WEDNESDAY 29TH MAY 2024

Mohammad Idris: Tinubu's First Year Transformative Journey Towards Stability

Nigeria not working, Atiku declares, insists Tinubu practising cocktail of trial and error economic policies Labour Party: Nigeria has witnessed one-year reign of economic hardship PDP:

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Administration – Building

Olawale Ajimotokan, Chuks Okocha, Deji Elumoye, Sunday Aborisade, Juliet Akoje in Abuja

Building A Safer, Stronger And Prosperous Nigeria

Economic Rebirth:

Facing economic turmoil, widespread poverty, and rising unemployment, President Tinubu implemented bold reforms to stabilize the economy. The withdrawal of the unsustainable fuel subsidy and the uni fi cation of the FOREX market were pivotal steps, redirecting funds to critical sectors like healthcare, education, and infrastructure. These measures have boosted investor confidence, making the Nigerian Stock Exchange the topperforming bourse globally.

Strengthening

National Security:

President Tinubu has prioritized national security, leading to signi fi cant investments in modernizing and equipping the nation's security forces. Over 4,600 hostages have been freed, more than 9,300 terrorists/bandits neutralized, and over 7,000 terrorists and bandits arrested. The establishment of the N50 billion Pulako Initiative and annual recruitment of 30,000 new police personnel further underscore the administration's commitment to a safer Nigeria.

Boosting Agriculture and Food Security:

To tackle food security, the administration declared a state of emergency and launched the National Agricultural Development Fund with N100 billion. Initiatives like the Dry Season Farming Initiative and the Green Imperative Programme aim to promote yearround farming and provide farmers with access to modern equipment and low-interest loans, ensuring a stable food supply.

Unlocking Energy and Natural Resources:

The Renewed Hope Agenda focuses on developing renewable energy sources and enhancing the efficiency of the oil and gas sector. Policy directives have improved the investment climate, increased crude oil and NLNG production, and initiated significant projects like the rehabilitation of the Port Harcourt refinery and the construction of the Ajaokuta-Abuja-Kano Gas Pipeline.

TiNubu MEETS ExxONMObil AT ThE PrESidENTiAl VillA...

L-R: Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri; Regional General Counsel, Africa Upstream Vice Chairman, ExxonMobil Companies in Nigeria, Adesua Dozie; Chairman, ExxonMobil Affiliates in Nigeria, Mr Shane Harries; President of ExxonMobil, Mr Lian Mallon; President Bola Ahmed Tinubu; Chief of Staff to the President, Femi Gbajabiamila; Minister of state, Petroleum Resources (Gas), Ekperikpe Ekpo, and Minister of Information and National Orientation, Mohammed Idris, during the courtesy visit of ExxonMobil official to the Presidential Villa Abuja...yesterday

Again, Minimum Wage Talks Stalled as Labour Rejects FG's N60,000 Offer

Minister appeals for patriotism

Onyebuchi Ezigbo in Abuja

The organised labour has again turned down another proposal of N60,000 as new national minimum wage for Nigerian workers offered by the federal government.

The new figure which was an increase of N6,000 to its earlier offer of N54,000 was proposed during yesterday's resumed negotiation between the federal government, the

organised labour represented by the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) and the private sector.

However, the meeting which was held at the NICON Luxury Hotel in Abuja, saw leaders of NLC and TUC stage a walk out immediately the government side presented the N60,000 proposal.

The labour movement said the only thing that would make them

Fasoranti: Tinubu's Reforms Have Prospects of Revamping Nigeria's Economy

Adedayo Akinwale in Abuja

The Leader of Afenifere, the pan-Yoruba socio-cultural and socio-political organisation, Chief Reuben Famuyide Fasoranti, yesterday, said reforms initiated by the administration of President Bola Tinubu have the prospect of revamping the country's economy and reducing the mutual distrust among the ethnic nationalities in theHecountry. also commended Tinubu on his government’s effort to rescue local governments from the strangulating grip of state governors.

Fasoranti, stated this in a statement issued yesterday, by the National Publicity Secretary of the group, Jare Ajayi, to congratulate Tinubu on his one year in office.

He said: “The reforms initiated by the government have the prospect

of revamping the country's economy and reducing the mutual distrust among the ethnic nationalities in the country.

"Before, during and after the Presidential election that brought you into office last year, I gave you some ideas regarding how to tackle some challenges that Nigeria faced - and still faces.

“We also spoke about some of these issues when I led the Afenifere delegation to your office in Abuja last month.”

Fasoranti, said he was happy that Tinubu was making efforts at implementing policies that would enhance the situation of the country and better the lot of the people.

He added: "It's undebatable that local government is the closest to the people. For, it is through it that the people at the grassroots can effectively feel the impact of the government.

succumb would be when a living wage proposal was brought to the table.

In a reaction to the government's latest offer, labour said the amount was still a pittance and cannot offer any hope of survival to workers under the present circumstances.

A reliable source within the organised labour who spoke on condition of anonymity described government's proposal as scratching the surface rather that coming up with a reasonable amount for negotiation to be concluded.

"How can we agree on N60,000- an amount that cannot buy a bag of rice

to serve as national minimum wage. Let's assume that you are buying a loaf of bread for your family at N2,000 every day and that is what you and your family want to be eating for one meal.

"Then three meals will be N6,000 per day and this will amount to N180,000 per a month. This means you are not going to use tea or butter and you are not going to drink water. Who can survive on this?

"We have to be realistic in this country. When government increased the price of petrol, they asked labour to wait and demand for a living

minimum wage and the government is going to provide a living a living wage for workers. But now, we are asking for a living wage and government is playing around it. But once our ultimatum expires in two to three days from now, we will serve the federal government with a strike notice, he said.

THISDAY gathered from another source at the Federal Ministry of Labour and Employment that the Minister, Hon. Nkeiruka Onyejeocha has been been making top consultations in order to resolve the disagreement.

Meanwhile, Onyejeocha, has appealed to organised labour to be considerate and patriotic in their demand in the ongoing negotiation for a new national minimum wage. In a statement signed by the Ministry's Director, Press and Public Relations, Olajide Oshundun, the minister said that government had been consistent in taking steps to secure a fair and realistic wage for Nigeria workers, and urged organised Labour to recognise that the nation’s economy was still on the path of recovery from the effect of the pandemic and other economic distress.

Former CBN Director Says He Didn’t See Minutes of Meeting on Naira Redesign

A former Director of Currency Operations at the Central Bank of Nigeria (CBN), Mr. Ahmed Bello Umar, yesterday, said he never saw the minutes of the meeting of central bank’s management on the decision to redesign the naira.

Umar, who claimed that he signed the memorandum for the redesign of the naira in 2022, when asked by his lawyer to comment on an October 26, 2023, Meeting of the Committee of Governors (CoGs) of the CBN responded by saying, "I have not seen the minutes of the meeting, it was only circulated among members of the CoG."

Umar, stated this while giving

evidence in the trial of the immediate past Governor of the CBN, Mr. Godwin Emefiele, who is being tried for allegedly redesigning the nation's currency, the Naira in 2022, without approval.

The Economic and Financial Crimes Commission (EFCC) had on May 15, 2024, arraigned Emefiele on a four-count charge before Justice Maryanne Anenih of the High Court of the Federal Capital Territory (FCT), sitting in Maitama, Abuja. Emefiele, had however denied the charge and was admitted to bail in the sum of N300 million.

At the commencement of trial yesterday, counsel to the Commission, Mr. Rotimi Oyedepo, called Umar, the First Prosecution Witness (PW1), who

narrated how the management of the apex bank directed his department (Currency Operations) to, "come up with a memo on the redesign of the naira notes sometimes in August 22, 2022."

Umar, stated that upon completion of the task the memo was submitted to the CoG and subsequently listed for consideration.

The witness added that the CoG which is made up of the CBN governor as chairman and four deputy governors as members later on October 26, 2022, held a meeting via zoom to deliberate on the memo his department submitted.

He disclosed that he joined the meeting only "to make my presentation and exited " afterwards.

which according to him is the highest management body. The BoD he said is made up of 12 members, comprising the CBN boss as chairman, four deputy governors, Permanent Secretary, Ministry of Finance, Accountant General of the Federation and five external members appointed by the president.

Speaking further, the witness said, "the CoG did not approve items 1 and 3, while item 2 was modified to include N200 denomination."

"But the proposal for the exercise to take place in 2023 was not accepted by CoG," he added. The witness stated that a memo was afterwards prepared for consideration of the BoD and "it was considered on December 15, 2022".

to ‘Nigeria, We Hail Thee'

National Assembly Passes Bill to Change National Anthem from 'Arise O Compatriots’

Sunday Aborisade in Abuja

The Senate, just like the House of Representatives, yesterday, passed a bill to change the current National Anthem, “Arise O Compatriots,” to the country’s old anthem, “Nigeria, We Hail Thee.”

The proposed legislation was titled, “National Anthem Bill, 2024.”

The bill passed third reading after the upper chamber considered the report of its joint Committees on Judiciary, Human Rights and Legal Matters, and Federal Character, and that and Inter Government Affairs.

The Attorney General of the Federation and Minister of Justice,

Lateef Fagbemi, had at a public hearing on the matter on Monday, advised the federal lawmakers to engage in wider consultations before passing the bill. The bill was read for the first and second time last Thursday, at both chambers.

It received an accelerated hearing at the lower house as it was read for the first, second and third time.

The bill however passed second reading at the Senate and the Presiding Officer, Godswill Akpabio, referred it to its Committee on Judiciary, Human Rights and Legal Matters for further legislative actions.

The bill would be transmitted to

President Bola Tinubu for assent.

If assented to by Tinubu, it would be the first time Nigeria’s national anthem would be given legal backing.

The Chairman of the committee, who is the Senator representing Borno North, Tahir Mongunu, while presenting the report of the Committee during plenary said the bill seeks to give a legal framework to the national anthem, “so that it can bite and bite with all the legal powers embedded in it.” He noted that the bill does not need to be subjected to a wider process of citizen participation through zonal public hearings, resolutions of the Federal Executive Council,

Council of State, National and State Assemblies, among others.

He insisted that the bill does not require any constitutional amendment but required to be read first, second and third time after a public hearing.

Presenting the committee’s report, Monguno however said the new national anthem was apt as it represented the country’s people, culture, values and aspirations.

“The bill is in tandem with the spirit of unity. It will undoubtedly inspire a zeal for patriotism and cooperation. It will promote cultural heritage. Changing the national anthem will chart a path to greater unity,” Tahir said.

Umar, further disclosed that after the meeting the Corporate Affairs Department conveyed anticipatory approval of the CoG pending ratification by the Board of Directors (BoD),

On the procedure for the issuance of naira notes, the witness stated that the BoD would have to recommend to the president for the design of the forms and devices that shall be contained in the currency.

The naira yesterday in a rare occurrence remained unchanged at the official and parallel markets.

At the Nigerian Autonomous Foreign Exchange Market (NAFEX) window, the naira closed yesterday at N1,339.33/$1, the same as Monday’s closing rate.

While also at the parallel market, naira remained unchanged also closing yesterday at N1,520/$1.

However, transaction volumes also saw a significant increase as the daily turnover increased by 81.58 per cent, reaching $328.32 million yesterday compared to $180.80 million recorded on Monday. Additionally, the highest spot rate observed yesterday was N1,506, while the lowest spot rate recorded was N1,150.

Nume Ekeghe

Alex Enumah in Abuja

MOFI, BPE Forge Alliance to Optimise FG's Assets

Partnership to enhance asset utilisation, attract investments

Deji Elumoye in Abuja

Ministry of Finance Incorporated (MOFI) and the Bureau of Public Enterprises (BPE) on Tuesday

entered into a collaborative partnership aimed at bolstering the federal government's asset management and investment prospects.

The agreement, witnessed

by the Deputy Chief of Staff to the President (Office of the Vice President), Senator Ibrahim Hadejia, at the State House in Abuja, is part of the Presidential Enabling Business

Environment reforms, which have streamlined government operations. The MoU seeks to establish a clear relationship between the two entities, ensuring effective delivery

15Million Women, Children Benefit from FG's Nutrition Intervention

As ministries defy directive on setting up nutrition desk

Federal government yesterday said that it has been able to reach out to over 15 million Nigerian women and children with nutrient fortification supplements as part of efforts to address the burden of malnutrition in the country.

The milestone came just as the stakeholders at a Media Roundtable organised by the Civil Society on Setting Up Nutrition in Nigeria (CS-SUNN) in Abuja expressed concern of the delay by most of the federal ministries and parastatals to implement the presidential directive to set up a Nutrition department in their offices.

While giving update on federal government's nutrition intervention programme, the National Coordinator of Accelerating Nutrition Results in Nigeria (ANRIV) Dr. Ojulape Solanke said that more than 15 million children and pregnant women in 12 states of the federation have received various nutrition supplements since the commencement of the initiative.

She explained that the ANRIN project is being implemented in the 12 states drawn from the six geographical zones of the country as as part of the multi-sectoral initiative to improve the healthcare indices of the country.

"We are working in 12 states of the federation along with line MDAs in Nigeria. At the moment we have provided nutrition packages and services to over 15 million women and children and the objectives of the programme is to increase the utilization of quality, cost effective services to pregnant women and lactating women in Nigeria," she said.

According to her, the project is working with the National Primary

Healthcare Development Agency to provide nutrition advocate services at the various Primary Healthcare Centres in the country.

The Special Assistant on Public Health, Focal Person on Nutrition, Office of the Vice President of Health, Uju Vanstasia Anwurukah said that the Vice President, Kassim Shettima has given a directive to all ministries, department and agencies to set up the Nutrition Department without further delay.

She said Shettima as the Chairman of the National Council on Nutrition has been spearheading the efforts to implement government's policy on nutrition.

She also urged various ministries and agencies at state level to set up a Nutrition department to act as a focal office driving nutrition advocacy in their respective offices.

Also, while highlighting progress made in driving nutrition outcomes, CS-SUNN said that federal government has directed the National Council on Nutrition to strengthen nutrition governance at all Levels from the Federal to the Sub-national Levels including the implementation of the Presidential directives on the setting up of Nutrition Departments in all relevant Ministries, departments and agencies in the country.

In a statement read by CSSUNN's Aji Rachael Robinson, said that government should support Nutrition financing Initiatives and direct the setting up of a Nutrition Investment Trust Funds.

She said government should sustain emergency food assistance, health and protection assistance to those in most critical need, particularly during the lean season, including new arrivals from hardto-reach areas, IDPs in camps, and affected host communities.

The organisation said that as part

of it's interventions efforts, the federal government has issued a directive for the creation of budget line for Nutrition to ensure availability of funds for the implementation of the National Multisectoral Plan of Action for Food and Nutrition, which annual estimated cost of implementation is $100 million

"We believe that taking these measures and urgently, would position the country in the right track to ending food in-security and malnutrition," he said

A nutrition expert, Prof Kola Amigo said that it is practically impossible for the country to achieve her SDG target without improving on nutrition outcomes.

According to him, adequate funding and implementation of policy on nutrition is very key to attaining the set goal.

While amplifying the need to upgrade the nutrition unit into a a department with budget head, another nutrition expert and a retired senior officer at the Ministry of Planning Mrs. Nelson Nduka Chito lamented that at that most of the ministries and parastatals are yet to comply with the president's directive on setting up of Nutrition Department in their respective offices.

She said that only about 7 states of the Federation has approved the creation of nutrition departments in their MDAs.

She also said that there is need to ensure that only qualified Nutritionist is appointed to head the Nutrition departments at the federal and state levels

A veteran nutrition advocate Davies Omotola made a case for proper funding and implementation of nutrition programmes, adding that improving nutrition outcomes is a sure way of achieving targets

of sustainable development goals (SDGs).

On his part, the President of the Nutrition Society of Nigeria, Prof. Wasiu Afolabi urged the federal government to ensure that the Head of Service and the ministries and agencies implement the presidential directive on establishment of Nutrition Departments.

of their respective mandates, particularly in optimising government assets.

Speaking while presiding over the event, Hadejia, said the partnership followed the recent reform of MOFI, which redefined some of its roles and created new mandates, leading to overlaps with the BPE's existing responsibilities.

His words: "We are here today for the joint signing of a memorandum of understanding between MOFI and the BPE. This is a result of the federal government's reform of MOFI, which redefined some of its roles and created new mandates. We identified some overlaps between the new MOFI mandate and what the BPE is doing."

Earlier, Managing Director/ Chief Executive Officer of MOFI, Dr. Amstrong Takang, noted that there is a need for a clear delineation of responsibilities between the two entities.

According to him: "The reform

of MOFI had led to the need to clearly define the relationship between both government's entities for more effective delivery. "This will ensure a more effective delivery of our respective mandates, especially at a time like this when the government needs all the resources to deliver on good governance and optimize its assets. We are very excited about the new phase in our relationship".

Also speaking, Acting Director General of the BPE, Ignatius Ayewoh, said the partnership is aimed at fostering an investmentfriendly environment in the country. He said: "This event signifies that Nigeria is an investment-friendly clime. The BPE recognizes deeply that investors want where there is a legal and regulatory relationship between the agencies of government. We are excited to move ahead, and together we will make sure that is not undermined in international business relationships."

Marine & Blue Economy: National Policy Ready in Six Months, Says Oyetola

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has said a robust process for the finalisation and validation of the National Policy on Marine and Blue Economy would be concluded by December 2024.

He noted that the policy was ongoing and that his administration has evolved key policy thrusts and goals to drive the ministry towards actualising developmental goals of the present Bola Ahmed Tinubu led government.

To this end, Oyetola hinted that a comprehensive four-year key results framework and implementation plan to guide the Ministry and its agencies had been developed.

The Marine and Blue Economy Minister, who said this while speaking yesterday, at the ongoing sectoral first year ministerial briefing in Abuja, also said the Ministry has attained some measure of success.

"The Ministry has achieved a ramp up of revenue to government in the last one year and is poised to do more. A comparison

of Quarter 1, 2023, against Quarter 1, 2024, revenue performance across the agencies reveals a 92 per cent increase.”

The increase in revenue performance, he said was largely due to a 10 per cent increase in the number of vessels calling the ports and due to strategic investments in port infrastructure in the last one-year.

"Mooring boats, patrol vessels and dredging of the port’s channels, we have also tightened revenue assurance by deploying technology," he added.

Furthermore, Oyetola said the core objective of the Federal Ministry of Marine and Blue Economy was the creation of a dynamic national policy framework aimed at creating the enabling environment required for the sector to thrive, nothing that it was in this regard that the Ministry engaged all stakeholders, experts, academia, and research institutions in assessing the current state of the sector.

Highlighting further, he maintained that the key measure of success for the Ministry was to increase the contribution of the

marine and blue economy to national GDP, while generating revenue for government for the important task of national economic development.

To achieve this, he explained that, currently, “we are implementing a 3-pronged strategy that is focused on blocking revenue leakages, enhancing revenue generation from established sources and identifying and rolling out new blue economy revenue sources.”

He opined that revenue generation was critical to the ministry and in that regard, "we have commenced the rollout of the following initiatives among others: Commissioning of revenue enhancement studies focused on the Ministry, its departments, and agencies. The objective is to further identify and block leakages while identifying recommendation to expand current revenue sources. "Automation of revenue collection processes to eliminate bottlenecks and enhance transparency and accountability. Deploying revenue assurance technologies to ensure accurate and complete billings in line with established contracts and services rendered.

L-R: Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Foreign Affairs, Amb. Yusuf Tuggar; Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu and Minister of Information and National Orientation, Mohammed Idris, during the sectoral ministerial press briefing to mark the First Anniversary of President Bola Ahmed Tinubu in Office in Abuja ... yesterday PhOTO: ENOCK REUBEN

Kasim Sumaina in Abuja

Onyebuchi Ezigbo in Abuja

Email: deji.elumoye@thisdaylive.com

Situating The Justice Sector in a Year of Tinubu’s Renewed Hope Agenda

With the approval of new salaries for judicial officers, increased budgetary allocation among others, President Bola Tinubu has left no one in doubt, as to the place of the justice sector in his administration, writes Alex Enumah

The justice sector arguably is one of the critical sectors of any society and its viability or level of performance to a greater extent determines the progress of other sectors as well as that society itself.

Although, the Judiciary is the third arm of government in Nigeria’s democratic rule, it has however operated almost in subservience to both the legislative and executive arms of government, over the years. Many of the challenges in the judiciary is linked to the poor remuneration of judges as well as low budgetary allocation.

Speaking recently at the opening of a Justice Summit in Abuja, Tinubu pointed out that he took some preliminary measures in order to reposition the judiciary in a bid to support a just and rules-based Nigeria.

Unlike his predecessors who paid lip service to the welfare of the judicial arm of government, President Tinubu in barely one week in office took a bold step by signing into law the bill on uniform retirement age for judicial officers, which his predecessor, Muhammadu Buhari failed to sign.

Infact the bill was the first Tinubu signed upon taking the oath of office on May 29, 2023 as president, thereby demonstrating his desire to see a viable justice sector.

Recall that the Ninth National Assembly had on May 2, 2023, directed its Clerk, Amos Ojo, to transmit the Constitution Alteration Bill 20, which approved a uniform retirement age for judicial officers in Nigeria to the President for assent, but Buhari had declined assent based on the advise of the then AttorneyGeneral and Minister of Justice, Abubakar Malami (SAN).

The former AGF had in a memo dated May 23, 2023 and addressed to the office of the Chief of Staff to the President, stated that the bill appeared to be “far-reaching, unduly wide, ambiguous”. Malami in addition claimed that it made no “justification” for the extension of retirement age and benefits for judges. Besides, the former Justice Minister had argued

that the bill if approved, may lead to further agitation for the extension of the retirement age of justices of the Supreme Court and Court of Appeal.

Section 291 of the Constitution provides that Judges of the Supreme Court and Court of Appeal may voluntarily retire at the age of 65 and compulsorily at 70 years.

In relation to other Judges, the ages are 60 and 65 respectively. However, immediately on assumption of office, Tinubu who had pledged to strengthen the judiciary and empower judicial officers, went ahead to sign the bill on uniform retirement age into law.

In a statement issued on June 8, 2023, the State House Director of Information, Abiodun Oladunjoye, announced that the president had signed the bill into law.

The bill which was titled: “Constitution of the Federal Republic of Nigeria, 1999 (fifth altercation) (No.37) bill, 2023”, also ensured uniformity in the pension rights of judicial officers of “superior courts of record” specified in section 6(5) of the 1999 constitution (as amended).

With the passage of the bill, the bench of superior courts no doubt boast of more judges who would have been schemed out due to retirement age of 60 and 65 years. And like the Attorney-General of the Federation (AGF) and Minister of Justice, Prince Lateef Fagbemi (SAN) observed recently while presenting the ministry’s score card in Abuja, the decision of the president ensures that the courts now boast of more experienced judges. “Like they say about the wine, the older, the better”, Fagbemi had said.

Another major feat recorded by President Tinubu was the appointment of 11 justices unto

Unlike his predecessors who paid lip service to the welfare of the judicial arm of government, President Tinubu in barely one week in office took a bold step by signing into law the bill on uniform retirement age for judicial officers, which his predecessor, Muhammadu Buhari failed to sign.

Infact the bill was the first Tinubu signed upon taking the oath of office on May 29, 2023 as president, thereby demonstrating his desire to see a viable justice sector. Recall that the Ninth National Assembly had on May 2, 2023, directed its Clerk, Amos Ojo, to transmit the Constitution Alteration Bill 20, which approved a uniform retirement age for judicial officers in Nigeria to the President for assent, but Buhari had declined assent based on the advise of the then Attorney-General and Minister of Justice, Abubakar Malami (SAN).

the bench of the apex court, which enabled the Supreme Court to attain its full complement of 21 justices for the very first time. Section 230 (2) (b) of the 1999 constitution provides that, “The Supreme Court of Nigeria shall consist of such number of Justices not exceeding 21 as may be prescribed by an Act of the National Assembly.”

It should be pointed out that as at the time Tinubu made the appointment, the apex court was at its lowest of all time, with just 10 justices including the Chief Justice of Nigeria.

Showing understanding of the difficult situation confronting the few justices, in terms of the heavy workload before them, Tinubu did not delay in sending to the National Assembly, for screening and confirmation, the list of justices recommended for appointment by the National Judicial Council (NJC).

Before Tinubu’s appointment the situation at the apex court was so bad that the court could not constitute two separate panels to sit in constitutional matters, because such a panel required seven justices. But, today, the court can conveniently and comfortably constitute three separate panels on constitutional matters. Besides easing the burden of justices of the apex court, the new appointment has also addressed the issue of balance raised by a former Justice of the apex court, Justice Musa Dattijo Muhammad.

The retired jurist, at a valedictory court session held in his honour had observed that only four geopolitical zones - the South-west, South-south, North-west and North-east were represented in the Supreme Court with the Southwest and Northwest fully represented. But, from the 11 Supreme Court Justices appointed, both the South-east and North-central zones have the highest of three justices each, while the North-east has two, the North-west, South-west and South-south have one each.

Ariwoola

Tinubu

One Year a nniversarY

365 Days of Tinubu’s Triumphs and Challenges

emmanuel addeh and James emejo

Today, May 29, President Bola Ahmed Tinubu clocks one year in office. With no pretences as to the economic reforms he needed to quickly execute in his bid to redirect an ailing economy, the president on his inauguration ground, announced his first key reform initiative--the immediate removal of fuel subsidy.

The president followed that major decision with the unification of the foreign exchange rates in the country, two decisions that have triggered a rash of economic and social implications.

Tinubu and his team have in some way likened Nigeria to a woman in labour, with serious birth pains. While there have been flashes of light in some areas, Nigerians continue to reel under the yoke of skyrocketing inflation, growing unemployment, increasing poverty and a general fall in the standard of living.

Highlighted below are some of Tinubu’s triumphs and the downside of the new administration’s policies in the last one year.

FX Reforms

Part of the Foreign Exchange (FX) reforms implemented by the Tinubu administration included the unification of the exchange rates window, liberalisation of FX market, particularly the floating of the Naira and settling all eligible FX backlogs to banks and airlines among others.

On the upside, the interventions in the FX segment have helped to restore investor confidence as evidenced by recent capital inflows.

On the other hand, the currency float has been fraught with liquidity challenges leading to the weakening of the Naira against the dollar. The local currency had also been devalued multiple times with the attendant implications for the economy.

CNG Initiative

The Presidential Compressed Natural Gas (CNG) Initiative (Pi-CNG) is a component of the palliative intervention of the President Bola Tinubu administration directed at providing succour to the masses occasioned by the hardships that resulted from the fuel subsidy removal.

The advantage of the policy is that it is aimed at reducing the country’s dependence on fossil fuel, thereby enhancing energy independence and contributing to a more secure energy future.

Also, CNG is said to be four times cheaper than diesel for transportation. This initiative will drop the cost of carrying goods and reduce cost of production significantly.

But on the downside, the policy is still shrouded in uncertainty. The high cost of conversion for existing vehicles remains a subject of controversy.

Tax Reforms

The key objectives of the tax reforms committee’s work include the harmonisation of multiple taxes and levies at all levels of government to a few that are broad based and easy to administer.

The body is currently working towards the unification of revenue collection functions into single agency per level of government as well as modernising and simplifying the tax system through the use of technology.

While he exercise should provide a huge sigh of relief to businesses that groan under multiple taxes and reduce the cost of doing business, the exercise appears to be taking forever to accomplish. The system is still bedevilled by multiplicity of taxes amid a hostile business environment.

Amendment of Electricity Law

A few weeks after taking over the reins of power, Tinubu assented to the electricity bill, which authorises states, companies and individuals to generate, transmit and distribute electricity.

The new electricity law repealed the Electric Power Sector Reform Act (EPSRA) which was signed by President Olusegun Obasanjo in 2005.

On the upside, the new law now liberalises the power sector for the full participation of sub-national governments in the entire value chain.

But to say that the taking over of major decisions in the power sector by states will be mostly chaotic is an understatement.

The Minister of Power, Adebayo Adelabu,

recently hinted that to reduce the issues that may arise from 36 states and the FCT having multiple regulatory agencies, the government was working to ensure a more orderly process.

The Student Loan Law

After prolonged back and forth, the student loan law, has begun operation, with the recent choice of Zenith Bank founder, Jim Ovia as the chairman of the fund. Since it was first made public, the law has gone through some amendments.

The National Student Loan Programme is an intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths. The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.

With several amendments since it was first introduced, the law is expected to ensure more access to education.

But the Academic Staff Union of Universities (ASUU), Calabar Zone, has opposed the policy, describing it as as capable of subjecting beneficiaries to slavery, perpetual debt, depression and suicide.

PH Refinery ‘Completed’, Still Nonfunctional

The Nigerian National Petroleum Company Limited (NNPC) in 2023 promised that by December of that year, the Port Harcourt refinery will be up and running after rehabilitation with the sum of $1.5 billion.

Six months later, it’s unclear when the facility will come online and there’s no clear communication as to why that is so. Other refineries in Warri, Kaduna as well as the second part of the Port Harcourt refinery still remain non-functional.

Power Tariff Hike Versus Inadequate Supply

Nigeria’s power sector remains in the throes of massive illiquidity. To gradually resolve the issue, the federal government through the Nigerian Electricity Regulatory Commission (NERC) recently hiked the tariffs for Band ‘A’ customers.

While consumers continue to protest the development, operators say it is one of the many steps needed to be taken to ensure that the power sector does not collapse.

Despite various attempts at bettering the sector, Nigeria’s power supply remains poor and has remained a major factor constraining industrial development and production output.

Big Government, Small Results

The president has variously asked Nigerians to make sacrifices as the ongoing reforms are meant to make sure the economy returns to a strong footing. However, Nigerians have argued that the president and his team are not living by example in this context.

Generally, not much has been done to reduce the cost of governance, with the appointment of 48 ministers, six more than Tinubu’s predecessors in office.

There are also over 20 special advisers and more new ministries. The recent attempt to implement parts of the Steve Oronsanya committee report also appears to be hanging in the balance.

Lagos-Calabar Coastal highway

It would appear that one development that has marked Tinubu’s one year in office is the controversial 700 km Lagos-Calabar highway project. Interestingly, it seems that aside the president and his Minister of Works, David Umahi, no other

person believes the project is borne out of altruism. Arguably, no other project has raised as much dust as the over N15 trillion road infrastructure which criss-crosses several states in the country. All the signs that daily make Nigerians doubt the sincerity of the promoters seem to be getting more visible by the day.

But the president and his minister say it is the next big deal for Nigeria and are pushing forward with it despite the criticisms.

Insecurity Remains

While there have been some gains in the fight against insecurity, kidnapping, insurgency, and banditry have continued nationwide, especially in Nigeria’s northern areas.

In the last year, the Council on Foreign Relations estimates that up to 2,500 people have died as a result of violent attacks and other disputes. Also, the public’s trust in the government’s ability to safeguard them is being gradually eroded.

