Minister of the Federal Capital Territory (FCT), Nyeson Wike has asked chairmen of the six Area Councils to immediately end the lingering strike by primary school teachers in the territory. He warned that if the strike continue because the chairmen are adamant, he may be compelled to use the 10 per cent Internally Generated Revenue meant for the councils to pay the teachers. Wike, who was answering reporters’ questions after inspecting some ongoing road projects, said: “I have invited the area council chairmen and the NUT to sit down. “We try to do what we can do in order to see that the system is moving well. It is unfortunate that the teachers are on strike. “That will mean that if the teachers are not paid, I will use the 10 percent of their Internally Generated Revenue (IGR), which we normally pay to them to pay the teachers. “No serious government will fold its arms and watch the teachers stay at home while the children suffer. I will not tolerate that ” Wike told newsmen after inspecting, among others, Apo-Karshi Road project and the newly awarded emergency rehabilitation of the Nyanya-Karshi road project that the Apo-Karshi Road project was very dear to the Administration. He expressed doubt that the Contractor – Messr Kakatar, could deliver on the April 2025 deadline as promised. “We thought that within seven months they ought to have completed but unfortunately the contractor could not move to site because of some procurement processes. “But thank God we have passed that stage now and they have also been mobilised. “I still have my doubts. I will not lie to you, but the contractors are insisting that by April they would have completed this project. It is a project that is very dear to us. “We know the importance of this road. So many people are eager to see that this road is completed on time so that it will ease off a lot of traffic. It will also boost the economic activities in this area. “So let us give them (the contractor) the benefit of doubt and believe that they will play their own part. “On our own part, we are doing what we are supposed to do. The funds are there to be given to them. “And we believe that they should put more efforts. If I come back here again and see that they have improved on what we have seen on ground today, I will tell the treasury department to release further funds to them, but for now let’s watch them because we are very serious about this project.”
President Bola Tinubu has said that before the governorship election took place in Edo State last week Saturday, September 21, he had already made his calculation and arrived at a conclusion that the All Progressives Congress (APC) would emerge winner. ”Never mind the noise makers. I do a lot of statistical sampling and results. When you hear politicians saying ‘all politics is local’, you must respect that notion. ”When you see the stability in the Edo North senatorial district, we see a man that won the Central senatorial district and a candidate who has won a seat in the south senatorial district; we did a match- which turned out to be a winning match,” he said. President Tinubu made the remarks when he received in audience, at the presidential villa today, September 26, the Edo State Governor-elect, Senator Monday Okpebholo, along with his deputy, Rep. Dennis Idahosa and the leadership of the APC. They presented their certificates of return to the President. Tinubu acknowledged the role played by the former Edo state governor, Senator Adams Oshiomhole, the progressive governors and the APC leadership in the successful outcome of the elections. ”I saw Adams Oshiomhole radiating in joy… sincerely, the governors showed up in Edo, they impressed me. “They defended the party. They worked hard for the party.” He advised the incoming Governor to prioritize the development of the state, even as he assured him of the full support of the Federal Government and the Progressive Governors’ Forum (PGF). President Tinubu emphasised the importance of good governance and delivering results to the people of Edo State. ‘’Governor-elect, you can now face the task of development. We are here to work with you. You have seen the progressive governors of APC. They are truly progressive. Work with them. Learn the ropes, and I believe you are up to the task.” The President reminded the Governor-elect that democracy is difficult, particularly in emerging democracies and economies like Nigeria, adding: “if you hear complaints from places like America, you know how difficult it is to navigate democracy. But it remains the best form of government. ” Tinubu described the Governor-elect and his deputy as a ”good symbol of people ordained by God to work together. ”You started as rivals and ended us as partners. You are a symbol of good understanding in politics; the man at our party’s helm has been through it before. ”In Kano, he was a front runner, became a second runner, and became a deputy before he eventually became a governor.” President Tinubu commended the Independent National Electoral Commission (INEC) and the security agencies for ensuring a peaceful and organised election, with no reports of violence or disturbances. ”I must thank the security agencies. There was no bloodshed, no riot, people voted and went back to their houses in peace, and the fears dissipated instantly.” The President called on the party leadership and membership to remain united and focused on achieving the Renewed Hope Agenda.
