Settling $500 Million Eurobond Loan By Buhari Signals Good Governance, By Musa Ilallah

February 1, 2021

It is always said that Government business in the developed and developing countries is a continuous enterprise in the life span of any country. Nigeria is not an exception to this practice.

Indeed, it is work in progress that is ideally and morally transferable from an out going to an in coming administration regardless of party difference.

However, the administration of President Muhammadu Buhari since assuming leadership of the country in 2015 had deliberately embarked on a policy of completing infrastructural development projects undertaken but abandoned by previous governments that have direct relevance to the socio economic well being of Nigerians and Nigeria.

The slogan “doing more with less” aptly describes how the PMB administration has so far been able to do much for the country with less money in it’s vault in comparison to previous governments, brought about by low oil price, economic recession and Covid 19 challenges among others.

Such projects include but not limited to Roads, Railway Power, Steel, Airports and bridges among others. Notable among them include Abuja-Kaduna-Kano expressway, Lagos-Ibadan, Eastern expressways, Abuja-Kaduna rail line, Lagos-Ibadan-Kano rail line; Sapele-Aladja-Abuja rail line; Mambila hydro electric project, Kashimbila power project; Ajaokuta steel rolling mill; Lagos, Abuja, Port Harcourt, Enugu, Kano Airports; and the 2nd Niger Bridge at Onistha among hundreds of other projects in the educational, agricultural, water resources, security services and health services spread across all parts of the country.

President Buhari’s large heart driven by nationalism, patriotism and sincere love for Nigeria has not stopped at completing abandoned projects but also embarked on a conscious effort to reduce the debt burden hanging on the neck of the country by paying off inherited debts.

Just recently, the government of President Buhari repayed the $500m Eurobond loan of 6.7% and cleared part of our debt. The President had also paid $96m as part of the $500m loan taken in 2012 for Abuja–Kaduna Railway which the President Jonathan Good luck administration started and handed over to PMB in 2015 as one of the country’s key infrastructure project.

The $500m Eurobond loan was taken in 2011. It is on record and legally in order and government had the option of a roll over but PMB insisted on not doing so but pay off the debt.

Compared to our economic circumstances since 2015, the country had no need collecting $500m Eurobond loan in 2011.

Simply put, our crude oil benchmark Brent averaged $111 per barrel and production was above 2.3 million barrels a day in 2011. The economy was literily awash with petro-dollar.

Regrettably, the government then approached the international capital market, ICM because of a need to diversify govt revenue sources. The government at the time argued that the aim of the 10-year bond was to set a benchmark in the global market for Nigeria rather than to raise funds.

The question to my mind is what particular funding purposes did that first $500m Eurobond serve? Definitely not for capital spend.

That PMB determinedly paid down the debt, to time, at maturity, at a time of challenged foreign exchange earnings, is from all indications a mark of honour and establishing Nigeria as a responsible credit worthy entity.

Obviously this has multiple implications for the Nigerian economy inclusive of players in the private sector that had at different times also approached the ICM for fund raising.

Our National Assembly must do the needful by legislating on making it compulsory for the Executive arm of government to ensure continuity of projects by governments. This will go a long way in reducing the number of abandoned projects littering our towns and cities.

Police Deployed To Enforce President’s Coronavirus Protection Regulations Law

Editorial staff

February 1, 2021

The Inspector General of Police, Mohammed Adamu has ordered officers across the 36 States of Nigeria, and Federal Capital Territory (FCT) to carry out full enforcement of the Coronavirus Disease Health Protection Regulations 2021, which was signed into law by President Muhammadu Buhari on January 26.

A statement today, February 1, by the Force Spokesman, Frank Mba said that the Assistant Inspectors General of Police in the 17 zonal commands and their constituent Commissioners of Police in the 36 States of the Federation and the Federal Capital Territory (FCT), Abuja, are to ensure full compliance with the Regulations in their respective areas of responsibilities.

The police boss reminded Nigerians that the Coronavirus Disease Health Protection Regulations 2021 mandates the Nigeria Police Force and other agencies of Government mentioned therein to ensure full enforcement of the regulations in public places.

Such public places, the statement said, include places of worship, workplace and schools, banks, public transport vehicles, hostels, boarding houses, detention centres, etc – “and general restrictions on gatherings as well as the use of face mask.

