Leading Reporters

Last week saw a lot of events that merited news coverage. A list of some selected top national stories across Nigeria has been painstakingly prepared.

El-Rufai approves deposition of two Kaduna monarchs, sacks three others

On Monday evening, Governor of Kaduna State, Malam Nasir El-Rufai authorized the removal of His Highness Jonathan Paragua Zamuna, the traditional ruler of the Piriga Chiefdom, and His Highness General Aliyu Iliyah Yammah (retired), the traditional ruler of the Arak Chiefdom.

According to a statement released on Monday by the state’s commissioner for local government, Hajiya Umma Ahmad, the two traditional chieftains would vacate their positions as of the 22nd of May 2023.

In accordance with Section 11 of the Traditional Institutions Law No. 21 of 2021, the commissioner further stated that the depositions were conducted in accordance with suggestions made by the Ministry of Local Government.

Buhari signs eight bills into law

On Monday, Nigeria’s President, Muhammadu Buhari has assented to eight Bills passed by the 9th National Assembly.

The Special Assistant on Digital Communications to the President, Bashir Ahmad made this known via his Twitter handle on Monday, May 22, 2023.

He listed the new laws including the National Social Investment Programme Agency Act, National Senior Secondary Education Act and the National Social Investment Programme Agency Act.

The President also assented to the Federal University of Health Sciences Ila-Orangun (Establishment) Act, Federal University of Health Sciences, Azare (Establishment) Act, Chartered Institute of Development Studies and Administration of Nigeria (Establishment) Act, Federal Institute of Industrial Research (Establishment) Act, and the Institute of Strategic Management of Nigeria Act.

This was contained in a statement released on Monday by the Senior Special Assistant to the President on National Assembly Matters (Senate), Senator Babajide Omoworare.

Omoworare said the action of the President was in accordance with the provisions of the Acts Authentication Act Cap. A2, Laws of the Federation of Nigeria, 2004.

He listed the new laws including the National Social Investment Programme Agency Act, National Senior Secondary Education Act and the National Social Investment Programme Agency Act.

Nigerian students, others barred from bringing family to UK

On Tuesday, the United Kingdom announced that persons coming to the country to study will no longer be able to bring their family as dependents with them.

According to the UK, the move is aimed at stemming the influx of people who piggyback on their family members study visa to enter UK.

Sky News reported that a new law, which will take effect from January, has been promulgated to give the clampdown on immigrants the much-needed legal backing.

CBN revokes licences of 132 Microfinance banks, others

On Tuesday, The Central Bank of Nigeria has revoked the operating licences of 132 microfinance banks, four primary mortgage banks, and three finance companies in the country.

The revocation exercise was disclosed in the official gazette of the Federal Government published on the website of the CBN on Tuesday.

According to the gazette, the licences of the financial institutions were revoked because they ceased to carry on in Nigeria, the type of business for which their licences were issued for a continuous period of six months.

They were also alleged to have “failed to fulfil or comply with the conditions subject to which their licences were granted; or failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.”

The revocation exercise was disclosed in the official gazette of the Federal Government published on the website of the CBN.

Buhari orders banks to issue NIN cards to Nigerians

On Thursday, the Buhari-led administration disclosed that Nigerians can now request that their commercial banks issue them a debit card that also serves as their national identity card.

Prof Isa Pantami, Minister of Communications and Digital Economy, made the announcement in Abuja.

He stated that this issuance is free of charge.
Pantami stated that the approval was obtained at the Federal Executive Council meeting at the Presidential Villa in Abuja, which was presided over by President Muhammadu Buhari.

He stated that the approval came as a result of a memo from the National Identity Management Commission that authorised banks to print multipurpose debit cards that also functioned as National identity cards.

Kano Govt acquits Doguwa of Murder charges

On Thursday, Kano State Ministry of Justice stated that House leader, Alhassan Ado Doguwa, is not guilty of charges of culpable homicide and mischief by fire levelled against him.