President Bola Tinubu has commandeered his ministers to stop shying away from media publicity, against the background of the achievements of his government. “Because the feeling out there is that government is not doing enough and the government has been doing a lot. And it is up to them to go out there and blow their own trumpet. They should go out there and talk about what their ministries have been doing.” The presidential spokesperson, Bayo Onanuga, gave out the position of the President today, September 25, while speaking to newsmen at the presidential villa, Abuja. Onanuga said that the President is not happy with the slight media attention on his groundbreaking strides so far among members of the government. “The President has given an order to all his ministers at the last Federal Executive Council meeting to go out there and speak about the activities of his administration. “Some of them have been media shy, television shy, radio shy, and he wants them to overcome all that and go out there and speak about what they have been doing.” The President’s spokesperson hinted about moves by the President for cabinet reshufflement “The President has expressed his desire to reshuffle his cabinet, and he will do it. “I don’t know whether he wants to do it before October 1st, but he will surely do it. That is what I will say, but he has not given us any timeline.”
The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has expressed concern over the rising inflation in the country. “The MPC noted that even though headline inflation trended downwards due to a moderation in food inflation, core inflation has remained elevated, driven primarily by rising energy prices. “The uptrend poses severe concerns to Members, as it clearly indicates the persistence of inflationary pressures. Members thus, reiterated the need to work in close collaboration with the fiscal authority to address the current upward pressure on energy prices.” The Committee, in a Communique signed by the CBN Governor, Olayemi Cardoso at the end of its meeting today, September 24, said that it had taken note of the fact that a lot more is required to actualize the Bank’s price stability mandate. It took note of the continued growth in money supply, and stressed the need to curtail excess liquidity in the system, as well as address foreign exchange demand pressures. “Members were also concerned about the growing level of fiscal deficit but acknowledged the commitment of the fiscal authority not to resort to monetary financing through Ways & Means.” Read more of the decisions taken at the meeting: Eleven of the twelve members of the Committee were in attendance. The Committee was unanimous in its decision to further tighten policy and thus decided as follows: 1. Raise the MPR by 50 basis points to 27.25 per cent from 26.75per cent. 2. Retain the asymmetric corridor around the MPR at+500/-100 basis points. 3. Raise the Cash Reserve Ratio of Deposit Money Banks by 500 basis points to 50.00 per cent from 45.00 per cent and Merchant Banks by 200 basis points to 16 per cent from 14 per cent. 4. Retain the Liquidity Ratio at 30.00per cent The Committee noted the moderation in headline inflation year-on-yearin July and August 2024. In addition, the MPC noted the relative stability and convergence in the exchange rate across the various market segments, resulting from the Bank’s tight monetary policy stance. This is expected to improve confidence which will enable economic agents to plan in the medium to long term. Furthermore, members observed a strong correlation between FAAC releases and liquidity levels in the banking system as well as its impact on the exchange rate.The Committee, therefore, agreed to increase monitoring of future releases with a view to addressing its effects on price developments. On food inflation, the upside risks remained flooding, hike in energy prices, scarcity of PMS and most importantly, insecurity in farming communities. Considering the weight of food in the CPI basket, Members recognized the efforts of the Federal Government in addressing insecurity in farming communities and stressed the need to remain steadfast. In addition, the MPC applauded the ongoing effort of the Federal Government to bridge the food supply deficit through the duty-free import window for food commodities.The Committee also expressed optimism that the lifting of refined petroleum products from Dangote refinery will moderate transportation costs and significantly support the easing of food price pressures in the short to medium term.This is also expected to moderate foreign exchange demand for importation of refined petroleum products, with a positive spillover