Oil, Gas Industry Executive Bills

To accelerate the ease of doing business in Nigeria’s oil industry, the president moved for the amendment of primary legislation to introduce fiscal incentives for oil & gas projects. The executive bills are also meant to reduce contracting costs and timelines, and promote cost efficiency in local content requirements, recognising the urgency to accelerate investments. Tinubu directed the introduction of fiscal incentives for non-associated gas, midstream and deepwater developments, streamlining of contracting process to compress the contracting cycle to six months as well as the application of the local content requirements without hindering investments or the cost competitiveness.

in Abuja

President Bola Tinubu

One Year of Choking Interest- rate Hike, Excruciating Reforms

Obinna Chima

“Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.”

The above were the exact statement of President Bola Tinubu on the day of his inauguration as Nigeria’s 16th President. However, in the last one year under his leadership, Nigerians have experienced the direct opposite of his words as in a bid to tame the hyper-inflation seen in the, the Central Bank of Nigeria (CBN) has raised interest rate so high that it is choking businesses and hurting economic growth.

Precisely, the CBN has raised the monetary policy rate (MPR), known as the benchmark interest rate by 825 basis points in the last on year, from the 18.50 per cent it was of May 2023, when Tinubu assumed office, to 26.75 per cent as of May 2024.

This year alone, the Monetary Policy Committee (MPC) has raised the MPR three consecutive times and has maintained a hawkish stance in a bid to tackle the country’s persistent inflation.

Despite Tinubu’s promise of a low interest regime when he assumed office, the apex bank has continue to signal a return to orthodox monetary policy regime as CBN Governor, Mr. Olayemi Cardoso, vowed to continue to adopt a contractionary policy stance to tackle inflation to achieve price stability – as long as it takes.

Regrettably, despite all the fire-fighting measures adopted by the CBN, inflation rate has remained stubbornly high in the last one year, as it climbed to 33.69 per cent in April 2024, compared with the 22.41 per cent it was when Tinubu took over. Food inflation stood at 40.53 per cent as of April 2024, as against the 24.82 per cent it was as of May 2023.

Beside the high interest rate, the naira exchange rate against the dollar has fallen sharply in the last one year under Tinubu. From N700 to a dollar in May last year, the naira exchange rate against the dollar continues to hover around N1500 to a dollar since this month. Around March this year, it depreciated to about N1600 to a dollar on the official market and N1800 to a dollar on the parallel FX market and was then adjudged the worst performing currency in the world. The free fall of the naira exchange rate has defied all measures adopted by the central bank, even as dollar scarcity remains a concern.

Another major challenge that the Nigerian

year, was the decision by Tinubu to in his inaugural speech, announced the scrapping of the decade-long fuel subsidy policy, which saw prices of goods and services increasing rapidly since May last year. That announcement overheated the system and raised the country’s poverty level.

The fuel subsidy removal led to a rise in the price of petrol from a subsidised price of N190 in May 2023 to over N600 in some cities, while workers’ wages remained flat.

The pass-through effect was that the price of most consumer products, such as bread, rice, industrial goods, cost of transportation, cost of agricultural inputs, all rose sharply and some beyond the reach of ordinary Nigerians. In the last one year under Tinubu, the effect of this singular decision was felt by everyone, both the rich and the poor. Even food palliatives that were introduced by the federal government as well as some state governors, were not enough to quench the level of hunger as hundreds of Nigerians in major cities in the country demonstrated against the soaring cost of living. The level of starvation

saw a lot of families skipping their meals.

The protesters were furious that despite the removal of petrol subsidy, the government failed to equally raise minimum wage, a situation which the Tinubu’s government has not been able to address till today.

In response, Tinubu repeatedly assured Nigerians that the economic hardship would soon be over, stressing that his focus was to stop the Nigerian economy from bleeding.

The country’s worsening socio-economic condition forced more Nigerians to relocate from the country.

Clearly, the Nigerian economy is in dire straits with major economic indicators looking grim amidst increasing vulnerabilities.

Today, companies in the debt market are finding it extremely difficult to raise funds as a result of the high interest rate environment.

The restrictive monetary policy posture of the central bank has put unfair burden on certain sectors of the economy and is weighing heavily on interest rate sensitive sectors of the economy such as construction, manufacturing and other highly leveraged businesses. Tight monetary policy and a higher interest rate environment could as well result in increased unemployment and slower economic growth.

Financial results released so far on the Nigerian Exchange Limited (NGX), mostly by blue-chip companies such as Nestle Nigeria Plc, Nigerian Breweries Plc, MTN Communications Plc, in the last one year have been poor, due to the adverse effects of government policies, which has been worsened by the MPC’s decision to stick to its contractionary monetary policy regime. All the indices are squeezing business owners and the current monetary policy regime does not favour entrepreneurship. Banks are currently saddled with the task of meeting up with central bank’s recapitalisation target in the bid to support the federal government’s drive to build a $1 trillion economy in the next eight years.

Start-ups and MSMEs, which are the real engine of growth of any economy, are presently bearing the brunt of the higher interest rate regime and restrictive monetary policy.

No doubt, the current fight against inflation is impeding Gross Domestic Product (GDP) in the country, as growth rate slowed to 2.98 per cent, in real terms in the first quarter of the year (Q1 2024), compared to 3.46 per cent in the preceding quarter, according to the National Bureau of Statistics (NBS).

For households, with food inflation over 40 per cent, a lot of them are struggling to feed as wages remains flat, which prompted the recent protest in some cities in the country,

While it appears foreign portfolio investors

(FPIs), who typically are excited to rush to any high interest rate environment for fixed income instrument are flocking in, there is need for both the fiscal and monetary authorities to give some incentives and attract foreign direct investors (FDIs).

As Edo State Governor, Godwin Obaseki, pointed out recently, “Interest rate is already high and jacking it up will not allow small businesses access to credit to make them grow. We must focus on the fundamentals which is increasing production, making sure our citizens produce what we consume and depend less on imports. Our economic and monetary policies should not be determined by exchange rate alone.

“The issue of increasing the cash reserves in a bid to tighten liquidity is going to be detrimental to our economy. We should focus on fiscal issues to enable us to grow our economy, not panic about the interest rate. Creating jobs should be a priority for us as a nation.”

Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, shares same sentiment, noting that over the last two years, there had been persistent monetary policy tightening, “yet there has not been any significant impact on the inflationary pressures. If anything, the general price level had been continuously on the increase.

“We recognise that the primary mandate of the CBN is price stability, but numerous headwinds had posed significant risks to this critical objective. Some of these include the surge in commodity prices and impact on energy cost, disruptive effects of insecurity on agricultural output, global supply chain disruptions and the surge in ways and means finance. The hike in MPR or Cash reserve requirement would not change these variables.

“The credit situation in the economy is already very tight, with lending rate ranging between 30 and 35 per cent. The Nigerian banks are yet to live up to their financial intermediation role because of these constraining factors.”

The federal government needs to focus on policies that would encourage local production of goods and services as well as to aggressively drive exports so as to increase foreign currency inflows to the country. Policies that discourages imports should be introduced, while encouraging productivity, both in terms of tax incentives.

There is also need to address the structural issues that have continued to impede growth and discourage investments in the country, such as insecurity, crude oil theft, so as to unlock dollar liquidity inflow and encourage productivity. Finally, there is also need for better coordination between the fiscal and monetary policies in order to win the battle against inflation and lower interest rate.

Scholarship: Senate Summons Minister, Others over Stranded Nigerians Students Abroad

over the delay in the payment of outstanding grants of Nigerian students who were allegedly stranded in many countries across the world.

The upper chamber also asked

the federal government to impose appropriate sanctions on the officials of the Federal Scholarship Board and the Federal Ministry of Education responsible for the pains and suffering the innocent students

were going through abroad.

The senate said the unfortunate development was affecting the integrity of Nigeria abroad, adding that the Minister of Education would provide a detailed report on

Abiodun Vows to Sustain Infrastructure Transformation in Ogun

James sowole in Abeokuta

Ogun State Governor, Dapo Abiodun, has assured residents of the state of his administration’s determination to sustain the present tempo of infrastructure development across the state.

The governor made the pledge while inaugurating a newly constructed hospital road in Ogijo, Sagamu Local Government, yesterday, as he promised the people of the area of more projects to enhance economic

development. He said his administration has constructed over 600 kilometres of road across the state in the last five years, adding that more roads would be commissioned at Iperu and Ilaro during the week.

According to the governor, the Ogijo community was one of the industrial areas of the state that enjoyed gas reticulation, stating that his administration had solved the electricity challenges that affected the community for decades through the provision of

transformers and other electric accessories.

Abiodun noted that constructing the road was in keeping with his promise when he visited the area about a year ago, saying despite the difficulty faced by the contractors in the course of construction, they were able to surmount and deliver the project on time.

Road infrastructure, the governor said, was one of the key catalysts that engendered development, positing that the commissioned road would boost

commercial activities in the area as it leads to several communities.

“This community is very important to us, apart from being a border town, it is also an industrial area. I can assure you that this community will experience more development.

“I call on the Kabiyesi to work with the local government chairman, community development associations, and all relevant stakeholders and come up with projects according to their priority for immediate execution,” he said.

the status of all Nigerian students under international scholarship programmes, including a breakdown of their unpaid entitlements.

The Senate resolution followed a motion on matter of urgent importance moved by the Senator representing Kwara Central Senatorial District, Salihu Mustapha.

The Senate in Plenary equally urged the President of the Senate, Senator Godswill Akpabio, to as a matter of urgency, carry out a holistic investigation into the matter and ensure that necessary measures were taken to rectify this situation promptly.

The Senator explained that the federal government awarded annual scholarships to outstanding students from across the country to further their (graduate/undergraduate) studies internationally, thereby fostering a cadre of exceptional professionals for national development.

“These scholarships are part of a broader initiative to promote specialised education through partnerships with foreign institutions, facilitated by entities such as the Federal Scholarship Board under the Federal Ministry of Education.

“Reports of Nigerian students facing hardships in Algeria, China, Morocco, Russia and the United Kingdom due to non-payment of tuition and living stipends, leading to negative media coverage and national embarrassment.

“The recurrence of these issues suggests systemic failures, despite previous interventions by this Distinguished Chamber to prevent such situations.

“The failure to fulfill these obligations not only undermines our national reputation but also poses significant diplomatic concerns and risks pushing our students towards unlawful activities to sustain their livelihood abroad.”

CBN Governor, Yemi Cardoso

sunday aborisade in Abuja

The Senate, yesterday, summoned the Minister of Education, Prof. Tahir Mamman, and the leadership of the Federal Scholarship Board

ProPerty & environment

UPDC Grows Portfolio, Now Hub for Real Estate, Asset, Facility Management Business

Bennett Oghifo

The management of UPDC Plc., a foremost real estate company in Nigeria, has successfully positioned the company as a hub for all aspects of the real estate business in the country,

complete with a cumulative growth rate of over 15.6% from 2018 to 2023.

As things stand, UPDC is the go-to company for property development and management, facility management, real estate investment trust (REIT), and this

year, it floated an advisory arm.

The Managing Director of UPDC, Odunayo Ojo, a seasoned player in the real estate turf, told journalists about UPDC’s financial strenght, saying “In terms of our revenue, we’ve seen a cumulative growth

rate of over 15.6% from 2018 to 2023 and we’ve seen that the rate of growth of the company has been tremendous over the last 3 years. So, if you compare what our turn over was in 2021 when we started the turn-over in 2021 was N825 million for the whole year but as at 2023 our turn-over was N5.3 billion, which is a significant growth within that short period. Also, if you look at our operating income from a loss making position in 2018 definitely came back to profitability in 2022 and in 2023 we were also profitable in spite of some of the harshest economic and business environments this country has faced in the last 30 years. UPDC has been able to deliver year on year profitability since we started this new feature and in terms of gross profit from the loss in 2018 the company started delivering gross profit from 2021 and it has grown progressively over the last 3 years from N1.3 million to N1.6 million in 2022 to N1.6 billion in 2022 to N1.9 billion in 2023 and in terms of profit

before tax we’ve also seen a resurgence from a loss making position in 2018 to a profitable position N331 million in 2022 and N380 million in 2023. So, what this tells us is that UPDC is on track to profitability and has been able to turn this ship around and every year we are progressively improving.”

He said in terms of other income, year on year, we’ve seen see an increase of about 8% from 2022 to 2023 and that of our comprehensive profit for the year, it has been a huge jump between 2022 from N7 million to N675 million which is over 9000% increase year on year and in terms of our debt finance cost, we continue to restructure our finances such that the contribution of our debt to performance is properly matched.” He said, “Our hospitality business contributed 16% to our turn-over and our facility management business contributed 7% to our turnover to deliver a total of N5.3 billion.”

Mr. Ojo discussed the boosters of the company’s growth,

Dosunmu: How to Avoid Sour Property Deals

presenting their recent product, which is its Advisory Role, saying “In 2024 we launched our advisory arm. We’ve been doing this in other places, but right now UPDC is fully exploring advisory space where we assist our clients in managing their real estate portfolio. Our services cut across eight different service areas, which include asset management, development management, property management, marketing management and research.”

He said, “Through these services we are able to cover almost all the chain of real estate services and practice. So, under each and everyone of these service areas, we have different services that we provide, which includes development management and that’s effectively services that we render to some investors who do not have the capability for day to day management of the project. So, we go in there and conduct some studies and site selection up to the delivery of the project and we are currently doing that for some clients.

The Managing Director of Noble Grounds Ltd., Olajide Dosunmu, a Civil Engineer, tells Bennett Oghifo he is practicing real estate out of passion and the desire to give value in the industry. He also gives a guide on safe purchase of property

How did your career in real estate begin?

I started as a consultant and later established a consulting and construction firm, known as Noble Grounds

Ltd. The passion to give value in the industry is the reason we are building homes.

What are the opportunities in the Lagos property market?

People need homes because of the growing rural urban migration. People come into Lagos and sometimes they’re below the social ladder but eventually they climb and then there is a need for homes. And there’s mostly a need for affordable homes. With the growing population, I expect that in the future there will be more highrise buildings, which should be supported by the government and the government too should subsidise homes so that more people will enter the bracket of owning homes among Lagosians.

We’re told there are challenges in land documentation. What has been your experience?

A major challenge is the time it takes to get title documents for properties and this disenfranchises people from getting access to finance. With their title they can get loans. The government should ensure that people get title easily.

What section of the real estate market do you prefer, commercial or residential?

Both the commercial and residential market, depending on which one we’re getting

into. We have invested in both commercial and residential real estate. Both are fairly profitable. For commercial, it is easier to get regular income over a longer time but for residential, mostly you sell off or get rent.

Tell us about your recently launched project, Pleasant Hills Estate, Ogun State. Pleasant Hills Estate is a residential development being developed by Noble Grounds Ltd. It is nestled along Apena Otere Road, opposite Christopher University, on the bustling LagosIbadan expressway. This vibrant development is conveniently located just a 30 to 40-minute drive from Ikeja, Lagos where you have the Muritala Mohammed local and international airports. Envisioned to accommodate up to 500 homes upon completion, Pleasant Hills Estate is meticulously designed to blend residential, commercial, public, and recreational spaces, seamlessly. With recreational greenery spaces interspersed throughout the estate, residents can enjoy a balanced lifestyle. Pleasant Hills Estate is being developed to provide amenities, including paved roads, underground stormwater drainage system, electrification,

and perimeter fencing. Our aim is to provide more than just homes and serviced plots; we aspire to create a secure and enriching community experience for residents.

What’s the return on investment (ROI) like with your projects? What can tilt prospective buyers your way, considering the stiff competition out there in a depressed economy?

At Noble Grounds, we are highly strategic, leveraging government plans, actions, and policies in selecting locations for our real estate developments. For instance, with Pleasant Hills Estate, an over 20 hectare estate development situated off the Lagos-Ibadan expressway close to the redemption camp, we acquired the property when the federal government was focused on the aggressive reconstruction and expansion of the expressway. Despite the initial hardships and long travel times due to traffic congestion on the narrow, over-utilized road, we saw potential. Early investors purchased plots at Pleasant Hills for as low as 950,000 naira in 2020. Thanks to ongoing infrastructure improvements

within the estate, such as paved roads, drainage systems, and a perimeter fence, combined with the now completed and wider Lagos-Ibadan expressway, which has significantly reduced travel time to Ikeja from 1 hour 30 minutes to about 30 minutes, the plots now sell for N10 million in 2024. This represents an impressive 900% return on investment, far outpacing the naira’s devaluation of 285% over the same period. Our strategic approach and focus on high-potential areas ensure that our projects not only provide substantial returns but also stand out in a competitive and challenging economy.

REDAN Seeks Regulatory Law in Real Estate Practice, Affordable Housing

Bennett Oghifo

The President of the Real Estate Developers Association of Nigeria (REDAN), Prince Akintoye Adeoye, has said the association would collaborate with the

federal government in its Renewed Hope Housing Project.

Adeoye stated this at his investiture ceremony, as the 5th President of REDAN, along with the National, Zonal, and State Executive

Members, which was held in Lagos recently.

Adeoye, who also called for a regulatory Act for the real estate sector, said, “In the coming months, REDAN will significantly increase its visibility and

pursue our vision and objectives with tenacity. The foundation is laid, and the journey has begun. Estate Developers must unite and support our collective voice through the association.

L-R: President/CEO, PR Africa, Prince Dapo Adelegan; General Manager, UPDC Festival Hotel, Mr. Yemi Dada; Managing Director/CEO, UPDC Plc, Mr. Odunayo Ojo; Executive Director, Development and Projects, UPDC Plc, Bioemi Fadayomi; and Chief Commercial Officer, UPDC Plc, Mr. Priye Johnson, at UPDC’s media parlay in Lagos… recently

Dosunmu

Anguish for Bank Customers as Maximum Lending Rate Increases to 29.49%,

Kayode tokede

Following the consistent Monetary Policy Rate (MPR) hike by the Central Bank of Nigeria (CBN), banking sector maximum lending rate moved from 29.38 per cent in March 2024 to 29.49 per cent in April 2024, the highest since 2020.

With the average maximum lending rate at 29.38 per cent, bank customers are expected to witness hike on lending to real sectors, a factor contributing to weak business activities.

Maximum lending rate refers to the rate charged by commercial banks for lending to customers with low credit rating.

According to the CBN’s money market indicator, the average maximum lending rate opened January 2024 at 27.07 per cent when MPR was at 18.75 per cent and dropped to 26.55 per cent in February 2024, when the monetary policy committee of CBN hike MPR

to 22.75 per cent.

In March and Apriil 2024, the banking sector average maximum lending rate stood at 29.38 per cent and 29.49 per cent, respectively, amid 24.75 per cent MPR. In 2020, the average maximum lending rate reached a peak of 30.73 per cent when the MPR rate stood at 13.5per cent

Analysts have predicted that the maximum lending rate would increase further as the Monetary Policy Committee (MPC) of the CBN hiked rate to 26.25 per cent at its last meeting in May 2024.

The average maximum lending rate had closed 2023 at 26.62 per cent on the backdrop of CBN hike in MPR to 18.75 per cent.

The unanticipated rise in MPR has impacted on the banking sector lending rate as the CBN sustained pressure in tackling inflationary pressure.

This unprecedented move has not only set the MPR at its highest

level to date but also reflects the CBN’s determined effort to address the persistent pressure on foreign exchange and inflation.

The decision has garnered praise from the International Monetary Fund (IMF), which commended the MPC’s resolve to tighten monetary policy further by increasing the policy rate to 26.25 per cent.

Such a strategic manoeuvre aims to curb the inflation surge, which recorded a year-on-year peak of 33.69 per cent in April 2024, and to mitigate the depreciative pressures on the naira.

However, the steep increase in the policy rate has sparked concerns regarding the potential impact on the cost of credit for businesses already facing economic hardships.

Each bank offers different lending rates that reflect their respective approaches to lending to the manufacturing sector in Nigeria.

Lending rates obtainable from the CBN’s website revealed that

Ecobank has one of the highest average maximum lending rate in the “General sector”, followed by Stanbic IBTC.

As of May 17, 2024, FCMB average maximum lending rate for the General sector stood at 60 per cent, while Stanbic IBTC reported 50.00 per cent.

In Nigeria, large corporations perceived as having lesser risk with a history of generating consistent cash flows are offered prime lending rates, while small businesses and individuals perceived as having higher risk typically fall above the prime lending rate margin.

Analysts have attributed the increase in lending to the hike in MPR and severe macroeconomy challenges.

The recent announcement, made by CBN Governor, Dr. Yemi Cardoso, had highlighted the central bank’s proactive approach towards monetary tightening amidst challenging

economic conditions.

The rate hike will slow economic growth and reduce consumer spending, according to analysts at FBN Quest.

“Ultimately, the impact on the general economy could be a potential slowdown in economic growth, with consumer spending suppressed, and a decrease in business investments,” FBN Quest said in a recent note.

Commenting, the Chief Executive Officer of the Centre for Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, stressed that the hike in MPR would mean a higher cost of credit to the real sector.

He said, “The new dramatic increase in MPR means that the cost of credit to the few private sectors that have exposure to bank credits will increase, which will impact their operating costs, prices of their products and profit margins, amidst very challenging operating conditions.”

He noted that in the Nigerian context, price levels are not interest sensitive, stressing that supply side issues are much more profound drivers of inflation.

According to him, the hike would further pose a risk to the financial intermediation role of financial institutions in the country.

“The increase would constrain the capacity of banks to support economic growth and investment, especially in the real sector of the economy because the increases are quite significant.

“Already, bank lending has been constrained by the high CRR, with many operators in the sector claiming that effective CRR is as high as 50 per cent for many banks. The Nigerian banks are yet to live up to their financial intermediation role because of these constraining factors,” he concluded.

Out of the N346.23 billion total transactions executed in the Nigeria equities market in April, foreign investors were responsible for 34.90 per cent, thereby reducing domestic investors’ dominance that transacted 65.10 per cent.

The latest domestic & foreign portfolio participation in stock trading

report by Nigerian Exchange Limited (NGX) revealed that the 34.90 per cent transactions by foreign investors in April 2024 is the highest since November 2021 (35.46 per cent).

The 34.90 per cent participation by foreign investors is coming on the backdrop of foreign exchange scarcity Nigeria’s economy currently facing.

The report stated, “As at 30 April 2024, total transactions at the nation’s bourse decreased by 35.71per cent from N538.54 billion (about $404.69 million) in March 2024 to N346.23 billion (about $260.24 million) in April 6 2024.

total value of transactions executed by Domestic Investors outperformed transactions executed by Foreign Investors by circa 30per cent.”

“The performance of the current month when compared to the performance in April 2023 (N191.21 billion) revealed that total transactions increased significantly by 81.07 per cent. In April 2024, the

According to the report, the total transactions executed between the current and prior month was N225.40 billion. However, total foreign transactions increased by 28.19 per cent from N94.26billion (about $70.83million) to N120.83

billion (about $90.83million) between March 2024 and April 2024.”

The report stated that, “Over a 16-year period, domestic transactions decreased by 10.94per cent from N3.556 trillion in 2007 to N3.167 trillion in 2023; whilst foreign transactions also decreased by 33.28per cent from N616billion to N411billion over the same period.

“Total domestic transactions

accounted for about 89per cent of the total transactions carried out in 2023, whilst foreign transactions accounted for about 11per cent of the total transactions in the same period.

“The transaction data for 2024 shows that total domestic transactions are circa N1.560 trillion, whilst total foreign transactions are circa N334.01billion.”

Kayode tokede

A Year of Inflation, Naira Slump, Mass Poverty

Nume e keghe writes the first year of the Bola Tinubu administration has been marred by hyperinflation, naira slump and mass poverty driven by bold reforms

As President Bola Tinubu marks his first year in office, one of the most significant and controversial economic policies his administration has implemented is the decision to float the naira. This move, aimed at stabilising Nigeria’s economy and addressing chronic foreign exchange shortages, has had profound impacts on the country’s financial landscape. While the policy was intended to promote transparency and attract foreign investment, it has also led to a dramatic depreciation of the naira, raising concerns about inflation, cost of living, and increasing poverty.

FloAtINg the NAIrA

In May 2023, President Tinubu’s administration announced the float of the naira, moving away from the previous fixed exchange rate system managed by the Central Bank of Nigeria (CBN). This decision was driven by a need to unify the multiple exchange rates in the country, curb the thriving black market for foreign exchange, and attract foreign investors by ensuring a more transparent and market-driven currency valuation.

Supporters of the policy argued that it would help address the distortions in the foreign exchange market and improve the allocation of scarce foreign exchange resources. By allowing the naira to find its true value, it was hoped that Nigeria could attract more foreign direct investment and boost export competitiveness.

In his inaugural speech on plans for the economy, Tinubu said: “On the economy, we target a higher gross domestic products (GDP) growth and to significantly reduce unemployment.

“We intend to accomplish this by taking the following steps: First, budgetary reform stimulating the economy without engendering inflation will be instituted. Second, industrial policy will utilize the full range of fiscal measures to promote domestic manufacturing and lessen import dependency.

“Third, electricity will become more accessible and affordable to businesses and homes alike. Power generation should nearly double and transmission and distribution networks improved. We will encourage states to develop local sources as well. I have a message for our investors, local and foreign: our government shall review all their complaints about multiple taxation and various anti-investment inhibitions.

“We shall ensure that investors and foreign businesses repatriate their hard-earned dividends and profits home.”

Furthermore, on monetary policy, he added:

“ Monetary policy needs a thorough housecleaning. The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment, and jobs that power the real economy. Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level. Whatever merits it had in concept, the currency swap was too harshly applied by the CBN given the number of unbanked Nigerians. The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender.”

IMPAct oN the NAIrA

However, the immediate impact of

floating the naira was a sharp depreciation of the currency. Before the float, the official exchange rate was around N420 to the US dollar, while the black-market rate hovered around N600. Following the policy shift, the naira quickly depreciated, with the exchange rate fluctuating wildly before stabilising at a much lower value. As of May 2024, the naira is hovering at approximately N1,500 to the US dollar at both the official Nigerian Autonomous Foreign Exchange Market (NAFEX) and the parallel market.

The depreciation of the naira has contributed to rising inflation, as the cost of imported goods and services has increased. Nigeria, being heavily reliant on imports for essential goods

such as food, fuel, and pharmaceuticals, has seen significant price hikes, exacerbating the cost of living for ordinary Nigerians. Also, the floating exchange rate has introduced a level of volatility and uncertainty into the economy. Businesses that rely on imported goods or raw materials have struggled to manage costs and plan for the future, given the unpredictable nature of the exchange rate and many local businesses, particularly those with foreign currency-denominated debts or those reliant on imports, have faced increased financial strain. The higher costs of servicing foreign debts and importing goods have squeezed profit margins and, in some cases, threatened business viability.

coMPArISoNS wIth PrevIouS

AdMINIStrAtIoNS

Under previous administrations, Nigeria maintained a fixed or managed float exchange rate system. For instance, under President Muhammadu Buhari, the CBN often intervened in the forex market to stabilise the naira, although this led to significant foreign exchange reserves depletion and created a thriving black market. Inflation and economic hardship were also prominent during Buhari’s tenure, but the impact of these policies on the average Nigerian was somewhat mitigated by government subsidies and interventionist economic policies.

However, Tinubu administration’s approach marks a departure from these strategies, opting instead for a market-driven exchange rate. While some economists for its potential long-term benefits laud this policy, the short-term effects have been harsh. The rapid depreciation of the naira under Tinubu has outpaced the inflationary pressures seen under previous governments, leading to more pronounced hardship for the populace. When analysing GDP, The reforms of this administration is reflected in the GDP growth figures: Q1 2023 saw a 2.31 per cent increase, Q2 grew by 2.51 per cent, Q3 by 2.54 per cent, and Q4 by 3.46 per cent. The latest data for Q1 2024 shows a growth rate of 2.98 per cent. These figures indicate that under President Tinubu’s administration, GDP growth has mostly been below 3 per cent, with the exception of Q4 2023, which exceeded this threshold. In contrast, the previous administration often recorded GDP growth above 3 per cent, peaking at 5 per cent in Q2 2021, although it experienced negative growth during the global downturn caused by COVID-19 in 2020.

The story continues online on www.thisdaylive.com

Insurers’ tortuous Year under tinubu

As Nigerians celebrate one year of President Bola Ahmed Tinubu’s regime, insurers said it has been one year of tortuous business experience

It is exactly one year since former President Muhammadu Buhari handed over the leadership baton of Nigeria to President Bola Ahmed Tinubu as the incumbent president, insurance sector operators have paused to re examine how their businesses have fared in the past one year and concluded that it has been a whole year of tortuous business experience that is not peculiar to insurance sector.

The operators chronicled all events and developments that have bedeviled their businesses during the period and concluded that it has not been anything favorable to the insurance sector in particular.

According to them, the period has been marked by stagnancy and negative developments that if operators don’t take care are capable of sinking the sector and throw many out of business.

These negative developments the operators said started from the annual budget in which the regime during the budget announced the sum of N9. 6 billion as budget for Group Life insurance of its entire workforce.

The development threw the entire industry into confusion on whether the N9.6 billion is all that the regime approved for Group Life insurance of its entire workforce out of the total of N854.81 allocated to pensions, gratuities and retirees benefits under which group life insurance falls.

The insurers therefore, argued that to approve or allocate mere N9.6 billion as total premium for group life insurance of the entire workforce of government is obviously a disorder.

Some insurers raised the question on whether

the N9.6 billion is the total amount President Tinubu’s administration has approved for the workers’ Group Life Insurance cover for the entire year or for a short period to serve as part payment for the coverage.

Their question arose because of the statement by the minister of information and National orientation Mohammed Idris on the N9.6 billion in which he said: It’s a normal annual cover that insurance companies give workers.

But insurers argued that if the N9.6 billion is not just a part payment for the workers’ group life insurance premium but is taken as the full premium for the policy for the entire year, irrespective of basis of calculation, then something is wrong some where.

Their reasons are not far fetched. In 2020, the insurers received a total of N15 billion as premium for group life insurance of government workers. In 2022/ 2023, government appropriated N24.7 billion for the policy representing 64.7 percent increase in the N15 billion it appropriated for the policy in 2020 although last report heard on this in the November of that year said insurers received only 50 percent of the total premium despite N9.2 billion approved for the policy by the Federal Executive council in its meeting in June that year. It was gathered that the delay in payment of the total premium was not unconnected with government’s dwindling income during the period, a situation, which compelled government to enter into dialogue with the insurers on the possibility of reducing the premium payable on the policy.

reveNue deductIoNS

There was also the issue of 50 per cent deductions from the revenue of government agencies which affected the industry regulator National insurance Commission (NAICOM) prompting some industry stake holders to appeal to government to exempt NAICOM from such deductions but this did not hold water. The development is seriously affecting the commission in carrying its overhead cost and insurers are not happy about that.

What looks like the last straw that broke the camel’s back in the checkered history between this regime and the insurers which is the failure by the president to renew the tenure of the erstwhile commissioner for insurance Mr Sunday Thomas despite his immense contributions to the insurance sector which has left no body in doubt as to whether he will have his second tenure in office or not. But to the bewilderment of every body in joy second tenure This is despite the sudden death of his wife. Indeed he was asked to exit the same week his wife died.

All these are setbacks to the industry during this one-year of the new regime especially as the sector is expected to contribute to the achievement of the Federal Government’s target of $1 trillion economy.