The Attorney General and Commissioner of Justice, Musa Abdullahi Lawan, made this known while briefing journalists in Kano.

He stated that there were no proofs to corroborate the allegations against Doguwa, noting that those who incriminated him could not make their accusations stick.

He said, “Based on the foregoing facts and observations, we cannot substantiate charges of criminal conspiracy, mischief by fire and culpable homicide against Doguwa.

Supreme Court strikes out PDP’s double nomination suit against Shettima

On Friday, the Supreme Court dismissed the suit seeking the disqualification of Kashim Shettima as the vice-presidential candidate of the All Progressives Congress for double nomination.

Ruling on the suit, a five-member panel of the apex court held that the Peoples Democratic Party lacked the locus standi to institute the suit.

The panel said the PDP is not a member of the APC, hence can’t challenge Shettima’s nomination.

Gov Sani Bello pardons 24 convicts, pays N20m to free 80 inmates

On Friday, Alhaji Abubakar Sani Bello, the outgoing governor of Niger state pardoned 24 criminals, including those who had previously received death sentences.

Similar to this, he paid N20 million in fines for 80 other prisoners so they may enjoy freedom.

PDP using social media to bully judges – Supreme Court

On Saturday, the Supreme Court stated that the Peoples Democratic Party (PDP) has resorted to using the social media to intimidate and strong-arm the judges.

Justice of the Supreme Court, Inyang Okoro made this allegation on Friday, while delivering judgment in an appeal filed by the PDP seeking to void the election of President-elect, Asiwaju Bola Tinubu on the grounds that his running mate, Kashim Shettima, was guilty of double nomination.

Pastor Tunde Bakare vows to never address Tinubu “My President”

On Saturday, Pastor Tunde Bakare, the Serving Overseer of the Citadel Global Community Church stated that he will never refer to Bola Tinubu as his president.

The politician and cleric said that a number of electoral frauds occurred during the 2023 elections and that the Independent National Electoral Commission messed up the campaigning process during a webinar on Saturday.

After giving his lecture on the Zoom program titled “Building the New Nigeria: The Role of the Diaspora,” which was put on by the PTB4Nigeria In Diaspora Group, he made this statement in response to a question.

The Chairman Emeritus, Daar Communications, owners of AIT and Ray Power FM, High Chief Raymond Dokpesi is dead.  

Raymond Dokpesi, a leader in the Peoples Democratic Party (PDP) and the creator of DAAR Communications Ltd, has passed away.

At age 71, the media tycoon passed away in an Abuja hospital.

The Chairman Emeritus, Daar Communications, owners of AIT and Ray Power FM, High Chief Raymond Dokpesi is dead.

Article Summary

• The rise in total public debt under President Buhari has seen Nigeria’s Debt to GDP ratio climb to over 38%.
• The Nigerian Senate amended the Central Bank of Nigeria (CBN) Act to increase the total CBN advances (Ways and Means provision) to the Federal Government from 5% to a maximum of 15%.
• President Tinubu inherits a troubled economy and faces significant challenges in addressing the country’s economic issues.

On May 29th, President Muhammadu Buhari’s administration handed over to President Bola Ahmed Tinubu. The handover marked the continuous transfer of democratic power since 1999, a milestone in the history of Nigeria.

Despite the excitement that has heralded President Tinubu’s inauguration, the truth remains that he has inherited a very troubled economy. And he has his job cut out for him, as far as the economy is concerned.

One lingering theme that characterised President Muhammadu Buhari’s administration was Nigeria’s rising debt profile. Although many Nigerians raised concerns about it, the Debt Management Office (DMO) insisted that Nigeria’s debt was sustainable as long as it was within the World Bank threshold of 40% debt to GDP.

Nigeria currently sits at a Debt to GDP ratio of 38%, according to available data. However, given the rising debt service spending, the Tinubu administration will have a lot of work to do in order to prevent debt levels from rising further than this.

Ways and Means Securitization

Earlier this month, the National Assembly approved the securitization of N22.7 trillion worth of Ways and Means loans. The securitization is expected to improve debt transparency, reduce debt service costs, and help reduce the budget deficit.