on external reserve and improvement in the overall balance of payment position. Members assessed the performance of key financial soundness indicators and noted with satisfaction that despite familiar headwinds, the banking industry remains safe, sound,and stable. The Committee, however, emphasized the need to sustain supervisory oversight on the industry to strengthen its continued support to the economy. Following these considerations, Members deliberated on the optimal policy option to sustain the downward trend in price development, contain emerging risks to inflation,stabilize the exchange rate and safeguard the banking system while also shielding the recovery of output growth. In addition, Members noted that the real policy rate remains negative even after the recent moderation in headline inflation. To attract investments into the economy, efforts must be sustained to achieve a positive real interest rate. This would enhance the economy’s competitiveness for international capital, thereby improving the exchange rate. Following a review of the upside risks to price development and the downside risks to the recovery of output growth, the Committee opted to tighten policy further, to safeguard the gains already accrued in moderating inflationary pressure. Key Developments in the Domestic and Global Economies According to the National Bureau of Statistics, headline inflation moderated to 32.15 per cent in August2024 from 33.40per cent in July,driven by a decline in food inflation, while the core component inched up. Food inflation eased to 37.52 per cent in August 2024, compared with 39.53 per cent in July, while core inflation rose marginally to 27.58 per cent in August 2024, compared with 27.47 per cent in July. Month-on-month, headline inflation fell to 2.22 per cent in August 2024 from 2.28 per cent in the preceding month while food inflation eased to 2.37per cent in August 2024, compared with 2.47 per cent in July. Core inflation, however, rose marginally to 2.27 per cent in August 2024, compared with 2.16 per cent in July. Real GDP (year-on-year) grew by3.19 per cent in the second quarter of 2024, compared with 2.98 per cent in the first quarter, driven by both the oil and non oil sectors. Staff forecast indicates that the economy would grow by 3.32 per cent in 2024. The external reserve stood at US$39.07 billion as at 19th September 2024 an increase of 17.4 per cent compared with US$33.28 billion in the corresponding period of 2023. This represents 8 months of import cover for goods and services and 13 months of imports of goods only. Global growth projection by the IMF remains at3.2per cent in 2024 and 3.3 per cent in 2025. Some of the downside risks to this projection remain geo economic fragmentation, elevated global debt and ongoing geopolitical tensions between Russia and Ukraine as well as Israel and neighboring countries. As key central banks commence monetary easing, global financial conditions are expected to ease gradually and hopefully offset the downside risks to the recovery of global growth.Global inflation is expected to continue its deceleration in 2024 but may remain above the long-run targets of most central banks in the advanced economies. Members thus, expressed their commitment to continuous monitoring of developments in the global and domestic economies to ensure that the appropriate response is always deployed to address emerging risks. The next meeting of the Committee will be held on the 25th and 26th of November 2024.
The President and Chief Executive of Dangote Group, Aliko Dangote, has confirmed that federal government is still paying oil subsidy, and advised President Bola Tinubu to put a complete stop to it for the good of the country. In a 26-minute interview with Bloomberg Television in New York today, September 24, Dangote said that putting a complete end to subsidy would be a win-win for his refinery and the the Nigeria National Petroleum Company Limited (NNPCL). He insisted that the time is right to end subsidies which he regretted, have gulped trillions of naira from the country’s coffers. He added that the removal would assist in determining the country’s actual consumption. He said that fuel production from his refinery would help ease pressures on the naira and would confirm ownership of two oil blocks in the upstream sector with an expected production date of next month. “Subsidy is a very sensitive issue. Once you are subsidising something then people will bloat the price and then the government will end up paying what they are not supposed to be paying. It is the right time to get rid of subsidies.” “But this refinery will resolve a lot of issues out