Again is the inflation rate which has maintained a double digit of 33 per cent, which is affecting the business of insurance as a long-term fund saving scheme.

INSurANce clAIMS to rISe

Analysts have said that the industry is already being hounded by the threat of asset replacement value.

They said asset replacement value or replacement asset valuation is a way of auditing maintenance programs by weighing their annual value against that of a complete asset replacement.

Citing an example, the analyst said if an insurance company insures a car valued at N5 million in a given year, the insurance company may be faced with the liability of replacing that same car at a value of N7.5 million just after a year or two because of the extra cost owing to rapid inflation in Nigeria.

The analyst said Nigeria’s galloping inflation exacerbates underwriting risks for insurance companies, as the value of insured assets and liabilities fluctuates in tandem with inflationary pressures. The analysts said insurers must accurately assess and price risks to ensure that premiums adequately reflect the increased replacement cost of insured assets and the heightened probability of claims payouts.

On the positive side the new administration appointed Ayo Omosehin as the new commissioner for insurance.With the appointment insurers have expressed hope of better days to come during the regime.bBut one big expectation of the insurers from Tinubu’s regime is the signing of the consolidated insurance bill. They expected this to happen during Buhari’s regime but to no avail but under Tinubu’s regime every Dick and Harry in the industry is hopeful that this will happen during this period of his first tenure in office.

Tinubu

NDLEA Smashes Two Drug Cartels, Recovers Cocaine, Fentanyl Consignments

Michael Olugbode in abuja

A married couple cocainetrafficking cartel has been smashed by the operatives of National Drug Law Enforcement Agency (NDLEA).

A statement yesterday by the spokesman of the anti-narcotics agency, Femi Babafemi, said multi-billion-naira worth of illicit drug were recovered in two major operations following the arrest of Bolanle Dauda and Olayinka Dauda, the kingpin and the queen of the cartel.

He revealed that the operations led to the smashing of the cartel which scope of operations spread across Lagos and Ogun States.

He disclosed that the duo were arrested last Saturday by operatives of a special operation

unit in NDLEA with the support of Drug Enforcement Administration of the United States at Ibiye, along LagosBadagry expressway while attempting to cross the land border to deliver the consignment in Ghana.

He said at the point of their arrest, 42 blocks of the Class a drug weighing 47.5 kilogrammes were found on them, adding that a swift follow- up operation in their residence at Plot 24/25 OPIC extension, Petedo road, Agbara, Ogun state, led to the recovery of additional eight blocks of the same drug weighing 10 kilogrammes, bringing the total weight of the cocaine seized from the couple to 57.5 kilogrammes.

Babafemi said in another raid by the special operation unit, no

fewer than 1,100 ampoules of lethal synthetic opioid, fentanyl, weighing 6.48 kilogrammes were recovered from a member of a drug trafficking syndicate, 34-yearold Ikeh Ifeanyi at the popular Idumota market in Lagos Island.

He said no less than 790 ampoules of the dangerous opioid weighing 5.273 kilogrammes were equally seized from another member of the fentanyl syndicate, 48-year-old Chieze Benjamin, who was also arrested at Idumota market. He noted that fentanyl, a lethal synthetic opioid, which is 100 times more potent than heroin is currently responsible for over 70 per cent overdose deaths as well as a major contributor to fatal and nonfatal overdoses in the United States.

Police Nab Suspected Kidnapper in Kaduna, Recovers Money, Charms

John Shiklam in Kaduna

Operatives of Kaduna state police command have arrested a suspected kidnapper and recovered money believed to be his share of ransom collected from two victims.

Spokesperson of the command, Mansir Hassan, disclosed this in a statement yesterday in Kaduna.

Hassan said the suspect identified as Abdulkarim Usman Maude, alongside three of his partners in crime, abducted two tractor operators on May 17, 2024,

while working on a farm.

The statement said the suspect was arrested on May 22, 2024 in Upara Warsapiti community, Lere Local Government Area of Kaduna state, following credible intelligence information.

The police spokesperson said upon arrest, the suspect was found in possession of a bag, containing the sum of N347,000, believed to be part of his share of ransom payment, adding that a machete and some charms were also recovered.

“On May 22, 2024, at about

10:00hrs, the Divisional Police Officer (DPO) of Saminaka Division, acting on credible intelligence, successfully arrested a suspect identified as Abdulkarim Usman Maude, aged 33, from Tudun Wada Mariri.“

The arrest took place in Upara Warsapiti, Lere Local Government Area (LGA)”, the statement reads.

“Upon his arrest, the suspect was found in possession of a bag containing the sum of N347,000, a machete, and some criminal charms.

Oyinlola: Adeleke’s Performance Guarantees Him Second Term

Yinka Kolawole in Osogbo

The former Governor of Osun State and chieftain of the Peoples Democratic Party (PDP), Prince Olagunsoye Oyinlola, has affirmed that the state Governor, Ademola Adeleke, is guaranteed of a second tenure in view of his wonderful performance in office so far.

Prince Oyinlola stated this yesterday while featuring on a Yoruba radio programme of Rave FM, declaring that the

commendable performance of Adeleke makes him unstoppable in 2026.

He also debunked what he described as lies being bandied around that the former BoT member and elder statesman, Alhaji Shuaib Oyedokun, led hundreds of members of PDP to the All Progressives Congress (APC).

Oyinlola also described as laughable the claim that PDP members from Odo Otin dumped the party to follow him to the

APC, saying that all those who could be described as Oyedokun’s foot soldiers are still in the PDP.

The former governor, who spoke in Yoruba, said: “As far as I’m concerned, it’s unbefitting of the calibre of Baba (Shuaib Oyedokun) to embark on such a journey unaccompanied.”

Oyinlola explained that nobody followed Oyedokun from his local government area, which he said is contrary to the principle of charity that begins at home.

Kogi Assembly to Pass Bill Establishing State Anti-Graft Agency

Ibrahim Oyewale in Lokoja

As part of efforts to stem the tide of corruption in Kogi State, a bill for a law to establish the Kogi State Anti-corruption agency has passed through second reading in the state House of Assembly.

While presenting the argument for the bill on Tuesday, the lawmaker representing Okene ll, Suleiman Abdulrazak, explained that the bill, when passed into law, will assist the government in combating corruption in the state. Abdulrazak, who is also the

Majority Leader of the state House of Assembly, averred that the bill is not being sponsored to compete with the federal anti-graft agency rather to complement its efforts in fighting corruption in the country.

In his contribution Bin-Ebaiya Shehu Tijani noted that the bill was coming at the right time, adding that: “In the year 2015, our leader, who was at the front of winning the election, died during the process.

“That situation in Kogi State put the country into confusion since such incidents was not

captured in our constitution. When it happens, that was why there was a review in our constitution. That is the reason I said this is coming at the right time. Before an outsider will come to look at our book, an agency will be on ground to say this has happened and this has not happened.”

Enefola Major of Igalamela/ Odolu constituency opined that corruption has been a bane in the Nigeria society, hence, the need to give the bill an express passage.

Adamawa Fixes July 13 for LG Elections

Daji Sani in yola

The Adamawa State Independent Electoral Commission (ADSIEC) has fixed July 13, 2024, for local government area elections in the state.

The newly sworn-in Chairman of the commission, Mohammed Umar, made the announcement yesterday at a press conference held in his office in Yola, the state capital.

According to the chairman, five days ago, the state governor, Ahmadu Umaru Fintiri, inaugurated new members for the State Independent Electoral Commission (SIEC).

He added that by this constitutional fulfillment, the commission has been given the green light to kick-start the process of its mandate which is to organise, conduct and supervise elections into the local government councils of Adamawa State.

He said: “As you are aware, the tenure of the local government councils has expired and it is the responsibility of the commission to conduct new elections to fill in the vacancies as promulgated by law.

“It is therefore imperative and constitutional for the

commission to announce a date for the conduct of the council elections.”

Consequently, he said the commission at its meeting held on May 27, “fixed Saturday July 13, 2024, as the tentative date for the conduct of the elections.”

Umar, however, said notices of the election into the offices of the chairman and councillors shall be published at the SIEC headquarters and local government offices.

He further revealed that timetable/schedule of activities and timelines for the conduct of the elections will be released within this week.

ONE YEAR OF PRESIDENT BOLA AHMED TINUBU ADMINISTRATION (PART 1) (RLB):

NCC: A DIGITAL ENABLER OF THE RENEWED HOPE AGENDA

In Nigeria, a young tech-savvy and upwardly mobile population is teeming, and exploring derivable benefits of digital technologies. They are propelled by rapidly expanding internet access and steady broadband penetration, currently about 43%. Our digital economy is poised for significant growth, positively impacting various sectors and benefiting the nation through enhanced connectivity and digital skills.

Digital transformation is happening globally at a record pace. During the Covid-19 pandemic for example, remote work and virtual collaboration tools took centre stage; platforms like Zoom, Microsoft Teams, and Google Meet became—and still are—essential for meetings, conferences and team collaboration. E-commerce and online retail have transformed how consumers seamlessly order and receive goods and services. Even traditionally brick-and-mortar businesses are changing the ways they engage with their customers through introduction of digital solutions to improve the customer experience. It is a no-brainer that Artificial Intelligence (AI) and the Internet of Things (IoT) are revolutionizing our lives for the better, whether in education, healthcare delivery, living, public services, energy management, and much more.

Suffice to say, that underpinning this global digital transformation is the indispensable role of telecommunications infrastructure. Universal, affordable, reliable and fast telecom services are becoming social rights, as mobile networks and data-centres form the backbone for digital transformation by enabling the storage and processing of large amounts of data as well as the integration of digital technologies into numerous use cases.

For President Bola Ahmed Tinubu, the Renewed Hope Agenda draws us all to a more promising outlook. Inherent in his agenda is the pledge to embolden and support the youth and women by harnessing emerging sectors such as the digital economy. In delivering this vision, the Honorable Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani unveiled a blueprint appropriately titled – “Accelerating our Collective Prosperity through Technical Efficiency” with the goal of supporting Nigeria’s economic growth by enhancing productivity, facilitated by digital innovation.

Acknowledging the criticality of resilient telecommunications infrastructure to a robust digital economy, Dr. Tijani’s Strategic Agenda 2023 — 2027 sets targets to achieve a 50% improvement in Quality of Service (QoS) by the end of 2024; to boost Nigeria’s broadband penetration rate to 70% by the end of 2025; to deliver data download speed of 25Mbps in urban areas and 10Mbps in rural areas by the end of 2025; to provide coverage for at least 80% of the country’s population, especially the underserved and unserved populations by the end of 2026; to reduce the gap of unconnected Nigerians in rural areas from 61% to less than 20% by 2027; and to secure between 300% to 500% increase in broadband investment by the end of 2027.

Drawing from the Strategic Agenda of the Ministry, Dr. Aminu Maida, the Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission, (NCC) has emplaced three Strategic Focus Areas for the Commission: The Consumers, the Industry and Licensees, and the Government.

Dr. Maida’s approach to delivering on President Bola Tinubu’s Renewed Hope Agenda comes from the recognition that each of these stakeholders has a unique perspective and different, occasionally paradoxical expectations of the Commission. His goal is to forge a path that carefully balances each stakeholder’s needs while meeting their expectations.

Consider the Consumers—who are central to Dr. Maida’s focus—for example. His approach focuses on ensuring that they receive an enhanced Quality of Experience, beyond the narrow and very technically evaluated Quality of Service. Quality of experience takes into account all touch points along the consumers journey in using telecom services from selection, through on boarding, usage, support and even off boarding. This means that, consumers are empowered to make the right network selection, enjoy a seamless onboarding into the network of their choice, enjoy quality service at fair costs, receive responsive customer service and enjoy protected offboarding where they chose to leave the network. To address consumer complaints on data depletion, the Commission has directed Mobile Operators to conduct an independent audit of their billing systems and is concluding a consultation process to simplify tariff plans. These initiatives would provide enhanced transparency to the consumer.

The Commission under Dr. Maida, rather than taking a national outlook on data collection for Quality-ofService delivery, has adopted an approach where more granular data is collected from operators and analysed to determine quality of service at very small, local levels, to allow the deployment of optimised solutions or regulatory actions where needed.

On the side of the Industry and Licensees of the Commission, Dr. Maida’s focus is aimed at forging a resilient industry and enhancing the delivery of regulatory services. Since he came on board, the Commission has shown commitment to tackling industry debt issues more seriously. It has also embarked on critical advocacy initiatives to address long term challenges in the sector, including advocacy for designating telecom infrastructure as Critical National Infrastructure, as well as successfully persuading over six states to waive Right of Way (RoW) fees, even as he initiates discussions with more states. The Commission, under Dr. Maida’s leadership is equally engaging with the Presidential Committee on Fiscal Policy and Tax Reforms towards addressing multiple taxation issues in the telecoms sector.

In order to ensure that the industry is in line with current realities, the Commission is also undertaking a review of its extant Regulatory Instruments and Licensing Frameworks. For instance, Quality of Service Regulations have been reviewed to incorporate KPIs for 5G and other participants that are critical to the Quality of Service.

By achieving expected QoS KPIs, high-speed internet connectivity, and forging a resilient and innovative telecommunications industry, the Commission is actively supporting the Ministry’s vision of boosting economic growth and productivity through technological innovation, delivering on the promise of Renewed Hope for all Nigerians.

Interested MDAs should call Ndukaku Nwosu 08056800169 /08069182036 or THISDAY Advert Director Tony Ogedengbe: 08023240766 between now and May 29 (Inauguration Day) and June 12 (Democracy Day).

Editor, Editorial Page PETER ISHAKA

Email peter.ishaka@thisdaylive.com

ONE YEAR OF TINUBU PRESIDENCY

The administration should work on policies that improve the general welfare of the people

When President Bola Tinubu took the oath of office one year ago, expectations were high even if the optimism of his supporters was at odds with the times. A few weeks in office, the president admitted as much while pledging to pull the country out of the slump. “Our policy implementation will reform the economy, ensure inclusive growth, and strengthen security for peace and prosperity. Without security, there can be no investment,” Tinubu told members of the Federal Executive Council (FEC) inaugural meeting last August. After one year in the saddle, however, there is much to worry about. Meanwhile, his unwieldy cabinet has not shown sufficient indication that anything has changed.

Even if we admit that a year is too short to objectively assess an administration, it is nonetheless disappointing that many things are still out of place. The government, on assuming office, took a bold and courageous step by removing the hemorrhaging and corruption-ridden subsidy on petrol. Shortly after, it also floated the nation’s currency, the Naira, thus eliminating another source of easy money to those close to the corridors of power and others at a grave cost to the economy. But these bold measures were largely mismanaged, particularly at the initial stage, the consequences of which are hard on the people. The removal of subsidy shot up the cost of fuel multiple fold, and by extension, the cost of transportation, and indeed, virtually everything. The Naira has also been devalued by some 300 per cent, leading also to astronomical inflation and rise in the cost of services and commodities, further pauperising millions of Nigerians who are already living on the edge.

works, one year after. The so-called palliative hardly got to the people for whom it was meant. Companies are shutting down and the rate of joblessness is at an all-time high. Students are dropping out of schools, and health services are increasingly becoming out of reach for many people. All this has engendered the prevalent public disillusionment against the administration. Indeed, former President Olusegun Obasanjo last week noted, quite correctly that the right policies have been put in place, but implementation have led to “the impoverisation of the economy and of Nigerians,” a sentiment shared by many Nigerians, including a former Nigerian Bar Association (NBA) president, Olisa Agbakoba.

More worrying is that nothing significant is in place to cushion the impact of these policy measures. The Compressed Natural Gas (CNG) project is still in the works, one year after

T H I S D AY

EDITOR SHAKA MOMODU

DEPUTY EDITOR WALE OLALEYE

MANAGING DIRECTOR ENIOLA BELLO

DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU

CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI

EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN THE OMBUDSMAN KAYODE KOMOLAFE

T H I S D AY

EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA

GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, EMMANUEL EFENI

DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, ANTHONY OGEDENGBE

DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI

SNR. ASSOCIATE DIRECTOR ERIC OJEH

More worrying is that nothing significant is in place to cushion the impact of these policy measures. The Compressed Natural Gas (CNG) project is still in the

ASSOCIATE DIRECTOR PATRICK EIMIUHI

CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI

DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: first name.surname@thisdaylive.com

Letters to the Editor

To compound these challenges, the security situation is still treacherous. Although some progress has been made, as there is more understanding among the security officers, Boko Haram, the brutal insurgent group, still constitutes a security issue. This is not to mention other cocktail of crimes and criminal activitiesfrom kidnapping, armed robbery, herdsmen-farmers conflicts, and general banditry – crimes that constitute additional instability to the country. According to reports, over 8,000 persons have been killed nationwide since the current administration took over. An Abuja security and investigative firm, Beacon Security and intelligence limited revealed recently that gunmen killed 2,583 persons and kidnapped 2,164 in the first quarter of this year, mostly in the north.

The general insecurity has also made all pronouncements about agriculture in the past year more talk than substance since it is difficult to implement policies. Many farmers can hardly venture into their farms out of fear, contributing to poor output, and rise in the cost of food, and living. From whichever way one examines the situation, the scorecard of the last one year in Nigeria is not salutary. Fortunately, the president still has three more years to work towards promoting policies that improve the general welfare of ordinary people.

Letters in response to specific publications in THISDAY should be brief (150-300 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (750- 1000 words). They should be sent to opinion@thisdaylive. com along with photograph, email address and phone numbers of the writer.

TINUBU’S ONE YEAR REIGN AS PRESIDENT

Steadily and surefootedly, Asiwaju Bola Tinubu moves, to complete one year in office. The symbolic day constitutionally scheduled for this event remains May 29, 2024. Instructively, the president’s one year in office looks like 10 years and, even, more. There are many factors that surround this.

Asiwaju Tinubu has for long been operating as ‘president’ before he eventually assumed power and authority as Commander -in - Chief of Armed Forces, Federal Republic of Nigeria.

The doubters of this submission should make spirited attempts to interface and interact with all who matter in the nation political sphere, even including Alhaji Atiku Abubakar and Peter Obi; they would tell the story better.

Of course, the iconic 15 Bourdillon Street, Ikoyi, Lagos for decades, especially since the turn of Fourth Republic in 1999 has been a ‘political power house’ where Nigerian successive presidents, as well as those who have been occupying exalted offices of national assembly leadership, and several governors irrespective of party affiliations, were being identified and chosen.

So, the illustrious and mercurial ex-Lagos State governor has long been divinely empowered with a mysterious aura, clout,

influence, power and authority, ever before he ascended the presidency. Indeed, for him, the office of the president is just an icing on the cake.

And, therefore, with that political majesty and royalty, he got inaugurated as Nigeria president after the most tempestuous, acrimonious, ill-tempered and rancorous presidential election that has ever been conducted in the annals of this nation, to begin what is turning out to be an eventful and busiest reign in the country political history.

Unlike in the previous regimes where weeks of ceremony used to follow the inauguration of president, Tinubu didn’t only surprise Nigerians by returning to work in Aso Villa immediately after he was inaugurated. He gave the citizenry so much to think about with his pronouncement of outright removal of petroleum products subsidy, as well as new regime of floating of exchange rate of nation currency, subjecting the naira to market forces; the two issues that have long remained very sensitive and major determinants of direction of the nation economy.

The pronouncement at the inauguration came as thunderbolt rocking all the stakeholders - Nigerian people, business and

political leaders, employers of labour, oil marketers, local and foreign investors.

These are two major contentious issues that have been decades, no-go area for the successive administrations, even, with the military regimes with their might. For a new president with zero tolerance for frivolities, indolence and idleness in governance, series of events and policy announcements began to roll in torrents.

The president immediately mandated the rehabilitation of Port Harcourt and Kaduna refineries, with a total rehabilitated sum of $1.58 and $1.45 billion respectively paid, as well as ordered timelines for their completion.

The immediate privatization and commercialization of NNPC was announced, with a new name NNPCL coming into being, with new Board of Directors.

Other subsidiaries were also created from the hitherto behemoth Federal government agency to take charge of gas resources and other petroleum related activities. Kola Amzat (FCA, FCIB), Lagos

NPA Partners Barge Operators on Seamless Evacuation of Export Bound Cargoes

In a bid to achieve connectivity for seamless evacuation of export bound cargoes to the nation’s seaports from the hinterland, the Nigerian Ports Authority (NPA), on Monday, held a process improvement meeting with badge operators.

The deployment of barges for the evacuation of cargo from the ports to the hinterland was an interventionist initiative of the NPA, a development that has massively reduced the gridlock on port access roads.

The initiative has, however, grown into a huge

direct and indirect employment generation as well as business endeavor by using the waterways to reduce pressure and congestion on the road corridor.

Speaking during the meeting led by the President of Badge Operators Association of Nigeria (BOAN), Olubunmi Olumekun, the Managing Director of NPA, Mohammed Bello-Koko, said the meeting focused on providing support necessary to optimize barge operations value chain.

According to Bello-Koko, the meeting also focused on the infusion of profes -

sionalism to sustainably ensure safety of lives and investment at all time.

“We are driven by the relentless commitment to achieving seamless connectivity between the Seaports and the hinterland. This is an enabling initiative for sustaining the growth of exports in the country,” the NPA helmsman stated.

“his meeting was focused on providing support necessary to optimize barge operations value chain including infusion of professionalism to sustainably ensure safety of lives and investment at all time,” he stated.

Law Makers, Pension Operators Agree on Review of Pension Laws

Federal Law Makers have yielded to the calls by pension stakeholders for a review of the pension law to guarantee comfortable lifestyle and happy retirement period for Nigerian workers.

This is coming ten years after the enactment of 2014 Pension Reform Act.

The law makers at the 4th National Assembly Retreat 2024 recently organised by the Pension Fund Operators Association of Nigeria (PenOp) in Lagos asked pension sector operators to identify sections of the Pension Reform Act (PRA) 2014, to be amended,

The retreat which has the theme, “The CPS: Navigating Challenges and Unlocking a Secured Future for Pensioners,” provided a platform for the lawmakers and pension operators to chart the way forward for the pension sector.

Speaking at the retreat, Chairman of the Senate Committee on Establishment and Public Service, Sen. Fasuyi Oluwole, asked the operators to articulate sections of the PRA 2014 that needed an amendment.

He also urged the operators to work closely with lawmakers to ensure that the system was operated with human face.

He said the retreat was very enlightening for him and other lawmakers and had armed them with information and enable them to understand the scheme more as they go about their lawmaking activities.

The Chairman of the House Committee on pensions, Hussaini Jallo, commended the pension operators for taking the step in organising the retreat and said that his committee was committed to working for the benefit of pensioners

in particular and Nigerians in general.

PenOp Vice President, Joy Ojakovo, said the Contributory Pension Scheme (CPS) had brought many benefits to individuals and the nation at large and that the industry needed to continue to work with stakeholders to improve the scheme rather than destroy the gains of the system.

A member House Committee on Pensions, Hon. Aliyu Bappa, stated that the legislators would work with the executive arm of government to ensure an increase in the pension contributions for workers.

Also Managing Director Fidelity Pension Managers, Donald Onuoha, while delivering a paper on Accessing Benefit Under the CPS, also pointed out the need to increase the pension contributions from the minimum 18 per cent.

Capital Market Stakeholders Express Concern over Proposed CBN Amendment

Kayode Tokede

Stakeholders in the capital market have voiced reservations over the proposed amendments to the Central Bank of Nigeria (CBN) Act No. 7 of 2007, warning of potential adverse economic consequences. The Chartered Institute of Stockbrokers (CIS) and the Association of Securities Dealing Houses of Nigeria (ASHON) have raised concerns that the bill could undermine the independence of the Central Bank of Nigeria (CBN).

The legislation, which has passed its second reading and is scheduled for a public hearing on May 30th, seeks to modify the CBN’s autonomy by subjecting its

budget to National Assembly approval and establishing a new Coordinating Committee for Monetary and Fiscal Policies. Critics argue that these changes could introduce political interference in monetary policy decisions, hampering the central bank’s ability to manage the economy effectively and objectively.

President and Chairman of the Council of CIS, Oluropo Dada emphasized the pivotal role of the central bank in maintaining economic stability and preserving international credibility.

“Safeguarding the independence of the Central Bank of Nigeria is crucial for aligning with global economic best practices and ensuring deci-

sions are driven by sound financial principles, free from undue influence,” Dada stated emphatically.

Chairman of ASHON, Sam Onukwue highlighted the potential impact on investor confidence. “An independent central bank is a cornerstone for maintaining the country’s standing in the global financial community, which directly affects investor confidence, credit ratings, and the overall economic outlook.

While both organizations acknowledged the merit of some proposed amendments aimed at enhancing corporate governance and compliance, they stressed the importance of considering the broader ramifications.

UBA Celebrates Africa Day in Style, Commits to Empowering Youths

Africa’s Global bank, United Bank for Africa (UBA) Plc, joined the rest of the world last Friday to mark this year’s edition of the Africa Day. The celebration which went on concurrently across all of its subsidiaries in Africa as well as in the United Kingdom, France, United States of America and the United Arab Emirates, had the underlying theme: Education Fit for the 21st Century.

To mark the event, staff members were dressed in colourful African attire displaying the cultural diversity of the employees of United Bank for Africa. There were dance troupes in various offices across the continent organised by UBA subsidiaries, where staff, clients and the public were entertained with African drums and cultural dancers as well as choice African fruits and snacks.

UBA’s Group Head, Human Resources, Modupe Akindele, who addressed staff during the closing ceremony at the UBA Head Office in Lagos, commended staff members for their hard-work over the years, and noted that the annual event had become a lifestyle for the bank.

She said, “We at UBA celebrate Africa Day with the rest of Africa. We are Africa, United by one Bank. Today is a day to remind ourselves that we have all it takes in Africa, be it fashion, talent, and creativity. The message is about being African and being proud of our heritage. We want to showcase who we are and what we have.”

Continuing, she said, “For us at UBA, identifying with Africa and indeed Africa Day is synonymous with who we are as a bank. It presents us the opportunity to remind ourselves,

Managing Director/CEO, Nigerian Ports Authority (NPA), Mohammed Bello Koko and Executive Chairman, Satellite Truck Parks Owners Association (STPOA), Mr. Frank Okeke when the Executives of STPOA visited the authority’s Headquarters in Lagos.,,recently

Wema Bank Set to Raise N200bn Fresh Capital, Shareholders Laud 2023FY Performance

Kayode

Tokede

The management of Wema Bank Plc, yesterday announced plans to raise N200 billion fresh capital on the need to meet the Central Bank of Nigeria (CBN) new capital requirement for banks operating in the country.

At the virtual Annual General Meeting (AGM), the management received commendation from shareholders

for a profitable 2023 financial performance that led to N0.50 dividend payout.

Expressing gratitude to the Bank’s stakeholders for their contributions to the tremendous results achieved, Wema Bank’s MD/CEO, Mr. Moruf Oseni, disclosed the Bank’s progress towards realising the recapitalisation minimum target of N200 billion, set by the CBN.

“As a Bank, we feel

PRICES FOR

privileged and lucky to have enjoyed the support of our Shareholders and Stakeholders, especially in the past year. The Bank’s performance has been stellar throughout the year and the figures testify to that.

“None of it could have been possible without the support of the Board, my colleagues in Executive Management, and our customers who are extremely loyal and committed to helping us improve, but I

think the most important ingredient of all is the followership of the 5000+ employees that I lead as the MD/CEO of Wema Bank.

“We have given them a purpose which has resonated with them, and they are working day and night to ensure that your Bank gets to the top. That is the reason you see the results you have seen”.

“To the owners of the Bank, our Shareholders, we

are grateful. You have been relentless in your support of this administration and have constantly challenged to achieve greater and supported us.

“As always, we will continue to rise to the occasion. The apex Bank has done its due diligence and approved our N40billion Rights Issue, which is currently undergoing SEC approval to be listed on the Nigerian Exchange. Our Capi-

tal Base now stands not at the current N15billion but with the Rights Issue, at N55billion—significant headway towards N200billion. “

“Following the shareholders’ and Board’s approval, we are set to raise the N200billion within the 24-month timeline through public placements and a public offer, which we are confident that we will achieve before the timeline expires.

TRADED ASOF MAY 28/24

Air Marshal Hasan Bala Abubakar: Transforming the Nigerian Air Force into a Resilient Regional AirPower

When Air Vice Marshal Hasan Bala Abubakar was appointed as the 22nd Chief of Air Staff, CAS, of the Nigerian Air Force, NAF, on June 19, 2023 and assumed office on June 22, 2023, his Command Philosophy was aimed at transforming the Nigerian Air Force into an agile and resilient force capable of effectively meeting national security demands in all operational environments, while also safeguarding the welfare of all personnel. Nearly one year down the line, through inclusive leadership, the CAS has lived up to the billing from acquisition of strategic platforms capable of carrying out complete range of air operations, including intelligence, surveillance, and reconnaissance; to boosting welfare of personnel; overhauling NAF operational environment; Infrastructural development; addressing training needs; and championing innovation through Research and Development. As the NAF recently clocked 60 last week, the Air Chief in an exclusive media chat with THISDAY and a few others, reminisced over the strides of the past, highlighted the gains of today, while outlining the future plans of the NAF under his leadership. Chiemelie Ezeobi brings excerpts:

You have been Air Chief for 11 months now. At the point of entry, did you set any targets for yourself that, looking back today, you have yet to achieve?

As a matter of fact, I think the targets we have set for ourselves have been largely achieved in terms of aircraft. The only challenge limiting further progress is the availability of resources. If we had more resources, we would have been able to achieve more. Looking back at what we’ve accomplished in the past year, I believe we have done more than was expected of us.

Still on this, next month being June, you will clock one year in office. What can you boast about that the Nigerian Air Force has achieved in the past year?

The idea to establish the Nigerian Air Force began in the late 1950s and early 1960s. In 1959, during a mission in Tanganyika, now Tanzania, President Julius Nyerere requested the Nigerian government to assist in quelling a riot, leading Nigeria to send troops to Tanzania. Then, in July 1960, there was a United Nations mission in Congo to which Nigeria was to contribute troops, but we did not have any assets to transport our troops. These movements were entirely carried out by foreign air forces, making us realise the necessity of establishing our own air force.

In 1962, we started contacting foreign partners and commenced training. Some personnel went to Ethiopia, others to Canada, and other countries. The Nigerian Air Force was officially established by an act of parliament in April 1962. Subsequently, a German technical assistant was brought in to help nurture and develop the Nigerian Air Force. However, with the onset of the civil war in Nigeria in 1967, the Germans left, and young Nigerians had to fend for themselves. I am glad to say that the Nigerian Air Force played its role very well during the civil war.

After the civil war, in the 1970s and 1980s, we experienced significant improvements in our aircraft and equipment holdings. This period is remembered as the golden era of the Nigerian Air Force, with airplanes like the Alpha Jet, C-130, Jaguars, and B-21. These improvements were the result of policies during the military regime. With the onset of democracy in 1999, our fortunes started to revive, leading to the formidable air force we have today.