According to the latest data from the Debt Management Office, the tenor of the securitization is a whopping forty (40) years with a moratorium on the principal for three years and an interest rate of 9% per annum.

• Tenor: Forty (40) years
• Moratorium (on Principal only): Three (3) years
• Interest Rate: 9% p.a.
• Repayment: Amortising over thirty-seven (37) years
• Holder of the Securities: The Securities will be issued to the Central Bank of Nigeria (CBN) by the Federal Government of Nigeria (FGN).
• The Securities will not be issued to the public by the FGN to raise funds.
• It will reduce the Debt Service Cost as the new interest Rate is 9% p.a. compared to the Monetary Policy Rate plus 3% which translates to 20.5%6 p.a. (MPR – 18.5% +3%) currently being charged on the Ways and Means Advances.
• The large savings arising from the much lower Interest Rate will help reduce the deficit in the Budget and expectedly, the level of New Borrowings.

In addition, the provisions for interest on the securitized Ways and Means Advances (starting from 2023) and principal repayments starting from year four (4), will be made in the Annual FGN Budgets. Securitization will not lead to new loans.

Debt to GDP

Between 2007 and 2015, previous administrations only took a combined total of N869 billion from the Ways and Means window.

However, in the last eight years, the current administration has collected N23.7 trillion. Total public debt at the end of 2022 was N46.3 trillion while the expected borrowings for 2023 come to N8.8trn (domestic and foreign). If we include the ways and means of N22.7 trillion to be securitized, the total expected public debt for 2023 comes to 77.8 trillion.

A total debt stock rising to N77.8 trillion will take the country’s debt-to-GDP ratio to 38.4%. This increase in public debt may require the DMO to raise the public debt ceiling from its current level of 40% of GDP contained in the medium-term debt management strategy paper.

Using data from the DMO, at the Naira exchange rate for December 2022, Nigeria’s Debt to GDP ratio in dollar terms comes out as:

Fiscal Responsibility Extension

On Saturday, May 27, The Nigerian Senate amended the Central Bank of Nigeria (CBN) Act to increase the total CBN advances (Ways and Means provision) to the Federal Government from 5% to a maximum of 15%.

The Senate leader, Abdullahi Gobir, who read the lead debate on the bill, said the proposed amendment is to enable the Federal Government to meet its immediate and future obligation in the approval of the ways and means by the National Assembly and advances to the Federal Government by the Central Bank of Nigeria.

This means, that the incoming administration will seek to increase funding from the Central Bank, and with the precedent already set in by Buhari’s administration, surpass Nigeria’s 40% debt to GDP ratio.

Tax Increase for the debt burden

To deal with the haemorrhaging revenue-to-debt service ratio, the Nigerian government last month, in a last-ditch attempt, introduced a new set of taxes on alcoholic beverages, imported vehicles and single-use plastics in its new tax regime.

Under the newly introduced taxes, the Federal Government will charge N75 per litre of beer, stout or wine imported into Nigeria.

FG pointed out that N75 per litre will be charged on “beer and stout including all alcoholic beverages and beer not made from malt- whether fermented or not fermented” in 2023, adding that this new excise duty on beer and stout will be increased to N100 per litre in 2024.

The Federal Government also introduced a Green Tax by way of excise duty on Single Use Plastics (SUPs) including plastic containers, films and bags at the rate of 10 per cent and an Import Adjustment Tax (IAT) levy on motor vehicles of the 2-litre engine (2000 cc to 3999 ccs) at 2%, while vehicles with 4-litre engines (4000 ccs) and above will attract 4% IAT with effect from June 1, 2023.

Short Term Solution

Meanwhile, Tax advisory firm, KPMG Nigeria, has urged the federal government to increase oil revenues to increase the country’s earnings. The company stated this in a May 2023 report on the Assessment of the 2023 Fiscal Policy Measures.

