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How CBN Spent N58.618 Billion To Print N2.5 Billion In 2020

by Folarin Kehinde October 15, 2022
written by Folarin Kehinde

The Central Bank of Nigeria, CBN, spent the sum of N58.618 billion to print 2.518 billion Naira notes in, 2020.

It indicated a decrease in the bank’s expenditure on currency printing, which stood at N75. 523 billion, in 2019 and N64. 040 billion, in 2018.

The current management of the CBN under the leadership of Mr. Godwin Emefiele, has been driving the cashless policy with a view to cutting the cost of printing bank notes and cash management, in the country. 

The new e-Naira was also initiated in line with the policy.

According to the report, “The total cost incurred on printing of banknotes in 2020 amounted to N58,618.50 million, compared with N75,523.50 million in 2019, indicating a decrease of ₦16,905.00 million or 28.84 per cent.”

CBN indicated in the report that the notes were printed in-country by the Nigerian Security Printing and Minting Plc (NSPM Plc).

The report indicated that CBN, “approved an indent of 2,518.68 million pieces of banknotes of various denominations in 2020 to satisfy the currency needs of the economy, compared with 3,830.94 million in the preceding year.

“The NSPM Plc was awarded the contract for the production of the entire indent. At end-December 2020, NSPM Plc had delivered 100 per cent of the approved indent.”

It put the total stock of currency (issuable & non-issuable) in the vaults of the bank at end December, 2020 at 2.747 billion pieces, compared with 2.641 billion pieces in 2019, indicating an increase of 105.73 million pieces or 4.00 per cent.

“At end-December, 2020, the total issuable notes (newly printed notes and Counted Audited Clean notes) was 592.94 million pieces, compared with 726.43 million pieces in 2019, representing a decrease of 133.49 million pieces or 18.38 per cent,” the report showed.

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Headlines

COP27: Nigeria Targets Funding Mechanism to Mitigate Climate Change Impact

by Folarin Kehinde October 14, 2022
written by Folarin Kehinde

The Minister of Environment, Mohammed Abdullahi has said that the country will focus on sustainable funding mechanism that will drive nature based solution to mitigate the impact of climate change at the coming Conference of Parties (COP) 27, in Egypt.

Abdullahi while speaking in Abuja at a press briefing on Nigeria’s preparations for the forthcoming 27th Conference of Parties, COP 27 held stated that the funding mechanism will focus on solution such as land restoration, reforestation,
combating desertification, climate smart-agricultural practices as
well as adaptation strategies.

According to Abdullahi, Nigeria will also seek collaboration and support on sustainable waste management, renewable and clean energy provision, and finance
for loss and damage.

“Nigeria will push for developed countries to fulfil financial pledges to
aid in tackling the climate crisis”.

Abdullahi explained that the expected outcomes of Nigeria’s participation will include increased partnership building that help Nigeria achieve its emission
reduction targets, address adaptation and mitigation, establish sustainable financing for climate actions, resilience building, poverty eradication, Energy Transition and sustainable development.

He added that Nigeria, will not take a position of ‘know it all’ but will align with the West Africa region’s identification of the thematic issues faced by the
continent and the group’s interim position on each which includes doubling adaptation finance by 2025; clarification on the support arrangements to address loss and damage; closing the climate financing gap; scaling up Africa’s mitigation ambition and implementation; strengthening the linkage between technology and
financial mechanisms; the global stocktake on progress on the Paris
Agreement; transparency; gender and climate change; agriculture;
Article 6 and carbon pricing and Africa’s unique needs and particular circumstance.

Abdullahi alluded is no doubt that Nigeria’s participation at COP 27 in Egypt will
demonstrate the country’s continued commitment to addressing the
challenges of climate change at both national and sub-national
level, will align with rest of Africa on agenda items which will support
partnerships building that will help Nigeria achieve its emission
reduction targets including solidifying frameworks (as earlier alluded
to) for establishing carbon markets, address adaptation and
mitigation, establish sustainable financing for climate actions,resilience building, poverty eradication and sustainable development.

Abdullahi who launched the Nigeria’s COP27 logo on behalf of President Muhammadu Buhari stated that the logo is a reflection of Nigeria identity with ideals of COP 27 on what the Country want to achieve as a nation on the issues of Climate Change.

