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Folarin Kehinde

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Wike Set to Face Disciplinary Action for Violating PDP Rules

by Folarin Kehinde
written by Folarin Kehinde

The Peoples Democratic Party (PDP) has hinted at disciplining Minister of the Federal Capital Territory, Nyesom Wike, over alleged anti-party activities.

According to Umar Sani, Senior Special Adviser on Media and Publicity to former Vice President Namadi Sambo, the party’s disciplinary committee, led by Chief Tom Ikimi, may sanction Wike for violating party rules.

Sani said that Wike is not above the party and that the recent formation of the disciplinary committee will address his alleged infractions.

“The issue has been oversimplified, with many framing it as a clash between Abubakar Atiku and Nyesom Wike,” Sani stated on Arise TV’s Morning Show. “But the real driving force is the Governors’ Forum, which had been dormant but has now awakened. The Forum is actively working to resolve the crisis.”

While a court order may prevent the removal of officials, Sani noted that it does not stop the party from suspending members or imposing discipline.

Recall that in September, the PDP Deputy National Publicity Secretary, Ibrahim Abdullahi, revealed during an appearance on Channels Television’s programme, Sunrise Daily, that Wike has been summoned to face allegations of anti-party activities.

Abdullahi stated that Wike was summoned in a letter to appear before the Tom Ikimi-led PDP disciplinary committee.

He said, “Three weeks ago, we put up two committees in place, that of reconciliation and disciplinary, and Nyesom Wike is one of the persons to face the disciplinary committee, which is headed by elder statesman Chief Tom Ikimi.

“The disciplinary committee will look into issues of anti-party activities. We’ve been receiving petitions regarding anti-party activities or sabotaging the party throughout the primary, leading to where we are now. These petitions against Wike and other party members have been aggregated and sent to the committee.

“Some party members even felt that Wike shouldn’t have gotten to this level still as a member of the PDP and they have been writing to the leadership.”

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Business

National grid recovery almost complete, TCN assured Nigerians

by Folarin Kehinde
written by Folarin Kehinde

Nigerians have been assured of a complete recovery of the national power grid which has collapsed twice in 24 hours.

The assurance was given to Nigerians by the Transmission Company of Nigeria (TCN).

According to TCN, efforts are being made to ensure the full recovery of the national grid.

The general manager of TCN, Ndidi Mbah in a statement said the recovery process commenced swiftly and has reached an advanced stage.

She said the process of recovery started with the Azura Power Station providing the necessary blackstart.

According to Mbah, as at 10.24 am on Tuesday, the recovery process was already in its advance level despite a short challenge which caused a minor setback.

Her words, “Notwithstanding the setback, TCN continued its recovery efforts, achieving significant progress.

“Bulk power availability has been restored to approximately 90 per cent of its substations nationwide, with supply reinstated to the Abuja axis and other major distribution load centres,” Mbah said.

She also noted that the brief disturbance, however, did not affect the Ibom Gas generating station.

Mbah noted that the station has continued to supply power to areas in the South Southern part of the country.

These areas, according to the TCN GM include Eket, Ekim, Uyo, and Itu 132 kilovolt transmission substations.

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Headlines

Bishops retirement: “Mind your own business” – Oyedepo replies critics

by Folarin Kehinde
written by Folarin Kehinde

Bishop David Oyedepo, the founder of Living Faith Church, popularly known as The Liberation Commission, has responded to the public criticism surrounding the retirement of two senior Bishops from the ministry.

The church recently announced the retirement of Bishops Thomas Aremu and David Abioye, who have served for decades in the church.

Many Nigerians criticised the church’s decision, questioning the timing and reasoning behind the retirements.

However, Oyedepo, during his sermon at the valedictory service for Bishop Aremu, made it clear that the decision was in accordance with the church’s long-standing operational guidelines.

He explained that the guidelines, including the church’s Administrative Policy of 1998, were revised in 2001, and further refined in 2024 under what is known as The Mandate.

According to Oyedepo, the policies are guided by divine order, and not subject to public scrutiny.

Addressing the critics, Oyedepo urged them to “study to be quiet” and focus on their own concerns rather than meddling in the church’s internal matters.

