President Bola Tinubu on Thursday asked the Senate to confirm seven new ministerial nominees.
This was contained in a letter from the executive and read by Senate President Godswill Akpabio on the floor of the upper legislative chamber.
Leading reporters recalls that President Tinubu on Wednesday sacked at least five ministers and scrapped two ministries.
The president also assigned new portfolios to some Ministers in the Wednesday cabinet shake-ups.
Details shortly….
Nigeria’s public debt has reached an all-time high of N134.3 trillion, as of the end of the second quarter of 2024.
This represents a sharp increase compared to the N121.7 trillion recorded just a few months earlier in the first quarter.
The main reason for the increase is the devaluation of the country’s currency, the naira. According to a report from the Ministry of Finance, the dollar amount of the debt has not changed much, but because the naira has lost value, the debt appears larger when counted in local currency.
“In Q2 2024, the debt stock grew in naira terms to N134.3 trillion ($91.3 billion) from N121.7 trillion ($91.5 billion) in Q1 2024, driven mainly by exchange rate devaluation. The dollar amount of debt was roughly the same,” the report said.
Nigeria’s debt is split between domestic and external loans. About 53% of the debt is local, meaning it is owed to creditors inside Nigeria. This local debt is worth N71.2 trillion. The other 47%, or N63.1 trillion, is foreign debt owed to other countries and international financial institutions.
The report also shows that the country’s debt-to-GDP ratio, which compares the total debt to the size of the economy, has risen above 50%.
A young Hausa woman has professed her love for President Bola Tinubu, saying she has romantic feelings for the president.
In a widely circulating video, the young lady disclosed this on Amana TV and expressed her feelings to marry the president.
Watch video below:
The Federal Government has directed all outgoing ministers to complete the handing over and taking over processes on or before October 30.
This followed the reshuffling of the Federal Executive Council (FEC) by President Bola Ahmed Tinubu on Wednesday leading to the discharge of five ministers, nomination of seven news persons for ministerial appointment, reassignment of ten ministers and restructuring of some ministries.
In a memorandum on Wednesday evening, Secretary to the Government of the Federation (SGF), Senator George Akume, outlined the transition process.
According to the memorandum, outgoing ministers without incoming counterparts are expected to hand over to Permanent Secretaries.
The memo further said the SGF’s office, in collaboration with the Head of Civil Service of the Federation, is coordinating the merger of the Ministry of Tourism with the Ministry of Arts, Culture and Creative Economy, and the winding down of the defunct Ministry of Sports Development.
It said the renaming and expansion of the mandate of the defunct Ministry of Niger Delta Development takes immediate effect, adding that relevant supervising authorities and commissions under the new ministry have been notified.
Permanent Secretaries of affected ministries must ensure seamless implementation and forward copies of handover notes to the SGF’s office for record-keeping purposes.
“Necessary directives have been issued on the implementation of the approval of Mr President, accordingly.
“All handing over and taking over processes should be completed on/or before Wednesday 30th October, 2024.
“In the case of Ministries where there are no Ministers to take-over, the out-going Ministers should hand over to the Permanent Secretaries.
“The processes for the seamless merger of the Ministry of Tourism with Ministry of Arts Culture and Creative Economy as well as the winding-down of the defunct Ministry of Sports Development are
being coordinated jointly by the Offices of the Secretary to the Government of the Federation and the Head of Civil Service of the Federation.
“Similarly, the renaming and the expansion of mandate of the defunct Ministry of Niger Delta Development is to take immediate effect. The releasing supervising authorities as well as Commissions under the new Ministry have been duly notified on this development.
“Respective Permanent Secretaries are directed to ensure seamless implementation and also forward one copy each of the hand-over notes to the Secretary to the Government of the Federation for the records,” the memorandum reads.
Workers from the Ministry of Women Affairs were seen celebrating after Uju Kennedy-Ohanenye was dismissed as Minister on Wednesday.
In a video posted on the social media platform X by APC chieftain Abubakar Sidiq Usman, employees were filmed dancing in the office corridors, chanting “finally” in response to the minister’s removal.
Kennedy-Ohanenye was among five ministers sacked during the Federal Executive Council meeting, including Lola Ade-John (Tourism), Jamila Bio Ibrahim (Youth Development), Tahir Mamman (Education), and Abdullahi Muhammad Gwarzo (Minister of State, Housing and Urban Development).
The development comes as President Tinubu’s administration continues to implement changes aimed at addressing the country’s challenges, with the latest being a reshuffling of his cabinet.
President Bola Tinubu and the Federal Executive Council have announced the scrapping of the Niger Delta Ministry and the Ministry of Sports Development.
According to a tweet by the Special Adviser on Information and Strategy to the President, Bayo Onanuga, on Wednesday, the decision was reached during the FEC meeting held in Abuja on Tuesday.
