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Folarin Kehinde

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Tinubu seeks approval for fresh N1.77trn loan

by Folarin Kehinde
written by Folarin Kehinde

President Bola Tinubu has asked the National Assembly to approve fresh N1.767trn external borrowing plan in support of the 2024 Budget.

The president conveyed his request in a letter written to Senate President Godswill Akpabio and Speaker of the House of Representatives, Tajudeen Abbas.

The presiding officers read the letter during plenary, on Tuesday.

The president said if approved, the loan would be used to partly finance the N9.7trn deficit in the 2024 budget.

He said his request, which has been approved by the Federal Executive Council (FEC), aligns with Section 21(1) and 27(1) of the Debt Management Office Act.

Tinubu has also forwarded the Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) 2025-2027 to the National Assembly and the National Social Investment Programme Establishment Amendment Bill, to make the social register the primary tool for the implementation of the federal government’s social welfare programmes.

The Federal Government had approved a $2.2billion external borrowing plan last week.

The president’s letter outlined three potential financing options to raise the required funds which include issuance of Eurobonds, Sovereign Sukuk and Bridge Finance/Syndicated Loans.

On Eurobonds, he said Nigeria could raise all or part of the funds through Eurobond sales in the International Capital Market (ICM).

President Tinubu noted that the ICM remains accessible to countries like Nigeria, citing recent issuances by Côte d’Ivoire, Kenya, and Cameroon in 2024.

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LG Chairman in South East State Appoints Special Advisers on Yam, Garden Egg, Pepper

by Folarin Kehinde
written by Folarin Kehinde

The Chairman of Igbo Etiti Local Government Area (LGA), Eric Odo, has appointed two Senior Special Assistants to focus on specific agricultural produce in Enugu State.

One of the advisers, Ezeugwu Frederick Ogbonna will oversee yam and pepper, while Nwodo Everestus Ugonna will concentrate on garden egg and pepper.

These appointments, dated November 1, have sparked interest on social media.

Both appointees have been directed to report to the office of the executive chairman of Igbo Etiti LGA, Ogbede, for briefing and deployment.

One of the appointment letters reads: “I am pleased to inform you that the executive chairman Igbo Etiti LGA has approved your appointment as senior special assistant to the local government chairman on agriculture (yam and pepper),” Ezeugwu’s letter reads.

“You should report to the executive chairman Igbo Etiti LGA, Ogbede, for briefing and deployment.

“It is pertinent to note that this is not a career civil service appointment but a temporary appointment which you hold at the pleasure of the executive chairman of Igbo Etiti LGA.”

Meanwhile, Ugonna’s appointment letter partly read: “I am pleased to inform you that the executive chairman Igbo Etiti LGA has approved your appointment as senior special assistant to the Local Government chairman on agriculture (garden egg & pepper).”

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BREAKING: Wike Approves New Minimum Wage for FCT Workers

by Folarin Kehinde
written by Folarin Kehinde

Minister of the Federal Capital Territory, Nyesom Wike, has directed the immediate payment of N70,000, the new minimum wage, for all administration staff.

The move comes after President Bola Tinubu signed the new Minimum Wage Bill into law in May 2024, following months of negotiation with organized labour.

The approval was announced in a statement signed by Anthony Odeh, Press Secretary to the Head of the Civil Service of the FCT, and made available to journalists on Tuesday.

According to the statement, Wike approved the payment of the minimum wage on Monday, November 18, 2024, to alleviate the plight of workers under the Federal Capital Territory Administration.

The Acting Head of Civil Service of FCT, Mrs Grace Adayilo, disclosed that the minister also approved for payment of three months’ arrears for all staff of the administration with effect from November 2024.

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BREAKING: Senate laments as Auditor-General’s Report Uncovers N105.6bn Fraud in MDAs

by Folarin Kehinde
written by Folarin Kehinde

The Nigerian Senate has raised serious concerns over the Auditor-General’s report, which exposed a staggering misappropriation of N105.6 billion across Ministries, Departments, and Agencies (MDAs).

The upper chamber has promised firm sanctions against erring agencies, emphasising the need for accountability and compliance with legislative directives.

At a legislative oversight workshop in Abuja, Senator Garba Maidoki, Chairman of the Senate Committee on Legislative Compliance, expressed dismay at the financial irregularities.

“We cannot condone such a humongous misappropriation, especially in these critical times. Sanctions will be imposed on MDAs that ignore this report,” Maidoki declared.

The Auditor-General’s report highlighted systemic violations, including N18.36 billion spent on contracts awarded without adherence to the Public Procurement Act. Maidoki criticised agency heads for frequently failing to appear before the Senate to explain their financial dealings, warning, “Firm action will be taken against any agency head who disregards Senate directives.”