From being a tactical air force designed only to support operations, we have now integrated a variety of platforms into the system, such as the A-29 Super Tucano, Mil Mi-24/35 Hind, and Bell 412. This marks another golden era for the Nigerian Air Force. These are exciting and important times for the Nigerian Armed Forces, showcasing transformation and development. We have evolved from a basic tactical air force to one of the most formidable and largest on the African continent.

We have every reason to celebrate and be happy at 60. The transformation from a very basic air force to what we have now is remarkable. We are capable of carrying out a complete range of air operations, including intelligence, surveillance, and reconnaissance, thanks to our recently acquired platforms. In the area of command, aerial vehicles are making a significant difference in our operations. The Air Force is now balanced, formidable, and strategic in outlook. We are very happy and look forward to more

golden years ahead.

For your second question, when I assumed the mantle of leadership as the 22nd Chief of Air Staff about 10 to 11 months ago, the first task was to conduct a detailed and thorough environmental scan. This scan was aimed at evaluating the entire Air Force—operations, training, logistics, and more—to understand our current state, existing assets, and the capabilities we needed to acquire. We also assessed the equipment and the type of skills required in terms of manpower to achieve our envisioned goals for the Air Force.

As a result of this environmental scan, I developed my command philosophy, which aims to transform the Nigerian Air Force into an agile and resilient force capable of effectively meeting national security demands in all operational environments. The scan helped us identify gaps and issues across various aspects of the Air Force, providing a clear picture of the necessary actions to elevate the Air Force to the next level.

To realise this command philosophy, we established focus areas formulated into what I call the key enablers for achieving our goals.

The first key enabler focuses on optimising force structure and establishment for enhanced operational effectiveness. Another key enabler centres on training and manpower development. We also emphasise research and development, leveraging cutting-edge technology, and strategic partnerships. Lastly, maintaining a highly motivated force through welfare and infrastructural renewal is crucial. These key enablers and the command philosophy serve as our guide.

Most of our activities needed to elevate the Air Force fall under these key enablers. We can discuss each key enabler to examine the gaps identified and the interventions implemented over the past year, highlighting their impact on resolving issues and their role in advancing our activities to the next level. Essentially, these are the areas we are focusing on to elevate the Air Force, addressing the challenges identified at the outset.

Can you quantify some of these successes, particularly in the area of asset acquisition, capacity building, training, and manpower recruitment in the last year?

In the area of training, which aligns with one of the key enablers of my command philosophy, we assessed our manpower upon taking command. The environmental scan revealed that our manpower was not very effective, stemming from issues within our training institutions.

We have various training institutions for virtually every specialty in the Air Force, responsible for preparing our personnel and officers for field duties. However, we found that this training was not optimal. The personnel coming out of these institutions were not readily empowered, requiring additional training to be used effectively. This situation was unacceptable as it wasted time and resources. Therefore, we examined the institutions and their setups thoroughly.

We discovered that the syllabi in most of these training institutes were outdated, having been designed five, 10, or even 20 years ago, without adequate revisions to match current activities. As a result, we began overhauling the syllabi of all our training institutions to ensure they could produce the required quality of manpower. Additionally, we identified deficiencies in facilities and infrastructure within these institutions. Addressing infrastructure issues is a focus area of my philosophy, and this gap in our training

institutions required serious attention.

We are now focusing on providing the right kind of infrastructure and facilities to ensure that the manpower coming out of these institutions is optimal and ready for immediate deployment in the field.

Similarly, there was a decline in the quality of instructors. Addressing this, we have designed a completely new set of criteria for selecting instructors for any Air Force institution, focusing on specific qualifications and skill sets. These measures ensure that anyone passing through a Nigerian Air Force institution meets and even surpasses the expected standards. This is how we are tackling the issue of training.

In the past year, we have graduated about 237 officers, including both regular combatant officers and direct short service officers. Additionally, we have enlisted around 1,200 airmen recruits. This has significantly boosted our manpower. We are about to start training another set of officers from the Direct Short Service Commission as well as another set of enlisted personnel. By the end of the year, we aim to have increased our manpower by several thousand, which is a significant achievement within the period we are looking at.

In terms of acquisitions, in the past year, I mentioned that this period is reminiscent of the golden times—perhaps even better. These could be considered diamond times for the Nigerian Air Force, as there has never been a time in our history when we have had such an influx of assets and capabilities. In the past year alone, we have acquired eight platforms with various capabilities.

In October last year, we received four Diamond 62 airplanes. These special mission airplanes are equipped with cameras optimised for intelligence, surveillance, and reconnaissance, which are crucial for our current operations. All four have been deployed in their respective centers of operation and have significantly improved the quality of our operations. Additionally, we acquired two King Air 360 light transport airplanes, which assist in logistic movements and other liaison flights. We also received T129 ATAK helicopters from Turkish Aerospace Industries. A total of six have been procured by the federal government, with two already in the country and two more expected by June or July. These helicopters are optimised for ground attack and have been deployed in the Niger Delta, where they have significantly curbed oil theft and pipeline vandalism.

These are just the acquisitions from the past year. However, our overall acquisitions extend beyond this period because airplanes cannot be purchased off the shelf. The federal government has made payments and signed concrete contracts for additional assets. For example, we are acquiring AH-1Z attack helicopters from the US, which will start arriving this year. We also have firm contracts for 12 AgustaWestlandAW109 Trekker light attack helicopters. The first of these has arrived in the country and are awaiting a test flight.

For those familiar with our Alpha Jets used in Liberia and Sierra Leone, these aircraft are now old and need to be retired. To replace them, we have procured 24 M-346 Master jets from Italy. These jets, used for both training and light attack, will start arriving before the end of this

Chief of Air Staff, Nigerian Air Force, Air Marshal Hasan Abubakar

The NAF @60 Has Become More Formidable, Strategic with Appropriate Platforms

year. This acquisition includes two squadrons due to their dual role in operational training and combat. With these acquisitions and our focus on manpower training, we have had a formidable and successful year.

Since we have all these assets that you spoke about, shouldn't we have expelled Boko Haram and the insurgents by now?

The fight against insurgency and banditry is a completely different kind of warfare. It's a type of warfare where your adversaries are Nigerians, embedded within the population. It's not like conventional warfare where you can simply load your airplanes with bombs and drop them, knowing whoever is there is an adversary. Here, the adversary is within the population, and the same media has reported several times in the past that we have mistakenly dropped bombs resulting in civilian casualties.

We are very careful to avoid such incidents because we do not want even one innocent Nigerian to be killed in the fight against bandits and terrorists. This makes the operation very complicated and difficult, unlike normal conventional operations. The operations we conduct now are largely intelligence-driven, involving extensive intelligence gathering and follow-up. Ideally, we should only be conducting precision strikes to avoid collateral damage, but that is not always possible.

To address this, numerous measures are put in place, such as targeting circuits, intelligence circuits, high-end surveillance, and extensive data collection and analysis before hitting a target. This ensures that innocent people don't suffer, making the process difficult, but necessary to appreciate. For instance, we could bomb the whole of Sambisa Forest in one day and ensure nobody leaves, but it’s not feasible due to the challenges mentioned.

Similarly, in all other areas of operation, there are often too many innocent people embedded, sometimes not out of their free will but because they are forced to stay. Understanding these complexities is crucial. It is a deliberate process that takes time, but eventually, we will overcome these challenges.

On synergy with sister services, your visibility in the South-South, Niger Delta, and South-East regions from late last year to this year has been commendable and impressive. But with the increasing threat of terrorism and insurgency in various regions, how do you envision the NAF leveraging its air power capabilities to support ground troops and ground operations, thereby enhancing joint force effectiveness in the ongoing counter-insurgency campaign?

Nigerians have always had concerns, possibly fears, due to past experiences. There was a belief that there was no synergy between the forces. I want to allay that concern by stating that now, there is very good synergy between all the services. When I say very good, I mean it is truly excellent, and this is reflected in the successes we have had in various sectors of operation. The major roles of the NAF, such as providing support to surface forces, would not be effective without this synergy.

If there were no synergy between the NAF and surface forces, there could not be any significant impact on our operations. You will agree that we have had a very good impact in recent times. For example, close air support and airdrop operations are conducted in conjunction with surface forces. Even ISR (Intelligence, Surveillance, and Reconnaissance) operations must be done in conjunction with the movement of surface forces. This cooperation is integral and intrinsic to the nature of our operations.

You must synergise and cooperate to have any meaningful impact. Without this cooperation, no single service can conduct any operation and have a significant impact, especially with the types of operations we conduct now.

When we came on board, it was a bonus that both the Chief of Naval Staff (CNS) and the Chief of Army Staff were my mates. We have an understanding that enhances our ability to synergise, collaborate, and cooperate with each other. As a matter of fact, the CNS and I attended the same secondary school and were in the same class. This personal level of understanding further enhances our ability to work together effectively.

That also emphasises our duty to synergise,

collaborate, and cooperate together. The same is true with the Chief of Defense Staff. We have been together in the same battalion. All the service chiefs come from the same battalion, so we know each other well. This close understanding and relationship help us significantly.

Operationally, collaboration is the only way forward. Any service that wants to succeed operationally must collaborate with other services. Over the past year, you have seen this collaboration in action with no significant downsides. Strengthening and cementing this duty of collaboration is crucial.

Lack of synergy or collaboration was a concern in the past, but that is no longer the case in the Nigerian service. We are actively working on improving and solidifying our collaborative efforts.

As a follow-up on acquisition, this is a new era for the Air Force. Additionally, the local sourcing of spare parts for these platforms is crucial to avoid dependency.

In the acquisition of spare parts and country maintenance, bad access has been a persistent issue. We need to focus on key enablers such as research and deployment, strategic partnerships, technology, and lesson plans. This is an area that requires development.

The Air Force started addressing this some time ago, and we are building on those efforts.

The Air Force is the technical arm of service, with 80 to 90 per cent of the payment going towards trading in airplanes and sometimes even fuel, which we have to import due to a lack of local refining capabilities.

The cost of importing fuel is very high, and we are all aware of its impact on our economy. Therefore, we need a sustainable solution. Even before the recent financial issues, the Air Force has been exploring ways to domesticate some of these needs. In the past, even the smallest parts, like a simple pin used to attach components, had to be imported. We often had to rely on foreign vendors for our defense needs, but we started developing strong institutions to mitigate this dependency.

We have a robust setup, from classrooms to headquarters. At the headquarters, we have a role in technology that is in capable hands. Initially, we started as technical training rooms, but now we have programs from university levels up to PhD levels focusing on aviation. These programs

conduct significant research for us. Additionally, the Air Force has a research and deployment center located in Osogbo, designed to solve practical field problems.

These two entities, along with our research and deployment efforts, have greatly assisted us. Many technologies have emerged from our research efforts, with more than thirty products developed through these initiatives. These innovations effectively solve real, practical problems. Recently, we conducted a research and development policy competition, which concluded two days ago. The winners will be awarded soon. The products and ideas presented by various personnel of the Nigerian Air Force were impressive and lucrative.

We have a memorandum of understanding with 40 tertiary institutions and research institutes within the country. This collaboration aims to leverage arrangements that support our research and development efforts. This strategy has been very successful, saving us a lot of money. The only way forward is to continue supporting and encouraging these efforts until they can become self-sufficient. We are on the right path and must keep moving in this direction.

Congratulations on the 60th anniversary of the Nigerian Air Force. Regarding those Golden Eras you mentioned, what lessons were learned and how do you intend to learn from it?

There are a couple of lessons we learned from the Golden Era. These airplanes you mentioned are very formidable. In fact, there is a popular saying in the Air Force that they were ahead of their time. They had a lot of technology and computerisation. However, if you look at their lifespan, they didn't fly for long in the Nigerian Air Force before getting grounded. The same thing happened with the 21s; they didn't fly for long before also being grounded. The only airplane that has been sustained from inception till date is the Alpha Jet. There are lessons to learn from that.

Normally, the lifespan of an airplane is about 40 years. If you introduce an airplane into the system, you can effectively operate it for about 40 years before its life starts to expire. However, these airplanes didn't even fly for 10 years before they were grounded. This was essentially because we did not have enough training to maintain them, and we also had issues with spare parts. When the military regime came, we faced a lot of sanctions and couldn’t get the spares to fly them. Over time, this situation deteriorated. By the time the sanctions were lifted a couple of decades later, the resources needed to bring these airplanes back to operational status were equivalent to buying new ones, making it not worth it. The lesson here is reflected in one of the key drivers of my philosophy, which is research and development. The ultimate aim is to wean

ourselves off dependence on foreign vendors because that is the only way. If we had enough technical capacity to maintain them, we probably would still be flying them today.

The only way forward is to strive for independence. This involves true technology transfer, acquisition, and reverse engineering. The goal is to be self-sufficient and produce what we need so we are not completely dependent on foreign vendors. These are some of the lessons, and these are the strategies we are adopting to prevent similar issues from happening in the future.

Do we foresee a time in the future when the Nigerian Air Force will be capable of assembling an aircraft from start to finish that can fly? If so, is this something we can anticipate happening anytime soon?

Certainly, as a matter of fact, it has already happened in a way. You would have heard of the Air Beetle, I think that was in the 1980s. I trained with the Air Beetle primary flying training, which is ab-initio flying training, because they were completely fabricated in Nigeria. The Nigerian Air Force, in collaboration with Dornier Aviation Nigeria Aircraft Civilian Company in Kaduna, undertook this project.

However, like in airplane manufacturing, you don’t produce everything completely in-house. Usually, there’s an engine manufacturer and a landing gear manufacturer, so you buy those components. The entity that is the airplane manufacturer designs the airframe, assembles these components, and produces the airplane.

In that respect, we can say that we have been able to design and produce an airplane because the scheme and the airplane were completely fabricated and assembled in Nigeria. Only the engine, propeller, and some other components were imported. The Nigerian Air Force procured about 60 of these airplanes.

However, something happened along the line. When you manufacture an airplane, you must keep refining it, just like any other product. You use it, test it, and then the next version is a refined one. You keep refining it until you get something optimal that you can even export. Unfortunately, that process was not followed with the Air Beetle, and we stopped manufacturing. The workshop is still there in Kaduna, but it’s closed, and nobody is there.

To answer your question, we have actually been able to produce an airplane. Additionally, you would have also heard of the Tsaigumi and the Gulma Unmanned Aerial Vehicles (UAV). The Gulma was the first one, unveiled in 2013/2014. This is a command area vehicle that was designed and fabricated completely by the research efforts of the Nigerian Air Force without any civilian or external components. Before then, we had a lot of engineering graduates in the Nigerian Air Force, and we needed to utilise their skills in designing, research, and deployment. These individuals were sent out for further education, many obtaining master's and Ph.D. degrees in Aerospace Vehicle Design and other aspects of Aviation.

When they returned, their task was to design and manufacture a command area vehicle. They successfully created the first prototype, called Gulma, which was demonstrated in flight at the Kaduna airfield. It flew around, and we kept refining it. The refined, optimal version came out in 2018, which we call the Tsaigumi, which has demonstrated its flying characteristics and potential operational uses.

However, there is a gap in the avionics and integration components, specifically with cameras, GPS, communication, and navigation systems. We didn’t have sufficient capability to integrate all those components to make it formidable in terms of robotic operation.

We had to partner a foreign company in Portugal. The Ministry of Defence has already signed the contract, and we’ve paid our counterpart funding to cover the gaps in avionics components and make the Tsaigumi UAV operational. The initial contract involves producing six models, and hopefully, either towards the end of this year or by next year, the first operational models will be in our inventory. We have a lot of capability and capacity, but there are still gaps here and there. We are already manufacturing, and we only need to close these gaps to do much more.

Air Marshal Hasan Abubakar

Crime&Punishment

Hajj Pilgrimage Scam: Court Sentenced Man to 10 Years’ Imprisonment

Funke

Olaode

For a decade, they all looked up to the judiciary, which is often seen as the only arbiter of the common man. Hope was lost, expectations

dashed, and faith shattered. It was a long walk to victory for 46 Hajj pilgrimage hopefuls who were duped exactly 10 years ago when they wanted to embark on a journey to Mecca. The journey

was aborted as they entered the hand of a “con man.”

But last week, the law of the land took its full course and justice was served. Justice Oyindamola Ogala of the Ikeja Division of the Lagos

High Court sentenced the culprit, Alhaji Sharafadeen Irorun, to 10 years’ imprisonment for scamming Muslim pilgrims out of their money to the tune of N7,500,000.

Before his sentencing, the trial

Court Summons Church Over Encroachment of Asade Family Land

A Lagos State High Court in Ikeja has ordered the Incorporated Trustees of the Victorious Army Ministries International to appear before it to answer a land dispute case involving the Asade Royal Family of Ogba, Lagos.

Justice Raliat Adebiyi made this order following a motion ex parte brought pursuant to Order 9, Rule 5 of the High Court Civil Procedure Rules 2019 by Prince Oyewole Asade and Prince Olabisi Asade.

The Asade family had filed an application seeking the leave of court to serve a writ of summons

and all other originating processes on the church by substituted means, posting at their church premises, having failed to accept service.

In the writ of summon, the family is seeking a declaration that they are the owners of all the pieces or parcels of land located and situated at Plot 22, Acme Road, Agidingbi, Ikeja, Lagos State.

A declaration that the Asade family are entitled to the statutory right of occupancy for all that piece or parcel of land located and situated at Plot 22, Acme Road, Agidingbi, Ikeja.

Also, the family, as the claimants,

is seeking an order of perpetual Injunction to restrain the church, its servants, agents, privies, assigns, representatives, and whosoever derived title from them from trespassing or further trespassing on the disputed land, including an order for possession of all that piece or parcel of land known, located and situated at Plot 22, Acme Road, Agidingbi, Ikeja.

In their statement of claims, the family relied on the Supreme Court’s decision in suit No SC 129/1984, wherein Justice Andrews Obaseki affirmed that Agidingbi village and all the farmlands surrounding it lie within Asade’s

Ogba land.

In their statement of claim, they averred that there was no record of any sale, assignment, transfer, or lease of the said land from their record to the church, and they did not know how the church got into their land.

The family’s lawyer, Otunba Remi Adeoye, also noted that despite serving the originating processes, the church didn’t file its defence to the claim within the time allowed by the court’s rules.

According to the lawyer, the church deliberately failed to file any process in court with the intention of delaying the case.

Total Employer Bag Four-Year Imprisonment for Stealing

Funke Olaode

The Lagos Special Offences Court has sentenced Idris Bakare, a Total contract worker, to four years’ imprisonment for stealing.

Justice Olubunmi Abike-Fadipe found him guilty as charged by the Economic and Financial Crimes Commission (EFCC), convicted and sentenced him.

EFCC had arraigned Bakare on a four-count charge of offences bordering on stealing contrary and dishonestly converted to his use, totalling N35,672,845.00.

The anti-graft commission stated that Bakare, together with Dauda Adegboyega and a company, Zuraai Gold Ventures, alleged of dishonestly converted to their use of the money (N35,672,845) belonging to British

Airways between October 23 and December 31, 2019, in Lagos.

The defendant pleaded guilty to the charge.

Following his guilty plea, the EFCC counsel, Ms. Zainab Atiku, called an EFCC investigative officer to review the facts.

The EFCC investigative officer, Mojibola Adekunbi, told the court that the commission received a petition from British Airways against Total Nigeria Plc and Asharam Energy on October 4, 2022.

The petition alleged that Total Plc, British Airways Engineer, and Sahara Energy conspired to invoice Aircraft Jet A1 fuel above what had been uploaded to the British aircraft for N363,780,248.53k, an ongoing practice since 2018.

EFCC operative told the court that

the investigation revealed that the convict was a contract staff member of Total Plc, a fueller who dispensed Jet A1 fuel via bowser vehicle with hose to the aircraft.

She noted that the convict conspired with others by selling an amount of Jet A1 fuel meant for British Aircraft to one Dauda Sulaiman, which was confirmed by the buyer through a series of transactions involving money in the convict’s account.

“That the convict received the total sum of N40,676,000 only from the buyer, Dauda Sulaiman being the proceed of sales of the stolen Jet A1 fuel,” she stated.

Therefore, Atiku tendered a petition from British Airways to the EFCC, statements of the defendant, a statement of account of Zenith Bank

of the defendant, and a N4 million Access Bank Cheque draft to the Commission during the investigation as evidence.

Abike-Fadipe admitted them as exhibits P1, P2, and P3, respectively and convicted him as charged.

The court, however, gave the convict the opportunity to address the court. Bakare pleaded for mercy and promised never to engage in fraud again. He also apologised to British Airways and his employee, Total Nigeria Plc.

Also, the convict counsel, Olufemi Bisuga, asked the court to temper justice with mercy. He said he apologised to British Airways, his employer, through the principal Total Plc. He also apologised to Nigeria and his family as he noted that he had learnt his lesson.

Complainant Urges Lagos Attorney General to Expedite Forgery Trial of Lawyers

The Attorney General and Commissioner for Justice in Lagos, Lawal Pedro (SAN), has been urged to proceed without delay with the criminal charge filed against two lawyers and a businessman before Justice Sherifat Sonaike of the Tafawa Balewa Square Division of the Lagos High Court.

The defendants in the charge are Adebayo Akeju of Adon Law Chambers, Ademola Owolabi of Ademola Adetokunbo & Co., and Alex Ochonogor of Bluecrest Homes Limited.

In a letter written by Jimoh Lasis (SAN), Chukwudi Adiukwu (SAN) and Anthony Omaghomi, counsel to the complaint, Dr. Eze Obidigwe, they urged the commissioner for justice to resist the temptation to

discontinue the prosecution as requested by one of the suspects. Akeju, who is charged with alleged forgery and damage to property alongside the other two, had on April 25, 2024, written a petition to the attorney general, asking him to stop their prosecution in an attempt to mislead him into believing that it is a malicious charge, without even showing up in court to take his plea.

In a petition published online titled ‘Application for Administrative Review of the Legal Advice on the Referenced Matter’, Akeju claimed that the police investigation report that resulted in the advice to try them was inaccurate.

He also claimed that he carried out his client’s instructions, Major Hamza Al-Mustapha (retd.), the

land’s original owner. According to him, Al-Mustapha had lost his original Certificate of Occupancy and signed a memorandum of loss for him to dispose of the property.

But Al-Mustapha in a letter to the permanent secretary at the Governor’s Office, Lagos State Land Bureau, Alausa, dated May 22, 2024, said he had sold and transferred the original Certificate of Occupancy of the property long before Akeju raised a memorandum of loss of CofO suo moto (on his own), which he used in selling off the property again.

He said, “I have not misplaced nor lost the Certificate of Occupancy. Furthermore, I have never sworn an affidavit stating its lost, nor have I filed a missing police report concerning this

document, as well as never caused any public service announcement in any newspaper about misplacing my original C Of O. Hence, kindly disregard any assertion that contradicts this position.”

However, the complainant, Eze, a dental surgeon practising in the United States of America, asked the attorney general to ignore the petition and exercise discretion in favour of the public interest and the interest of justice by directing the DPP to prosecute the suspects.

“Our client is convinced that the investigation carried out by the police and the conclusion reached is accurate, i.e. that there is a prima facie case of conspiracy, forgery, illegal encroachment, and contempt against Akeju, Owolabi and Ochonogor.

judge found Irorun guilty on April 29, 2024, on four counts out of a 12-count charge bordering on obtaining by false pretence and stealing brought against him by the Lagos government.

Ogala held that the prosecution had sufficiently established that the defendant and others at large are a criminal group and convicted Irorun on counts one, two, five and six.

She said, “The defendant and others who are at large are a criminal group who unwittingly dispossessed innocent persons of their money under the pretext of helping them undergo the Hajj pilgrimage.”

The judge convicted him on the provision of section 312, 285 (9) (b) of the Criminal Laws of Lagos State 2011.

However, while sentencing the convict, the judge held that the convict obtained by false presence and stealing. She therefore sentenced him to 10 years imprisonment. The judge ordered the prison term to commence from June 6, 2022.

During the trial, the prosecution counsel, Mr O. A. Azeez, called three witnesses, including one of the nominal complainants who contributed the money that the third prosecution witness (PW3),

Alhaji Lukman Abdulkareem, gave to the defendant. The judge found that PW1 and PW2 had no direct involvement with the defendant but supported the evidence of PW3, who was involved with the defendant and whose evidence she called “succinct and direct.”

She said, “It is also clear to the court that the evidence of PW1 and PW2 are fair, consistent to the case and indeed corroborate the evidence of the PW3.”

However, the judge acquitted Irorun of the other eight counts in the charge against him after she stated that the prosecution had insufficient evidence to convict him.

Justice Ogala said the PW3 told the court that 46 people, including himself, had contributed money and paid N7,500,000 to the defendant to procure forms from the Lagos State Muslim Pilgrims Board in 2014. She said that PW2 gave evidence that he gave N800,000 to PW3 to help him pay for the Hajj pilgrimage for eight people after their original arrangement to secure seats failed. She said that the PW3 told the court that he discovered he had been scammed after he requested officials to give him the bag gifts meant for the pilgrims and was told that their names were not on the list.

An international offshore oilfield support and solutions company, Caracal Oil and Gas Services Limited, has instituted a $1,140,000 suit against SunTrust Bank Nigeria Limited over an alleged breach of contract.

Joined as co-defendant in the ensuing legal hostility is the Central Bank of Nigeria CBN.

In a statement of claim accompanied by the written statement on oath of the chief compliance officer of the company, Mr. David Ibukun, and filed before the Lagos Division of the Federal High Court by a Lagos lawyer, Mrs. Soibi Ovia, the deponent avers that the plaintiff (Caracal Oil and Gas Services Limited) is one of the customers of SunTrust bank and maintains both naira and domiciliary accounts with the bank which the plaintiff had fully funded and maintained in good standing over the years up until January 20, 2023, when her account was debited pursuant to the irrevocable standing order.

She stated that on or about January 10, 2023, the company executed an irrevocable standing payment order in favour of one of her international lending partners.

The ISPO was executed in

respect to its USD account domiciled with the bank.

According to the terms of the ISPO, the bank was mandated to credit its International lending partner’s (Trade Credebt) account domiciled with Barclays Bank Ireland Plc with the balance standing to the credit of the company as of the 25th day of every month or the next working day if the same falls on a weekend.

As of January 20, 2023, the account was credited $256,670.00 with the narration “Inward Telex Transfer: Supply of Vessel/ CARACAL OILB/ONNPC/ FIRST.” Subsequently, the account was debited on January 25, 2023, for $383,290.12.

The $383,290.12 debited from the account was to trigger the release of $3,000,000.00 and finance the mobilisation to Nigeria of the company’s PSV Helios 289 vessel situated at Carena Shipyard in Abidjan, Cote d’Ivoire, as well as a number of the company’s projects, amongst others; to the knowledge of the bank.

Subsequently, on January 25, 2023, the bank issued a Telex to the company, supposedly evidencing the alleged transfer of $383,290.12 to its Trade Credebt account domiciled with Barclays Bank Ireland Plc.

Funke Olaode

Wale igbintade

Wale igbintade

THISDAY Production Staff, Alhaji Isiaq Idowu Oyefusi (on green cap/fifth from let), with the old students association of ICHS Ikenne, Remo, Ogun State, during the eighth day Fidau prayer and fifnal burial ceremony of his late mother, Alhaja Selimotu Oyefusi, held in Iperu, Ogun State...recently

L-R: Commissioner 2, Lagos State Health Service Commission, Dr. Bolaji Olukoya; Director of Administration and Human Resources, Lagos State Health Service Commission, Mrs. Owoade Folashade; Medical Director, General Hospital Lagos, Dr. Abiola Aduke Mafe; Head of Administration and Human Resources, General Hospital, Odan, Lagos, Mrs. Fatimo Olusola Braimo; and Chairman, Lagos State Health Service Commission, Dr. Atinuke Onayiga, during the 2024 International Human Resources Day marked by General Hospital Lagos State Human Resources in Lagos...recently

PHOTO: eTOP UkUTT

L-R (sitting): Energy Correspondent, The Energy Republic, Genevieve Aningo; Editor Champion Newspaper/Chairman, Association of Energy Correspondents of Nigeria (NAEC), Ugo Amadi; Director, Decade of Gas Secretariat, Ed Ubong; Energy Reporter, Channels TV/immediate-past Chairman of NAEC, Olu Philips; Team Lead, Economic Principles, Decade of Gas Secretariat, Ramatu Abdullahi; other energy journalists and resource persons from Decade of Gas Secretariat/Nigerian Gas Association (NGA) during ‘Gas Basics and Awareness Session’ for energy reporters, held in Lagos...recently

L-R: Chief Medical Director, Irrua Specialist Teaching Hospital, Professor Reuben Eifediyi; his wife, Dr. Gloria Eifediyi; Anglican Bishop of Esan, Rt. Rev. Gabriel Elabor; and wife, Dr. Chidalu Elabor, during a thanksgiving mass in honour of Prof. Eifediyi on his appointment as the new Chief Medical Director of Irrua Specialist Teaching Hospital at Ambrose Catholic Church in Emaudo, Ekpoma, Edo State...recently

L-R: Parent of the best qualifying candidate in a diet, Mr. Justin Akalezi and Bridget Akalezi; Babcock University alumnus/prize winner for best qualifying candidate in a diet, Miss Chidinma Akalezi; President, Institute of Chartered Accountants of Nigeria (ICAN), Dr. Innocent Iweka Okwuosa; Vice President, Financial Administration/University Bursar, Babcock University, Dr. Folorunsho Akande; Partner/ West Africa Tax Leader, Deloitte, Mr. Yomi Olugbenro; and Dean, School of Management Sciences, Babcock University, Prof Samuel Dada, during the presentation of prizes at ICAN 73rd induction ceremony for new members held in Lagos...recently

Osun State Governor, Senator Ademola Adeleke (let), receiving the state-born boxer and winner of the African light heavy weight champion, ldowu Rasheed, in Osogbo...recently

25 Years On, Still a Transitional Democracy

In his book “Democracy,” J.R. Lewis provides more insight into that enduring political genre. He held that democracy is a system of government that allows the majority of the people to exercise political control in an attempt to minister to the common life of society and to remove the dissonances that trouble it.

Lewis went on to argue that the path toward democracy has been trodden not only for the sake of the form of government that it provides, but also for the type of society it engenders, the freedom it offers to the individual society, and the way of life it upholds.

He added that it could be said the foundation of democracy is to be seen in the principle of the advancement of human potentiality; as a method of making man realise to the full his place in society.

The point often stressed by political scientists and commentators is that democracy as a system of government must exist along with democratic principles. Otherwise democracy as a theory would remain transitional and founder if excessive emphasis is placed upon the institutions of democracy so that they are regarded as ends in themselves, without regard being paid to the principles behind the system.

According to Lewis, it is easy enough to establish a state and set up in that state institutions based on the democratic devices obtained in other countries.

But this is no guarantee of democracy. He averred that attention must be paid also to the democratic principle, the other side of the coin – the advancement of man and human dignity. Thus, one must look beyond the mere form, to the principle beyond.

