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Usman Bugaje, a respected elder statesman and political activist, has labeled the first year of President Bola Ahmed Tinubu’s administration a “tragedy” for Nigeria.
Bugaje made these remarks during an appearance on Channels Television’s Politics Today, where he assessed Tinubu's inaugural year in office.
As a former member of the House of Representatives, Bugaje criticized the APC-led government for failing to address the multitude of challenges confronting the nation.
He stated, “The past year has been a tragedy for Nigerians. There isn’t a single problem they have resolved. The government appears overwhelmed and is struggling to manage the mounting frustrations of the populace.”
Bugaje further argued that the policies introduced by Tinubu's administration have worsened existing issues instead of improving them.
He emphasized the need for the government to seek advice from experts, regardless of their political affiliations, to navigate the country through its current difficulties.
“In this year, they have left people in darkness. It’s time to seek help from knowledgeable Nigerians, even those outside the party and politics. Many nations have overcome similar challenges by leveraging their intellectual and administrative resources. Nigeria is rich in such resources, but the government remains insular and ineffective.”
He also stressed the importance of developing clear metrics to evaluate governance. “As a nation, we should have established metrics for assessing governance by now. There are academic and statistical methods to do this.”
To highlight the worsening security situation, Bugaje recounted a recent incident:“This morning, I read reports of 20 individuals being abducted in a residential estate in Gwarimpa, Abuja. If the seat of government isn’t safe, it sends shockwaves throughout the citizenry.”
Sultan of Sokoto, Muhammadu Sa’ad Abubakar, has expressed deep concern over the growing frustration among Nigerians due to escalating poverty and hunger, urging political leaders to fulfill their duties in improving the populace's living standards.
Addressing the Federal Government, the Sultan emphasized that the current socio-economic conditions are extremely challenging, and political office holders must acknowledge and address this reality.
Speaking at the first quarterly meeting of the Nigeria Inter-Religious Council (NIREC) in Abuja, the Sultan highlighted the severe impact of poverty and hunger, noting that desperation has driven some individuals to commit serious crimes for meager sums.
“Nigeria has got to a point where some people could commit any kind of crime, including murder for as little as N500”.
He called on all levels of government to take immediate action to uplift the citizens' living conditions.
The Sultan, who co-chairs NIREC, remarked, “Corruption in Nigeria is a persistent issue discussed in every public and private forum, yet it remains entrenched. It’s crucial to research why eradicating corruption is so challenging.”
He criticized the pervasive corruption among politicians, who often exploit public resources without accountability, becoming wealthier than the states they serve.
“Politicians come into office targeting public wealth, growing richer overnight without being questioned. This sad reality will persist as long as political office holders operate unchecked, continuing the cycle of corruption after their terms,” he lamented.
Highlighting the dire state of the nation, the Sultan declared, “We are living in very difficult and challenging times, and nobody should deny this. Even our leaders recognize this fact. Acknowledging a problem is the first step towards solving it.”
Daniel Okoh, President of the Christian Association of Nigeria (CAN) and co-chair of NIREC, noted that the meeting's theme, “The role of religious leaders in combating corruption and cybercrime,” would provide a platform to evaluate the situation with insights from the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
He urged religious leaders to speak out against cybercrime, emphasizing the collective effort needed to build a just and ethical society for future generations.
EFCC Chairman Ola Olukoyede, represented by the Commission’s Director of Media and Publicity, Wilson Uwajaren, highlighted the severe impact of cybercrime among Nigerian youth, noting numerous convictions.
He identified corruption as the primary obstacle to Nigeria’s development, stating, “Corruption is a cankerworm that has deeply infiltrated our society, impeding our progress despite our vast human and mineral resources.”
Olukoyede stressed that public office is often seen as a means to accumulate personal wealth, neglecting the society's well-being. He warned that this has led to widespread insecurity and social unrest.
“Children who have never experienced good governance are now taking up arms. No one is safe, and even those with amassed wealth realize their fortunes are fragile against uncontrolled rage.”