He said that every participant at the COP 27 must bear the National Logo.

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Nigerian Senate
Headlines

Despite Objections, Senate Pass 2022 FCT Budget

by Folarin Kehinde October 14, 2022
written by Folarin Kehinde

The N607.962bn 2022 proposed budget by the Federal Capital Territory, Abuja has passed for second reading at the Nigerian Senate.

The appropriation bill was passed on Wednesday after several objections over the lateness of the presentation of the 2022 budget.

The Senate, consequently ordered the authorities of FCT  to make available the  2023 budget proposals latest by next week or risk zero allocation for the fiscal year.

The N607.962bn 2022 budget for FCT ran into trouble waters in the Senate after presentation for second reading  by the leader, Senator Ibrahim Gobir.

Senator James Manager repeatedly reminded the senators that the year the budgetary proposals were meant for was fewer than three months to roll away and subtly called for its rejection.

Manager said, “Mr President , if I heard the Senate Leader right, the N607billion appropriation bill  presented for second reading is for FCT and to be implemented in  2022 fiscal year, which is less than three months to roll away .

“To me, this is very unfortunate and must be stopped. What are the people saddled with drafting of the proposals doing since January? Are they aware that we are already in the 10th month of the year?”

In preventing rejection of the proposals, the senator representing the FCT, Philip Aduda, hurriedly rose to tender an apology on behalf of the FCT Minister for late submission of 2022 budget proposals.

Aduda, in his intervention, said: “ Mr President, it is very unfortunate that the 2022 FCT budget is submitted for consideration in October  but I seek the indulgence of this Senate to consider it by passing it for second reading as moved by the leader. “

But the President of the Senate, in his remarks, said submitting the 2022 budget proposals in October was not only unfortunate but unacceptable.

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EntertainmentHeadlinesSports

Nigerian Flamingos Trash New Zealand 4-0

by Folarin Kehinde October 14, 2022
written by Folarin Kehinde

The Nigerian U-17 women team rose from their defeat at Germany to win New Zealand 4-0 at the Fifa women’s world coup.

Nigeria’s Flamingos bounced back from their opening game defeat against Germany, thrashing New Zealand 4-0 at the ongoing FIFA U-17 Women’s World Cup on Friday.

Goals from Amina Bello, Miracle Usani, Taiwo Afolabi, and Etim Edidiong ensured the Nigerian girls grabbed all three points on the plate in the Indian city of Goa.

Hungry to make amends for the disappointment against Germany, the Nigerian girls went all out for an attack against New Zealand.

The first goal came as early as the 16th minute. The other goals followed in 34th, 75th, and 90th minutes to complete the rout.

The win keeps the Flamingos’ hopes of qualifying for the quarter-final of the tournament alive. They will face Chile in their last group match with a win enough to take them to the quarter-final of the competition.

Earlier, Chile defeated New Zealand 3-1 in their opening group game. The South Americans will now play against Germany in their second game later today.

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Francis Uzoho
EntertainmentHeadlinesSports

Nigerian Goalie Uzoho Stun Fans Against Manchester United

by Folarin Kehinde October 14, 2022
written by Folarin Kehinde

Fans have heaped praise on Omonia Nicosia goalkeeper Francis Uzoho after his stunning display in his side’s 1-0 defeat against Manchester United on Thursday at Old Trafford.

The Cypriot outfit were on the back foot for the majority of the Europa League clash, but United could not find a way through until an added time Scott McTominay strike, as Uzoho pulled off a string of fine saves to keep the hosts at bay.

It was a frustrating evening for the Red Devils as Uzoho somehow denied Cristiano Ronaldo and co, and BT Sport pundit Hargreaves hailed the Nigerian shot-stopper, who happens to be a United fan, after the game.

Uzoho made his first save of the match inside the opening two minutes when he tipped Marcus Rashford’s curling effort over the bar.

Rashford continued to test Uzoho for the rest of the half, while the goalkeeper was also forced into action by Ronaldo, Antony and Casemiro, but there was no way past him.

At the start of the second half he made two eye-catching double saves in a matter of minutes, keeping out Antony, Rashford, Fred and Ronaldo.

By the end of the match, United had attempted over 30 shots on goals, but Uzoho denied them time and again. Co-commentator Robbie Savage was in awe of Uzoho’s display.