there, you know, it will show the real consumption of Nigeria, because, you know, nobody can tell you. Some people say 60 million litres of gasoline per day. “Some say, it’s less. But right now, if you look at it by us producing, everything can be counted. So everything can be accounted for, particularly for most of the trucks or ships that will come to load from us. We are going to put a tracker on them to be sure they are going to take the oil within Nigeria, and that, I think, can help the government save quite a lot of money. I think it is the right time, you know, to remove the subsidy.” Speaking on whether or not the federal government retaining fuel subsidy would go well with his refinery, Dangote said his refinery had a choice of either to produce and export or produce and sell locally. “But we are a big private company. And yes, it’s true, we have to make a profit. We build something worth $20 billion, so definitely we have to make money. “The removal of subsidies is totally dependent on the government, not on us. We cannot change the price, but I think the government will have to give up something for something. So I think at the end of the day, this subsidy will have to go. “Petroleum products consume about 40 per cent of our foreign exchange,” Dangote said, adding that fuel from his refinery, which started supplying gasoline on September 15 to the state-owned oil company for domestic sale, “can actually stabilize the naira.” The billionaire gave the details of the pricing disagreement that occurred with the Nigerian National Petroleum Company Limited. He said that the national oil company bought its current stock from the refinery at a cheaper price than its imported fuel but gave a uniform price for all products. “There wasn’t really a disagreement, per se. NNPC bought from us on the 15th of September at the international price, which they also bought, about 800,000 metric tons of gasoline imported. So the one that they bought from us actually is cheaper than the one they are importing. “And so when they announced our price, the guy, I don’t know whether he was authorized. It wasn’t really the real price. What they have announced is most likely that is what it cost them, including profit and other expenses. “And then the other one is one that they imported. But the people don’t know how much they spend in terms of imports, but their importation is almost, maybe about 15 per cent more expensive than ours, you know. “So what they are supposed to do is to sell at a basket price, or if they want to remove subsidy, they can announce that they will remove subsidy, which is okay, everybody you know will adjust it.” Dangote said that discussions are still ongoing and a detailed agreement will be finalised this week on the planned crude oil sales anticipated to begin in October. “We will sell the crude in naira after we have bought in naira. So now we are currently working out with the committee that the exchange rate is going to be priced. It is going to be normal pricing, you know, if crude is at $80, we will pay that price at an agreed exchange rate. “And then we will also sell in the domestic market. What that will do is that it’s going to remove 40 per cent pressure on the naira. So because, see, the petroleum products consume about 40 per cent of foreign exchange, so you know, and then, you know, it’s like you have 40 per cent of demand been taken out so that can actually stabilize the naira and even if they subsidise, they would know what they are paying for. “The deal is to give the government something that they want. It’s also a win-win situation for all and it would benefit the country. “Currently, discussions are still ongoing to determine the details of the agreement. They are working out something that I think would be a win-win between us and the NNPCL. “The agreement is very robust. Well, first of all, we would have energy security where they will give us crude. For example, in October, they’re going to give us 12 million barrels, which is on average, about 390,000 barrels a day, which will sell both gasoline, diesel, and aviation fuel.” Nigeria had imported all petrol consumed in the country before the Dangote Refinery came onstream. President Tinubu had told Nigerians that his government had removed the subsidy when he took office in May 2023, the announcement that has since jerked up the inflation rate to about 34 per cent in 2024, before declining to about 32.15 per cent in August. Food inflation has remained high at about 40 per cent. The naira has lost about 70 per cent of its value against the dollar since rules that pegged the currency at an artificially high level were relaxed last year.