He also addressed the global reputation damage caused by cybercrime, urging a unified approach to combat corruption.
“When it comes to looting, the corrupt are united by greed, transcending ethnic and religious differences. Therefore, our fight against corruption must be comprehensive and collective,” he concluded.
Amid increasing poverty and hunger, Nigerians are grappling with skyrocketing prices of essential food items such as beef, rice, beans, white garri, and yam. The National Bureau of Statistics (NBS) revealed these alarming trends in its latest report titled ‘Selected Food Prices Watch (April 2024).’
The report highlights significant month-on-month and year-on-year price increases. In April, the average price of 1 kilogram (kg) of local rice reached N1,399.34, reflecting a 3.47 percent increase from March and a staggering 155.93 percent rise from April 2023, when the price was N546.76.
Similarly, the average price of 1kg of white garri soared by 134.98 percent year-on-year, from N362.50 in April 2023 to N851.81 in April 2024. On a month-on-month basis, its price increased by 13.59 percent from N749.89 in March 2024.
Tomato prices also surged, with 1kg costing N1,123.41 in April 2024, a 131.58 percent increase from N485.10 in April 2023. From March to April 2024, the price jumped by 17.06 percent from N959.68.
The price of 1kg of brown beans saw a year-on-year increase of 125.43 percent, climbing from N615.67 in April 2023 to N1,387.90 in April 2024. Month-on-month, the price rose by 12.44 percent.
Yam prices did not escape the trend, with the average price of 1kg rising by 5.76 percent in April to N1,130.37, compared to N1,068.78 in March. Year-on-year, yam prices surged by 154.19 percent from N444.69 in April 2023 to N1,130.37 in April 2024.
The NBS report also detailed the variation in food prices across different states and geopolitical zones. Niger recorded the highest average price for 1kg of local rice at N1,785.47, while Benue had the lowest at N993.72. Bayelsa had the highest price for 1kg of white garri at N1,095.26, while Benue again had the lowest at N494.47. Delta state reported the highest price for 1kg of tomatoes at N1,851.19, with Zamfara recording the lowest at N547.22. The highest price for 1kg of brown beans was in Abuja at N2,288.36, and the lowest was in Yobe at N818.03.
Geopolitically, the south-west and south-south regions bore the brunt of high food prices. The south-west had the highest average price for 1kg of local rice at N1,615.21, followed by the south-south at N1,564.85. The north-west recorded the lowest prices for rice, garri, and tomatoes. For beans, the north-central and south-south regions had the highest prices.
The NBS’s Consumer Price Index (CPI) for April indicated that food inflation soared to 40.53 percent, a significant increase from the 24.61 percent reported in April 2023.
These rising food costs are exacerbating the struggle for many Nigerians already facing severe economic hardships, leading to increasing poverty and hunger across the nation.
Transparency International, the global movement to end injustice and corruption has joined growing chorus of those mocking the controversial award of the contract for the construction of the Lagos-Calaboar coastal highway which could cost as much as thirteen billion dollars.
“With the cost involved, you can see that it’s an inflated contract that has been given simply because some people believe that they will make money out of it,” said Auwal Rafsanjani, Nigerian head of Transparency International.
Lack of transparency around Nigerian projects like this is “the reason why we are not making any progress in terms of improving transparency and accountability in public sector,” he added.
Nigeria’s federal cabinet last week approved construction work on the second section of the $13 billion highway awarded to an ally of President Bola Tinubu, a project that’s understandably ignited a political firestorm in Africa’s most populous country, reports Bloomberg.
The 700-kilometer (434 miles) Atlantic coastal road linking the commercial hub of Lagos to Calabar in the oil-rich Niger Delta has been mired in controversy since it became know that the contract was awarded in September to Hitech Construction Company Ltd., a business owned by tycoon Gilbert Chagoury, who was listed by the government as Tinubu’s “confidante” and part of Nigeria’s delegation at last year’s COP28 climate conference in Dubai. The government has been forced to hold a series of public meetings, press conferences and speeches to defend the project, while surrogates have been sent to explain its position on television.