Senate President Godswill Akpabio, represented by Deputy Senate President Jibrin Barau, reinforced the Senate’s resolve to uphold legislative compliance.

“Adherence to legislative resolutions is crucial for achieving Nigeria’s development goals and maintaining public trust,” Akpabio remarked.

The workshop, organised by the National Institute for Legislative and Democratic Studies (NILDS) in collaboration with Konrad Adenauer Stiftung (KAS), also featured insights from key stakeholders.

Professor Abubakar Sulaiman, NILDS Director-General, outlined systemic challenges such as weak enforcement, bureaucratic inertia, and insufficient political support. “These issues erode public trust and undermine governance efforts,” Sulaiman cautioned.

The Senate’s Committee on Public Accounts has already initiated an investigation into the reported financial mismanagement.

Acting Clerk to the National Assembly, Mr. Kamoru Ogunlana, stressed the importance of compliance in building public confidence, stating, “For laws to have meaning, there must be consistent and effective compliance with legislative directives.”

As the Senate intensifies its oversight functions, Maidoki reassured the public of its commitment to holding MDAs accountable.

This effort underscores the legislature’s determination to curb corruption, restore trust, and efficiently use public funds for Nigeria’s sustainable development.

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Why DSS arrested Ogun State PDP Governorship Candidate, Ladi Adebutu

by Folarin Kehinde
written by Folarin Kehinde

Ladi Adebutu, the 2023 governorship candidate of the Peoples Democratic Party (PDP) in Ogun State, has been taken into custody by the Department of State Services (DSS).

The arrest is reportedly connected to the recent local government elections held on Saturday, November 16, 2024.

Adebutu is accused of bringing 40 “illegal policemen” from MOPOL 49 in Lagos to the state on election day, as well as mobilizing PDP thugs to ride around the Ikenne local government area on motorcycles, attempting to snatch ballot boxes while brandishing guns and other weapons.

Kayode Adebayo, the PDP’s publicity secretary, confirmed Adebutu’s arrest, stating that he was detained for unknown charges.

Despite efforts to secure his bail, Adebayo revealed that none had been successful as of 10 pm on Monday, November 18, 2024.

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Court Sacks MC Oluomo, Declares New NURTW President

by Folarin Kehinde
written by Folarin Kehinde

The Appeal Court in Abuja has announced Alhaji Tajudeen Ibikunle Baruwa as the lawful President of the National Union of Road Transport Workers (NURTW).

It can be recalled that Musiliu Ayinde Akinsanya, popularly known as MC Oluomo, was days ago inaugurated as NURTW president.

The recent decision came after the court reviewed and upheld an earlier ruling by the National Industrial Court.

The initial judgment, delivered on March 11, 2024, recognized Baruwa as the rightful president of the union. However, an appeal was filed by Alhaji Najeem Usman Yasin, Alhaji Tajudeen Agbede, and their supporters. They argued against the Industrial Court’s decision but were unsuccessful in convincing the appellate court.

A three-member panel of justices, Hamma Akawu Barka, Nnamdi Dimgba, and Asmau Ojuolape Akanbi, ruled that the appeal lacked merit. The court declared Baruwa as the elected leader of NURTW and dismissed the challenge brought forward by MC Oluomo’s faction.

In addition to confirming Baruwa’s position, the Appeal Court ordered the appellants, who are supporters of MC Oluomo, to pay N100,000 as damages to the respondents.

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Rivers APC makes shocking revelation on Nyesom Wike’s Health

by Folarin Kehinde
written by Folarin Kehinde

There is nothing wrong with Nyesom Wike, the minister of the Federal Capital Territory, the chairman of the All Progressives Congress in Rivers State, Tony Okocha has said.

Okocha made the disclosure following reports on social media that Wike is sick.

Many Nigerians took to social media especially X to point out that Wike looks frail and has lost so much weight. They claimed that the minister’s appearance might be due to some form of ailment.

Others also pointed out that Wike, 56, is looking very much older than his age.

However, in his reaction, the APC Rivers chairman said the former governor is not sick but only watching his weight.

Okocha, a loyalist to Wike described the reports as untrue and unfounded.

He said, “The stories being peddled about his state of health are not true. How is he sick? Has anybody seen him falling or slump?

“The man is not sick. He is very agile and does what he was appointed to do. Do you even know if he is watching his weight?” Okocha queried.

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Tinubu’s Reforms Not Working, IMF Report Reveals

by Folarin Kehinde
written by Folarin Kehinde

The International Monetary Fund (IMF) has raised concerns about the effectiveness of Nigeria’s ongoing economic reforms under President Bola Tinubu.