The statement read, “President Tinubu and Federal Executive Council scrap Niger Delta Ministry and the Ministry of sports development.
“There will now be a ministry of regional development to oversee all the regional development commissions, such as Niger Delta Development Commission, North West Development Commission, South West Development Commission , North East Development Commission.”
He also said the responsibilities previously held by the Ministry of Sports Development will now be transferred to the National Sports Commission, which will take charge of sports-related activities in Nigeria.
“The National Sports Commission will take over the role of the Ministry of Sports,” he stated.
Additionally, the FEC approved the merger of the Ministry of Tourism with the Ministry of Culture and Creative Economy, creating a single entity.
The World Bank has ranked the Nigerian government as weak in managing wasteful expenditures, raising concerns over financial transparency and accountability under President Bola Tinubu’s administration.
In its Nigeria Development Update, the global institution advised the government to reduce non-essential spending, such as the purchase of luxury vehicles and external training, to address the country’s economic challenges.
Despite widespread economic hardship, the Tinubu administration reportedly spent billions on luxury items, including N9.2 billion on State House vehicles over three months.
Additional spending included N250 million for First Lady event decorations within five days and another N14 billion for renovations, honorariums, and forex purchases.
The extravagant spending also included a new Presidential jet costing a staggering N150 billion.
The expenses have fueled public criticism, especially as Nigeria grapples with limited resources and mounting debt, with the country increasingly relying on loans to cover its budget deficit.
Concerns have been raised over the administration’s financial management, particularly as the nation faces high debt servicing costs.
Indermit Gill, the World Bank’s Senior Vice President, stressed the need for sustained economic reforms, suggesting that Nigeria must maintain these changes for another 10 to 15 years to see a transformative impact.
He made the remarks recently at the 30th Nigerian Economic Summit in Abuja.
President Bola Tinubu says Nigerian motorists now have the option of buying fuel at at N1,000 per litre or gas equivalent at N200 per Standard Cubic Meter.
The president said this during a meeting with executives of the Nigerian Independent Petroleum Company (NIPCO) at the State House in Abuja, on Tuesday.
The President commended NIPCO’s contributions to the nation’s energy transition efforts, particularly its support for the Presidential Compressed Natural Gas Initiative (PCNGI).
During the meeting, Tinubu acknowledged NIPCO’s role as a critical player in enhancing the adoption of CNG as an alternative fuel, noting that such investments align with his administration’s energy security and economic diversification strategy.
He emphasised the importance of public-private partnerships in driving the transition to cleaner
and more affordable energy solutions for Nigerians.
The President lauded NIPCO’s efforts in promoting and supporting the “Switch to CNG” campaign, which has been instrumental in boosting public awareness and providing affordable CNG conversion kits even before the official kickoff of the Presidential CNG Initiative.
He highlighted the significance of this initiative in reducing the nation’s reliance on petrol and cutting down fuel costs for consumers.
CNG, being a cleaner and more affordable fuel, reduces the carbon footprint and saves consumers significant fuel costs.
“Nigeria’s motorists can buy petrol at N1,000 per litre or equivalent gas per Standard Cubic Meter at N200. We have also introduced incentives for commercial motorists to convert from petrol to gas” free of cost,” Bayo Onanuga, Presidential spokesman, quoted Tinubu to have said.
Tinubu reaffirmed his administration’s commitment to providing a conducive environment for private sector investments and expanding Nigeria’s CNG infrastructure to enhance energy efficiency and economic growth.
He further encouraged NIPCO to continue its innovative approach to CNG expansion while supporting the government’s broader goals in the energy sector.
Mr Ramesh Kasangra, NIPCO director, who led the delegation, thanked President Tinubu for his steadfast support of the CNG sector.
He expressed NIPCO’s commitment to furthering the partnership with the government to ensure Nigeria’s energy transition remains on track.
He assured the president that the company was ready to invest in infrastructure to make CNG more accessible nationwide.
Daily consumption of Premium Motor Spirit (PMS) or petrol in Nigeria has dropped drastically under one year after President Bola Tinubu assumed office on May 29, 2023.
Data obtained by Channels Television from the Nigerian Midstream and Downstream Product Regulatory Authority (NMDPRA) Daily Truck Out Report, showed that consumption as of August 20, 2024, was 4.5 million litres per day.
The daily petrol consumption as of May 2023 was 60, 000 million litres per day, according to the NMDPRA.
An estimation brings daily consumption down by 92 per cent after May 29, 2023.
Analysis of the report, shockingly, revealed that out of the 36 states of the federation, only 16 states got product allocation from the Nigeran National Petroleum Company Limited (NNPCL) in the month under review.