Authorities have demolished dozens of houses and buildings, including sections of the popular Landmark beach complex in the Lagos district of Victoria Island. That’s led to protests from businesses and residents in the area, home to many of Nigeria’s richest people and local headquarters of TotalEnergies SE and Standard Chartered Plc. Nigeria is littered with ambitious projects that are abandoned after huge amounts of money have been spent, and those that are completed often experience lengthy delays.
According to Bloomberg, Chagoury, 78, has been a fixture of Nigerian politics and business for decades. In 2000, he was convicted in Switzerland of laundering money for Sani Abacha, the notoriously corrupt Nigerian dictator, and has admitted to making illegal campaign contributions in the US. The Chagoury Group didn’t respond to a Bloomberg request for comment.
Hitech has built a number of major infrastructure projects, including the privately developed Banana Island luxury housing estate and the 10-square-mile Eko Atlantic development — both on land reclaimed from the sea. The firm has constructed two highways in Lagos that are 16 miles and 31 miles long, but critics question its capability for large-scale projects.
“We don’t feel like we caught the best deal,” Lagos opposition politician Gbadebo Rhodes-Vivour said by phone. “Because this whole project did not go through the Senate, did not go through the regular due process and we’re just being stuck with the bill that seems extremely over bloated.”
The bidding process for the contract wasn’t conducted publicly, which has also drawn criticism from civil society groups and opposition politicians.
Works minister Dave Umahi told journalists that the government approved a “restrictive bidding” round for the project, without elaborating on what other companies were involved or why it wasn’t made public.
“People say it was not listed in the 2024 budget,” he said during a May 14 speech at the presidential villa in Abuja, the seventh time he has addressed the controversy around the highway since April. “Yesterday, I quoted the budget number and so everything about coastal road followed due process.”
Lagos-Calabar Coastal Highway of controversy
This year’s federal budget contains two line items for the project totaling 1 billion naira, a fraction of the 2.6 trillion naira ($1.8 billion) approved so far, according to the version posted on the website of the budget office in January.
“It is curious that the terms of such an audacious project continue to be shrouded in secrecy,” opposition leader Atiku Abubakar, who lost to Tinubu in last year’s presidential election, said in a statement. “It is no secret that both Tinubu and Chagoury are business partners.”
The president’s office didn’t respond to a detailed list of questions, instead referring to an April 8 statement that called the highway an “economic game changer.”
Tinubu, who was governor of Lagos from 1999-2007, has long been dogged by allegations of corruption, which he denies. He was being investigated by Nigeria’s anti-graft authorities as recently as June 2021, two years before he was elected president. In 1993, he forfeited $460,000 to resolve a lawsuit in Chicago after US federal authorities said bank accounts in his name held the proceeds of heroin trafficking. Tinubu’s lawyers have said he was never charged over the matter.
Nigeria ranks among the world’s most graft-ridden countries, according to a Corruption Perceptions Index published by advocacy group Transparency International, a key reason why the economy is mired in crisis. Since coming into office, Tinubu has talked about enhancing transparency in government and vowed to fight corruption. In April, he described corruption, self-interest and fraud as “an enemy” of the country.
The task of completing the coastal road project will extend beyond Tinubu’s first term, and cost more than Nigeria’s 9-trillion naira budget deficit for this year. Civil society groups and opposition leaders have questioned the rationale behind spending so much on a highway while ordinary Nigerians battle a cost-of-living crisis and citizens have died in stampedes to get food.
23-Year Plan
Estimated at 15 trillion naira, the Lagos-Calabar Coastal Highway is part of Nigeria’s 23-year plan to improve the nation’s infrastructure. The project was first designed as a railway under President Goodluck Jonathan and awarded to the China Civil Engineering Construction Corp. for $12 billion, but fell apart when he left office in 2015.
The following year, the plan was revived by President Muhammadu Buhari’s administration for $11 billion and given a timeline of three years, which expired without significant progress.
Minister Umahi then announced the project had been resurrected once again, but as a coastal highway alongside some rail, and this time awarded to Chagoury’s Hitech.