“The IGP, while noting that the uncertainty and risks engendered by the advent of the COVID-19 pandemic have placed additional responsibilities on the general public, calls on citizens to voluntarily comply with the provisions of the Regulations for the safety of all. The IGP further cautions officers enforcing the Regulations to show tact, compassion and empathy with the citizens.

“He reiterates that the officers must be firm and professional and at the same time remain polite, civil and respect the fundamental rights of the citizens.”

How Veteran Journalist, Tony Momoh Died In Abuja

Editorial staff

February 1, 2021

Veteran journalist and former information and culture Minister under the Ibrahim Babangida regime, Prince Tony Momoh, died today in Abuja, the nation’s capital at the age of 81.

Tony Momoh was reported to have died at about 5pm peacefully in his home in Abuja without any form of illness, according to sources close to the development.

Until his death, he was the Yerima of Auchi Sacred Kingdom.

Tony Momoh was an exemplary journalist, engaging columnist, lawyer and politician. He was reputed for his very serious “Letter to my countrymen”.

He was national chairman of Congress for Progressive Change (CPC) and was also instrumental to the formation of the legacy All Progressives Congress (APC).

Nigeria, Morocco Determined To Develop Gas Pipeline, Fertilizer Plant

Editorial staff

February 1, 2021

File photo of President Muhammadu Buhari Chats with King of Morocco, His Majesty Mohammed VI during the signing 17 trade agreements on investment, Air Transportation, agriculture and other cooperation at the Presidential Villa Abuja. PHOTO; SUNDAY AGHAEZE. DEC 3 2016.

Nigeria and Morocco have resolved to go ahead with the full development of Gas Pipeline and a fertilizer production plant as part of the strategic development project.

In a telephone conversation with the Moroccan leader, King Mohammed IV yesterday, January 31, President Muhammadu Buhari appreciated the positive and dynamic bilateral relations in all fields between the two nations since the King’s visit to Nigeria in December 2016, and President Buhari’s visit to Morocco in June 2018.

President Buhari and King Mohammed expressed determination to carry out, as soon as possible, the Nigeria-Morocco Gas Pipeline and construction of a fertilizer production plant in Nigeria.

President Buhari, who spoke with His Majesty, the King of Morocco, from his country home in Daura, thanked the leader for support in the fight against terrorism and violent extremism.

He also expressed appreciation for the Kingdom’s support in education through scholarships and training.

I’ll Greatly Miss Tony Momoh, President Buhari Mourns

Editorial staff

February 1, 2021

President Muhammadu Buhari has expressed grief at the passing of his longtime ally, friend, political loyalist and former Minister of Information and Culture, Prince Tony Momoh.

Reacting to the passage, President Buhari said Prince Momoh stood with him through thick and thin, adding: “his brand of loyalty is very rare in the politics of today. I will greatly miss him.”

The President recalled that as chairman, Media and Publicity of the All Nigeria People’s Party (ANPP) Campaign Organisation in the 2003 and 2007 elections as well as Chairman of the Congress for Progressive Change (CPC), the late Auchi Prince contributed in no small measure to the growth and strengthening of the organizations, leading to the eventual formation of the All Progressives Congress (APC).

President Buhari commiserated with the media industry on the loss of a veteran who put in a lot to raise the bar of the profession in various ways as editor, manager, administrator, President and Trustee of the Guild of Editors, advising them to sustain his legacies.

While also condoling with the Auchi Kingdom, the government and people of Edo State on this great loss, the President prayed that God will grant the departed eternal rest and comfort family, friends and political associates in this period of grief.

Infighting Rocks ISWAP: Group Overthrows Abba-Gana, Appoints Abu Dawud

Editorial staff

January 31, 2021

Infighting has divided the Islamic State’s West Africa Province (ISWAP), with Shura (consultation) Council staging a coup d’etat which overthrew Amir Abba-Gana at Tumbum Kayowa and appointing Abu Dawud as its new leader.

Abba-Gana assumed the position after the execution of Ba’a Idirisa on February 9, 2019. The deceased succeeded Abu-Mossad Albarnawee after infighting. Idirisa and Albarnawee are biological children of the late Boko Haram founder, Mohammed Yusuf.

Abba-Gana was removed for the “biased” installation of Aliyu Chakkar as the new “Governor of Lake Chad”. Chakkar replaced Goni Maina, a former ISWAP commander.