His words: “My advice to commentators is to study to be quiet and mind your business. It is wisdom to learn what is working and find out what makes it work. Everything works here.”

He encouraged Bishop Aremu to remain connected to the church for continued spiritual growth and grace while advising him not to be swayed by negative criticism.

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Tinubu
Headlines

FG to Tackle Poverty, Plans Cash Transfers for 20 Million Poor Nigerians

by Folarin Kehinde
written by Folarin Kehinde

The Federal Government has unveiled a comprehensive plan to provide cash transfers to 20 million poor Nigerians in a move to address poverty and improve living standards.

According to Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the social investment program aims to impact 60% of the poorest citizens, directly supporting 20 million households.

He made the disclosure at a panel session titled ‘Fiscal Reforms for a More Secure Future’ during the 30th Nigeria Economic Summit in Abuja on Tuesday.

He said the government’s economic reform agenda focuses on reducing inflation, creating jobs, and stimulating growth in key sectors such as agriculture, manufacturing, oil, and housing.

Edun attributed the increased revenue to the effective application of technology, which has reformed the civil service and improved domestic resource mobilization.

He said, “In terms of revenue, the number one place to look was inwards, domestic resource mobilisation. That’s where the government started. By the first half of this year, revenue had doubled.

“Aggregate government revenue was more than doubled. And that was achieved by applying technology very robustly.

“We have applied technology in a way that essentially reforms the civil service. Rather than waiting for compliance from government ministries, departments and agencies and government companies, we looked at what the rules and regulations were, how much a company was allowed to spend on its revenue, and then how much of its surplus it had to provide to government.

“The social investment programme is spearheaded by direct transfers to reach 60 per cent poorest in the population. And right now, 20 million households are being supported directly. And it’s going to rise to, well, 20 million people, four million households so far, and it will rise to 15 million households who will be paid directly by the government.

“That is how President Tinubu’s government is spending the money which is being yielded from better oil production.”

Edun also revealed that the government is focused on agriculture, manufacturing, oil, and housing as vital drivers of the country’s economy.

“We are looking to food production to help bring down inflation,” he explained.

“We aim to make food more available, affordable, and to reduce the cost of living for Nigerians.”

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Business

Dangote Petrol: IPMAN, PETROAN hint on price reduction

by Folarin Kehinde
written by Folarin Kehinde

Nigeria’s petroleum marketers are upbeat they will sell Premium Motor Spirit (Petrol) cheaper than that of Nigerian National Petroleum Company Limited if Dangote Refinery begins direct sale of petrol to them.

The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike disclosed this in an exclusive interview with daily post on Monday.

Ukadike gave this assurance while giving an update on petroleum marketers’ plans to directly purchase petrol from Dangote Refinery.

This comes days after the Federal Government through the Minister of Finance and Chairman of the Implementation Committee on Naira-for-crude sale to domestic refineries, Wale Edun confirmed that marketers have been cleared to purchase petrol directly from Dangote Refinery.

The development brought to an end the NNPC regime as the sole buyer of Dangote Refinery.

Recall that upon the inaugural distribution of Petrol at Dangote Refinery, NNPC was the sole-offtaker.

However, Edun last Friday, said that part of the implementation of the Naira-for-crude deal with Dangote Refinery was for marketers to lift petrol directly without NNPC as a middleman.

This comes at the back of the latest hike of petrol in NNPCL filling stations to N1,030 per litre in Abuja, while other petrol stations sell at between N1100 and N1,200.

Similarly, NNPCL fixed between N1040 and N1100 as ex-depot prices, that is the rate petrol marketers are expected to buy the product at depots.

Meanwhile, marketers had earlier rejected the ex-depot price by NNPCL.

Nigerian government’s permission to marketers to lift Dangote Petrol became a lifeline outside fuel import.

Reacting, Ukadike on Monday said IPMAN members, who control 70 percent of filling stations nationwide, are awaiting Dangote Refinery to kick off direct petrol sales.