As much as 30% of the funding for the highway is expected to come from the government, with Hitech sourcing the rest, according to Umahi. The road will also be tolled, costing as much as 3,000 naira to use for a one-way trip — the equivalent of two day’s salary at the current national minimum wage.
The Director-General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has raised concerns that rising insecurity is compelling many manufacturers to cease operations.
In a recent television interview reported by Thisday, Ajayi-Kadir disclosed that manufacturers are spending more on security than on government taxes.
Ajayi-Kadir also cited multiple taxation and high energy costs as significant challenges for manufacturers in Nigeria.
He urged the federal government to mitigate the unintended consequences of its reform policies to improve the competitiveness of the manufacturing sector.
“Insecurity is a major challenge. We have lost between 56 to 60 percent of our members in the North-East due to insecurity. They have stopped production,” he said.
He highlighted the financial burden of security expenses, noting that it surpasses tax payments. “Insecurity is a serious challenge. It is a disincentive to manufacturing and other businesses, and the government needs to intensify its efforts.”
Ajayi-Kadir remarked on the tough business environment in Nigeria and called for prompt action to address issues arising from President Bola Ahmed Tinubu’s reforms.
“We needed to float the forex rate and remove the subsidy, but how do we manage the negative fallout? How do we ensure business survival?” he questioned. He emphasized the importance of effective and truthful engagement with industry operators to minimize the adjustment period and achieve reform objectives with less pain.
“These are tough times, and we need all hands on deck. Government cooperation with stakeholders is essential to navigate this challenging period, not only for businesses but for individuals as well,” he explained.
Ajayi-Kadir stressed the necessity of a synergy between the private and public sectors to make progress, highlighting the government's duty to ensure adequate security policies and measures.
He noted that the manufacturing sector's underperformance is not due to a lack of competent entrepreneurs but due to environmental constraints. He pointed to electricity tariffs as a critical issue requiring resolution between the government and the private sector.
“We understand that costs cannot remain static. We are not opposed to tariff increases, as all prices have risen. Power suppliers are businesses too, and their costs are increasing,” he said.
Ajayi-Kadir called for adherence to processes to ensure value for money. “Power is not charity; there must be engagement and adherence to laws and regulations. Following these processes will enable DISCOs to operate, manufacturers to produce competitively, and ordinary Nigerians to have access to power.”
He concluded, “It is essential for all parties—DISCOs, manufacturers, and consumers—to benefit. I must be able to buy power, produce, compete, be profitable, and operate effectively.”
Former Secretary to the Government of the Federation, Babachir Lawal, has asserted that Nigeria experienced a collapse following the inauguration of President Bola Tinubu on May 29, 2023.
Speaking on Trust TV's Daily Politics, Lawal criticized Tinubu's sudden announcement of fuel subsidy removal on inauguration day, which he believes triggered a severe economic crisis before a cabinet was formed.
Lawal highlighted that the immediate removal of the fuel subsidy caused a significant increase in transportation costs, which is essential for both businesses and the general populace in Nigeria.
He argued that implementing such a drastic policy without having a cabinet or Federal Executive Council in place to manage its repercussions was a critical mistake by Tinubu, resulting in what he described as the collapse of the country.
Reflecting on the situation, Lawal remarked, "On the very day of inauguration, impactful policies were enacted like a cowboy move to remove the subsidy. However, there was no minister of planning to foresee the outcomes, no minister of finance to evaluate the impact, and no federal executive council to approve the measures. There was no one to advise on potential consequences."
Lawal shared his personal experiences as a farmer to illustrate the policy's effects, noting that transportation costs skyrocketed immediately. He recounted, "Before, I paid N270,000 per truck to transport animal feed from Zaria. Following the announcement, the cost jumped to N1 million. Similarly, transporting farm equipment from Kano, which previously was manageable, now costs N3 million for three tractors in a single trailer."
He concluded that the abrupt policy implementation led to widespread economic hardship, significantly inflating costs and effectively deflating the nation's economy.