The disagreement led to a bloody battle between supporters of the factional “Governors”. Dozens of insurgents died on both sides, PRNigeria reports.

Before the decision on Abu Dawud’s elevation was reached, Goni Mustapha acted as ISWAP Shura Leader and Chief Imam for three weeks.

The council was also not comfortable that lately under Abba-Gana’s leadership, some territories were lost after sequential attacks by the Nigerian military and Multinational Joint Task Force (MNJTF) troops.

Operation Tura Takai Bango, the first offensive in 2021, has eliminated many Boko Haram and ISWAP commanders and fighters in Borno and in the Lake Chad region.

Among the top terrorists killed were Ali Bor and Mluem Modu.

Presidency May Bring Back Lockdown Over None Compliance With Order On Face Mask

Editorial staff

January 31, 2021

The Presidency is complaining over reports of non-compliance with just signed Executive Order that makes mask wearing and observation of social distancing in the public mandatory.

The Presidency said that President Muhammadu Buhari is most reluctant to lockdown the country and continues to emphasize the non-pharmaceutical measures and the only way to avert lockdowns is to observe these measures as put in place by the Presidential Task Force.

“Nigerians have come a long way from the dreaded lockdown and the administration is unhappy about any prospects of bringing it back as many citizens will not have food on the table without venturing out on a day- to-day business.

A statement today, January 31 by the senior special assistant to the President on media and publicity, Malam Garba Shehu, said that the President introduced the order with the best of intentions and not with any motive to punish citizens.

He therefore appealed to State Governments, traditional rulers and religious leaders to play active roles in the sensitization and enforcement of the Executive Order.

Garba Shehu called on coronavirus task forces and committees to persuade members of the public to cooperate with the government in achieving compliance “and avoid crude methods that may create resistance and resentment, thereby defeating the primary goal of the Executive Order.

“Nigerians are required to wear masks, wash hands regularly with soap and clean water, and keep safe distance with anybody not in your household, hoping that this will help check spread of COVID-19.

“Though vaccine availability is within reach, the propensity of the public for noncompliance weakens the fight against the virus.

“Nigerians must ignore baseless conspiracy theories that seek to deny the reality of the pandemic by complying with the order to wear masks.

“We have a duty to protect ourselves and others in this difficult global health crisis; no one has immunity against this pandemic. Ignoring health warnings and refusing to comply with safety measures does more harm than good.

“The COVID-19 pandemic is a major threat to public health and wearing of masks, social distancing in public places and the basic hygiene are necessary measures that have to be taken to safeguard the well-being of our citizens.

“Nigerians must always have it in mind that the COVID-19 pandemic is not only a threat to the health of the population but it is equally so to the national economy, and to every aspect of our everyday life.

“Protecting public health is one of the sacred duties of any responsible government and the administration will not abdicate that responsibility.”

Nigerian Elites Are My Headache, President Buhari Complains

Editorial staff

January 30, 2021

President Muhammadu Buhari has complained that the nation’s elites are his headache as they seemed to have resolved not to acknowledge the efforts of his administration in repositioning the country despite the plunge in revenues.

The President, in his comments at a lunch with the governors of the All Progressives Congress (APC) held in his Daura, Katsina residence today, January 30, after revalidating his membership of the party, wanted the elites to be fair in their assessment of his performance by taking cognizance of the state of the country’s economy when he took over power in 2015.

“The problem is that I will like, especially the elites, to please be reflective. When we came, where we were, the resources available from then and the condition of the infrastructure. I was contrived to go over it several times to tell Nigerians that between 1999 and 2014, let them check with the NNPC, let them check with the Governor of Central Bank. The daily production was 2.4 million barrels per days and the average cost was a hundred American dollars per barrel.

“So for these years, daily Nigeria would earn having 2.4m times 100 dollars everyday. But look at the condition of infrastructure, you know this better than I do. I know I went to every local government of the country in my three consecutive attempts to become the President. You know the road more than I do. You know the condition of the rail, the railway was dead. Now look at it everywhere we go, what did they do with all these monies?

“When we took over in this administration, production went down to about half a million barrels per day, the price collapsed. We had to do what is called a bailout, wherever we got the money from. Upon all the money from 1999 to 2014, we have to give you money from the Centre to pay salaries. No! Nigerian elites are not interested in rating the competence but they are interested in harassing us with all efforts we are making.”