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Business

Concerns mount as Nigeria’s foreign debt set to hit $50billion

by Folarin Kehinde
written by Folarin Kehinde

Nigeria’s external debt is projected to approach $50 billion by the end of the third quarter of 2024, as the Debt Management Office (DMO) prepares to release the latest public debt data.

As of March 31, 2024, Nigeria’s total public debt stock stood at N121.67 trillion ($91.46 billion), with domestic debt at N65.65 trillion ($46.29 billion) and external debt at N56.02 trillion ($42.12 billion).

The country’s external debt has grown significantly due to a series of loans from the World Bank and other international lenders.

Notably, Nigeria obtained a $2.25 billion loan in June under the Nigeria Reforms for Economic Stabilisation to Enable Transformation (RESET) and the Nigeria Accelerating Resource Mobilization Reforms (ARMOR) programs.

Additionally, the World Bank approved another $1.57 billion loan for key sectors, including education, healthcare, and water management, with $70 million being a grant.

The African Development Bank (AfDB) approved $500 million in July for the Economic Governance and Energy Transition Support Program (EGET-SP) to accelerate energy infrastructure transformation, while Nigeria also secured $925 million from Afreximbank in June under the crude oil-backed prepayment facility sponsored by the Nigerian National Petroleum Company Limited (NNPCL).

Nigeria’s rising debt has also led to a significant increase in debt service costs. In the first seven months of 2024, debt service payments rose by 53.63%, from $971.47 million to $2.78 billion.

May saw the highest debt service payment at $854.36 million. Fitch Ratings has projected that Nigeria’s external debt service cost could reach $5.2 billion by 2025.

This growing debt burden risks Nigeria’s financial stability, especially with increasing global interest rates and economic challenges.

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Headlines

More hardship looms as cooking gas price jumps to all-time high

by Folarin Kehinde
written by Folarin Kehinde

As Nigerians grapple with rising fuel costs, Liquefied Petroleum Gas (LPG), commonly used for cooking, has reached an unprecedented N1,500 per kilogram.

This surge has increased the average price for a 12.5kg cylinder to N17,000 in Abuja, up 41.6% since July, when it cost around N12,000.

In Ogun and Lagos, retail prices range from N1,300 to N1,500 per kilogram, further squeezing household budgets.

Suresh Kumar, managing director and CEO of NIPCO Plc, voiced concerns about Nigeria’s reliance on imported LPG.

“Currently, less than 40% of the 1.5 million metric tonnes consumed domestically is produced locally. The government must encourage companies like Chevron to convert more propane output into butane, which is more suitable for domestic use,” Kumar stressed at the recent National Conference of the Nigerian Association of LPG Marketers in Lagos.

The scarcity of local LPG production exacerbates high prices, which have pushed many Nigerians toward alternative cooking fuels, such as charcoal.

Ogun State’s Commissioner for Environment, Ola Oresanya, warned that more families might turn to less efficient cooking methods if the price hike continues.

Despite the grim outlook, Kumar remains optimistic that increased local refinery output could help drive down prices.

He noted that LPG production should grow with the Dangote Refinery and other facilities now sourcing crude oil locally, easing reliance on imports and reducing the impact of foreign exchange fluctuations on prices.

“There is hope that the reliance on imported LPG will decrease, positively influencing domestic prices,” Kumar noted.

Kumar emphasized the need for investment in gas infrastructure to expand Nigeria’s LPG capacity. “Our latest assessments show that existing downstream infrastructure can handle up to 5 million MT annually, preparing us to accommodate increased production from local gas fields,” he explained.

Since entering the LPG market in 2004, NIPCO has invested heavily in infrastructure to make cooking gas accessible to Nigerians.

“Our facility in Apapa, which began at 5,000 MT, now has a capacity exceeding 20,000 MT,” Kumar said, underscoring NIPCO’s commitment to bolstering national energy infrastructure.

The NIPCO CEO called on the government to support local refineries and refocus on boosting LPG output.

“It is crucial for the government to back these refineries to significantly increase LPG output. This will drive down retail prices and make the product more accessible to Nigerians,” he urged.

With high prices dampening LPG consumption, Kumar hopes market conditions will improve as more local players enter the sector.