The Federal Government has dismissed the proposed alliance between former Vice President Atiku Abubakar and former Anambra State Governor Peter Obi.
According to the Presidency, President Bola Tinubu is not concerned about the potential alliance, stating that he is not losing sleep over the political maneuverings of Atiku and Obi.
Atiku ran for president in 2023 under the Peoples Democratic Party (PDP) but lost, while Obi, representing the Labour Party (LP), came third in the election.
Recently, Obi held a private meeting with Atiku and other PDP leaders in Abuja. He also met separately with former Jigawa State Governor Sule Lamido and former Senate President Bukola Saraki, prompting speculation about a possible coalition for the 2027 general elections.
In an interview on Friday, Atiku expressed his willingness to support Obi if the PDP decided in 2027 that it was the South-East’s turn to field the presidential candidate and selected Obi. He reiterated, “I have said repeatedly that if the PDP zones the presidential ticket to the South or South-East specifically, I won’t contest it. If Peter Obi is chosen, I won’t hesitate to support him,” he told BBC Hausa Service.
Atiku suggested that a merger between the PDP and LP was possible and stressed that party members would decide their fate in the 2027 elections. He noted that his recent meeting with Obi might signal a possible alliance leading up to the elections. “It was just a normal friendly meeting, particularly among us in the opposition parties. Such meetings are healthy for Nigeria’s democracy,” he said.
When asked about the potential for a merger, Atiku confirmed, “Yes, it’s very much possible. We can merge to achieve a common goal. The choice of a presidential candidate will not be an issue.”
Tinubu Unbothered – FG
Reacting to the planned alliance, the Minister of Information, Mohammed Idris, stated that the Federal Government was not worried. He emphasized that the government was focused on delivering on its mandate. “The government is not thinking about them at all. We are focused on delivering on the mandate handed over to Tinubu,” Idris said.
He highlighted recent achievements, including the inauguration of critical gas infrastructure projects in Imo and Delta states and ongoing social security and farming initiatives. “With the good works the government is doing, he [Tinubu] is already the toast of Nigerians,” Idris added.
A presidential aide, Bayo Onanuga, also dismissed the alliance, describing Atiku and Obi as sore losers. “We are only surprised that they are plotting just one year after an election they lost. They are still behaving like sore losers,” Onanuga said.
He stressed that President Tinubu remains focused on fulfilling his promises and resetting the economy. “President Tinubu is a true statesman who is concerned about fulfilling his promises to Nigerians,” he concluded.
Adebayo Adelabu, the Minister of Power, announced the federal government's decision to suspend the transfer of regulatory authority over electricity to state governments. This was revealed during the 8th Africa Energy Market Place (AEMP) conference held in Abuja on Friday.
Earlier in April, the Nigerian Electricity Regulatory Commission (NERC) had transferred oversight of the electricity markets in Ondo, Ekiti, and Enugu to the states' electricity regulatory bureaus (OSERB). However, Adelabu stated that the suspension was necessary to ensure state governments and power sector stakeholders fully understand the requirements for operating an electricity market.
Adelabu emphasized that a thorough understanding of regulatory oversight transfer is crucial for the power sector's sustainability. "We must proceed with caution and not rush this process. Our market is not mature enough. Centralizing regulation under one body has presented numerous challenges. Now, creating a regulatory framework across 36 states must be done methodically and strategically," he said.
He proposed using a few states as pilot programs, which led to halting further regulatory autonomy grants. The transfer will be tested in selected states across Nigeria's geopolitical zones. "By running the pilot for three to six months, or up to a year, we can identify and address potential issues before extending regulatory autonomy further," Adelabu explained.
Adelabu clarified that granting regulatory autonomy to a state encompasses the entire electricity value chain—generation, transmission, and distribution within the state's territory, including tariff setting. He stressed the importance of understanding the financial responsibilities involved, particularly concerning tariffs and subsidies.
"We need comprehensive discussions to ensure everyone understands the implications of regulatory autonomy. This will determine whether we are ready for full autonomy or need to implement it gradually until our electricity market matures," he said.