A breakdown of how NNNPCL distributed the products among the 16 states, showed that Niger got the highest allocation of 21 trucks, amounting to 940, 000 litres daily, Lagos got the second highest of 12 trucks amounting to 726, 001 litres, and Kaduna got 12 trucks of 454, 001 litres.
Other states such as Oyo got 12 trucks of 454 litres, Kano 9 trucks, Ondo 6 trucks, Kwara 6 trucks, Edo 4 trucks, and FCT 4 trucks.
The likes of Sokoto state received 4 trucks from the NNPCL, Ogun state got three trucks, Osun three, Gombe one, Benue one, Ekiti one and Kebbi, one truck.
President Tinubu on May 29, 2023, declared an end to petrol subsidies, which at that time had gulped about N12tn in 10 years.
According to the president, payment of petrol subsidies was no longer sustainable as it had plunged the country into huge debts.
Petrol price has since skyrocketed from N195 per litre to about N1300 per litre, pushing up headline inflation to an almost three-decade high of 34.19 per cent in June. It has since slowed to 32.7 per cent in September.
The cost of living has also risen, plunging 129 million Nigerians into poverty, according to the latest data by the World Bank.
According to the global financial body, the over 129 million Nigerians represented a sharp rise from 40.1 per cent in 2018 to 56 per cent in 2024.
The World Bank report read, “With growth proving too slow to outpace inflation, poverty has risen sharply. Since 2018, the share of Nigerians living below the national poverty line16 is estimated to have risen sharply from 40.1 per cent to 56.0 per cent.
“Combined with population growth, this means that some 129 million Nigerians are living in poverty. This stark increase partly reflects Nigeria’s beleaguered growth record. Real GDP per capita has not recovered to the level it was at prior to the oil price-induced recession in 2016.
“The COVID-19 pandemic compounded this drop in economic activity. Moreover, growth is failing to outpace inflation: large increases in prices across almost all goods have diminished purchasing power.”
It added, “Multiple shocks in a context of high economic insecurity have deepened and broadened poverty, with over 115 million Nigerians estimated to have been poor in 2023. Since 2018/19, an additional nearly 35 million people have fallen into poverty, so that more than half of Nigerians (51.1 per cent of the population in 2023) are now estimated to live in poverty.”
A related report by a foreign news medium, AFP, also detailed how Nigerians have since abandoned their cars as a result of the pounding hardship.
“I parked it at my son’s house. I use public transport now,” Emmanuel, a 72-year-old retired health worker, told AFP. “It is not convenient, but it is what the economy demands.”
Car dealers in Lagos and Abuja told AFP that they had seen more and more people trading their fuel-guzzling cars and sports utility vehicles (SUVs) for more efficient vehicles to cut costs.
“People are actually selling their big cars these days,” Maji Abubakar, a car dealer in Abuja, told AFP. “The problem is that even if you put them on the market, there isn’t much demand for them.”
“It has been more than a year since I sold a car with an eight-cylinder engine, and the major reason is the price of petrol,” he added.
President Bola Ahmed Tinubu has resumed work at State House, Abuja, after a two-week vacation in the United Kingdom.
Tinubu, who returned to the country on Saturday, spent his first day at work yesterday having meetings with some of his aides.
ThisDay reports that the National Security Adviser (NSA), Mallam Nuhu Ribadu, and Chief of Defence Staff (CDS), General Christopher Musa, were among the early callers at the president’s office.
Another top official, who met with the president was his Special Adviser on Policy Coordination and Head of the Central Delivery Coordination Unit, Ms. Hadiza Bala-Usman.
Bala-Usman is the aide charged with evaluating the performances of all the president’s appointees, especially the ministers.
Others, who equally met with Tinubu, were Minister of Solid Minerals Development, Dele Alake; Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, who doubles as Special Adviser to the President on Revenue; and Minister of Works, Dave Umahi.
President of the Senate, Senator Godswill Akpabio, and Minister of the Federal Capital Territory (FCT), Nyesom Wike, were among those who stayed late in the office with Tinubu before he closed for the day and retired to his official residence, a stone throw from his office.
There were hints from reliable Villa sources that most of those the president met were either people who had roles to play in shoring up the economy or those with political and output evaluation tasks.
Tinubu had from the beginning of his administration hinted at a plan to drop appointees considered unproductive or evaluated to have fallen short of expected delivery.
The suspicion that the anticipated cabinet reshuffle might happen very soon, probably in a matter of days, was further strengthened when Bala-Usman was sighted at the president’s office.
Recall that Special Adviser to the President on Information and Strategy, Bayo Onanuga, and Senior Special Assistant to the President on Digital and New Media, O’tega Ogra, had told newsmen at State House on September 25 that the president had plans to rejig his cabinet soon.