Nigeria returned to democratic system of government on May 29, 1999, when it operationalised the institutions of democratic governance. These institutions are the office of an elected President as the Head of State; an elected National Assembly and state assemblies to make laws independent of the executive; an independent judiciary that has no limitation to interpret the laws of the country in accordance to the constitution of the Federal Republic of Nigeria and a multiparty political system that provides alternative political programmes and selects candidates for elections.

However, 25 years down the line it appears Nigeria merely replaced authoritarian military regimes with an assemblage of democratic institutions without caring for its basic principles like constitutionalism, constitutional conventions, free and fair elections, observance of internal democracy in the party system, freedom of press, etc. This gives the nation’s democracy a transitional slant.

Bertrand Russell noted in his book, “The History of Western Philosophy,” that “in the absence of any guiding principle, politics becomes a naked struggle for power.”

Indeed, lack of democratic principles has reduced

By Dike o nwuamaeze

PROLOGUE

politics in Nigeria to a naked struggle for power, and illicit accumulation of wealth among others.

The outcome is that democratic governance in Nigeria has, in practice, become an aristocratic and oligarchic enterprise.

It had been argued by Robert Michels in his book, “Political Parties: A Sociological Study of the Oligarchical Tendencies of Modern Democracy,” that democratic external form which characterizes the life of political parties may readily veil from superficial observers the tendency toward aristocracy, or rather toward oligarchy.

His words: “We may sum up the argument by saying that in modern party life aristocracy gladly presents itself in democratic guise, whilst the substance of democracy is permeated with aristocratic elements. On the one side we have aristocracy in a democratic form, and on the other democracy with an aristocratic content.”

This, perhaps, accounts for the reason Nigeria’s 25 years of unbroken democratic governance has not been able to resolve any of the country’s thorny issues. So far, the quest for true federalism and a constitution that is truly prepared by Nigerians for themselves still remained elusive.

Moreover, 25 years of unbroken democracy has neither been able to ameliorate the country’s centrifugal forces nor give ascent to centripetal forces that would unify the country into a harmonious whole due to its failure to create value consensus among the peoples that make up the country.

In fact, the centrifugal forces has gotten bolder with the emergence of Boko Haram Islamic fundamentalist movement in the North-east; the rise of secessionist movements in the South-east like the Movement for the Sovereign State of Biafra (MOSSOP), which later gave birth to Indigenous People of Biafra (IPOB) that is calling for the realisation of the Peoples Republic of Biafra; and the growing agitation for the realisation of the Oduduwa Republic in the South-west

Moreover, under 25 years of uninterrupted democratic governance, Nigeria is sliding steadily into a Hobbesian state of nature where life is brutish, nasty and short with the evolution of banditry, kidnapping, militant movements in all parts of the country.

Robert J. Mundt, Oladimeji Aborisade and A. Carl LeVan, who anchored Politics in Nigeria in the Pearson International Edition of “Comparative Politics Today: A World View,” observed that of all the countries considered in the book, “Nigeria might be the only one whose continued existence is currently in doubt.”

They added: “Even though Nigeria has returned to constitutional rule, that constitution will continue to be tested by Nigerians’ frustration over the failure of their potentially wealthy country to provide basic human needs, education, potable water, reliable transportation and communications, and politics free from rampant corruption.”

Yet, the alternative to democracy is authoritarianism which could even be worse.

Professor Anya O. Anya in his essay - “Business and Accountable Governance in Nigeria: The Obligations of Leadership” - said that “we must start from the recognition that the current situation is beyond the capacity of our political elite. We need to start again by instituting a new programme of national regeneration, restoration and renewal.

“So, where are the wise elders? Where are the insightful statesmen? And where are the brilliant and industrious youths who are prepared to rebuild from the foundation?” Anya asked.

It’s imperative that Nigeria moves from the extant transitional mode to genuine democratic governance status that would incept transformational progression and provide Africa with a leadership in sync with her clout.

Former President Olusegun Obasanjo

President Bola Tinubu

Former President Goodluck Jonathan

The late former President Umaru Yar’Adua

Former President Muhammadu Buhari

Nigeria: 25 Years of Economic Reforms And Impacts

The return to democratic rule in Nigeria in 1999 was followed by implementation of economic reforms in various sectors by the succeeding governments to address the issues that have continued to prevent the country from realising its potentials in the sphere of inclusive growth and development. The reforms are many but due to space constraint, this piece will focus on just a few, and mostly outcomes, relating to macroeconomic and structural reforms. The general framework for the economic reforms has somehow alternated between the market strategy and development planning. At the resumption of democratic governance in 1999, the Obasanjo government re-introduced the market approach/neo-liberal policies, which held sway during the Structural Adjustment Programme of 1988-1993. But the government later introduced policy planning (NEEDS) in its second term. The Yar’Adua/Jonathan government seemed to have a belief in planning; it introduced the “Seven-Point Agenda” and prepared the Nigeria Vision 20: 2020 Economic Transformation Blueprint (NV 20: 2020) and its first implementation plan. Through the NV 20: 2020, Nigeria was to become one of the top 20 economies in the world by 2020, with an overarching target of at least $900 billion in GDP and per capita income of at least $4,000 per annum. Unfortunately, the Vision 20: 2020 Blueprint, although well-designed, was not implemented as expected. Indeed, not long after the First National Implementation Plan was prepared in 2010, the Goodluck Jonathan’s administration came up with the so-called Transformation Agenda, 2011 – 2015. The Buhari’s administration, in its second term, prepared the Medium-Term National Development Plan, 2021 – 2025 and the long-term Agenda 2050 Plan. But hardly were these implemented in any meaningful way. It was not surprising that the Vision 20: 2020 GDP and per capita income targets, and others were never achieved. The present administration seems to have faith in neo-liberal economic policies which it has implemented since May, 2023.

Now, to some key macroeconomic and structural reforms: Four of the economic reforms implemented by the Obasanjo administration had the potential for tremendous positive impact on the economy: second phase of the privatisation programme, bank recapitalisation, telecommunications deregulation and liberalisation, and establishment of the Excess Crude Account (ECA). Some reforms of the succeeding governments are also briefly examined.

Privatisation of Public Enterprises

The first phase of privatisation of public enterprises (PEs) in Nigeria occurred in the context of the SAP from 1988 to 1993. The reform was implemented against the backdrop of the observed dismal performances of public enterprises in Nigeria. The first phase privatisation recorded some achievements: 55 PEs were privatised. Perhaps, because of the numerous problems of the policy implementation, there was a lull in the privatisation activities from 1994 - 1997. However, the Obasanjo government implemented the second-round privatisation programme between 1999 and 2006, about 116 PEs were privatised in industries such as aluminum, telecommunications, petrochemical, insurance, and hotel. Besides, the Power Holding Company of Nigeria (PHCN) was unbundled into 18 companies responsible for power generation, transmission, and distribution. At present the power distribution segment has eleven private distribution companies (DISCOs).

No doubt, the case for privatisation of PEs in Nigeria had been well made. Many PEs are now in private hands. However, the performance of most of the privatised PEs in terms of quality, volume and lower prices still left much to be desired. Nigerians have not gotten the benefits of privatisation as expected by consumers. The benefits of efficiency, growth and better service have been very elusive. Some privatised enterprises are moribund, some are cannibalised while others were converted to other activities, even social activities. Other than the telecommunications sector, the net benefits of privatisation to the economy are not visible. This is the case of the controversial electricity DISCOs in the country.

Banking Sector Consolidation

As of 2004, the banking sector exhibited symptoms of ill health and systemic distress. The Central Bank of Nigeria, on July 6, 2004, responded with a Bank Recapitalisation/Consolidation programme, which required banks to increase their shareholders’ funds substantially to a minimum of N25 billion through fresh capital injection by end December 2005. The recapitalisation aimed at strengthening the banks, inspiring confidence, and enabling them to become active domestic and global players in the financial market. At the expiration of the deadline on December 31, 2005, 25 banks emerged from 75 banks out of 89 banks that existed at end-December 2004; 14 banks being insolvent, had their licences

revoked by the CBN. Overall, the bank consolidation had a positive impact on the banking sector, in particular and the economy in general: (i) It produced relatively well-capitalised banks which increased public confidence in the system; (ii) It brought greater awareness of the opportunities in the capital market; (iii) Liquidity was enhanced in the banking system and banks had greater potential to finance big-ticket transactions; etc.

One lesson from the past recapitalisation exercise is that increased capital is a necessary but not sufficient condition for sustaining banks’ good health. This is borne out by the resurgence of symptoms of ill health in the banking sector some years after the 2004 consolidation exercise. Those symptoms triggered the regulatory actions by Governor Sanusi Lamido Sanusi. And now a new phase of bank recapitalistion has been announced by the CBN under Governor Cardoso in light of the sector’s current challenges including capital adequacy concerns. Another lesson is that good management/corporate governance is indispensable in the resolution and prevention of distress in the banking sector.

The Global System of Mobile (GSM) Communications Revolution

If one was to name just one economic reform that has had tremendous impact on economic activities and human life in Nigeria, it is what can be described as the GSM revolution. The telecommunications sector was deregulated/liberalised by the administration of President Olusegun Obasanjo in 2001 and the GSM was introduced. Before then, the sub-sector was characterised by unsatisfactory service quality, high cost, low contribution to GDP, etc.

The number of telephone lines and teledensity were low: 200,000 telephone lines as at 1985 resulting in a teledensity of 1:440 as against the International Telecommunications Union (ITU) standard of 1:100. Following some reforms, the total number of operational lines stood at 426,500 in year 2000 (teledensity of 1:284).

Following the full deregulation of the sub-sector in March 2001, the Nigerian Communications Commission (NCC) licensed two private operators in addition to the government-owned NITEL to operate the GSM telecommunications. By end-December, 2001, about 300,000 cell phones had been rolled out, bringing the total operational telephone lines in the country to 726,500 or a teledensity of about 1:165. Since then, the telephone network in the country has grown rapidly: end of 2018, 172.9 million active lines including 172.5 million lines in the mobile telecommunications sector; and teledensity at 1: 123.48. As at 2024, the number of telephone lines is reported to be around 220 million. The number of internet users has also increased substantially. And the major GSM operators are Mobile Telecommunications Network (MTN), Globacom, Airtel, and 9mobile in descending order of subscriber market shares.

The impact of the growth in the mobile telephony industry has been phenomenal and it is felt in the industry itself and associated industries, creation of direct and indirect employment, and development

of skills, and poverty reduction. It has provided easy, cheap and effective communication within and outside the country fostering trade and other economic activities.

Excess Crude Account

The Excess Crude Account (ECA), established by the Obasanjo’s administration in 2004, is a very good fiscal reform instrument to address the serious challenges of lack of a meaningful saving mechanism for the country, and the phenomenon of unstable oil revenue. The ECA is a mechanism used to save oil revenue for the ‘rainy day.’ Although its objective is laudable, the ECA did not have a proper legal and management framework and this became its bane.

Nevertheless, the ECA was very successful with positive impact during the Obasanjo’s administration. The ECA increased from $ 5.1 billion in 2005 to over $20 billion in November 2008, representing about 38 per cent of the nation’s $53 billion external reserves in that year. This account provided the fiscal space to accommodate the shocks occasioned by the global economic/financial crisis of 2007/2008. Earlier, funds in the ECA were used to pay off Nigeria’s component of the Paris Club debt relief agreement in 2005/2006.

Clearly, the ECA served its purpose during the Obasanjo’s administration. But, thereafter, the management of the account became very poor reflecting opaqueness, continuous depletion of the savings even when crude oil prices were rising such that accumulation of savings would have been the wise thing to do. As at the time the Buhari’s administration was inaugurated in May 2015, the account had been depleted to a balance of U2.06 billion. In light of the serious macroeconomic challenges faced by the Buhari government, the ECA was further depleted and it posed a threat to exchange rate stability and other elements of macroeconomic stability. It stood at $ 473,754.57 million as of April 2024.

However, the Sovereign Wealth Fund (SWF) that was established in 2011 through the Nigeria Sovereign Investment Authority (NSIA) (Establishment) Act, 2011 seems to have performed well with notable impact in relation to its objectives: meet budget shortfalls in the future, provide dedicated funding for development of infrastructure and keep some savings for future generations. NSIA has demonstrated positive impact through its increased focus on domestic infrastructure projects in agriculture, healthcare, and infrastructure enabling financial institutions.

GDP Rebasing

This was a major macroeconomic reform undertaken in 2014 by the Goodluck Jonathan’s administration, but with the results highly politicised/celebrated by the government as portraying achievement; the country became the largest economy in Africa, having overtaken South Africa. But this was not a sustainable achievement and the majority of the people’s pitiable living conditions did not change. And Nigeria did not compare favourably with South Africa on many other indicators. Focus should, therefore, be on how to make the economy acquire the transformational features of those economies that are in the league of the top 20, and also how to achieve broad-based and inclusive growth.

Recent Economic Reforms

Naira Redesign Policy: This policy was a monetary reform of the Buhari’s administration through the CBN, which turned out to be rather controversial and had to be suspended by the Tinubu’s administration. The expected benefits of the redesign policy derived from the laudable objectives, which included improved monetary policy transmission mechanism and its effectiveness in ensuring price stability. But its implementation turned out to be controversial because of the timing of the policy implementation, its perception as a political tool for influencing the 2023 presidential elections, limited flexibility, and the poor appreciation of the weak development of the e-payments channels, etc.

Nevertheless, most of the policy objectives were achieved: significant reduction in the volume of currency in circulation outside the banking system, promotion of financial inclusion which benefits individuals and enterprises, promotion of a cashless policy, reduction in kidnapping for ransom, among others.

But these appeared to have been diminished by the unintended consequences and negative impacts on different segments of the economy: the citizens suffered due to shortages of the new notes and collapse of the online payments infrastructure. The lessons learnt should guide future currency redesign initiatives.

The Tinubu Economic Reforms: President Tinubu, on assumption of office, rolled out a number of macroeconomic reform measures in quick succession, the first of which was the abrogation of subsidy on petrol and the deregulation of its price. It was followed by the foreign exchange market reforms, the major plank of which is the floating of the

Naira in the market. These apparently happened in the context of resurrection and ascendancy of neoliberal economic policies. Then, in its bid to tackle the galloping inflation, the CBN began to implement series of monetary policy tightening measures.

The Monetary Tightening Measures of the CBN: These are Monetary Policy Rate (MPR) hikes and sharp increase in Cash Reserve Requirement (CRR). The CBN hiked the MPR by a cumulative 600 basis points to 24.75 per cent in March 2024 from 18.75 per cent in January, 2024. The CRR was also hiked from 32.5 to 45 per cent in the same period. The Loans to Deposit Ratio (LDR) was reduced from 65 to 50 per cent. Notwithstanding, headline, core and food inflation have trended upwards consistently with headline inflation standing at 33.2 per cent in March, 2024. This high inflation has compounded the situation of low and fragile growth in the country - phenomenon of stagflation. So far, the tight monetary policy measures have not succeeded in reducing the inflation rate. This suggests that the drivers of inflation are beyond money supply expansion. And these drivers include exchange rate depreciation, petrol subsidy removal, electricity tariff hikes, burgeoning fiscal deficits, legacy infrastructure deficits, insecurity in different parts of the country, among others. These appear not to have been accorded due recognition by the monetary and fiscal authorities. The Bank should recognise their role and the limitations of monetary policy in addressing them.

Foreign Exchange Market/Exchange Rate Reform: Until the middle of June, 2023, the CBN operated a managed float exchange rate system and it was able to maintain fairly stable exchange rates. The exchange rate stood at about N460.00/$ by the middle of June 2023. About the same time, the CBN completely floated the Naira and allowed market forces to determine the exchange rate. Consequently, the Naira depreciated sharply to about N770 to the dollar on July 21, 2023. Thereafter, the gap between the parallel market and official foreign exchange market rates began to widen because of persistent shortage of foreign exchange. Subsequent depreciation of the exchange rate put both the official and parallel market rates at between N1,500 and 1,600 to the dollar sometime in March 2024. Then, the Naira experienced what appeared to be temporary appreciation as at the second week of April 2024. Though laudable, its sustainability is not certain. Meanwhile, the macroeconomic implications of the Naira floating have been very severe in relation to heightened economic instability, inflation upsurge, adverse impact on the real sectors and growth, and social welfare. Floating remains issue of serious concern in the country. There is thus the need to implement the free float exchange rate policy cautiously and sensibly because most of the necessary pre-conditions for a successful float are not satisfied in the country.

Fiscal Policy Reform: Petrol subsidy removal: For a very long time, from the 1970s, the federal government had fixed petroleum product prices and paid the corresponding subsidy which had constituted a huge burden on public finances. And the succeeding governments could not muster the will to remove the subsidy even though there was a good case for it. However, President Tinubu announced the removal of petrol subsidy at his inauguration on May 29, 2023, and implemented it one week later. And it has resulted in severe macroeconomic and social consequences, perhaps, because of the framework. The government deregulated petrol prices and eliminated subsidy payments under a fuel importation regime. But imported petrol prices tend to be higher in the domestic economy than the domestically refined products which are free of international transport and insurance costs, exchange rate depreciation effects, among others.

Therefore, deregulation of petrol prices needed to have been done on an appropriate framework of domestic refining of petrol, rather than importation of petroleum products. The importation framework has resulted in unpleasant macroeconomic and social consequences for enterprises, individuals, and living standards. The removal of fuel subsidy has directly and immediately impacted energy prices and the prices of goods and services across the country, as manifested through sharply increased transportation costs, increased cost of production and inflationary pressures, reduced purchasing power and living standards, and increased poverty incidence, among others.

Now, it appears that subsidy payment by government has quietly returned with the determinants of subsidy payments trending upwards sharply: price of crude oil and exchange rate. These have hiked the cost of importing refined petroleum products and increased the perception that the payment of subsidy and/or accumulation of subsidy debt may have quietly returned, running into billions of Naira per month. With this, the positive impact of the initial subsidy removal on

President Bola Tinubu

Mike Idi Obadan

Democratic Governance, Competition and Fiscal Federalism: Reflections on the State of the Nation

1. Introduction

In the millennia since human habitation was established on the earth the challenge has been how to organise the society to enhance human welfare and progress. In the process several styles and units of social organisation have been tried from clans, tribes, nation – states, kingdoms, empires and even autocracies. The challenge has been how to create a conducive atmosphere to enhance human freedom and human dignity in such a manner that will promote peaceful interaction in a conducive and cooperative humane environment. In the process of building appropriate institutions, the idea of democracy emerged. The earliest society where this form of governance was practiced was the Athenian City State where all adults, mostly men participated in reaching decisions for the harmonious management of their society.

2. Democracy and Democratic Governance Democracy is a system of government in which state power is vested in the people or in the general population of a state. Over time the numbers of the people eligible to participate in the decision making process in the society became unwieldy and hence difficult to manage. To stream-line the process the idea of representation emerged. It became the practice to elect leaders from amongst the population in a competitive election. In a democratic society the people are important since the elected officials are really their messengers. Over time more expansive definitions of democracy insisted that rulers must emerge through competitive election and with that came the linkage of democracy and guarantees of civil liberties and human rights. Thus the voice of the people became an inalienable desideratum in any discussion of democracy hence Abraham Lincoln’s famous definition of democracy as “the government of the people, by the people and for the people.” Beyond the voice of the people being heard democratic governance can be regarded as attempts to institutionalise the social space for the expression of the voice of the people.

Democratic institutions are important in this endeavor, especially where the voice of the people do not have the capacity to guarantee the implementation of their decisions. It becomes necessary to recognise that a classification of forms of democratic governance can be attempted on the basis of what answer they can give to the question of the rationale for creating space for the voice of the people. As has been suggested, “the institutional design of different forms of democratic governance is based simultaneously on a normative ideal of democratic legitimacy and a sociological account of the functioning of a democratic institution. “For example questions can be raised whether the Independent National Electoral Commission (INEC) and the way it operates can represent an aggregation of the voice of the people. Further, the question can be raised whether we need a constitutional court to deal with some issues that could arise from time to time, especially on issues of democratic legitimacy. Let me illustrate.

During the last elections, the INEC informed Nigerians that a total of 93 million Nigerians registered to vote. At the presidential elections less than one third of the registered voters actually voted and discharged their franchise: that is less than 30 million out of the 93 million registered voters fulfilled their democratic obligation. Of the less than 30 million who voted, again, less than one third voted for the eventual winning candidate. In other words, in the actual elections, for every one voter who voted for the ultimate winner, two voted against him. Howbeit the votes of a minority of eligible voters installed the ultimate winner. This raises the question of democratic legitimacy because a foundational principle of the democratic ethos is the majoritarian principle which insists it is the decision of the majority that determines the ultimate winner. The question then arises in such circumstances when the winner did not win the majority of the votes cast by the majority of the voters. What is the rational and constitutional remedy? This suggests that in such unusual circumstances, a Constitutional Court should be in place to adjudicate what is best in the national interest on the obvious democratic anomaly, of the votes of a minority over riding the votes of the majority?

3. The Challenge, The Vision and The Dilemma

Most Nigerians over 70 will admit that in their experience Nigeria has never been as disorganised, chaotic and permeated with such a high degree of normlessness as we have witnessed in recent times. Three problems stand out: insecurity, stagnating economic growth and lack of national cohesion. The overarching challenge that ties together these inter-related problems is the low quality of leadership, especially political leadership. As has been said recently, “the intricacies of managing the diverse interests of a multi-cultural Nation-State such as Nigeria require a lot of skills, tact and open mindedness. If the Nation-State should

move forward Nigerians must deliberately decide to reject the promotion of self over group, group over community, community over ethnicity and religion, and ethnicity and religion over national interest. We must willingly suppress the urge to promote our personal interest and choose instead to put forward our best foot forward in order to promote our collective national interest.” The national interest must encompass a common and acceptable national purpose. Moreover, the decision makers in relation to what can constitute a genuine example of a common purpose must share a common code of values. This code of values promotes a common and acceptable vision of a desirable future. The system through which the decision makers emerge should usually apply a strict set of criteria based on merit and excellence. Hence a level playing field in which the code of values is deployed equitably across board. The criteria that shape the selection process include the following attributes of the leader: integrity (character), competence, conviction, courage, charisma, commitment, compassion and empathy. Most often such leaders command the trust and loyalty of the followers. It should follow then that the crying need of Nigeria is clearly to find those who can build a new Nigeria on a new foundation. The emergence of a responsible and Nigeria-wide college of elders and leaders – statesmen who promote and project unity of purpose, integrity and wholesome values – a new crop of nation–builders is desirable. They should be driven by knowledge and wisdom as symbolised by an unflagging commitment to the pursuit of merit and excellence.

4. Industrial Development: Competition, Comparative and Competitive Advantage

In the first half of the 20th century it became obvious that the search for human prosperity and

progress had unleashed both capitalism and science as new forces which created a new environment for social development where new ideas about society flourished. Three dominant themes, namely: economic development, socio-economic equity and political democracy dominated discussions. It was a period for the frenetic search for new ideas and new strategies and created the environment for the fermentation and propagation of new ideas and ideologies. It was a time when the new socialist ideology and other variants of the democratic ethos emerged. New policies such as central planning, import substitution and factor accumulation were considered. New variants of social organisation with new elites emerged, led by intellectuals and political leaders including business men. Other ideas on the front burner included the reorganisation of the society, which came with land reform, community development, and poverty eradication programmes such as privatisation, decentralisation and sustainable development. Some of these policy ideas impacted on the society to the extent that new economic operatives and new cadres emerged as arising from new changes in the society. The impact of these new ideas led to the realisation that people reacted to these economic and social factors merely as signals that led to changes in behavior patterns often propagated through incentives and rewards, for good behavior. Arising from this environment new cultural forces were reshaping the society. Studies of economic development in the first half of the 20th century soon observed that societies endowed with natural resources had an advantage in the pace of industrial development. This was daubed comparative advantage. When Japan and other South East Asian countries started on a fast track in their economic growth trajectory with little or no natural resource endowment it became obvious that other factors were at play. It was Michael Porter who provided new insights indicating that nations prospered despite lack of natural resources as a result of their competitive advantage anchored on higher levels of productivity based on superior knowledge, skills, investments, new insights and innovation. In other words, science and technology were critical in driving wealth creation. The idea of competitive advantage was so novel that it constituted a paradigm shift. Moreover, implicit in the idea of competitive advantage is the acceptance of the new productivity paradigm anchored on two basic beliefs:

• It is higher productivity that drives an economy towards greater prosperity;

• With increasing productivity the potential for increasing wealth is limitless since it is based on ideas, skills, competition, accountability and education. This is the fulcrum of the notion of the knowledge societies. Comparative advantage can lead countries to get stuck in exporting primary goods and raw materials such that they are trapped in low wage economies due to unfavorable terms of trade. Competitive advantage redresses the balance by insisting on maximising returns on goods and services that attract premium prices. Strategic management in such circumstances must be concerned with building, conserving and sustaining competitive advantage 5.

Fiscal Federalism

Nigeria is a plural society which brings together several nationalities. It is multi-cultural and accommodates several diversities in language, values and other peculiarities of several nations brought together by the accident of history. Hence their diversities can be a source of divisive tendencies, but if well managed it can also become a source of strength and stability. Some nations have successfully managed their differences as a source of strength and these are usually federations brought together by different factors. Amongst the different areas of their co-habitation is the area of the management of finance and other resources hence the term fiscal federalism as the basis of their national life. Thus, the financial relations between units of government is the study of how competences (expenditure side)

and fiscal instruments (revenue side) are allocated across different (vertical) layers in the administration, especially the system of transfer payments or grants by which a central government shares its revenue with lower levels of government. It has been noted that the theory of fiscal federalism assumes that a federal system of government can be efficient and effective at solving problem that governments face today such as

• Just distribution of income

• Efficient and effective allocation of resources

• Economic stability Economic stability and just distribution of income can be done by the federal government because of its flexibility in dealing with these problems. States and localities are not equal in their income; hence federal government intervention is needed. Allocation of resources can be done effectively by states and local governments. It has further been argued that the federal or central government should be responsible for the economic stabilisation and income redistribution while the allocation of resources should be the responsibility of state and localTheregovernments. should be checks and balances in the administration of the funds so that the benefits of fiscal decentralisation can be more effectively shared, for example,

• Regional and local differences can be taken into account;

• Lower planning and administration costs;

• Competition among local governments favours organisation and political innovation

• More efficient politicians as citizens have more influence.

But there are also several disadvantages in fiscal federalism, such as

• Lack of accountability of state and local governments to constituents;

• Lack of availability of qualified staff;

• The possibility of people choosing where to live with implications for cost of transport;

• Some degree of independence of the local governments from the national government;

• Unavailability of infrastructure for public expenditure at the local level; The relationship between levels of government can be affected by past historical events such as geographic separation, slow communication and unclear division of labour between the levels of government

6. Concluding Remarks

The Industrial Revolution inaugurated a new phase in the development of the economy and ushered in a new phase in man’s pursuit of prosperity and progress. While it took the nations of Western Europe 30 years to complete the cycle of fast track economic growth, in the new nations of South East Asia such as Singapore, Malaysia, South Korea and Taiwan it took a little more than a decade to attain double digit economic growth which is the driver of fast paced economic development. What made such fast paced growth possible was the fact that nations prosper on the basis of their competitive advantage, which is anchored on the higher levels of productivity based on knowledge, skills, investments, new insights and innovation. It became evident that science and technology were critical in driving wealth creation. With technology and increasing productivity comes the realisation that increasing wealth is limitless as seen in the knowledge societies. Additionally the higher standards of living for the citizens shapes the social, political and the moral character of the people such that democracy thrives with the consequent spread of a democratic culture which shapes the values, principles and ethos of individuals who share a common code of values. This is critical since it defines the character of the selection process for leadership. Such leaders must show integrity (character) in addition to competence, conviction, courage, charisma, commitment, compassion and empathy. The guiding principle must be to create a new crop of nation builders implacably committed to the pursuit of merit and excellence.

Nigeria: 25 Years of Economic Reforms And Impacts Cont’d

government revenue may have diminished. Overall impact of the Economic Reforms

The economic reforms have achieved limited overall impact but the impacts of some specific reforms are visible in some sectors. The economic growth rate showed significant improvement in the decade of the 2000s and a few years beyond (6.1 per cent in 2000 – 2009 and 6.75 per cent in 2010 – 2014). Thereafter, the growth performance dipped sharply against the backdrop of severe exogenous shocks and two recessions. But then, even the improved growth rates were very much below the economy’s potential and the expected double digit growth rates required halving the poverty rate and achieving other Millennium Development Goals (MDGs). They were also inadequate to achieve the

Vision 20: 2020 targets including the GDP size of $900 billion and per capita income of $4,000 outside the GDP rebasing framework. The economy remains undiversified as the country continues to depend significantly on commodity production and exports with little value addition and few backward and forward linkages. This structural weakness has prevented the country from translating growth into commensurate employment and faster social development. And then, the macroeconomic environment has been characterised by instability, which has eroded the standards of living of Nigerians very severely.

Social indicators and the quality of life of the citizens have remained uninspiring, as reflected in increasing incidence of poverty (62.9 per cent of Nigerians were multidimensionally poor in 2022), inequality

index (0.35 which ranks100th out of 163 countries globally), unemployment (33.3 per cent) as at Q4 2020), relatively low human development index (0.534 in 2022) and uninspiring health and other social indicators such as life expectancy at birth which stood at 55.1 years for men and 57.2 years for women in 2022 (NBS), both being far below the figure of 80 years for the industrialised countries. And so, neither growth nor development has been inclusive. Economic growth amounts to a “winner-takes-all” for the wealthiest in the society; at the grassroots level, delivery of essential social services is poor and this is a major cause of unequal development.

In sum, although the specific objectives of some of the economic reforms were achieved with discernible impact, broadly, they have not been successful in meeting the

expectations of the country and its citizens. Respectable economic development of the country has remained elusive. The state of the Nigerian economy has continued to reflect the paradox of poverty and misery in the midst of generous human, natural and physical resources endowments. The country is rich but the people have remained poor!

* Mike Obadan is a Professor of Economics and Chairman, Goldmark Education Academy, Benin City. He was formerly Director-General, National Centre for Economic Management and Administration, Ibadan, and former Non-Executive Director and Member of the Monetary Policy Committee, Central Bank of Nigeria.

Anya O. Anya

INEC Chairman, Prof. Mahmood Yakubu

Democracy, Development and Economic Growth

Dr. Muda Yusuf

There is a nexus between a stable democracy and economic growth. The 25 years of uninterrupted democracy in Nigeria has earned the country some goodwill as one of the few stable democracies in Africa. This is amidst the resurgence of military coups in the parts of Africa, especially the West African sub region. Investors are generally more at ease in a democratic environment because of the perception of lower country risk. The supposition is that core democratic values exist to facilitate investment growth.

Economic Growth Performance

There is a correlation between investment growth, economic growth and employment growth. However, the real impact of economic growth on the welfare of the people depends on the degree of economic inclusion. For several decades we witnessed growth without concrete development outcomes. Growth is essentially about GDP numbers, but development is more than that; it is about the welfare and well-being of the people. Strengthening the link between these two metrics is crucial for socio-economic advancement and citizens’ welfare. That is why the concept of economic inclusion is very crucial in economic management. Ultimately, governance is about the people. Economic policies or economic reforms are not ends in themselves, but means to an end.