The minister also highlighted the underestimated capacity required for regulatory authorities in 36 states and the FCT. Each state must establish a framework to protect assets, address vandalism, ensure consumer protection, and secure sufficient capital for continuous investment and infrastructure maintenance.
.. promises land sales with discount
Nigerians have been advised to keep investing in owning lands as a way of protecting their money and saving it from depreciation at this critical time of the economy, as the value of lands appreciate always.
The Chairman of IAS Unique Homes and Properties, Oba Ayobami Akanji Adelani who gave the advice said, investing in lands is one of the wisest decisions to preserve the value of ones money and secure the future.
Adelani disclosed that IAS Unique Homes would be marking its 8th year anniversary with a discounted fifty (50) plots of land at its Bluestone City gated Estate, Wasinmi, Ogun State.
He encouraged Nigerians to take advantage of the land facility with its closeness to Lagos saying "IAS unique homes is celebrating 8 years of positive impact".
Adelani said "the Bluestone city where construction is presently on-going is secured with fence, electricity, closeness to the main road and other facilities.
He promised that anyone who purchases land in the gated estate would be given fifteen (15) tonnes of sharp sand, setting sand and granite each to begin foundation immediately on the land.
According to him, "Owning lands is a valuable long term investment, as its value appreciates over time, providing a sense of security and permanence".
"This Bluestone City is a great opportunity to own a land in Ogun State with about forty five minutes drive to Lagos. There is a flexible payment plan as one can pay at once, or pay fifty percent and subsequently balance on instalment in six months."
"I can assure you that in few months the value of the land would go up", he said.
The Nigerian Army is investigating how a group of soldiers detained in guard rooms for various offenses managed to break out of the facility at the 8 Division Garrison in Sokoto.
Following the incident, in which Lance Corporal Charles Ekefure was reportedly shot, the Army has detained around 100 soldiers, 10 in each cell, after they clamored for better living conditions.
Army spokesperson, Onyema Nwachukwu, expressed regret over the incident and stated that appropriate sanctions would be applied to the soldiers involved. He emphasized that while the Army acknowledges the need for improved conditions, it cannot condone the unruly behavior displayed by the detainees.
A probe has been initiated by the Chief of Army Staff to determine the extent of the issue and ensure such incidents do not reoccur. Nwachukwu reaffirmed the Army's commitment to upholding professional standards and ensuring fair treatment for all detainees, even those awaiting sentencing for aiding criminal activities.
The Army appreciates the support of Nigerians and remains focused on addressing security challenges in collaboration with other security agencies.
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President Bola Tinubu has asked the Central Bank of Nigeria to suspend the implementation of the controversial cybersecurity levy policy and ordered a review.
This followed the decision of the House of Representatives, which, last Thursday, asked the CBN to withdraw its circular directing all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions in the country.
The CBN on May 6, 2024, issued a circular mandating all banks, mobile money operators, and payment service providers to implement a new cybersecurity levy, following the provisions laid out in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.
According to the Act, a levy amounting to 0.5 per cent of the value of all electronic transactions will be collected and remitted to the National Cybersecurity Fund, overseen by the Office of the National Security Adviser.
Financial institutions are required to apply the levy at the point of electronic transfer origination.
The deducted amount is to be explicitly noted in customer accounts under the descriptor “Cybersecurity Levy” and remitted by the financial institution. All financial institutions are required to start implementing the levy within two weeks from the issuance of the circular.
By implication, the deduction of the levy by financial institutions should commence on May 20, 2024.
However, financial institutions are to make their remittances in bulk to the NCF account domiciled at the CBN by the fifth business day of every subsequent month.
The circular also stipulates a timeframe for financial institutions to reconfigure their systems to ensure complete and timely submission of remittance files to the Nigeria Interbank Settlement Systems Plc as follows: “Commercial, Merchant, Non-Interest, and Payment Service Banks – Within four weeks of the issuance of the Circular.
“All other Financial Institutions (Microfinance Banks, Primary Mortgage Banks, Development Financial Institutions) – Within eight weeks of the issuance of the Circular,” the circular noted.
