Real reasons INEC postponed election, by Buba Galadima Innocent Odoh, Abuja
F
ollowing the outcry that greeted the postponement of Saturday’s election by the Independent National Electoral Commission (INEC) by one week, the Na-
Ga l a d i m a , w h o i s a l s o a spokesman of the People’s Democratic Party (PDP), told BDSUNDAY on Saturday that the Federal government and the APC have shot themselves in the foot by this disingenuous action. He noted that in all his political life, he has never seen where Nigerians from all walks of
tional Chairman of the Reformed All Progressives Congress (RAPC), has said that President Muhammadu Buhari and the ruling All Progressives Congress (APC) had planned to force INEC to stagger elections in about ten states, in order to use the security forces to rig the elections.
life have agreed that the Buhari government must go and that is why Buhari is desperate to cling to power at all cost. He also alleged that the President and his party have planned to compromise the election using configured Card Readers
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BDSUNDAY BUSINESS DAY
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Vol 1, No. 252 N300
inside
Election postponement:
Nigeria bleeds
Six months after, ABAT Truck Terminal gets nowhere
Economy records $10bn losses – Rewane Parents, school owners, pupils stranded Social hiccups as planned weddings in danger Transport coys lament
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Hope Moses-Ashike, LOLADE AKINMURELE, KELECHI EWUZIE and Ifeoma Okeke
E
very Nigerian general election since 2011 has been postponed, but never has it happened under such short notice and with so much at stake. Leading economist, Bismarck Rewane, roughly estimates that the last minute postponement of Saturday’s elections could cost Africa’s biggest economy around $10 billion (N3.6 trillion at N360/$ exchange rate), 2 percent of 2018 Gross Domestic Product (GDP). Rewane, who is the CEO of Financial Derivatives Ltd, a risk and financial advisory company based in the commercial capital of Lagos, arrived at his estimate after factoring in what he called postponement cost, consequential cost, opportunity cost and reputation cost. The postponement cost of the Saturday elections is derived from dividing the country’s $427
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‘Govt should order DISCOs to provide pre-paid meters to consumers p. 31
Buhari
Yakubu
billion GDP in 2018 by 365 days and that gives $1.16 billion. Although the level of productivity in Nigeria is perhaps lower on a Saturday compared to a week-day, businesses priced in the elections as early as Friday, with most firms from banks to manufacturing companies work-
ing half-day to afford time to some members of staff who had to travel long distances to vote. The consequential cost, according to Rewane, encompasses the cost to the electoral commission, INEC and other related costs. INEC’s budget for the 4-week election period was
Atiku calls for calm; says ‘Be ready to vote’ p. 3
Atiku
N189 billion. With the one-week delay, Rewane said, the electoral body must now factor in an extra week and additional N47 billion (N0.130 billion or N130 million). “That said, broader nominal consequential costs to parties other
Transcorp Hotels, Newrest ASL to pay N1.3bn dividend
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??Postponement: Buhari blames INEC, absent at stakeholders’ meeting
See reactions on postponement p. 44-46
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