The President advised the governors who are in charge of their constituencies to make efforts to convince the elites to give his administration the due relevance and respect it deserves, insisting that it is working so hard with limited resources.

Commenting on the APC registration and revalidation exercise, the President charged the Caretaker Committee members to ensure the return of the party to the people by using the bottom-up approach.

“No more crowning from Abuja downward. Let the people know this and appreciate it that they are in charge of their constituencies and they are in charge of the party. Without any incentive they must come out and defend the party at any level so that we, you and the party will feel secure and comfortable because the old time of putting hands in the pocket is over because the money is no longer available.”

He said that the appointment of the Yobe state governor, Mai Mala Buni, as the Chairman of the APC National Caretaker Committee was in order because he had served as the party’s Secretary for a long time and so was knowledgeable about all the challenges facing the APC.

The APC Caretaker Chairman and Yobe state governor in his comments thanked the governors and other party stalwarts at the lunch for finding time within their busy schedules to attend the meeting.

He told the President that the party was proud of his achievements in salvaging the economy and dealing with the challenge of insecurity in the country.

“In line with the mandate given to us by the National Executive Committee of our great party under your leadership, it is to review this party bottom up.

“In line with that, we started with reconciling some aggrieved members of our party across the country and then we started the process of this registration by printing of materials to ensure that the materials are being distributed across the country.”

Budget Implementation: We Have Nothing To Hide, President Buhari

Editorial staff

January 30, 2021

President Muhammadu Buhari has assured Nigerians of full implementation of the 2021 budget, with transparency and openness in meeting the targets

Speaking to newsmen in Daura, after the registration and revalidation exercise of the All Progressives Congress ( APC), the President said the budget captured some of the visions of the administration, and all efforts will be to ensure effective implementation.

“We have directed all the Ministries, Departments and Agencies to follow what is in the budget so that we can get the National Assembly to easily support the next budget. We can tell them what we have received, and how it was spent.

“We are always ready to make the balance sheet available for all Nigerians and the National Assembly. We have nothing to hide.’’

President Buhari said the administration gives more attention to agriculture in order to diversify and strengthen the economy.

“We are still grateful to Morocco for the support they gave us in producing fertilizer in the country. We have 42 companies producing fertiliser in six geopolitical zones.’’

The President’s registration exercise in Daura was attended by the Senate President, Ahmad Lawan, former Senate President, Ken Nnamani, ten governors, including the Governor of Yobe State, Mai Mala Buni, who is the Chairman of the APC Caretaker Committee, and other party stalwarts.

Commission May Force MTN, Glo, Others To Refund Wrong Deductions From Customers

Editorial staff

January 29, 2021

The Nigerian Communications Commission (NCC) has said that it is conducting a forensic audit that would ensure that Nigerians are compensated for wrong deductions and data depletion.

The forensic audit would also enforce maximum protection of Nigeria’s over 208 million consumers.

The Executive Vice Chairman of the commission, Professor Umar Danbatta, in a statement today, January 29, said: “the Commission plans to get to the bottom of why consumers are experiencing data depletion and the possibility of compensating them for wrong deductions, which may arise from short message service.

“We have instituted and we have insisted that despite the fall in data price, that forensic audit must go on and must be concluded and the outcome communicated to the CEOs of telecom companies.”

The Executive Vice Chairman said that the commission has taken conscious steps to ensure that mobile operators in the country become more consumer- centric.

Danbatta appealed to consumers to wait for the outcome of the audit, adding that NCC would enforce full compliance of the defaulting telecom operator.

“Operators will be made to comply with whatever directions are given after the investigation with a view to ensuring maximum protection for telecom consumers.”

Danbatta said that the commission has helped over 30 million consumers to block unsolicited text messages on their phones with the introduction of the Do-Not-Disturb.

The NCC head said that stern regulatory actions are constantly taken by the regulator against any operator that prevents a consumer from subscribing to the DND service.

He said that the launch of the 622 Toll-free Number was aimed at helping consumers lodge service-related complaints to the Commission for resolution.

According to him, thousands of complaints have already been resolved, saying that consumers deserve protection as critical stakeholders in the Nigerian telecommunications sector.

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