Unfortunately for Omonia and Francis, McTominay scored from close range in the 93rd minute to seal a 1-0 win for United.

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Muhammadu-Buhari-Asuu
ExclusivesHeadlines

President Muhammadu Buhari VS ASUU Strike

by Folarin Kehinde October 14, 2022
written by Folarin Kehinde

Since the inception of President Muhammadu Buhari’s administration, the Academic Staff Union of Universities (ASUU) has embarked on strike five times now.

The union’s strikes under Buhari account for the highest number of days the lecturers have shut down the university system under any President since the nation returned to democracy in 1999.

Under Buhari’s watch, ASUU’s last two strikes have exceeded 200 days each, the longest under any President since 1999.

The first was on August 17, 2017. It ended in September 2017, lasting five weeks.

The second strike started on November 4, 2018 and lasted until February 7, 2019,

The third commenced on March 23, 2020 and lasted nine months, ending December 23, 2020.

On February 14, 2022, ASUU announced the commencement of yet another strike, which lasted for four weeks.

On March 14, 2022, ASUU embarked on a two-month strike and later extended it indefinitely. That ended 13th Oct 2022.

Following the suspension of the strike today, it can be concluded that ASUU has been on strike for a total of 669 days under President Muhammadu Buhari administration

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Chimamanda Adichie
Headlines

Chimamanda Adichie Rejects National Award From Buhari

by Folarin Kehinde October 14, 2022
written by Folarin Kehinde

Chimamanda Ngozi Adichie, the award winning and internationally acknowledge writer rejected conferment of a national award from President Buhari.

Chimamanda who was recently decorated with Harvard University’s iconic W.E.B. Du Bois Medal, has broken her silence over her non-appearance at Tuesday’s conferment of national honours by President Buhari.

A member of Chimamanda’s communication team, Omawumi Ogbe said in a statement: “Following the recent conferment of national awards by the President, there have been conflicting reports about one of the announced recipients, Chimamanda Ngozi Adichie..

“The author did not accept the award and, as such, did not attend the ceremony. She, however, did not want to create undue publicity around it, so her non-acceptance was conveyed privately,” Ogbe said.

While conferring the award on 450 Nigerians and foreigners, President Buhari had justified the honours, saying the awardees had distinguished themselves in the service of the nation and humanity.

“We have among the recipients today, Amb. Prof. Tijjani Muhammad-Bande, Dr. Ngozi Okonjo Iweala, Ms. Amina J. Mohammed and Chimamanda Ngozi Adichie, who are doing our country proud on the international scene,” Buhari said. “Our dear sisters are a source of inspiration to our young women that through the dint of hard work and dedication, they can achieve greatness.”

This is not the first time an honouree will turn down a national honour from a Nigerian president.

Late Prof. Chinua Achebe, the world-acclaimed Nigerian literary giant and author of Things Fall Apart, rejected the national honours award in 2004 and 2011, leading to an uproar at that time.

Achebe said he rejected the Commander of the Order of the Federal Republic (CFR) award because he was dissatisfied with the handling of the country’s affairs by the Olusegun Obasanjo administration. In 2011, Achebe rejected the same award from the Goodluck Jonathan administration, saying the reasons for rejecting the offer when it was first made in 2004 had not been addressed.

Also, the late Chief Gani Fawehinmi, foremost human rights activist and lawyer, also rejected the Officer of the Order of the Federal Republic (OFR) conferred on him in 2008 by the Umaru Yar’Adua administration.

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Headlines

PDP Denies Suspending Presidential Campaign

by Folarin Kehinde October 14, 2022
written by Folarin Kehinde

Contrary to rumors circulating yesterday, the Peoples Democratic Party (PDP), has denied rumours that it suspended its presidential campaign due to the strife between Atiku Abubakar and Governor Nyesom Wike.

This statement was made by Muhammad Bello, the spokesperson of the Presidential Campaign Organization (PCO) director general, Aminu Tambuwal.

He said the campaign train will continue Monday in Kaduna state.

Mr Tambuwal, the Sokoto State Governor, dismissed the reports in Lagos on Thursday as he expressed shock at the claims.

