the National Bureau of Statistics (NBS) indicate that the consumer price index (CPI), which measures the rate of change in prices of goods and services, rose to 32.7 percent in September.

The increase was the first in three months after the country’s inflation rate declined twice in July and August.

Cardoso said inflation has shown “gradual moderation,” indicating that the monetary policy measures are “becoming effective”.

“We anticipate steady moderation of inflationary pressures in the last quarter of 2024, supported by our monetary policy measures and the federal government’s recent initiatives such as tax incentives on businesses in the economy,” he said.

“To combat inflation, we have fully reverted to an orthodox monetary policy approach and implemented a comprehensive set of monetary policy measures.

“These include raising the policy rate by 850 basis points to 27.25%, increasing cash reserve ratios and normalising open market operations as our primary liquidity management tool.

“In addition, we have adopted an inflation-targeting (IT) monetary policy framework as part of the bank’s enterprise strategy (2024-2028).

“The IT framework, widely adopted across various global economies, is renowned for its effectiveness in combating persistent inflation.”

The CBN govenor said these measures are aimed at stabilising prices, optimising liquidity management, and engendering an effective monetary policy framework.