The Nigerian economy is the 26th largest economy globally and the biggest in Africa with a GDP of $410 billion as at 2023. But it ranked 163 in its Human Development Index by the UNDP; 114th in Global Competitiveness Ranking of the World Economic Forum, and 14th in Africa in 2022.

According to the National Bureau of Statistics (NBS), 133 million people were in multinational poverty as at 2022, which means they were experiencing deprivation in more than one dimension. Multidimensional poverty is higher in rural areas where about 70 per cent of the people are poor compared to 42 per cent in the urban areas. The poverty situation may have worsened since then because of the spiraling inflation and implications for welfare of citizens, even amidst positive growth trajectory. This underscores the need to focus on poverty reducing and job creating growth.

Vulnerability Risks in the Economy

Economic growth trend, measured by the performance of the Gross Domestic Product (GDP), has been relatively positive over the past 25 years, averaging about three per cent. This is good compared to growth conditions in most economies around the world. However, it remains a major worry that the economy is still structurally defective as it is highly dependent on the oil and gas sector, particularly for foreign exchange earnings, creating serious vulnerability risk.

Productivity and Investment Climate Issues

However, there remains a major concern about private sector productivity and the welfare of the Nigerian people. The quality of the business environment remains a source of concern to investors, especially in the real sector. Weak infrastructures and institutions had adverse effects on efficiency, productivity and competitiveness of enterprises in the economy. These conditions pose a major risk to inclusiveness and job creation in the economy.

Macroeconomic Fundamentals

The dynamics of the macroeconomic environment are very critical to conversations on the economy. The key issues here are the imperative of moderating inflationary pressures, stabilising the exchange rate and boosting economic growth.

We cannot build something on nothing. We need a stable macroeconomic environment for investment to thrive and for jobs to be created. Fiscal and monetary policy reforms are critical for the restoration of macroeconomic stability. The major reforms of the current administration were put in place to strengthen these fundamentals. These include the foreign exchange policy reform and oil and gas sector reform, especially the drastic reduction in the economic bleeding resulting from the petrol subsidy.

Over the past 25 years, the Naira’s exchange rate had depreciated massively. The rate was

N93 to the dollar in 1999 and currently over N1,400 in the official foreign exchange market. This had impacted adversely on prices in the economy and contributed to worsening poverty because of the high vulnerability of the economy to external shocks resulting from high import dependence.

Headline inflation rate, year on year, was 6.6 per cent in 1999, and rose sharply to 18.9 in 2001. It is currently 33.2 per cent while food inflation was 40 per cent in March 2024. The country’s public debt rose from N7.55 trillion in 2012 to N97.34 trillion in December 2023.

External reserves witnessed dramatic growth since 1999. It was $5.4 billion in 1999 and $34.11billion in March 2024, Context of Current Economic Issues

It is important to give some context to the current economic reforms. The current administration is contending with a legacy of weak macroeconomic fundamentals – currency volatility, high fiscal deficit, low revenue, unsustainable debt levels, rising debt service to revenue ratio, declining reserves and weak investors’ confidence. There were also global headwinds resulting from the Russian Ukraine war and tight global monetary conditions. And now we have the Israel and the Palestinian war, the scope of which is still unfolding.

The evidence of the deteriorating macroeconomic conditions did not fully manifest before the exit of the previous administration. But the reality was that the economy was already in a floundering mode.

The current reforms were designed to correct the legacy of economic distortions and deteriorating macroeconomic fundamentals. Regrettably, however, the reforms had come with enormous pains, especially with regards to the spike in energy costs, acceleration of headline inflation to 33.7 per cent in April 2024, while food inflation has risen to 40.5%; and surge in transportation cost. But I should quickly add that these reforms were necessary to pull the economy back from the brink. Some of the legacy issues were as follows:

i. Ways and means financing of the federal government operations grew from N2.5 trillion in 2015, to N30.7 trillion in May 2023. This was a jump of over 1000 per cent. This was an issue because this mode of financing deficit is highly inflationary.

ii. The national debt surged form N12.1 trillion in 2015 to N87.4 trillion in July 2023, and increase of over 600 per cent

iii. Foreign direct investment [FDI] contracted by $190 million in 2022, indicating a reversal of FDI investment flows.

iv. Oil output plunged to 1.2 mbd in 2022, amid persistent output disruptions and the inability to meet the country’s OPEC quota

v. Outstanding forex obligations and backlog rose to over $7 billion.

vi. Money supply grew from N19 trillion in May 2015 to N55.5 trillion in May 2023, an increase of 192 per cent. Whereas the growth in real GDP was 8.7 per cent over the period, underlying the role of money supply growth as a major driver of inflation.

vii. In the 2023 Sustainable Development Role [SDG] Index, Nigeria was ranked 146 out of 166 countries globally on account of the limited progress towards achieving the SDG milestones.

These were a few of the fundamental factors that underpinned the current economic reforms.

Although the reform process has been hurting, the reality is that there are limited options.

However, the government could do more to alleviate the pains, especially among the vulnerable segments of the society as well as ease the burden on businesses.

Tax reform is a major component of fiscal consolidation agenda of the current government. The reform is expected to ensure efficiency in tax administration, reduce tax evasion and tax avoidance and eliminate multiple taxations.

The fuel subsidy removal and foreign exchange policy reforms are critical steps in achieving fiscal consolidation. Other measures necessary are • Unlock more income from revenue generating agencies through enhanced efficiency of their operations.

• Initiate budget reforms to ensure fiscal and spending discipline. Ensure value for money in government expenditure and procurement.

• Commit to reduction in the cost of governance.

Review of the Key Reforms Fuel Subsidy Removal

This reform measure had benefited the economy in the following ways:

• Huge savings in government revenue. The FAAC allocation was almost double what it used to be.

• Reduced smuggling of petroleum products.

• Eradicated the inherent corruption in fuel subsidy.

• Reduced domestic consumption from about 65 million litres daily to less than 40 million litres

• Outlook for private investment in the downstream is much brighter.

• Conservation of foreign exchange as less fuel is imported.

• Bigger Investment opportunities in the petroleum refineries and related industries.

• Opportunities in renewable energy investment.

• Opportunities for private sector importation of petroleum products.

• Better focus by investors and households on energy efficiency.

• New opportunities in the use of CNG, LPG in transportation. However, we should acknowledge the challenges that followed the fuel subsidy removal.

• The increase in PMS price was a huge shock to the economy, investors and the citizens on the back of escalation of energy cost.

• Triggered intense inflationary pressures.

• Profound adverse impact on the welfare of the citizens – food prices, transportation costs.

• Poverty level increased, Middle class disappearing.

• Profit margins of many businesses have been considerably eroded due to high operating costs which are not transferable to consumers.

Real Sector Performance

Manufacturing business is perhaps the most challenging in the economy today. The trend has grave implications for the economy. Despite the numerous policies and measures that have been articulated by successive governments, manufacturing contribution to GDP remains less than 10 per cent on average over this period. The sector has remained largely import dependent which has made it very vulnerable to external shocks. Productivity is also weak because of structural issues. These features create competitiveness challenges for the sector. Many manufacturing firms have low local value addition, weak backward integration, inadequate forward integration, and low job creation potentials. All of these weakened the impact of the sector

on the economy and the development process. These shortcomings underscore the need to accelerate the development core, heavy industries to support the light manufacturing investments. These core industries include iron and steel, petrochemicals, gas infrastructure development, petroleum refineries, aluminum smelter industries, pulp and paper industries, among others. Investments in these sectors need enormous government support from both fiscal and monetary policy perspectives because they are heavy lifting undertakings.

If the power sector reform delivers the desired outcome, the fortune of the sector would definitely improve. The manufacturing intervention fund had some positive impact on the few firms that benefited. It was a restructuring and refinancing facility which gave a significant relief to the firms and enhanced their cash flow. But the fund was evidently inadequate.

The Bank of Industry also played a remarkable role in funding industries; but the beneficiaries were few compared to the financing gap that exists in the industrial sector. Meanwhile, credit remains a major challenge for manufacturing enterprise. Access to credit is difficult and cost of credit is outrageous. The problem is particularly acute for the small and medium manufacturing enterprises.

Deepening the Financial System

It is imperative to deepen the financial intermediation role of the deposit money banks, which is their primary role in an economy. This responsibility entails the mobilisation of financial resources from the surplus end of the economy, to the deficit segment of the economy. Financial conditions remain very tight for the private sector amid challenges of access and cost of credit. The aggressive monetary tightening stance of the monetary authorities is not helping matters.

The core function of the banking industry is financial intermediation. A situation where non-banking activities are crowding out the financial intermediation functions of the deposit money banks is detrimental to the growth of the economy.

The spread between deposit and lending rates in the Nigerian banking system is too high. It is a reflection of the inherent inefficiencies in the banking system.

In Nigeria, the spread is over 20 per cent, one of the highest globally. The average for sub-Sahara countries is 10 per cent and global average is about 6.6 per cent. The large spread is detrimental to investment growth and disincentive to savings.

Recommendations for Boosting Real Sector’s Performance

• There should be a framework to manage volatility in forex market.

• Peg the customs duty exchange rate at between 800-1000/$ to make the international trade environment more predictable and lower inflationary pressures.

• Put an end to dollarisation of gas used by manufacturers.

• Give concessional import duty on intermediate products used in the food and beverage sector.

• Reinvigorate the development finance institutions to provide concessionary financing.

• Step up internal security to deepen the linkages between the agriculture sector and the food and beverage sector.

• Deliberate policies to promote the leveraging of our agricultural sector to boost productivity.

• We need to see more aggressive investment in upstream heavy industries to support the manufacturing sector and reduce the importation of intermediate products and raw materials. These core industries include iron and steel, oil refineries, gas and petrochemicals, pulp and paper industries, aluminum smelter industry. These are heavy lifting that require enormous government support.

• Recognise the limits of market forces in the management of the economy. It is important to recognize the reality of market failures and have a strategy of state intervention to manage it. No economy is managed entirely on free market principles because of the reality of market imperfections.

• Dr. Muda Yusuf is Director/CEO, Centre for the Promotion of Private Enterprises (CPPE)

Minister of Finance and Coordinating Minister of the Economy, Wale Edun

15th ANNUAL GENERAL MEEtING OF DAGOtE CEMENt...

L-R: Independent Non-Executive Director, Dangote Cement Plc; Dorothy Udeme Ufot; Chairman, Dangote Cement Plc, Aliko Dangote; Non-Executive Director, Dangote Cement Plc, Abdu

Group Managing Director, Dangote Cement Plc, Arvind Pathak; Non-Executive Director, Dangote Cement Plc, Olakunle Alake; and Non-Executive Director, Dangote Cement Plc, Devakumar Edwin, at the 15th Annual General Meeting (AGM) of Dangote Cement Plc, in Lagos ... yesterday

Tinubu to ExxonMobil Executives: Our Reforms

Will Make Nigeria Competitive Globally

Country is important business destination now, in future, says Reckitt Benckiser

President Bola Tinubu has declared that three Executive Orders on oil and gas reforms signed by him will make Nigeria’s petroleum sector globally competitive.

Tinubu made the remarks yesterday during a meeting with a delegation from ExxonMobil Upstream Company, led by its President, Liam Mallon, at State House, Abuja. He emphasised that these reforms will ensure that no oil company faced undue challenges in the country.

The three Executive Orders, which became effective from February 28, 2024, were: Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order, 2024; Presidential Directive on Local Content Compliance Requirements, 2024; and Presidential Directive on Reduction of Petroleum Sector Contracting Costs and Timelines.

Tinubu, according to a release issued by his media adviser, Ajuri Ngelale, also assured the ExxonMobil delegation that the federal government was committed to resolving the divestment issues, currently in court, between the company and Seplat Energy.

"We have been pushing for closure on divestment issues, and I believe the other party, Seplat, is open to this," the president said.

The president commended the company for its show of commitment to environmental protection in Nigeria, noting its efforts in reducing gas flaring in the country.

"Nigeria is going through a lot of reforms, and we have been navigating the leadership quarters carefully to ensure that we achieve a win-win situation for all parties and attract more investments," he said.

Tinubu described ExxonMobil as a worthy partner in Nigeria’s develop-

ment over the decades and urged the company to remain committed to contributing to the success of his administration.

He stated, "We are close enough to be fair and blunt with you, and we are not afraid to hear from you on better options and recommendations for the growth of the industry in Nigeria."

The meeting, also attended by Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, and Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, discussed issues, such as divestment, decommissioning, and abandonment as regards the company.

Lokpobiri stated, "Mr. President has given a clear directive to the NNPC GCEO and I to resolve the issue of divestment, and we are doing whatever we can to achieve that."

On decommissioning and abandonment in the oil industry, Lokpobiri stated that the ministry was addressing the matter in line with the Petroleum Industry Act (PIA) and global best practices.

He said, "The reforms driven by the three Executive Orders will ensure that companies operating in Nigeria have the best environment to continue making their investments and that no company will seek to leave Nigeria."

Earlier in his speech, Mallon expressed his appreciation for the support and reassurances provided by the Nigerian government and pledged the company's long-term commitment to the country's energy sector.

He also commended Tinubu for his courage and conviction to undertake bold reforms within his first year in office.

Equally, yesterday, Tinubu received assurances from Reckitt Benckiser, the

global fast-moving consumer goods company, that they will continue to grow their investments in Nigeria.

Receiving a delegation from Reckitt Benckiser, led by Chief Executive Officer, Mr. Kris Licht, and Chairman of Reckitt Benckiser Nigeria Limited, Chief Olu Falomo, Tinubu lauded the company for its over 60 years of investment in Nigeria and commitment to the country’s development.

Tinubu stated, “We are creating an environment for the private sector to thrive in. I am glad that you are here to stay for the long term. I am happy that you have been in the country for many years, and you have decided to invest more.

“We have embarked on challenging reforms to improve the economy. Our reforms will improve the ease of doing business for partners like you moving forward.”

The president assured investors of good returns on their investments, supported by a buoyant market and a large population.

As part of activities to mark the one year anniversary of the President Bola Tinubu administration, the Nigerian National Petroleum Company Limited (NNPC) and its joint venture partners have commissioned the 25.7km Ogbia-Nembe Road in Bayelsa State. Other partners involved in the project were: Shell Petroleum Development Company (SPDC), TotalEnergies, Nigeria Agip Oil Company (NAOC) in collaboration with the Niger Delta Development Commission (NDDC). The project, valued at N24.5billion, traverses mangrove forests with seven bridges and five culverts, and connects 14 communities, a statement yesterday

by the Chief Corporate Communications Officer of the NNPC, Olufemi Soneye, stated.

Speaking at the commissioning ceremony which held in Nembe, the Minister of the Niger Delta, Abubakar Momoh, who represented the president , said the project was in alignment with the President's “Renewed Hope Agenda” for sustainable development in the Niger Delta region in particular and Nigeria in general. "This project is evidence of what good partnerships can bring to communities," the president said, urging other oil companies to collaborate with the NNPC Ltd and the NDDC to deliver transformative projects.

Emmanuel Addeh in Abuja

The federal government yesterday commenced the distribution of free gas cylinders to 1 million homes in the country in a bid to wean Nigerians from the continued use of firewood, cooking stoves and other harmful cooking fuels.

Speaking at the flag-off of the programme implemented through the ‘Decade of Gas’ secretariat in Abuja, along with private sector partners, Smart Gas and A4E, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, described the event as a crucial milestone in Nigeria’s quest for deployment of cleaner fuels.

The inaugural Liquefied Petroleum Gas (LPG) penetration and bottle distribution programme, he said, was part of the administration's determination to increase domestic gas use.

“We're not only introducing a programme today, we're on a mission to change millions of Nigerians' lives

in our six geographical zones. By 2030, we want to convert 250,000 houses a year to clean cooking gas, which is a lofty but attainable target.

“This programme is evidence of our steadfast dedication to lessening the over-reliance on solid fuels, which for a long time served as many households’ primary source of energy and include firewood, kerosene, and charcoal.

“It is impossible to overestimate the negative consequences of utilising these conventional fuels. Their contribution to deforestation, environmental degradation, and harmful health impacts from indoor air pollution is substantial.

“ In order to ensure a cleaner environment, enhance public health, and promote sustainable development, we must encourage the usage and adoption of LPG,” he stated.

According to him, the initiative was a clear indication that Nigeria was headed in the right direction to improve women's inclusion and provide employment opportunities

Earlier in his remarks, Licht described Nigeria as an important country to the company. He stated, “We have had very good business here for many years, and we congratulate you on your first year in office. We see Nigeria as an important business destination for today and the future.’’

On his part, Falomo reiterated the company’s long standing commitment to Nigeria, saying, “We have asked our global team to come and assure you that we back your efforts. They have said they are not going anywhere. We are here to support this government.”

Begin Free Cooking Gas Distribution to 1m Homes Nationwide

for the youth.

Ekpo stated that transitioning to clean cooking gas will be especially beneficial for women, who are disproportionately affected by the health effects of traditional cooking methods.

“We are advancing gender equality and economic empowerment by providing them with safer and more effective energy solutions,” he stated.

Also speaking, the Coordinating Director of the Decade of Gas Programme , Mr Ed Ubong, noted that a major plank of the programme was to empower women and youths.

He added that working with private sector sponsors, over a million gas cylinders will be given to various homes in the coming years , translating to over 250,000 annually.

“This is in line with President Bola Tinubu’s theme of ‘Gas to Prosperity and Renewed Hope’. As part of the LPG grassroots programme, we would be committed to see how we can move over a million cooking cylinders, mainly to women in rural areas.

“We could have stayed inside the central part of Abuja, but here we try to cover all the rural areas here in the Abuja district. Cooking gas

is cleaner. Nigeria has significant gas resources.

“So we will partner with private sector partners, working also under the supervisory leadership of the Minister of State for Petroleum Resources (Gas), to see how we deploy these over a million cylinders, about 250,000 every year, to all parts of Nigeria, all the regional areas, all the states.

“Today we will move about a thousand cylinders here in Abuja. It's funded by the private sector. The gas is being filled for free. The training will be done for free,” he stated. Ubong stated that the secretariat was working closely with the local council reps who know where all the rural women are, while the smart gas team is also visiting the women in their homes to be sure that the cooking gas facilities reach those they are meant for.

In her remarks, the Minister of Youth Development, Jamila Ibrahim, noted that studies have shown that LPG reduces respiratory illnesses by 50 per cent, which is a life-changing benefit for countless of Nigerian families.

Earlier in his remarks, the NNPC Chief Upstream Investment Officer, Mr. Bala Wunti, who was represented by Mr. Obinna Aralu, expressed satisfaction with the completion of the road, describing it as “a testament to the power of collaboration and shared vision”.

He said the road was more than just infrastructure as it symbolises progress, connectivity, and opportunities for the Nembe people through seamless transportation, increase in economic activities and general improvement in the quality of life.

Wunti also thanked all the partners and stakeholders for their contributions to the successful delivery of the project.

On his part, the Managing Director

of SPDC and Country Chairman of Shell Companies in Nigeria, Mr. Osagie Okunbor, highlighted the transformative impact of the project, stressing that it “will connect communities to the city centre, boost economic activities, and reduce risks associated with river transport.

Okunbor reiterated Shell's commitment to partnering with government agencies to deliver projects that are beneficial to the people of the Niger Delta region and Nigeria.

Also speaking, the Managing Director of NDDC, Dr. Samuel Ogbuku, said the commission was dedicated to completing projects across the Niger Delta region that serve the urgent needs in the communities.

Deji Elumoye in Abuja

The Presidency yesterday ruled out the possibility of President Bola Ahmed Tinubu delivering an address at the joint sitting of the National Assembly to commemorate 25 years of nation's democratic rule schedules for today (Wednesday) in Abuja.

In a statement issued by presidential spokesperson, Ajuri Ngelale, the Presidency stated that office of the President was never involved in the planning of the event hence no green light was given for the President to speak at the planned

programme. It, however, stressed that President Tinubu will continue to inaugurate projects across the country as part of his commitment to delivering good governance to the citizenry. The Presidency in the threeparagraph release stated, inter alia: "In furtherance of his commitment to delivering good governance, President Bola Tinubu has embarked on the inauguration of strategic projects across the country. "More transformative projects will be inaugurated by President Tinubu’s administration for the benefit of all Nigerians.

Deji Elumoye in Abuja

Emmanuel Addeh in Abuja

Dantata;

PHOTO: SUNDAY ADIGUN

Sanwo-Olu to Launch Upgraded Lagos Revenue Management Portal for Ease of Tax Payment

Government to boost IGR by expanding tax net

Peter Uzoho

Lagos State Governor, Mr. Babajide Sanwo-Olu, would next month unveil the newly-upgraded Revenue Management Portal of the State which was intended to improve taxpayers' experience through selfservice, on-boarding of additional payment gateways and multiple payment channels.

Special Adviser to the Lagos governor on Taxation and Revenue, Mr. Abdul-Kabir Ogungbo, disclosed this yesterday in Lagos during an interview with THISDAY, on the sidelines of the Justice Reform Summit 2024, with the theme, "Enhancing the Administration of Justice for Economic Growth, Investment Protection and Security in Lagos State."

Through the support of the governor, Ogungbo said his office was facilitating an end-to-end process automation among revenuegenerating ministries, departments and agencies (MDAs).

He said the initiative was ultimately to widen the tax net and ease payments by taxpayers through a number of approaches including engagement with revenue-generating MDAs such as Lands Family, Health Family, and Environment.

He explained that part of the approaches was by engagement with external stakeholders including financial institutions, digital economy operators like Meta, Google, Microsoft, Mobile money operators, payment gateways; Flutter-wave, Paga, O-Pay, and Moniepoint

He further mentioned process review and optimisation, adding that the adoption of unique payer ID was structured to validate the identification of taxpayers by linking payer’s identity to LagID, National Identification Number (NIN), Phone Number, Biometric Verification Number (BVN), Driver's License, and International Passport.

"There is an alignment between Lagos State and the Taiwo Oyedele-

led Presidential Committee on Tax Reforms and Fiscal Policy. So, this is trying to streamline all the revenue sources.

"And Lagos has also commenced the introduction of an application called Lagos Revenue Portal which Mr. Governor will launch in June. This is to harmonise all the taxes at the state level and by extension, we are going to be seeing how local governments can be upgraded and see how revenues will be reduced or limited collection units", Ogungbo stated.

He pointed out that tax was a constitutional obligation to citizens that are earning one form of income or the other, noting that the government was deliberate about ensuring that proper laws, policies and guidelines that would enable individuals and corporates to pay their taxes and bills to the state were put in place.

He added that the essence of automating revenue collection in the state was to ensure that all collections

go straight to the government account called the Consolidated Revenue Fund (CRF).

"These are ultimately to make it more convenient for citizens to pay their bills to the state. The second thing that we put in place is to ensure that there is a system which allows for payers to pay.

"The system has to do with the interconnectivity of several stakeholders and subsystems, from the point of enumerating that payer, to identify that payer uniquely, to the point of assessing that payer, to the point where the payer is expected to make payments. And when you make payment, there is also a system to give you automated receipt," the special adviser explained.

Going forward, Ogungbo said the government would be widening the tax net to further boost the state's revenue without necessarily overburdening the current payers.

He also said the government would continue to collaborate with

the judiciary to ensure that tax-related or revenue-related matters were quickly adjudicated to reinforce the willingness of taxpayers to fulfil their constitutional obligations and support the government to serve them better.

However, the special adviser attributed the successes achieved in the taxation and revenue areas of the state to the unflinching support given to them by the governor.

He said Sanwo-Olu had been intentional about tax payment while at the same time always giving amnesty to the non-taxable Lagosians owing to his belief that prosperity rather than poverty should be taxed.

Ogungbo added, "One of the major supports we've received from my boss is that taxation and revenue under the ministry of finance has always been headed by a director. This is to promote any person anchoring tax and revenue to the status of an exco, to be a member of the council.

"That's the first fundamental

Mo HAMMAD I D r IS : T I nubu' S F I r ST Ye A r Tr A n SF or MATI ve Journe Y TowA r DS S TA b I l ITY a Safer, Stronger, and Prosperous Nigeria."

However, in his one-year assessment of the Tinubu administration, former Vice President, Alhaji Atiku Abubukar, stated that Nigeria was not working, saying the government’s economic policies have been a cocktail of agonising trial and error runs.

Similarly, the Labour Party (LP) caucus in the House of Representatives described Tinubu's one year in office as a reign of economic hardship, insecurity and hopelessness, which, according to them, negates the “Renewed Hope Agenda” campaign promises of the administration.

Peoples Democratic Party (PDP), in its assessment, said after a thorough review of the worsening state of the nation in the last one year under the current All Progressives Congress (APC) administration, it was obvious Nigeria had seen the most challenging period in its history since the civil war.

Likewise, an analysis of major economic indicators in the past one year by the Lagos Chamber of Commerce and Industry (LCCI) showed that Tinubu’s first year in office was characterised by rising public debt, soaring inflation and interest rates, weakened Naira and declining performance of the manufacturing, agriculture and telecom sectors.

But Speaker of the House of Representatives, Hon. Tajudeen Abbas, said the Tinubu administration had made significant strides in steadying the ship of state through impactful reforms, policies, programmes, and initiatives. Abbas stated this in his appraisal of Tinubu’s one year in office.

The presidency also said Tinubu’s one year in office were months of baby steps, assuring that the president has laid the foundation for next three years of abundance.

Special Adviser on Information and Strategy to the President, Bayo Onanuga, made the affirmation yesterday, in a statement.

Former President Muhammadu Buhari equally extended his best wishes to Tinubu on the completion of his first year in office.

In a similar vein, Deputy President of the Senate, Senator Jibrin Barau, and Senator Orji Uzor Kalu hailed Tinubu on his government's first anniversary, describing the president as a great leader and an architect of modern Nigeria.

Idris said amid economic challenges marked by turmoil and unemployment, the Tinubu administration's bold economic reforms had stabilised the economy and sparked growth.

He stated that under Tinubu's leadership, the administration had tackled critical national challenges and implemented comprehensive policies aimed at fostering national growth and development.

The minister stated, "A significant

move was the removal of the unsustainable fuel subsidy, redirecting approximately $10 billion annually towards critical sectors such as healthcare, education, infrastructure, and security.

"This action alone led to a 50 per cent reduction in petrol importation and increased state and local government revenues. The elimination of the foreign exchange subsidy and the harmonisation of forex rates bolstered the Nigerian economy, resulting in the Nigerian Exchange Group becoming the top-performing bourse globally and strengthening the Naira.”

On security, the minister said substantial investments aimed at modernising the armed forces and achieving significant milestones in national security was made, resulting in the liberation of over 4,600 hostages, neutralisation of 9,300 criminals, and arrest of 7,000 terrorists and bandits.

He added that the security forces also recovered thousands of weapons and rounds of ammunition crucial in combating banditry and insurgency.

Idris stressed that in addressing food security, Tinubu declared a state of emergency, leading to the restructuring of the Ministry of Agriculture into the Ministry of Agriculture and Food Security. He added that initiatives, such as the National Agricultural Development Fund and the Dry Season Farming Initiative, had been launched to boost agricultural productivity and ensure food sufficiency.

The minister also noted that energy and natural resources management had seen enhanced security measures in the Niger Delta, leading to an increase in oil production and more stable natural gas output.

Onanuga also reiterated that the president was not restrained by turbulence, insisting he remains focused on the marathon of the next three years.

He recalled that as Nigeria’s 16th President, Tinubu, during his campaign for the office, said he would make difficult decisions and that running the country would not be business as usual.

According to him, "From day one, he sought to fulfill his promises, beginning from his earthshaking ‘subsidy is gone’ announcement at the Eagle Square, on the day he was sworn in.

“The announcement reverberated around the country and beyond. He was not just actualising a promise he made. He was also affecting the consensus of all the major candidates in the 2023 election that the several decades old, wasteful subsidy must end.

"His administration followed this up with the decision to harmonise the foreign exchange rates. The multiple exchange rates executed under his predecessor had given room to various abuses, among

which was arbitrage, where people close to the power loop made humongous money, getting forex at the official rate and offloading it at the so-called parallel market for almost 100 percent profit. “Both the International Monetary Fund and the World Bank advised the Nigerian government to end the policy, to no avail, as forex obligations piled up, FDI’s dried up, and investors shunned Nigeria. Tinubu knew that to reset the economy and build renewed confidence locally and internationally, there must be a policy change."

The presidential spokesman said Tinubu fulfilled what he promised during the campaign, with the government announcing its desire to harmonise the rates in “weeks”, a decision that caught the attention of the financial world that Nigeria was at the cusp of great change.

He averred that the administration had responded on many fronts to its challenges with a raft of palliative policies. He listed the subsidised bus transport for the public last December, as well as free train service to Nigerians going home for Christmas and New Year as some of the measures.

Onanuga noted that the subsidy was also offered for the return journeys, while over 200,000 Nigerians benefited from the bus service.

In agriculture, he said government declared a food emergency, launched a massive dry season farming in important crops such as wheat and maize, along with assisting farmers with N100 billion worth of fertilisers.

In addition, he lauded the magnanimity of the federal government for releasing 43,000 metric tonnes of grains from the National reserves and for buying another 60,000 metric tonnes of rice from local millers for distribution to the vulnerable people.

Onanuga stated, "As part of the ameliorative measures, the Tinubu administration announced wage awards of N35,000 to Federal workers to enable them cope with food inflation and transport costs, as it works out a new national minimum wage.

"It announced in July last year the Presidential CNG Initiative. Under the programme, that will herald a new industry and new jobs, hundreds of buses and tricycles, which will be powered by Compressed Natural Gas(CNG), will be locally assembled for countrywide rollout.

“Some of the vehicles will be electric for use in some Nigerian states, where CNG is not readily available. A panel to drive the vision was inaugurated in October 2023. However, bureaucratic delays slowed its procurement work. A large number of the buses and tricycles will be available as part of the ceremonies to mark the first anniversary of the Tinubu administration."

He applauded the Tinubu administration for supporting businesses through the Bank of Industry, in

conjunction with Federal Ministry of Industry, Trade and Investment, which disbursed N50,000 to nano businesses under the Presidential Conditional Grant Programme.

He noted that the programme, which targeted over 1,000,000 nano businesses, benefitted retail marketers, corner shop owners, petty traders, market men and women, food and vegetable vendors, vulcanisers and shoemakers, among others, adding that government also announced an aid package of N1billion each to 75 big businesses.

Onanuga said the Tinubu government approved $617 million for up-skilling Nigerian youths, providing start-up funding, catalytic infrastructure, and policy advocacy, noting youths with digital skills are now registering to benefit from the fund, being administered by the Bank of Industry.

He praised the president's foresight of tinkering with the tax structure and bringing more money to the national coffers, which was a difficult choice in a country with 200 million people and tax to GDP ratio less than 10 percent.

He said, "The NNPC was ordered to remit its dollar earnings into CBN. Revenue inflow generally is increasing. FIRS is working towards increasing the percentage of tax to GDP to about 20 per cent.