The governor was reacting to reports that claimed the party and its presidential candidate, Atiku Abubakar, decided to halt campaign activities to reconcile with the Rivers State Governor, Nyesom Wike, and other aggrieved members of the party.

That is far from the truth,” he told journalists. “In fact, it is fake news. People are looking forward to our coming to states, capitals and villages because PDP is the party to beat in 2023.

“Other parties are afraid because they have not started (their campaigns). None of them have composed their campaign councils, not to even talk of starting. They are trying to throw spanners at our works,” the governor said.

He described the report as one of those shenanigans when a party is doing well and its candidate is better.

“What you begin to do is to cause mischief. It is not going to work. We’ll run our campaign, as I said before, it is going to be issue-based.

We believe there are sufficient problems bedeviling our country. I believe in the candidature of Atiku and Okowa.

I also believe that when we get there we shall do better for Nigeria; and, we hope we are able to convince Nigerians to vote for Atiku/Okowa come February 2023.”

Mr Tambuwal assured that the campaign team will replicate the kind of scenario it had in Uyo, Akwa Ibom State where thousands of party supporters turned up for the kick off of its presidential rally last week Monday.

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Headlines

Nnamdi Kanu Discharged, Not Acquitted – FG

by Folarin Kehinde October 14, 2022
written by Folarin Kehinde

THE Attorney-General of the Federation (AGF) and Minister of Justice Abubakar Malami has said the leader of the Indigenous People of Biafra (IPOB) Nnamdi Kanu was only discharged but not acquitted by the Abuja Division of the Court of Appeal.

According to report, a three-member panel led by Justice Jummai Hanatu freed Kanu on Thursday.

Reacting to the development, Malami said the court’s decision was on a single issue that bordered on rendition.

According to a statement released by Malami’s Special Assistant on Media and Public Relations, Umar Gwandu, there were other issues predating Kanu’s rendition “on the basis of which Kanu jumped bail” which remained “valid issues for judicial determination”.

The statement said, “The Office of the Attorney General of the Federation and Minister of Justice has received the news of the decision of the Court of Appeal concerning the trial of Nnamdi Kanu.

“For the avoidance of doubt and by the verdict of the Court, Kanu was only discharged and not acquitted.

“Consequently, the appropriate legal options before the authorities will be exploited and communicated accordingly to the public.

“The decision handed down by the court of appeal was on a single issue that borders on rendition.

“Let it be made clear to the general public that other issues that predates rendition on the basis of which Kanu jumped bail remain valid issues for judicial determination.

“The Federal Government will consider all available options open to us on the judgment on rendition while pursuing determination of pre-rendition issues.”

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Headlines

Finally, Appeal Court Discharge and Acquit Nnamdi Kanu

by Folarin Kehinde October 14, 2022
written by Folarin Kehinde

The Federal Court of Appeal, Abuja has on Thursday ordered the discharge and acquittal of Nnamdi Kanu, the leader of the secessionist Indigenous People of Biafra (IPOB) group.

In a ruling heard by the court yesterday, they upheld the appeal of Nnamdi Kanu in his case against the Federal Government.

A three-member panel of the Appeal Court, struck out all seven charges against Mr Kanu.

It followed an earlier ruling of the trial judge, Binta Nyako of the Federal High Court in Abuja, in April dismissing eight of the 15 amended counts filed against him by the federal government.

In a judgement on Thursday, the Court of Appeal panel led by Jummai Sankey struck out all remaining charges against Mr Kanu, ruling that the lower court “lacks the jurisdiction to entertain the suit.”

The court held that Mr Kanu’s extradition from Kenya in June 2021 to Nigeria without following the extradition rules was a flagrant violation of Nigeria’s extradition treaty and a breach of the IPOB leader’s fundamental human rights.

It held there was no denial by the Nigerian government’s lawyer, David Kaswe, in the appeal as to the submissions of Mike Ozekhome, Mr Kanu’s counsel, that the separatist leader was “extraordinarily renditioned from Kenya.”

The appellate court held that the failure of the federal government to adequately respond to Mr Kanu’s arguments gave merit to the appeal.

The court further said also the Federal High Court failed to examine the findings of the prosecution as it would not have tried Mr Kanu on the grounds that the IPOB leader was not “illegally brought into the country.”

The charges struck out include the ones instituted against Mr Kanu before he was brought back to Nigeria last year.

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