In the report, KPMG noted that the federal government had recently implemented new taxes on beer, imported vehicles, single-use plastics, mobile telephone services, fixed telephone, and internet services.

KPMG advised the government to look beyond creating an additional burden on business margins and work to increase oil revenues.

According to KPMG Nigeria, the federal government can work to increase oil revenues in the following ways:

• Renegotiating or reconsidering Nigeria’s relationship with the Organization of Petroleum Exporting Countries (OPEC) like Indonesia, and Qatar did, to avoid being capped to a limit when and if the output exceeds the quota, given the country’s need for urgent revenues for development.
• Developing joint ventures between the Nigerian National Petroleum Company Limited (NNPCL) and companies building modular refineries to process crude oil into derivatives as a means of increasing the revenues generated from selling extracts like premium motor spirit, low-pour fuel oil, and kerosene. aviation fuel, diesel, pet coke, bitumen binders, and marine fuel. These could multiply revenues generated from selling crude oil as a raw commodity.
• The Government needs to consider an independent Joint Venture model for its production-sharing contract and encourage NNPCL to raise cash calls independently. This will help to raise Nigeria’s revenue-to-GDP ratio to the emerging markets average of 18%, as a tool to reduce deficit financing that comes from unsustainable debt cycles without sacrificing the country’s urgent need for huge development expenditure.
• The KPMG report also advises NNPCL to secure oil output by installing high-pressure sensors on all feeder lines that take crude oil through flow stations from well-heads to terminals to be able to track and detect spikes, pulsations, surges that might occur from vandalization, and pressure tapping.
• The NNPCL also needs to mobilize the office of the National Security Adviser, the Nigerian Army, the Marine Police, and the Nigerian Navy to arrest culprits and their back-end sponsors and accomplices. Meanwhile, all the security personnel responsible for detecting and acting on oil theft detections should be replaced every 3 months to avoid being compromised.
• The NNPC also needs to install modern metering technology at all 33 export terminals to avoid siphoning off crude oil inventories and reduce the difference between inventory delivered by feeder lines through flow stations from well-head to terminals. News credit nairametrics

The spokesperson of former President Muhammadu Buhari, Garba Shehu, on Monday, announced new appointments made by the former leader.

The announcement was made in a statement sent to journalists just before 11 a.m., about the time President Bola Tinubu was being inaugurated.

Mr Shehu, however, said Mr Buhari made the appointments on Friday although the announcements were made Monday morning.

The six persons appointed are to be executive directors of the Nigeria Television Authority (NTA) and they were confirmed by the former president after their names were sent to him, Mr Shehu said.

Read Mr Shehu’s full statement below.

President Muhammadu Buhari May 26th approved the nominations submitted to him for approval as Executive Directors for the Nigerian Television Authority, NTA following the departure of the holders of the positions, whose tenure ended on 31st March.

Those appointed to the new positions are:

1. Ije Osagie (Edo State) Executive Director Engineering

2. Betsy Iheabunike (Anambra State) Executive Director Marketing

3. Lawal Umar Lalu (Katsina State) Executive Director Programmes

4. Ayo Adewuyi (Osun State) Executive Director News

5. Adamu Sambo (Adamawa State) Executive Director Special Duties

6. Nansel Nimyel (Plateau State) Executive Director Administration and Training

7. Abdullahi Ismail Ahmed (Kaduna State) Executive Director Finance.

The appointees are to serve for an initial three years, renewable for another three years.

Garba Shehu

Senior Special Assistant to the President

(Media and Publicity)

The swearing in ceremony which took place at Eagles Square Abuja, was done by the Chief Justice of Nigeria, Justice Olukayode Ariwoola.

Tinubu was accompanied to the podium by his wife Oluremi, outgoing President Muhammadu Buhari and his wife Aisha and security detail.

Taking the oath of office, Tinubu promised to discharge his duties as President in line with the constitution of the country, and to the best of his ability.