"The inflow of money is making the Tinubu administration dream big and plan big. With Renewed Hope Infrastructure Fund due for launch, the government is already embarking on legacy projects, such as the 700 kilometre Lagos-Calabar Coastal Superhighway, which began in March. Government also plans to reactivate the Sokoto Illela-Badagry Superhighway, which was abandoned in 1976.

“Many roads and bridges in state of disrepair are to be refurbished. There are plans for rail. Funding for the Ibadan-Abuja-Kaduna rail is being arranged. Port HarcourtMaiduguri rail will be resuscitated while the Kano-Kastina-Maradi rail line, started by the Buhari administration will be completed with $2billion dollar loan already secured."

He commended the president for the executive order on investment in the oil and gas sector, ascribing the opening of three big gas plants in the Niger Delta by the president in recent weeks as the quick fruits of the policy.

Onanuga said mega investments running into over $15 billion were expected in weeks.

Nigeria Not Working, Atiku Declares

Atiku yesterday said Nigeria was not working and the Tinubu administration was practising trial and error economic policies

In a statement he signed, the 2023 presidential candidate of the Peoples Democratic Party (PDP) stated, “On

support that you can have. Secondly, all the initiatives that are being put forward have been very graciously supported by the governor and he has announced everywhere he went and has been advising Lagosians on the essence of supporting the initiatives to ensure that revenues are paid adequately. That's the best you can get from a boss who believes in that initiative."

May 29, 2023, President Bola Tinubu raised the hopes of Nigerians with his pledge to ‘remodel our economy to bring about growth and development through job creation, food security and an end of extreme poverty’.

“Since then, Tinubu has also spoken about growing the economy at double-digit rates to $1 trillion in six years, ending misery and bringing immediate relief to Nigeria’s cost-of-living crisis.

"On listening to this, Nigerians must have breathed a sigh of relief after their experience with ex-President Buhari’s eight years of economic misadventure."

But Atiku said Tinubu laid out no plans for the “remodelling” of the economy but soon embarked on a cocktail of policies to achieve it.

According to Atiku, " In May 2023, he eliminated petrol subsidies, and a month later, the CBN implemented a new foreign exchange policy that unified the multiple official FX windows into a single official market.

“More policies followed in rapid succession: the tightening of monetary policy to reduce Naira liquidity, a hike in monetary policy rates, the introduction of cost-reflective electricity tariff, and a cybersecurity tax.

"Predictably, 12 months on, Tinubu’s pledge of growing the economy and ending misery remains unfulfilled. His actions or inactions have significantly worsened Nigeria’s macroeconomic stability.

“Nigeria remains a struggling economy and is more fragile today than it was a year ago. Indeed, all the economic ills – joblessness, poverty, and misery – which defined the Buhari-led administration have only exacerbated.

“Africa’s leading economy has slipped to the 4th position lagging behind Algeria, Egypt, and South Africa. Citizens’ hopes have been dashed (and not renewed contrary to the propaganda of the administration) as Nigeria’s economic woes have multiplied."

Atiku wondered how Nigerians got to current agonising state.

In answering the question, Atiku said, "In my press statement on the state of our economy, earlier this year, I expressed my concerns about the downside risks of unleashing reforms without sequencing; without any ideas on how to implement them; and without any regards to their potential and real devastating consequences.

“Implementing policies without proper planning and a clear destination is nothing other than trial-and-error economics.

"My concerns have not diminished. I will focus on just four areas to underscore those downside risks associated with Tinubu’s reform measures and their dire consequences on Nigeria’s medium to long-term growth and development.

"First, President Tinubu’s policies do not create prosperity. Instead, they pauperise the poor and bankrupt the

rich. They spare no one. Nigerian citizens, the majority of whom are poor, are going through the worst cost-of-living crisis since the infamous structural adjustment programme of the 1980s.

“The annual inflation rate at 33.69 per cent is the highest in nearly three decades. Food prices are unbearably higher than what ordinary citizens can afford as food inflation soared to 40.53 per cent in April, the highest in more than 15 years.

"Nigerian citizens have to pay 114 per cent more for a bag of rice, 107 per cent more for a bag of flour, and 150 per cent more in transport fares relative to May 2023.

“Today, in some locations, motorists are paying 305 per cent more for a litre of fuel. Yet, on a minimum wage of the equivalent of US$23 per month, Nigerian workers are among the lowest wage earners in the world. Tinubu had the ‘courage’ to remove subsidy on PMS and impose additional taxes on his people but lacks the compassion to raise the minimum wage or implement a social investment programme that would reduce the levels of vulnerability, and deprivation of workers and their families."

According to the former vice president, "It is clear from the foregoing that President Tinubu has an exaggerated understanding of the efficacy of his policies and was not ready for the potential fallouts.

“Tinubu and his team are not exactly sure of where the reform process is and what the next steps are. Has Nigeria reinstated fuel subsidy? Is the Naira on a free or managed float? These trial-and-error policies raise questions about the readiness of the administration and their capacity to restore the economy to a path of sustainable growth.”

He warned Tinubu against further pauperising the poor by introducing new taxes or increasing tax rates.

Atiku added, "I have always been a reform advocate. The Nigerian economy certainly requires a large dose of reform measures to accelerate its transformation after many years of lacklustre growth.

"The difference is that I understand the appropriate reforms to undertake and what steps to take per time to mitigate their negative impact. In my Policy Document, I had anticipated that the withdrawal of subsidy and unification of exchange rates could, in the absence of fundamental interventions, impact negatively on micro and small enterprises in the informal sector and on the medium to large enterprises in the formal sector.”

Labour Party, PDP Say It’s Been One Year of Reign of Economic Hardship Labour Party (LP) caucus in the House of Representatives described

Sanwo-Olu

TONY BLAIR VISITS TINUBU...

Former Prime minister of the United Kingdom, Mr Tony Blair (L) with President Bola Ahmed Tinubu during Blair's courtesy visit to the Presidential Villa Abuja......yesterday

Tinubu: Wike Has Restored Life to Abuja Through Infrastructure Development

Says spending on infrastructure shows his govt's commitment to sustainable development FCTA renames Southern Parkway after President

Deji Elumoye and Olawale Ajimotokan in Abuja

President Bola Tinubu on Tuesday openly admired the Minister of the Federal Capital Territory (FCT), Nyesom Wike, saying he has restored life to the nation's capital.

Tinubu spoke while inaugurating the Southern Parkway, from Christian Centre to Ring Road One, a project that started 13 years ago. He said completion of the project was a mark of his commitment to inclusive and sustainable development.

Tinubu headed to the inauguration site on arrival from a four-day official visit to Lagos. He said the new road, which the FCT administration named after him, will not only ease traffic

congestion, but also enhance mobility and creativity for the residents and visitors to city.

He said, "But transformative projects you are seeing, I heard from his remarks that this project could have been an abandoned project for 13 years, scratching the surface. Once again, our dear landlord, Barrister Ezenwo Nyesom Wike, thank you for bringing life back to our Federal Capital Territory.

"I understand the Southern Parkway not only represents a physical artery that connects vital areas within FCT, but also symbolises our collective aspirations for connectivity, ease of livelihood, accessibility and progress.

"By providing a seamless and efficient transportation corridor,

this road will not only ease traffic congestion, but also enhance mobility and creativity for the residents and visitors to FCT.

"The completion of the Southern Parkway underscores our (commitment), as we strive to build a world-class capital city. We recognise the fact that infrastructure is an enabler of jobs, economic development and prosperity. We believe we are going to achieve all of that.

"The needs of our citizens is paramount in our minds, so for making our citizens the central focus of our development, we believe Nigeria will succeed. As we formally inaugurate this road, I am greatly honoured, I heard him mentioning my name as the beneficiary. Thank you very

much; thank you for being a very good team leader, we all collectively will not let you down."

The president hailed Wike, for his vision and hard work, which he said had effected changes, both structurally and administratively, in the capital and inspired many citizens.

Tinubu said concerning Wike, "I must recognise your vision that is revolutionary and very inspiring to many of our people. The changes you made to the FCT – structural and administrative – are yielding results and elevating the heart of many Nigerians, thank you very much.

"Today, we are here to mark a significant milestone in the journey of our nation towards progress and

Uzoka-Anite: Tinubu Declined Approval for Purchase of Petrol Vehicles, Insisted on CNG-powered Automobiles

Says $30 billion investment commitments secured

James Emejo in Abuja

Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, yesterday revealed that President Bola Tinubu recently declined a request by some ministers for the purchase of petrol/diesel-powered vehicles, insisting on the patronage of Compressed Natural Gas-enabled automobiles.

The president reportedly made it clear that he would henceforth approve only CNG-powered vehicles to further solidify the federal government’s current efforts to reduce reliance on fossil cars.

Speaking at the Ministerial Sectoral Update press briefing organised by the Ministry of Information and National Orientation as part of activities to mark the first year in office of the present administration in Abuja, the minister also said over $30 billion in investment commitments had so far been secured across multiple sectors of the economy.

She said the federal government remained committed to the successful implementation of the CNG policy.

The minister said, “I remember last week’s FEC, some ministers went to the president to ask for approvals to procure vehicles. And when they got there, the president said he would not approve any vehicle except CNG vehicles; is that not walking the talk?

“And this is how we will change the narrative. When the president is the one pushing his own agenda, we

have no choice but to follow suit.

“When you buy a CNG car, you have implemented the initiative of the president. We will produce that CNG car here in Nigeria and we will convert the existing internal combustion engine using petrol to CNG and they will become CNG cars.

“We will empower our manufacturers to produce CNG cars. And that’s how we will begin to change that narrative.” She further disclosed that the government will flag off the conversion and manufacturing of CNG trucks and trailers to carry goods for trade, noting that logistics and cost of transportation contributes significantly to cost of goods sold and consequently inflation.

According to her, the CNG remained four times cheaper than diesel for transportation, adding that this will drop the cost of carrying goods and see our cost of production drop significantly.

Uzoka- Anite said, “Let me emphasize here again that just powering industries from distributed power or captive power alone will reduce cost of production by 60 per cent, then reducing cost of transportation by converting trucks and trailers to CNG instead of diesel will drop that cost again by 60 per cent - the combined effect of this alone will shift our industries from loss making ventures into huge profit ventures, thereby having a multiplier effect.

“Thanks to the presidential gas initiative of Mr. President, Nigerian

industries will once more become profitable and produce at cheaper costs. This will not only reduce the cost of products we buy, but will reduce food inflation significantly and make us compete favorably in our exports.

“A lot of our industries have closed down with many more on the verge of closing as a result of high cost of production chiefly energy and transportation, so now you can understand how the president, through this initiative will revamp industries and tackle a major bottleneck.”

She said the ministry’s mandate was focused on six pillars of growth, namely support and facilitation to improve ease of doing business, development of policies and reforms, increased access to financing, increased access to global markets, driving investments, and increasing job creation which all play significant role in the delivery of Tinubu’s eight-point agenda.

On trade, the minister said the ministry had re-launched the Nigerian Trade Policy 2023-2027, geared at stimulating the domestic economy by connecting Nigerian SMEs to the global value chain thereby ensuring that Nigerian businesses have the capacity to be globally competitive. Among other things, she said Nigeria's investment landscape was currently witnessing a significant influx of foreign capital, aligning with the Renewed Hope agenda.

She said, “Led by the commitment of His Excellency, President Bola Ahmed Tinubu, we have secured investment commitments of over $30 billion, so far across multiple sectors of the economy.”

She said the ministry was taking decisive and structured steps to attract capital investments which will transform the homegrown enterprises and industries into global players.

development. As we commemorate our first year in office, when I was inaugurated as the President of the Federal Republic of Nigeria, it is a great joy and challenge that we have a huge job on our (hands)."

FCTA Renames Southern Parkway After Tinubu

The FCT administration named the Southern Parkway, Abuja, after President Bola Tinubu.

FCT minister, Nyesom Wike, announced the renaming yesterday at the inauguration of the road designed to provide access and connectivity to the southern development flank of the city, as provided in the Abuja Master Plan.

The carriageway has four lanes each and two service carriageways of two lanes each, making a total of 12 lanes. It was awarded in December 2011 to Messrs Setraco Nig. Ltd. at the contract sum of N16,234,553,335.64.

The contract was later revised to N35,757,763,310.18 in March 2021 due to changes in scope and other economic indices.

Wike said the landmark project, the first among nine visionary projects scheduled for commissioning by Tinubu in the coming days, represented a significant milestone in the collective effort to enhance the infrastructure and liveability in the nation's capital.

He said the Southern Parkway was designed to provide development to the southern flank of the city, like

the Northern Parkway, which had been substantially developed over the years to service the northern districts.

The FCT minister stated, "As we mark the first year of your transformative leadership, Mr. President, this event underscores our shared commitment to progress, innovation, and the enduring prosperity of Nigeria. Today, we celebrate not just the completion of a roadway, but the opening of new pathways to economic growth and national unity.

"I am happy to further inform your Excellency that the project is now completed in line with the ‘Renewed Hope Agenda’ of Mr. President. The completion of the project will, indeed, enhance traffic circulation around the city centre, thereby reducing delays in travel time; complementing the developed portion of the Northern Parkway by easing the traffic congestion experienced in the Southern Districts of Garki, Gudu, and Durumi as well as accelerating the development of the southern axis of the city in general, thereby bringing improved socio-economic benefits to residents and visitors to the city."

Wike had said on assumption of office in August 2023 that the FCT administration was confronted with many uncompleted projects that had dragged on for several years. He added that the coming of the current administration and Mr. President’s unflinching support had led to the completion of this project, among others, that were ready for commissioning.

To Bolster Power Sector Manpower, NDPHC Graduates 12 Interns in Abuja

Emmanuel Addeh in Abuja

To boost the much-needed manpower in the power sector in Nigeria, the Niger Delta Power Holding Company (NDPHC) yesterday graduated 12 engineering interns.

At the event which took place in Abuja, the Managing Director of the organisation Mr. Chiedu Ugbo, said the scheme was meant to bolster the skills needed to ensure the sector progresses.

Ugbo explained that although the NDPHC cannot employ everyone to work in the company, the programme which is in its second year, trains brilliant engineering graduates in the country .

He said: “I have received a number of good testimonials from the Chief Operating Officers of the

power plants and we could see that you did well. All I can say is keep it up.”

Also speaking, the Executive Director, Corporate Services, NDPHC, Nkechi Mba said the young engineers were sent to NDPHC power plants located in Sapele, Calabar, Omotosho and Ihovbor in Benin for internship.

She explained that the interns over the period of one year had not only honed their technical skills but had also demonstrated remarkable resilience, innovation and dedication to the field of engineering.

She noted that the programme was designed to bridge the gap between academic knowledge and practical industry experience, providing a robust platform for the graduates to develop competences in real world settings.

The power plants in Calabar, Omotosho, Sapele and Ihovbor, she said, served as a dynamic learning environment where the interns could immerse themselves in the complexities and challenges of power generation and distributions. In her remarks, General Manager, Human Resources, NDPHC, Olufunke Nwankwo said throughout their time with the organisation, the interns engaged in hands-on projects, collaborated with experienced professionals, and contributed to the continuous improvement of our operations.

“They have embraced the culture of safety, efficiency, and sustainability that NDPHC stands for, ensuring that they are well-equipped to become the next generation of leaders in the power sector,” she explained.

PHOTO: GODWIN OMOIGUI

During ObASEki'S lEcturE At OxfOrD univErSity cOnfErEncE 2024...

L-R: Chairman and Managing Partner, Global Infrastructure Partners, Adebayo Ogunlesi; Dean, Blavatnik School of Government, University of Oxford, Professor Ngaire Woods, and Edo State Governor, Mr. Godwin Obaseki, after Governor Obaseki's lecture at the Oxford University Conference 2024, organised by the Oxford University Africa Society, at the Blavatnik School of Government, in Oxford, United Kingdom ... recently

With Two Conflicting Court Orders, Kano Emirate Crisis Escalates

First order directs Sanusi's eviction, second one forbids directive

Ahmad Sorondinki in Kano

Two courts of coordinate jurisdictions, yesterday, gave conflicting orders on the Kano Emirate crisis, suggesting that tussle for the revered stool was far from over.

In the first order, Justice S. A. Amobeda of the Federal High Court sitting in Kano ordered the eviction of the reinstated Emir of Kano Muhammadu Sanusi II from Emir's Palace, and further instructed the police to ensure all rights and privileges due to the 15th Fulani Emir of Kano, Aminu Bayero be given to him.

But another court in the state immediately issued a counter order restraining the Police, the State Security Service and the Nigerian Army from evicting, harassing or arresting Emir Sanusi.

Justice Amobeda, who gave the exparte order, yesterday, stated that the order was made in the interest of justice and maintenance of peace in Kano state.

The order stated: “An order of interim injunction restraining the Respondents either by themselves, their agents, servants, privies or any other person or authority from inviting, arresting, detaining, threatening, intimidating, harassing the Applicant, raiding, tampering with or visiting the Applicant’s in order to arrest or infringe on his right or in any other way infringe or attempt to infringe on the Applicant’s rights pending

the hearing and determination of the Originating Motion.

“An order restraining the 3", 4* and 5th Respondents and all other Respondents from denying the applicant to use his official residence and palace at the Emir’s Palace, Kofar Kudu as well as enjoyment of all rights and privileges accrued to him by virtue of being Emir of Kano State and to evicting anything, anybody residing within the palace illegally pending the hearing and the determination of the originating summons”

The suit has been adjourned to 4th of June for hearing.

However, Justice Amina Aliyu of the Kano State High Court, had earlier issued an interim injunction restraining the Nigeria Police and other security agencies from harassing, intimidating. inviting, arresting and or invading the personal or official residence of the reinstated Emir of Kano Muhammadu Sanusi II, pending the hearing and determination of the motion on notice.

The presiding judge gave the order upon hearing of exparte application by counsel to the applicants, Bashir Yusuf, dated 28th May, 2024.

The order read: "That an order of interim injunction is hereby granted restraining the Respondents either by themselves, their agents, privies, representative, and assigns from further harassing, intimidating. inviting, arresting and or invading the personal or official residence of the Applicants (Gidan Rumfa), his servants and or any of the Kano

Emirate kingmakers of doing such acts that would be capable of interfering with the Applicants' rights generally in relation to this suit pending the hearing and determination of the motion on notice.

"That an order of interim injunction is hereby granted restraining the

Respondents from attempting to hijack, pick, commandeer, confiscate any of twin spear of authority, the Royal Hat of Dabo, the Ostrich-feathered shoes, the knife and sword of the Emir of Kano as well as symbols of authority pending the hearing and determination of the motion on notice.

"That an order of interim injunction is hereby made restraining the Respondents from taking further steps in connection with the matter or maintaining status quo of staying all action pending the hearing and determination of the motion on notice.

"That it is further ordered that

the Respondents are restraining from interfering with the functions, duties of the 1" Applicant as the Emir of Kano pending the hearing and determination of the motion on notice dated 28 May, 2024," the order stated. The motion on notice was adjourned to June 13, 2024, for hearing.

NBA Urges Investment in Young Lawyers for Higher Bar Standard

Says Kano safe, ready for 2024 conference

Alex Enumah in Abuja

Chairman of Nigerian Bar Association, Section on Legal Practice (NBA-SLP), Mrs Boma Alabi, SAN, has called for more investment in young lawyers, so as to guarantee a higher standard at the country's bar. Alabi stated this while speaking on the level of preparation for the 2024 Annual Conference of SLP.

She said the young lawyers were the future of the profession, hence, the need to invest time and resources for their proper development.

Alabi assured that everything had been put in place for a successful and memorable event.

The one-week conference, which kicks off June 2, in Kano State, has as theme, "Administration of Justice in Nigeria: Challenges and Reforms.”

In an interview with journalists, Alabi, who observed that the Section on Legal Practice had lived up to expectations, stated that the leadership was consciously working to improve upon the efficiency of the profession, because of its crucial role in the socioeconomic development of the country.

Speaking on her leadership of SLP, the senior lawyer stated, "As Chairman of the NBA-SLP, I am particularly interested in collaborating with the YLF, as I firmly believe that

Affordable Healthcare Delivery: Kwara to Continue Partnership with Donor Agencies, Sponsors

Hammed Shittu in Ilorin

The Kwara State Government yesterday said it would continue to engage in partnerships with sponsors and donors agencies so as to expand access to affordable healthcare delivery and improved family welfare packages for the people of the state.

The state’s Commissioner for Health, Dr. Amina El Imam, stated this in Ilorin during the official presentation of N6million cheque for 1000 enrollees into the State Health Insurance scheme by a non-governmental organisation, Lekan Adewoye Foundation.

According to her, "If you ask for the most important things to do to keep money in the pockets of the people, health insurance will be number one.

"Because out-of-pocket expenses while chasing health can bankrupt

a person and destabilise the entire family.

"That is why the government has placed several thousands of our people on health insurance.

"What the Lekan Adewoye Foundation has done is uncommon.

With the 1000 lives covered today, you have given 1000 people health. That is the gift of health for a whole year.

"I thank you specifically for the channel you passed the N6m through. That means for one year, 1000 enrollees do not need to worry to cater for their basic health needs."

The Commissioner assured the Foundation that the enrollees would get quality healthcare delivery with the ongoing upgrade of health facilities in the state. She further stated that, "We can assure you that every enrollee will get quality health care, especially because His Excellency Governor AbdulRahman AbdulRazaq has

embarked on massive statewide renovations of health facilities.

"So, we are talking renovation and equipping the facilities, training and capacity building, and provision of alternative power supply so that the enrollees will get quality healthcare when they get to our facilities.

"With this development, you are driving people to our renovated facilities. On behalf of the entire health team, I want to assure you that all your enrollees will be well taken care of.

"By the grace of God, you will renew it next year and more people will join you. Lekan Adewoye has shown the way."

Executive Secretary of the Kwara State Health Insurance Agency, Dr. Olubunmi Jetawo-winter, on her part, thanked sponsors and donors who ensure that the government is not left alone to cater for the needs of the people or themselves.

"We want to thank the donors and sponsors who are supporting governmental efforts such as KSANG, Offa Descendants Union, Igbaja Descendants Union, and Ilorin Emirate Youth Association, among others.

"We now have close to 60,000 enrollees in the scheme. Today, we have about 85 accredited providers in both private and public sectors. We want to appreciate our latest sponsor, the Lekan Adewoye Foundation, who has deemed it fit to enroll Kwara Southerners into the scheme," she said.

She added that, "Implementation, sustainability and success of health insurance is everybody's business. Every member of the society has a part to play in ensuring that generations after us will continue to enjoy health insurance implementation. Health insurance brings succour to the people. It improves the economic status of any society by improving health of the society.

they are the future of the profession and we must invest in the future if we want to set a higher bar than we presently have.

"We are currently working on setting standards in different areas of practice and providing guidelines for lawyers for use of AI, to enhance data protection and ensure we are using modern tools safely and ethically.

"We have our acclaimed journal, which is published every year, thanks to the industry and generosity of our leader, E C Ukalla SAN. As a matter of fact, we will be giving delegates to our conference free copies of the journal."

The SLP chairman lamented the harsh economic climate in the country, which she says lawyers were not exempted from, adding that notwithstanding, the section has managed to sail through.

Alabi said, "The major challenge the SLP is facing is the same as every organisation in our current economic climate. Costs are rising and income decreasing. Tough times, indeed. However, we still have to deliver on our mandate and have managed to do so through hosting hybrid and virtual events. And partnering with others, such as the very successful event in Enugu on ADR hosted by the Enugu State judiciary, in collaboration with the SLP.”

She expressed excitement over the upcoming conference in Kano, which had been tagged, "The Arewa Conference."

Speaking on the choice of Kano for this year's conference, Alabi stated that Kano State and Jigawa State were historically one, and still enjoyed close ties, "So we are being co-hosted by both states. You must have noted the fact that our CPC Chairman is my learned friend of the Silk from Sokoto State, Dr Suleiman, SAN.”

Alabi explained that the theme of

the conference was carefully chosen to reflect the ongoing battle to continually improve upon their game and ensure justice was delivered and delivered expeditiously.

She said, "We have built various topics around the central theme, which is, Administration of Justice: Challenges and Reforms."

On the role lawyers could play in improving the country's electoral process and guaranteeing good governance, the senior lawyer stated, "The problem of credible elections will persist until the electorate are more enlightened and Nigerians entrusted with the responsibility of conducting elections realise that sabotaging their responsibility for short-term gain is actually self-destruction in the longer-term."

She maintained that the NBA-SLP would continue to play a pivotal role in educating the citizenry and equipping lawyers with practical information that would assist them in their advocacy in election petitions. Alabi said, "The press, too, have a crucial role in the process and we must all do our bit. We are only 25 years and that in comparison is a nascent democracy. It will get better one community at a time."

She assured all those attending the conference that Kano was safe and ready to host the NBA Section on Legal Practice (SLP) conference.

According to Alabi, "The NBA has received assurances from the Kano State government and the relevant law enforcement agencies in this regard. This was further confirmed by the chairmen of Kano, Ungoggo, and Dutse branches of the NBA, Mr Sagir Sulieman Gezawa, Muhammed Jibrin, and Mustapha Kashim, respectively, several members of these branches, and Mr Aminu Sani Gadanya, the chairman of the Local Organising Committee (LOC) for the NBA-SLP Conference."

InAuGurAtIOn Of SOuthern PArkwAy renAMed the BOlA AhMed

tInuBu wAy...

Odili, Mbata Shaking Camp of Opposition in Rivers, Says Fubara

Rivers State Governor, Siminalayi Fubara, has described the former governor, Dr. Peter Odili as an elder statesman and hailed Senator John Mbata as the stronghold shaking the camp of opposition in the state.

Fubara who expressed gratitude to the former governor and former federal lawmaker, said they are among others who have continued to stand with his administration since inception in office.

The governor made the assertion at the State Banquet to celebrate his first one year in office and 57th Anniversary of the creation of Rivers

State at Government House in Port Harcourt.

In his remarks, Governor Fubara said, "Let me specially thank our leader, Sir Dr. Peter Odili. Let me specially thank Senator John Mbata. I have a reason to say this, and every one of you know it.

"But I need to call out these two: they are a strong symbol causing problem in the camp of the opposition. Each time they stand with us, they're one million in one man, and it is troubling them.

"And this evening, with the calibre of people sitting on this table, there will be confusion somewhere. So, you can see the handiwork of God!

It is not me. It is when God is in control, He makes everything perfect in His way and in His time," he said.

He explained that his administration is still standing strong, delivering dividends of democracy to the people and solving critical problems of governance despite the sudden political crisis that erupted and persisted in the state because of God's grace.

The governor said that the successes recorded so far were possible because God has been graciously upholding the government, offering it the right direction and giving him the strength to carry on. He said that while others were

celebrating one full year of service to the people, he has only actually been in control of real governance characterised by prudence, purposefulness and protection of the interest of the state in the last four months.

He said that under his watch, Rivers State Government has provided "Governance that has the interest of our people at heart. Governance that is prudent. Governance that has respect for you - all of you.

"We decided to have this banquet today to say: thank you, thank you and thank you to every one of you. You have supported us.

"The last time I had this opportunity to dine with you was

Enugu: Organisers of Maiden Gaming Conference Say it Will Drive Economic Growth

Gideon Arinze in Enugu

Organizers of the maiden Gaming Conference in Enugu have said that the event will drive economic growth in the state as it will open up partnership opportunities with investors especially in the hospitality industry.

on 1st of January, 2024, and you

know, the mood was not like this. We never knew we could even stand up till today."

Governor Fubara further said: "You see the reason why we need to give God all the glory. It is very simple: one thing is very important and unique; we are succeeding because we are on the side of God.

"It is not just standing on the side of God; because everybody professes to be standing on the side of God, even the native doctor would call on God. But what is important is God being in your business. God is in our business. And because He is in our business, we will continue to survive, no matter where they are coming from," he said.

Governor Fubara insisted that his purpose in government is to deliver the dividends of democracy to Rivers people, which will not be compromised.

Governor Fubara solicited more support from leaders of the state, and more especially, the other arms of government: the legislature and judiciary, to enable the government serve the people better.

He also thanked the security agencies for their various levels of support that had ensured that peace prevailed in the state, and urged them to continue to sustain the tempo.

He said, "We know that a lot of people are planning one thing or the other, but because you're gentlemen and women of honour, you have never accepted to join in destroying what we have as a state. So, I want to thank you, on behalf of the government."

They also said that Governor Peter Ndubuisi Mbah of Enugu State will be present at the event to shed light on his administration's commitment to fostering partnerships with investors in the gaming sector and also highlight the conducive business environment that Enugu offers for potential stakeholders.

a statement ahead of the conference slated for June 27th, at the Amadeo Event Centre, said that the goal is to attract investments that will drive economic growth while safeguarding the citizens from illicit activities.

Executive Secretary/CEO of Enugu State Gaming and Lotto Commission, Prince Arinze Arum, who made this known yesterday, via

ECOWAS VP: We're Moving to Make Mali, Burkina Faso, Niger Rescind Exit Decision

Michael Olugbode in Abuja

The Vice President of Economic Community of West African States (ECOWAS) Commission, Damtien Tchintchibidja, has revealed that the regional bloc was doing all it could to make Mali, Burkina Faso and Niger rescind their decision to exit.

Tchintchibidja who described the efforts at getting the trio back as “work in progress,” gave the comment in an interview with journalists in Abuja, at an event set to mark at ECOWAS @ 49 celebration, dedicated to sensitizing young students in Abuja about the missions, achievements, and vision of ECOWAS for the future.

He said: “Well, it’s still a work in progress, quite frankly, for us it’s heartbreaking to know that three member states would like to exit from this community.

“We are stronger as a community. It’s like a family. You know, you’re

always stronger when the family is unified, united.

“And for us, we are still working at it. You know, we still engage in negotiations with these member states to ensure that they remain within our community.

“But even if they were to leave, they still remain our brothers and sisters.

“As you know, our borders are porous, where citizens have families all across our borders, and we are all one people,” Tchintchibidja said.

The intention of Mali, Burkina Faso and Niger to exit ECOWAS was made known in January after the coup in Niger received a backlash from the regional bloc who also slammed various sanctions on the three countries over the military takeover of power in their countries, which their military leaders considered irresponsible and unbrotherly.

He noted that the theme of the conference, “Exploring the Future of Gaming: Innovations and Collaborations," will focus around legislation, investment climate, illegal gambling prevention, crime mitigation strategies within the industry.

“This conference marks a pivotal moment for the gaming industry in Enugu State because it will present an opportunity for us to explore innovative ideas that will propel investment in the sector while ensuring responsible gambling practices.

Emphasising his administration's commitment to turning around the fortunes of healthcare sector in the state, Governor Fubara assured of making sure that all zonal hospitals come on stream in the next six months.

He said, "Are we even talking about the health sector? We have given ourselves a task that in the next six months, all our zonal hospitals, including the general hospitals in strategic LGAs must function".

He specifically called out the heads of security agencies, military and paramilitary services in the state, and thanked them profusely for the immeasurable support and cooperation they have given to his administration, which had facilitated the successes recorded thus far. In his speech, the Secretary to the State Government (SSG), Dr. Tammy Danagogo, said as the state marks the 57th Anniversary of its creation and first one year in office of Governor Fubara, a book on the Old Rivers State is also being unveiled, written by a cross section of elites, intellectuals and leaders from Rivers and Bayelsa States.