In its latest report on the economic outlook for sub-Saharan Africa, the IMF revealed that Nigeria is struggling to achieve significant progress 18 months after implementing key reforms.

Nigeria is grappling with its worst economic crisis in nearly 30 years. In May last year, the president announced the abrupt removal of fuel subsidy. Subsequently, he unified the exchange rates among other economic policies implementation.

The recent report by IMF, presented on Friday at the Lagos Business School by Catherine Patillo, IMF Deputy Director, highlighted successes in countries such as Côte d’Ivoire, Ghana, and Zambia. Unfortunately, Nigeria was notably absent from the list of nations demonstrating positive outcomes from reform efforts.

The report projected an average economic growth rate of 3.6% for sub-Saharan Africa in 2024. However, Nigeria’s growth rate is expected to lag at 3.19%, placing the country below the regional average. The IMF noted that while many African nations are reducing macroeconomic imbalances, Nigeria remains an outlier in its struggle to stabilize its economy.

Inflation remains a pressing issue in Nigeria. Although there was a brief slowdown in July and August, inflation resumed its climb in September and October, reaching 33.8%. This figure is far above the 21% target set for 2024, and analysts expect further increases before the year ends.

The IMF also pointed out Nigeria’s exchange rate instability as a significant challenge. Unlike other nations in the region that have reduced foreign exchange pressures.

Another major issue highlighted in the report is Nigeria’s heavy debt servicing burden. The IMF revealed that Nigeria, alongside Angola, Ghana, and Zambia, spends an alarming 15% of total revenue on interest payments. This high level of debt servicing limits the country’s ability to invest in critical areas such as infrastructure and social programs.

The IMF has advised Nigeria to rethink its approach to reforms. Recommendations include improving communication, offering compensatory measures to ease the impact of reforms, and designing policies that address public concerns.

“This will require greater attention to communication and engagement strategies, reform design, compensatory measures, and rebuilding trust in public institutions,” the report advised.

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Nigeria Customs Service express worry over massive exit of senior officers

by Folarin Kehinde
written by Folarin Kehinde

The top Customs’ hierarchy has expressed grave concerns about what it described as unprecedented rate of leadership transition that has hit the service in recent years.

This accelerated exit of top management staff through retirement has evidently created a gap in the top echelon cadre of the service which the leadership has swiftly moved to address.

Raising this alarm on Wednesday, November 13th, 2024 at Abuja during the ongoing Comptroller General of Customs conference.

The helmsman of the service, Adewale Adeniyi expressed anxiety at the phenomenal which he said the management has taken proactive steps to address.

“A significant internal challenge we must address transparently is the unprecedented rate of leadership transitions within our Service.

“The statistics tell a compelling story: we saw 60% of our management team exit in 2022, 36% in 2023, and this year, we will experience a 76% change in our management composition.
“With projections indicating another 40% of our management staff retiring in 2024, we recognize the urgent need for strategic intervention” he bemoaned.
He however said the leadership of the service has risen to the challenge to plug the gaps created by their rapid exit of senior officers through what he described as accelerated career progression in terms of rapid promoting of deserving officers.

“In response, we have launched an ambitious Human Resource Development Plan that addresses both immediate and long-term needs.

“This includes accelerated career progression opportunities for deserving officers, ensuring that talent and dedication are appropriately rewarded.
“Most significantly, we are making a historic investment in human capital infrastructure through the establishment of a Customs University – a testament to our commitment to building a knowledge driven service.

“These initiatives, aligned with the World Customs Organization’s focus on youth leadership development, complement our comprehensive talent management program that identifies and prepares promising officers for leadership roles, ensuring the Service’s continued stability and effectiveness”

He said the period of leadership transition presents an opportunities for the service to reshare its future.
Meanwhile, the service has projected a reduction in physical examination of goods at the nation’s ports in 2025.

According to the CGC, the physical interaction shall be scaled down while the use of technology and other tools of trade facilitation such as Authorized Economic Operators (AEO) will be enhanced to maximize revenue collection.
” Looking ahead to 2025, we have crafted ambitious yet attainable goals that build on our current momentum.

We aim to dramatically reduce physical inspection rates through enhanced risk management systems, fully deploy our e-customs infrastructure, and expand our Authorized Economic Operator program.

“Our focus extends to strengthening regional integration through improved border cooperation and deepening stakeholder engagement through regular consultative forums.

“These objectives are not just operational targets; they are our vision for a modern customs administration that effectively balances trade facilitation, revenue collection, and security.

“The achievement of these goals, particularly during this period of leadership transition, will require even stronger partnerships with all stakeholders – from government agencies to private sector operators” the Customs chief declared.

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