Age many will say is just number. This is true of 70 year old Ben-Lutnaan Duamlong who recently graduated from the department of Fine and Applied Arts, University of Jos. Not only that Duamlong graduated at that age, he graduated with a starling 4.32 CGPA.

Ben-Lutnaan Duamlong graduated top of his class from the University of Jos, Plateau State, a feat many have described as astonishingly outstanding for someone of his age.

At 70, he became the oldest graduate from the university during its just concluded 33rd & 34th Combined Convocation.

Congratulations to Mr. Duamlong. He is a huge inspiration for both the young and the old.

The jailed former Deputy Senate President, Ike Ekweremadu is said to have turned into a teacher and reformer in a United Kingdom prison where he is currently serving a jail term for attempted kidney harvesting. 

Ekweremadu, who is currently serving a jail term alongside his wife Beatrice Ekweremadu and a medical practitioner Dr. Obinna Obete is said to have volunteered himself as an English Teacher for inmates mainly from non-English speaking part of Europe, Arab and Asia.

An inmate who recently was discharged and who shared the same space with Ekweremadu in jail said that aside from teaching English, Ekweremadu spends most of his time reading letters from well-wishers, studying the scriptures and praying.

The ex-inmate who will not want his name in print said that Ekweremadu has been of very outstanding behaviour.  He encourages other inmates to be of good characters and to see life beyond the prison walls. The source further said that Ekweremadu periodically breaks down in tears and at some point, resorts to reclusiveness when those moments of despair sets in.

Recall that an Old Bailey Jury most recently sentenced Ekweremadu and his wife to several jail terms for the exploitation of a young poor boy whom they brought from the streets of Lagos Nigeria to London with the intention of harvesting his Kidney to donate to their ailing daughter Sonia Ekweremadu.

They were handed down different jail terms along Dr. Obinna Obete who is believed to have acted as a facilitator for the organ harvesting.

“his presence a rude reminder of a bloody war”

The former military head of state, General Yakubu Gowon (rtd) may have shelved his proposed prayer meeting in Umuahia, emotions are still raging on why such invitation should at all, be extended to him. The proposed prayer session which was at the instance of the Governor-Elect of Abia State, Alex Otti would feature personalities from religious organizations, organized private sector and other invited guests.

The invitation was greeted with a lot of protests and emotions across South East Region of Nigeria.  It was generally believed that his invitation would become a rude reminder of bloody policies that caused the deaths of over three million Biafran children who perished during the war.  General Yakubu Gowon (Rtd) was the Military Head of State during the three year war.  Gowon floated a policy that hindered the supply of food and drugs to hungry and dying children as a way of weakening the Biafrans who opted out of Nigeria State.

General Gowon was the head of state during the Nigeria-Biafran war that lasted between 1967 and 1970. Although the war ended with the a “No Victor, No Vanquished” verdict, the war saw the death of millions of Igbo children who were starved to death, following a policy implemented by Gowon’s government that blocked off food and drugs supply to dying Igbo children.

Information availed LeadingReporters suggested that the invitation to Gen. Gowon to attend the prayer session may have been canceled.  Many believe that the cancellation may not be unconnected with reports of planned protests and the attendant insecurity that may arise because of his presence for a national prayer in Umuahia.

Some of the respondents spoken to believe that General Gowon has not toed the path of restitution by openly condemning the bloody war and apologizing for the role he played that led to the deaths of millions of Igbos. 

“One thing is repentance.  Another is restitution.  General Gowon was part of the bloody leadership that caused and supervised the deaths of countless Igbos during the infamous Nigerian-Biafran war.  If he claims to have repented and became a minister of the gospel, fine.  But he needs to restitute for the deaths he caused.  He needs to pray for forgiveness to God and the families that lost their loved ones during the war.  Without that, his actions are sheer hypocrisy.  Said Mr. Dan

“Let him not come.  Alex Otti should do everything possible to avoid starting on a controversial note.  He should not lose the trust reposed on him by the people.  General Gowon has fences to mend.  He has blood to account for.  He should come.  Echoed Mr. Chuks