Senate Recalls Ningi After Serving 10 Weeks in Suspension

The Senate, Tuesday, resolved to recall Senator Abdul Ningi who was suspended on March 12, 2024, for a period of three months.

Ningi, who is representing Bauchi Central Senatorial District had spent two months and two weeks on suspension. He had two more weeks to finish his suspension.

However, following a motion during plenary on Tuesday, the Minority Leader, Senator Abba Moro, moved a motion to recall Ningi.

The motion is titled, "Unconditional Recall of Senator Abdul Ningi," and it was co-sponsored by the Deputy Minority Leader, Senator Olalere Oyewumi and the Minority Whip, Osita Ngwu.

Moro urged the Senate to recall Ningi who was suspended for three months on the 12th of March, 2024.

He was accused of making unsubstantiated allegation of

padding of the 2024 budget to the tune of N3.7trn.

Ningi stated this in an interview he granted the British Broadcasting Corporation (BBC) Hausa Service on March 9, 2024.

His suspension followed a motion of urgent national importance moved by the Chairman, Senate Committee on Appropriations, Senator Solomon Olamilekan Adeola.

Ningi was suspended for violating legislative rules, misconduct and unethical behavior.

Moro's motion had only one prayer, which was for the Senate to reconsider the additional resolution of its votes and proceedings of Wednesday, 13th March, 2024 and recall Ningi for him to carry out his legislative activities.

Moro took full responsibility for the actions of Ningi and apologised on his behalf.

The prayer was unanimously approved and Senator Ningi recalled.

The Motion read: "Notes that

on Tuesday 12th March, 2024, this very revered 10th Senate in plenary suspended the former Chairman of the Northern Senators’ Forum, Senator Abdul Ahmed Ningi of Bauchi Central Senatorial District for three months.

"The suspension followed a media interview he granted the British Broadcasting Corporation (BBC) Hausa Service on March 9, 2024 in which he alleged that about 3.7 trillion Naira representing over 10% of the 2024 budget was illegally inserted into the 2024 National Budget.

"Notes further that Senator Abdul Ahmed Ningi was asked to address his allegation of budget padding against the National Assembly, following a motion of urgent national importance moved by Senator Solomon Olamilekan Adeola, the Chairman, Senate Committee on Appropriations.

"And failing to address the allegation, the Senate resolved to suspend Senator Abdul Ahmed Ningi for three months for violating

legislative rules, misconduct and unethical behavior for the interview he granted on BBC Media on the 2024 Appropriation Act, a legislation which process he was part of.

"Aware that the said Senator Abdul Ahmed Ninigi, being under suspension, has spent over two months outside the precincts of the National Assembly Complex and needs to return to continue with his legislative activities as the Senator representing Bauchi Central Senatorial District.

"Flowing from the above, the Senate Minority Leadership takes full responsibility for the actions of our colleague Senator Abdul Ahmed Ningi and apologizes on his behalf.

"Accordingly, the Senate resolves to: "Reconsider the additional resolution of the Senate (i) of the Votes and Proceedings of Wednesday 13th March, 2024 to recall Senator Abdul Ahmed Ningi to the Senate as Senator representing Bauchi Central Senatorial District."

Sunday Aborisade in Abuja

Blessing Ibunge in Port Harcourt

L-R: FCT Minister of state, Dr. Mariya Mahmoud; APC National Chairman, Dr. Abdullahi Ganduje; FCT Minister, Nyesom Wike; President Bola Ahmed Tinubu; Chief of Staff to the President, Femi Gbajabiamila; Chairman, House Committee on FCT, Mukhtar Betara; and Chairman, Senate Committee on the FCT, Senator Ibrahim Bomai, during the inauguration of the Southern Parkway renamed as the Bola Ahmed Tinubu Way in Abuja ... yesterday

VAnguArd PersonAlity of the yeAr AwArds...

House C'ttee Summons Commercial Banks over Non-remittances of Education Taxes

As ASUU urges FG to scrap waiver meant for tertiary institutions

The House of Representatives Committee on Tertiary Education Trust Fund (TETFund) has directed First Bank of Nigeria and other banks to appear before it alongside its tax consultant to reconcile the Education Tax Computation not remitted to TETFund by the banks between 2011 and 2022.

Consequently, the President of Academic Staff Union of Universities (ASUU), Professor Victor Osodeke, has urged the federal government to as a matter of urgency stop tax

waivers meant to fund tertiary institutions in the country.

Osodeke while speaking yesterday at the public hearing on Monitoring of Collection, Utilization and other Associated Services relating to Education Tax from 2011 - 2022, hinged the poor funding of tertiary institutions and incessant industrial actions to waivers granted to banks and other private institutions.

Chairman of the Committee, Hon. Miriam Odinaka Onuoha, while giving the directive during the appearance of some banks before the committee to defend their non-

Mo HAMMAD I D r IS : T I nubu'

Tinubu's one year in office as a reign of economic hardship, insecurity and hopelessness, which, according to the opposition party, negates the “Renewed Hope Agenda” campaign promises of the current administration.

According to a statement signed by the caucus Leader, Hon. Afam Victor Ogene, the LP caucus said it is bewildering that the economy of the nation has dangerously continued on a free fall, one year after the inauguration of the current administration.

The statement released in Abuja, yesterday, to mark the first year anniversary of the current dispensation said the current state of the economy had cast a cloud of doubt on the capacity of the APC government to rescue the country from the present situation, especially after "the precarious eight years of the past administration, characterised by widespread despair”.

The caucus stated, “After last year's glitch-determined presidential election, and the legal gymnastics which ratified the indolent behaviour of the electoral umpire, our caucus had taken a backseat, in the patriotic hope that, maybe, just maybe, the beneficiary administration would be able to wrought magic and pull the nation from the precipice of economic annihilation.

"But, as can be obviously felt by the blind, and seen by the deaf, the entire country has, after one year, come to the full and unambiguous understanding of what President Bola Tinubu meant, when he said that his administration would continue with the 'legacies' of his predecessor."

The lawmakers also said, "From 29.9 per cent in January - the highest since 1996 - Nigeria's general inflation rate today stands at 33.20 per cent and a poverty rate of 38.9 per cent.

“As the nation begins the

journey into the second year of this administration, we call on President Tinubu to, as a matter of urgency, prioritise on minimising the suffering of Nigerians, by ensuring food security, access to clean water, healthcare and education.

“Tackling poverty and guaranteeing these necessities are pivotal to the sustenance of peace in the nation."

On its part, PDP declared the last one year under Tinubu as the most challenging in Nigeria’s history since the civil war.

In a statement by its National Publicity to Debo Ologunagba, PDP insisted that the current rising insecurity, excruciating poverty, economic hardship and general despondency in the country, necessitating the fleeing of thousands of Nigerians, especially the youth, from the country further confirmed that there was no hope in sight with APC on the saddle.

Ologunagba said, "It is apparent that inflicting pain and misery on Nigerians remains the policy thrust of successive APC administrations which became heightened by the not well thought-out twin anti-people policies of removal of fuel subsidy and the floating of the Naira without due consideration for the citizens’ welfare and security.

"As if these were not enough, the APC administration continues in its anti-people policies in the arbitrary hike in electricity tariff and imposition of multiple taxes on the already impoverished Nigerians with no corresponding tangible development directed towards the welfare of the people."

According to the PDP, "Instead of addressing the grave economic challenges facing our nation, the APC administration continues to wreck our productive sectors with its illadvised policies which have resulted in the exit of multinational giants including GlaxoSmithKline, Procter

remittance of Education Taxes over the years said there were disparities between the figures that was in the Bank’s Financial Statements as Provisions for that purpose and what the bank actually remitted to FIRS.

The Committee upon their admittances of such discrepancies, without any substantial explanation summoned the banks to come along with details of their Tax computations, their External Auditors and Tax Consultant along with proofs of remittances by 20th June, 2024.

Miriam noted that out of the 15 banks invited, about seven

and Gamble, Microsoft among others and massive divestment by major oil and gas companies from our country in the last one year.”

However, PDP commended Nigerians for their steadfastness and urged them not to allow the failures of the APC administration to make them lose hope in democracy and the nation.

Barau, Kalu Hail Tinubu On First Anniversary

Deputy President of the Senate, Senator Jibrin Barau and Senator Orji Uzor Kalu, hailed Tinubu on his government's first anniversary, describing the president as a great leader and an architect of modern Nigeria.

Barau, in a statement to commemorate the first anniversary of the government, said Tinubu navigated the once-adrift ship of the Nigerian state to safety.

Barau said President Tinubu had led the country out of the doldrums in the last year.

He said, "The National Assembly, as the voice of all Nigerians, will always stand in synergy with Mr President's visionary administration in facilitating the achievement of the Renewed Hope Agenda to restore hope in the country."

Kalu, who is Chairman, Senate Committee on Privatisation and former governor of Abia State, also urged Nigerians to be patient with the federal government in its efforts to improve the well-being of the people.

He stated that the Tinubu government was implementing pragmatic and sustainable reforms for ultimate development of the country, adding that the citizenry and government at all levels must complement each other for the sake of Nigeria.

Kalu appealed to leaders at all

were supposed to appear before the committee on Tuesday, while only three of them showed up with three other writing to seek a new date to appear.

The banks summoned to appear on the 20th June with the aforementioned documents and persons include, Zenith Bank, Access Bank, First Bank, United Bank for Africa (UBA), Sterling Bank, Keystone Bank, FBN Quest Merchant Bank, First Bank, Guarantee Trust Bank, Stanbic Bank, Wema Bank, Eco Bank, Fidelity Bank, Jaiz Bank and Unity Bank.

The Deputy Chairman of the

levels of government to engage their constituents before, during and after elections, and urged politicians to play the game by the rules.

Tinubu Steadying Nigeria’s Ship Through Impactful Reforms - Abbas

Speaker of the House of Representatives, Hon. Tajudeen Abbas, said the administration of Tinubu has been making significant strides in steadying the ship of the state through impactful reforms, policies, programmes and initiatives.

Abbas, in a statement issued yesterday, by his Special Adviser on Media and Publicity, Musa Krishi, said Tinubu had demonstrated courageous leadership and taken bold decisions in the best interest of Nigeria and Nigerians.

He said the president met a lot of challenges in various sectors of the Nigerian society, including insecurity, economic downturn, national disunity, among others.

Abbas stated, "The president demonstrated his readiness for leadership on the first day in office by stopping the corruption-infested fuel subsidy, which had become a drain to the country. The subsidy regime was already throwing Nigeria into bankruptcy. Though that decision has expectedly caused some pains, it is a necessary economic policy that is key to our economic recovery and growth.

"The fuel subsidy removal and merger of the exchange rates showed his strong political will to prevent the administration from being taken hostage by the bureaucracy.”

Buhari Hails Tinubu, Appeals for Nigerians’ Support

Ex-President Muhammadu Buhari extended his best wishes

committee, Hon. Bappa Aliyu Misau, earlier noted that First Bank under remitted its education tax deductions to TETFund, an action which he said was punishable under the law.

His words: “Unfortunately, you do not have the year-by-year breakdown but the available records you submitted in 2011 was N603,801.

Then, in 2012, you are owing N301,263,135, in 2013, you have a credit balance of N102,713,615.

“Again, in 2014, you had a credit of N2.933, 659, then if you go to 2015, you have N25 million as outstanding, in 2017, N169,

to his Tinubu, on the completion of his first year in office.

The former president, in a release issued yesterday, appealed to all Nigerians to continue to strengthen the thread of national unity and goodwill. He also appealed to them to give their blessings and support to the Tinubu administration so that it can succeed in its efforts to build a Nigeria of our dreams.

Buhari expressed his wish for a successful tenure in office by the Tinubu administration.

LCCI: Soaring Inflation, Public Debt, Declining Real Sector’s

Performance Mark Tinubu One Year in Office

Analysis of major economic indicators in the past one year by the LCCI showed that Tinubu’s first year in office was characterised by rising public debt, soaring inflation and interest rates, weakened Naira and declining performance of the manufacturing, agriculture and telecom sectors.

The LCCI in its “Scorecard for the Tinubu Administration After One Year,” stated that the economy has been in an adjustment mode “with several variables like stubborn inflation, persistent weakening of the Naira, supply chain disruption driven by insecurity, and weak production base, defining the outlook at any given time.”

Director General of LCCI, Dr. Chinyere Almona, said while policy choices had been liberal on the sides of the monetary and fiscal authorities, expected outcomes had not been recorded yet. Almona said, “The fight against inflation has not been successful, as the prices of goods keep an upward trend, with the inflation rate rising from 22.22 per cent in

852,600 outstanding, in 2018 you have N98 million outstanding, in 2012, you paid N7.877,451 then in 2020 N148 million credit, in 2021, N269,618,626.6 debit.

"Therefore, in 2022, you had N3.748,984, 654.64. Then you add it up, you sum the credit and the debit, you ended up with N3.749,353,260 outstanding. You know there is penalty for non-remittance.”

An Executive Director with First Bank, Bashir Yusuf who represented the bank at the meeting told the lawmakers that between 2011 and 2022, the Bank posted a Profit Before Tax (PBT) of N795,123 billion.

April

2023 to 33.69 per cent in April 2024, recording more than a 10 per cent leap in 12 months.”

She added, “Nigeria’s debt stock was N97.34 trillion ($108.22 billion) at the end of 2023, compared to N87.38 trillion ($113.42 billion) at the end of June 2023. This represents an increase of about N10 trillion. The total public debt stock increase is reflected in domestic and external debt.”

Commenting on the impact of fiscal and monetary policies on the manufacturing sector since the inception of Tinubu’s administration, the LCCI stated that the manufacturing sector experienced fluctuations in its growth rates throughout the quarters of 2023 and the first quarter of 2024, reflecting both challenges and opportunities.

According to the chamber, “The first quarter of 2024 presented some challenges, with nominal GDP growth slowing to 8.21 per cent year-on-year. Quarter-on-quarter growth was negative at -17.67 per cent, reflecting a contraction. Despite this, the sector's contribution to nominal GDP remained substantial at 14.79 per cent.”

It advised the government “to fix the forex crises, adopt a lower exchange rate for import duties on imported raw materials for manufacturing, offer manufacturers concessionary interest rates in the face of shrinking credit to the private sector, and ensure the policy environment is stable and predictable” in order to buoy the fortunes of the manufacturing sector.

It further stated that in the first year of Tinubu’s administration, the agriculture sector was impacted mainly by insecurity, fuel subsidy removal, and consistent exchange rate deprecation, which increased the cost of fertilizer and other input costs.

Adedayo Akinwale and Juliet Akoje in Abuja

L-R: Mr. Eze Anaba, President of Nigerian Guild of Editors and Editor, Vanguard Newspapers; Mr. Gbenga Omotosho, Lagos State Commissioner for Information and Strategy; Mr. Ayodele Aminu, Group Managing Director, New Telegraph Newspaper and Mr. Mike Dada, Managing Director, PRM Africa Marketing and Communications, during the Vanguard Personality of the Year Awards held at Eko Convention Centre, Eko Hotel, Victoria Island, Lagos ... recently.

MISSILE

Keyamo to Buhari Administration

“An Ethiopian Airline disguising as Nigerian Air with an Ethiopian National Flag. It was never Air Nigeria, it was Ethiopian trying to fly our flag. It only printed Air Nigeria. If it is so, why not allow our local people to fly our flag? Why bring a foreigner to fly our flag? Note that 60 per cent of the profit is given to another country. How does that benefit us? It remains suspended” --Aviation Minister,FestusKeyamo,disclosesthattheNigerianAirprojectbyBuhariadministrationwasafraud.

Pat U Tom I

gu

Beyond Myths and Illusions

Nigeria is a mess right now. A huge mess. Even the blind can see it. And the deaf can hear the cry of anguish of Nigeria’s children. Can the country be rescued? Possibly. But the myths, years of delusions of grandeur and criminal capture of the Nigerian state threaten the possibility.

Last week one of the great TV interviewers in Nigeria, Charles Aniagolu asked me the big question. How did we get here?

I resisted the temptation of the immodest but Frank answer; go and read just about everything I have written in the last 40 years.

So I talked about a flawed political class constrained by the false consciousness of the collapsed morality of civic culture captured in the seminal essay on Colonialism and the two Publics written by Peter Ekeh in 1975 and the Idea of the tragedy of the commons where that which belongs to all belongs to none. Theoretical truths as they may be Nigeria’s descent to failing state status, poverty capital of the world, and theatre of violent crime and impunity has been a long time coming and has been framed by many illusions left unattended by an anti-intellectual culture fostered by post 1999 political elite, ego journalism which has left the big issues as columnist celebrate self and promote partisan passions, and a rent focused business elite tied to the aprons of the politicians became complicit in their indulgence while pretending to be neutral. The Chicken has come home to roost, the gate to the road to Somalia opens even as leadership selection traditions have left at the Watch those unable to shut the gates of brass and the bars of iron.

in Washington shortly after Independence with such pomp in International relations arena marked by power maximizing it was because the world saw an emerging black power. That potential consolited for a period under the military was squandered progressively by corrupt poorly governing narcissistic politicians.

was the ‘confidence’ it gave decision makers to abandon rigor in decision making and turn their back on planning. The failure of the Electricity sector so critical for production and civilization is the most revealing example of this. How on God’s earth did we manage to let that happen.?

When I go back and read things I wrote 40 years ago, 30 years back and 15 years before now I wonder that if care is not taken some will capture me and pronounce me prophet. But I do not need the religious charlatan powers to know those views were available to anyone that paused to think.

Twenty three years ago I was hosting the LBS executive briefing breakfast at which the IMF Country Manager was guest. In my opening remarks I reiterated my call for mineral and Oil revenues to flow into three accounts, a Distributable Pool Fund (FAAC), a Stabilization Fund and a Future Fund ( Sovereign Wealth Fund). The IMF official nicely editorialized that with thinking of that nature foreign experts would have no place offering counsel. It was not rocket science. Botswana was ahead of me on that curve.

In columns, I pressured the government in Abuja to start saving Oil windfalls. When they did, some of my friends in a government I was friendly with in Lagos wondered why I would encourage the Federal government to take money rightly belonging to the states. When I told one of them that he knew enough to understand the concept of mutual funds he kept quiet. Today he has the responsibility for what I tried to encourage then.

chose to live in the present and not in the future as their counterparts in Spain did three centuries ago. The model from which we can reconstruct a new Nigeria has to be found in a digital version of that of the independence fathers who remarkably transformed the economy from 1957 to 1964 before the political order began to crack. We will then need to device a new political order seeing the present one has failed almost all stakeholders

What political structure can sustain a developmental state idea and grant the great escape to millions of the desperately poor in Nigeria.

That new way has to overcome the diseased morality of the civic culture of the extant ‘’democracy’ that let the Babarians past the gate into the city halls and boardrooms. The ‘Band A’ bandits of the disconnected state who have moved state capture up a few notches have now so little sensitivity that like the wife of Louis XVI in France they may ask why do those chanting ebi mpawa and rioting for food because there was no Gari not eat Ofada rice instead..

A values revolution driven by a vanguard passionate about personal integrity, respect for the dignity of the human person, the work ethic and social justice is a necessary first step. Values shape human progress and contemporary Nigerian disposition to keep values optional speaks to why we are in a failing state category.

The good news is that the people are fed up and a significant pool of good people are waiting to be led to do the right thing. Nigeria may yet rise again.

To be sure, Nigeria was a great potential in 1960. But much of what created illusions of progress in the late 1970s and 1980s for a few thriving on Crude Oil rents, and the entitlement mentality that has since followed, and sustained an appetite for consumption and a consumerist economy has been in the way of shifting to production. These derive from less than thoughtful nation building policy making choices even as we went on giant of Africa halicinations without the work that make giants. I warned back then., chided and prompted in directions that could help claim the promise of greatness. I was told I was talking to the deaf. Now all I hear is you forewarned us of this catastrophe.

The projected greatness of Nigeria in 1960 was rooted not in potential Oil revenues but in a calculus of its factor endowments and character, vision and conduct of its politicians between 1956 and 1960.

So when Prime Minister Tafawa Balewa is welcomed

But how did these leaders go so spectacularly wrong? They neglected some simple rules any head of family pays attention to in a time of windfall. Save for a rainy day, invest in the education of the offspring and construct now you have cash that which will enable them to produce and prosper in the days when that windfall may not be there. Our elite seemed quite challenged compared to Botswana in Africa, Norway in Europe and several of the Countries in the Arab Middle East..

So we sauntered into Dutch Disease which occurs when a combination of spending patterns and exchange rates cause labour skills to move to the non tradable goods sectors like construction as tradionally dominant sectors like Agriculture became uncompetitive. The putative manufacturing sector which experienced great surge from 1956 under Self Government suffered shocks in this season and as Irene Sun shows in her book on Chinese investments and Africa as the world’s next great factory became victim of poor trade policy.

For me the biggest damage Oil boom did to Nigeria

Had a marketplace of ideas encouraged rational public conversation on my crusade of that season perhaps we may not be where we are today in the management of the economy. But our politics stifles rational conversation and the pool of good thinking shrunk.

Those who could point us to the plight of the more vulnerable, the poor, the physically challenged and minor minorities, from Academia and journalism retreated from the arena as bullies and semi literates got bolder. The voiceless angry began gradually to drop into the catchment of the entrepreneurs of violence or violent crime. Most of what we now project as violent irredentist movements happen to be organized crime as Italy and some Latin American countries have experienced. But they have compounded bad economic policies with incsecirity that has hurt the agriculture value chain.

The results have come in. Is Nigeria a lost cause?

The tendency to glamorize the era of Crude Oil oiled easy life for a portion of the population is attractive. But it was an illusion of prosperity. Nigeria was never. It could have gone that way but a short sighed elite

This is why I am promoting a new tribe with low tolerance for ethnic chauvinism, corruption and the seven deadly social sins like politics without principles, wealth without work and religion without sacrifice.

The new tribe project is also designed to go beyond by solving social problems through cohorts committed, for example to very low cost and free skills education, production clusters matching Diaspora investors with local talent using blockchain technology to ensure transparency, those focused on freeing the vulnerable from hunger and indignity, and those which war against corruption and work to hold power accountable. The list of the 14 active cohorts and reports on the work they are currently doing for the vision of a new tribe will be formally unveiled on October 1. A new Nigeria is possible but all hands must be on deck and none should fear rejecting an old order that has failed so spectacularly.

•Utomi , a Political Economist and Professor at the Lagos Business School is founder of the Centre for Values in Leadership

Pouyanne and the Demonization of Nigeria

By. ibinabo Maculay-Etoh

What comes out of a man, according to the Holy Writh, defiles the man, so it is with Patrick Pouyanne, Chief Executive Officer (CEO) of TotalEnergies. The recent unprovoked and frontal attack on Nigeria by Pouyanne defines him as very poor in diplomacy, and not a good friend of Nigeria and far from being a dependable ally of its President, Bola Tinubu, who had hosted him only a few months ago.

Historians and keen students of International Relations have long established a pattern of studies that recognizes the engagement of citizens outside of the diplomatic corps to serve as unaccredited envoys for their countries on the global stage. To be counted as one of these fortunate citizens wearing the unofficial toga of ambassador extraordinary and plenipotentiary the individual must be accomplished and renowned. These individuals are mostly business leaders with considerable clout and gift of the garb. Given the stature of their business empires, these leaders are sure bets in economic diplomacy. They are expected to exude a high dose of emotional intelligence, tact, decorum and circumspection. Little wonder why many Nigerians were scandalized by the recent verbal onslaught on Nigeria by the TotalEnergies helmsman

Patrick Pouyanne, who ordinarily should be counted among these rare breeds.

Pouyanne, while speaking at the recently held Africa CEO Forum in Kigali, Rwanda avowed that his company will be investing a whooping sum of $6 billion in energy projects in Angola over Nigeria. He went on, in total disregard for good public conduct and bespoke etiquette, to castigate Nigeria for what he adjudged as the inconsistency in policymaking decisions that led to the diversion of the project from Nigeria to Angola, a country, which he glibly touted, as having a more stable policy framework.

The oil boss who had a field day berating Nigeria claimed “Nigeria loves to open topics without closing them. You love to debate. There is always a new legislature in Nigeria about a new petroleum law. When you have such permanent debates, it’s difficult for investors looking for long-term structure to know what direction to go”. Not satisfied with his strident belittling of Nigeria, Pouyanne sneaked in a kidney punch when he embarked on a back handed culmination of Nigeria “We have countries that have perfectly integrated policies like Angola. So, we go to Angola and announced a very large $6 billion projects in the beginning of the week because there their framework is stable. So we know where we go.”

Pouyanne was not done yet in pillorying Nigeria.

Hear him; “What are the challenges? Security comes first.. “We also have finding talent has a difficulty. In some countries like Nigeria and Rwanda, we find difficult to find talent. Some of them have difficulty in education”… Not a few in the audience at Kigala squirmed at the brazen de-marketing of one of Africa’s largest economies on Africa soil by an expatriate whose company remains one of the greatest beneficiaries of Nigerians famed hospitality, goodwill and the country’s enormous resources. Till date, most Nigerians have been unable to live down the unfairness of the sweeping generalization in which his speech was couched.

In his zealousness and apparent partisanship, Pouyanne who gleefully regaled his global audience about insecurity in Nigeria, failed to inform them of the great steps taken by both the government and people of Nigeria to contain insecurity in the land. Recall that Pouyanne had told President Bola Tinubu during their meeting in Abuja in December 2023 that the French company is in support of the current administration’s policies and push to resolve insecurity issues in the industry. Was the tantrum in Kigali the best way to actualize the support promised President Tinubu? Pouyanne was certainly on an ego trip that made manifest his poor breeding, haughtiness and arrogance.

Indeed, one of the unkindest cut from this French oligarch his assertion of difficulty in finding talents in Nigeria. To most fair minded people the dearth of educated Nigerians and skilled manpower cannot be said to pose any major challenge in Nigeria as the country easily boasts of some of the most educated people in the world. It is obvious that Pouyanne dug deep into his bag of tricks to conjure lies with which to demonize Nigeria and justify his newfound love for Angola. Nigeria, the country he damned so unconscionably, contributes eight to 10% of TotalEnergies’ global output and is home to more than 18 per cent of its overall investments. It is also a fact that Nigerians in the employ of TotalEnergies rank among the most educated and productive of its global work force. It is not the intention of this writer to call out TotalEnergies or its Nigerian Subsidiary It is also not my intention to subject Patrick Pouyanne to scrutiny. Patrick Pouyanne should know that “those who live in glass houses should not throw stones”. Invariably, the over riding lesson from Pouyanne’s pitiable, partisan and pathetic performance in Kigali is that Nigeria least of all President Tinubu has no friend in Pouyanne who in the best of time could pass for a fiend of Nigeria and Tinubu’s fair weather friend.

•Maculay-Etoh, a Public Affairs Analyst, lives in Portharcourt

President Bola Tinubu

EST COL u MNIST

Building A Safer, Stronger And Prosperous Nigeria

Transforming Infrastructure and Transportation:

Significant investments in infrastructure are underway, including the operationalization of the Port Harcourt-Aba rail line and the construction of the LagosCalabar Super Highway. The Renewed Hope Infrastructure Development Fund aims to raise N20 trillion to deliver key projects and modernize ports and aviation facilities, creating an enabling environment for businesses.

Improving Education, Health, and Social Investment:

The administration is expanding primary health centers and upgrading tertiary hospitals, ensuring better access to healthcare. The Student Loans Act 2024 and the establishment of the Nigerian Education Loan Fund highlight a commitment to broadening access to education. Social welfare schemes, including cash transfers and consumer credit scheme, aim to uplift vulnerable households and support small businesses.

Accelerated Diversi fi cation through Youth-Driven Industrialization, Digitization, and Innovation:

Recognizing the youth as invaluable assets, the administration has launched initiatives like the 3 Million Technical Talent Initiative and the iDICE Programme to empower young Nigerians with digital skills. The National Job Centre and the National Talent Programme aim to create employment opportunities and support youth-owned enterprises.

Improved Governance for Effective Service Delivery:

To enhance service delivery, the administration has introduced the MOBILIZER app for citizen engagement and launched the Citizens' Delivery Tracker App to assess public officials' performance. Reforms recommended by the Oronsaye Report aim to rationalize and restructure government agencies, increasing transparency and efficiency.

President Tinubu’s First Anniversary:

Reflecting on Year One, and Welcoming the Promising

By Mohammed Idris

On this day a year ago, President Bola Ahmed Tinubu was sworn in as President and Commander-inChief of the Armed Forces of the Federal Republic of Nigeria. The first year of any administration is typically for taking stock of what was inherited and laying the foundation for the most important legacies that the administration will be identified with. Looking at what we have focused on in these last twelve months, it is effortless to see the great possibilities and outcomes awaiting our dear country. Firstly, President Tinubu is resolutely focused on policies and actions that will attract long-term local and foreign investments to Nigeria. This explains the focus on improving the business environment, through ease-of-doingbusiness initiatives, tax and fiscal policy reforms, the Central Bank’s monetary policy reforms, and many more. Just last week the Central Bank disclosed that foreign currency inflows to Nigeria in the first quarter of 2024 have already surpassed the total inflows in the entire 2023.

Secondly, President Bola Ahmed Tinubu is focused on policies and programs that provide direct and targeted economic relief and benefits to the pockets and livelihoods of Nigerians, through grants, student loans, food and fertilizer distribution, cash transfers, health insurance, consumer credit, and the new minimum wage that is being finalized.

Thirdly, the President understands that desirable developmental outcomes often require a temporary period of pain and adjustment. He seizes every opportunity to be seen and heard asking for the understanding of the Nigerian people. In his words, “the hallmark of leadership is making difficult decisions when they need to be made.” Importantly, these difficult decisions are necessary to make things easier for us all in the future.

Fourthly, President Tinubu is a listening leader, who does not allow ego to get in the way of doing what is best and does not shy away from implementing adjustments in the policy-making process, where necessary. The goal is simple: to ensure that the greatest good is guaranteed for the greatest number of Nigerians.

Future

Fifthly, and finally, President Tinubu is very serious about communicating his administration’s vision and actions and selling the compelling story of Nigeria as Africa’s leading investment destination. He sees himself as the Chief Marketing Officer (CMO) of the Federation and goes the extra mile to fulfil this role with boldness and determination.

A personal testimony: In my work as the Minister of Information and National Orientation, and Head of the National Communications Team (NCT), I can attest to the great support that I have enjoyed from him. His approval for us to constitute the National Communications Team –bringing together key communications experts in the Presidency and the Federal Government, alongside the heads of our public information agencies – is a testament to his determination to do things differently with public communications. As we move into the second year of the administration, there is no doubt in my mind that things can only get better for this blessed and beautiful country of ours. I invite you all to share in this enthusiasm. God bless the Federal Republic of Nigeria. I invite you all to share in this enthusiasm. God bless the Federal Republic of Nigeria.

Mohammed Idris, fnipr Honourable Minister of Information and National Orientation of Nigeria.