A legal practitioner, Junaid Sanusi has dragged Access Bank Plc to court, claiming N100 million damages for allegedly deducting more than N50 from his account. Junaidu Sanusi told a Federal High Court, Ibadan, capital of Oyo State today, September 23, that he operated a savings account with the Bank and that he discovered that the bank was deducting more than N50 as an electronic levy stipulated by the Finance Act, 2019. “What is provided in the Finance Act is that banks should deduct N50 one-off for transactions above N10,000. “I noticed that the bank deducts N100, N250 and so on from my account as FGN electronic levy.” Sanusi argued that any deduction on customers’ accounts must be subjected to the Central Bank of Nigeria (CBN) guidelines 2020, and other Financial Institution Acts. He said that these guidelines remained the only law allowing banks to make deductions from customers’ accounts. “The court needs to determine whether or not it is lawful for the defendant to make unauthorized deductions from my account in favour of FGN or another third party than the one allowed under the CBN guidelines and Finance Act for bank charges.” Sanusi said that he relied on his filed affidavit, nine exhibits and a written address in support of his originating summons. He asked the court to grant all his prayers and to restrain Access Bank from making further deductions on his account. He wanted the bank to reverse the monies deducted unlawfully from his account from March 27, 2020. ”This should be until judgment is delivered in the suit. “The court should also order the bank to pay N100 million to me as exemplary damages for wrongful deductions it made in favour of FGN without my authorisation.” Responding, counsel for Access Bank, Ahmed Adeleke, said that he had filed a counter-affidavit, attached exhibits and a written address to argument his case. He said that the bank reviewed the plaintiff’s three months’ statement of account between March 1, 2020 and May 29, 2020 to justify the deductions made. Adeleke said that the bank never charged more than the amount stipulated by the law, going by the plaintiff’s transactions within the months under review. He asked the court to dismiss the plaintiff’s case with substantial cost. Meanwhile, the trial judge, Justice Uche Agomog has adjourned the case to November 12 for judgment.
The governorship candidate of the All Progressives Congress, (APC(, Monday Okpebholo, has been declared winner of Saturday, September 21, governorship election in Edo State. The Independent National Electoral Commission (INEC) through the Returning Officer for the election, Prof. Faruk Adamu Kuta who is the Vice-Chancellor of the Federal University of Technology, Minna, made the declaration in Benin City, midnight. He said that Okpebholo polled a total of 291, 667 votes to defeat his arch rival and candidate of the Peoples Democratic Party (PDP), Asue Ighodalo, who polled 247, 274 votes. The governorship candidate of the Labour Party (LP), Olumide Akpata (SAN), came third, polling a total of 22,761 votes. INEC record showed that APC won in eleven Local Government Areas out of 18, while the PDP won in seven and LP did not win in any local government. Meanwhile, President Bola Tinubu has congratulates the governor-elect, Okpebholo
President Bola Tinubu has expressed gratitude to his wife, Oluremi for staying by his side all through life to share in his triumphs and trials. In a letter he addressed to Senator Oluremi on her 64th birthday, President Tinubu said: “I want to take a moment to tell you how truly blessed I feel to walk this path beside you. “Your love sustains me, wisdom guides me, and strength lifts me. I could not ask for a better partner to share the triumphs and trials of life.” The President said that his heart is full of gratitude and love for the incredible woman his wife has been. “Since we began this journey together, you have been my rock, confidante, greatest supporter, and the love of my life. “Every step of the way, you have shown unwavering strength, grace, and love to me, our family, and our beloved nation, Nigeria. “You are the heart of our home, the light guiding me through the most challenging days, and the embodiment of kindness and wisdom. “Your compassion, generosity, and dedication inspire millions of Nigerians and me, especially our young women, who look up to you as their First Lady. “As you turn 64, I wish you nothing but boundless joy, peace, and happiness. May this year unfold with blessings, laughter, and cherished moments you so richly deserve. I look forward to all the moments we will create together in the years to come. “With all my love and appreciation, now and always.”