“The current high prices are temporary. With more entrants in gas processing, we anticipate a market correction soon,” he concluded, calling for collaborative efforts to realise the full potential of Nigeria’s gas reserves.

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Headlines

Wherever You See Free Food, Help Yourself – Senate President Akpabio Tells Nigerians [VIDEO]

by Folarin Kehinde
written by Folarin Kehinde

Senate President Godswill Akpabio has advised Nigerians to help themselves wherever they see free food.

He made the remark in a recent video of him presiding over a plenary session in the Red Chamber.

In the video, the Nigerian leader is seen laughing with his colleagues following the remark.

The advice comes amidst harsh economic realities faced by Nigerians, largely due to President Bola Tinubu’s policies, such as the removal of fuel subsidy.

Recently, Nigeria’s state-owned oil company, NNPC Ltd, increased petrol prices by over 15%, marking the second hike in less than a month, effectively exiting a subsidy program that the government said has strained its finances. The product is sold above N1,000 per litre in various places across the country.

This is not the first time Akpabio has been filmed making similar remarks. At the Niger Delta Ethnic Nationalities, Youths and Women Group Sensitization Conference in Port Harcourt, Rivers State, in July, the Senate President mocked Nigerians planning to protest against economic hardship, saying he and other National Assembly members would be “eating” while they protested.

“Those who want to protest can protest, but let us be here eating,” the former Akwa Ibom State governor had said.

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Sowore
Headlines

BREAKING: Immigration Service barred Sowore from traveling abroad

by Folarin Kehinde
written by Folarin Kehinde

Omoyele Sowore, the presidential candidate of the African Action Congress (AAC) in the 2023 election, has revealed that the Nigerian Immigration Service (NIS) has placed him on a watchlist, preventing him from leaving the country.

Sowore shared this information via a statement and video on X.com on Friday.

His words, “The Nigerian Immigration Service continues to subject me to unwarranted harassment and abuse. Violating my rights repeatedly.

“Today, again, they stopped me on my way out of Nigeria, claiming I am placed on their WATCHLIST!”

The video accompanying the post showed Sowore engaging with an NIS officer, demanding to speak with a superior for clarification.

This incident follows Sowore’s arrest in September at Murtala Muhammad International Airport in Lagos, where he was detained by NIS officials and had his international passport confiscated.

Sowore, who is the publisher of online newspaper, Sahara Reporters, has been a vocal critic of the Nigerian government and has faced several legal battles and detentions in recent years.

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Headlines

JUST-IN: Tinubu Heads To France From UK

by Folarin Kehinde
written by Folarin Kehinde

President Bola Tinubu is set to head to Paris, France, from London, United Kingdom, any moment from now for another ‘significant engagement’.

This was disclosed by Tinubu’s close political ally and former placeholder running mate, Ibrahim Kabir Masari, on Friday evening.

Leading reporters reports that President Tinubu had travelled to London on October 2, 2024, for a two-week vacation.

A statement by the President’s Special Adviser on Media and Strategy, Bayo Onanuga, said the “working vacation” was part of his yearly leave. It also said the president will return to Nigeria after the leave expires.

“President Bola Ahmed Tinubu will depart Abuja today for the United Kingdom to begin a two-week vacation, part of his yearly leave.

“He will use the two weeks as a working vacation and a retreat to reflect on his administration’s economic reforms.”

“He will return to the country after the leave expires,” the statement had said.

It is the first time President Tinubu will go on leave since he assumed office in May 2023, though he embarked on several foreign trips between then and now.

The 1999 Constitution (as amended) requires the president to write the National Assembly, informing it of his plan to proceed on vacation. It is unclear if President Tinubu did so or not at press time.

However, after nine days in London, President is set to travel to Paris for an unknown engagement.

Taking to his Facebook page on Friday, Masari, who visited Tinubu at his private residence in London on Friday, revealed that he would be travelling alongside the President to France.

He wrote: “Today, I had the honour of visiting President Asiwaju Bola Ahmed Tinubu GCFR at his private residence in the United Kingdom, where we engaged in productive discussions. Together, we are now heading to Paris, France, for another significant engagement.”

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