The Nigerian National Petroleum Company Limited (NNPCL), Nigeria LNG Limited (NLNG), Federal Inland Revenue Service (FIRS), Delta State and Lagos State, as well as the Joint Admission and Matriculation Board (JAMB) and T-Pumpy Concept Limited, have joined the partnership with the Guild of Corporate Online Publishers (GOCOP) for the holding of its eighth Annual Conference on October 3, in Lokoja, the capital of Kogi State. The Planning Committee chairman of the Conference, Danlami Nmodu, mni, in a statement issued by the Publicity Secretary, Sir Remmy Nweke, confirmed that already, the Nigerian Content Development and Monitoring Board (NCDMB), Emadeb Group and Dangote Group had joined the train of partners for the event, to be held at the Reverton Hotel, GRA in Lokoja. Other partners, according to Nmodu include the Nigeria Civil Aviation Authority (NCAA), Setraco Nigeria Limited, United Bank for Africa (UBA) and Nigerian Communications Commission (NCC), Nigerian Safety Investigation Bureau (NSIB), Access Bank plc, Zenith Bank plc, First City Monument Bank (FCMB), Fidelity Bank plc, Sovereign Trust Insurance Plc (STI), Nigerians in Diaspora Commission (NIDCOM) and National Film and Video Censors Board (NFVCB), among others. He said that the theme of the eighth Conference would be on “Nigeria: Tackling Insecurity, Power Deficit, and Transitioning to Digital Economy.” He said that the former governor of Cross River State, Senator Liyle Imoke is expected to deliver the lead paper. Nmodu said that there would be the business luncheon with GOCOP partners on October 2, at the same venue, and that the main conference, which would be open for interested public would hold on October 3. The 8th edition will be chaired by the former Nigeria’s Ambassador to Spain, Alhaji Yusuf Mamman, accompanied by the former Nigerian Chief of Army Staff, Lt-General Tukur Yusuf Buratai (rtd) and the Executive Vice Chairman, Nigerian of the Communications Commission (NCC), Dr. Aminu Maida as Guest Speakers, even as the Professor of Political Science at the Federal University Lokoja, Professor Rotimi Ajayi and an edutainment communicator and veteran broadcaster, Ms. Debrah M. Ogazuma would make up the panelists.
The Central Bank of Nigeria (CBN) has announced the withdrawal from circulation, its biennial publication on Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines. In a statement today, September 20, the apex Bank said that content of the publication, which surfaced on September 17 this year has become a subject of misinterpretation or misrepresentation. “In response, the CBN has temporarily withdrawn the document to minimise risk of any further misrepresentation.” The statement said that the publication was meant to guide stakeholders, adding that it is a compilation of previously issued policies and guidelines by the Bank up to a cut-off date, typically December 31 of the relevant year. “As in all previous editions, the current document is intended to achieve the following objectives: 1. A single reference source for the ease and convenience of stakeholders. 2. A valid compilation of policies, directives, and guidelines for adjudication in conflict situations involving stakeholders. 3. Additional clarification of policies and guidelines. As a compendium of previously issued policies and guidelines, the provisions are applicable only to the extent that there have been no updates or revisions to the guidelines and policies contained therein. “This is stated explicitly in the document to guide stakeholders. In line with prior editions, the most recent publication (January 2024) contains policies and guidelines issued by the Bank up to 31st December 2023, some of which will remain relevant during the period 2024 – 2025. “However, several others may cease to apply owing to revisions or updates that become applicable in the aftermath of its publication. “This is clearly stated in the document as follows: “The Guidelines may be adjusted by the CBN without prior notice, to address new developments in the domestic and global economies in the period. However, such amendments shall be communicated to the relevant institutions/ stakeholders in supplementary circulars” (Page 8, Paragraph 1). “The publication further provides the public with avenues for obtaining clarifications on the whole or any part of the document on pages 147 and 148. “In the light of these clarifications, we ask stakeholders to note the following: 1. Some recent media publications referencing aspects of the Guidelines refer to policy positions of the Bank issued prior to 31st December 2023, which have changed in the light of revisions and updates in 2024. One example is the Cyber Security Levy, which was suspended in May 2024, superseding the circular reported in the Guidelines. 2. Certain technical aspects of the Guidelines have been widely misreported and misrepresented. For example, reports have mistakenly sought to link the fuel subsidy removal to external reserves. Such reports essentially missed the analytical basis for the original statement, which was intended to observe a potential risk that was to be mitigated by policy. “More recently, policies of the Bank around the Naira exchange rate and those of the fiscal authorities have positively altered the outlook of the subject in question. In summary, the Guidelines must primarily be viewed as a record of policies, circulars and directives issued by the Bank up to the end of 2023.
“They are not new directives and should not be reported as such. The Bank will continue to provide clear monetary policy direction and advice for the overall good of the Economy. “We urge all stakeholders to seek clarification of information about the Bank before publishing.”
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