The CBN has emphasised strict adherence to this mandate, warning that any financial institution that fails to comply with the provisions will face severe penalties. As outlined in the Act, non-compliant entities are subject to a minimum fine of two per cent of their annual turnover upon conviction.
The circular provides a list of transactions currently deemed eligible for exemption, to avoid multiple applications of the levy.
These are loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, and intra-bank transfers between customers of the same bank.
Exemptions include other financial institutions’ transfers to their correspondent banks, interbank placements, banks’ transfers to CBN and vice versa, inter-branch transfers within a bank, cheque clearing and settlements, letters of credit, and banks’ recapitalisation-related funding.
Others are bulk funds movement from collection accounts, savings, and deposits including transactions involving long-term investments such as treasury bills, bonds, and commercial papers, and government social welfare programmes transactions.
These may include pension payments, non-profit and charitable transactions including donations to registered non-profit organisations or charities, educational institutions transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions, and transactions involving the bank’s internal accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts.
The introduction of the new levy sparked varied reactions among stakeholders as it is expected to raise the cost of conducting business in Nigeria and could potentially hinder the growth of digital transaction adoption.
‘Stop levy now’
Members of the House of Representatives on Thursday asked the Central Bank of Nigeria to withdraw the circular directing financial institutions to commence implementation of the 0.5 per cent cybersecurity levy, describing it as “ambiguous”.
The development was in response to a motion on the urgent need to halt and modify the implementation of the cybersecurity levy, moved by Kingsley Chinda.
According to the House, the CBN is to withdraw the initial circular, and “issue a more understandable one”.
Chinda had drawn the attention of the House to multiple interpretations of the CBN directive against the specifications in the Cybersecurity Act.
The House then expressed worry, that the Act would be implemented in error if immediate steps were not taken, to address the concerns around the interpretation of the CBN directive and the Cybersecurity Act.
However, sources with knowledge of Tinubu’s position on the issue told Sunday PUNCH that the President was aware of the economic burden on Nigerians since his hardline economic reforms began last May, adding that he did not want to risk adding to the burden with more levies.
A senior presidency official who preferred not to be named told our correspondent, “The President is sensitive to what Nigerians feel. And he will not want to proceed with implementing a policy that adds to the burden of the people.
“So, he has asked the CBN to hold off on that policy and ordered a review. I would have said he ordered the CBN, but that is not appropriate because the CBN is autonomous. But he has asked the CBN to hold off on it and review things again.”
Another presidency official who preferred to remain anonymous as he was not authorised to speak on the issue said these discrepancies prompted the President to order a review.
“If you look at it, the law predates the Tinubu administration. It was enacted in 2015 and signed by Goodluck Jonathan. It is only being implemented now.
“You know he (Tinubu) was not around when that directive was being circulated. And he does not want to present his government as being insensitive. As it is now, the CBN has held off the instruction to banks to start charging people. So, the President is sensitive. His goal is not to just tax Nigerians like that. That is not his intention. So, he has ordered a review of that law.”
In a series of Friday night raids on three villages in northwest Nigeria, gunmen kidnapped more than 100 individuals, according to reports from a district head and residents on Saturday. The incident marks yet another abduction in a region plagued by pervasive insecurity.
Kidnapping has become rampant in Nigeria's northwest, with armed groups targeting villages, highways, and schools, often demanding ransom payments from victims' families. Bala, the head of a district in Zamfara's Birnin-Magaji local government area, disclosed that 38 men and 67 women and children were missing following the attacks on the villages of Gora, Madomawa, and Jambuzu. However, he noted that the actual number of abducted individuals could be higher.
Zamfara has become a hub for kidnapping gangs, who carry out attacks and retreat into forest hideouts. Despite military efforts to combat these groups, attacks persist. Attempts to reach Yezid Abubakar, the Zamfara police spokesperson, for comment were unsuccessful.
Aminu Aliyu Asha, the village head of Madomawa, recounted how gunmen on motorbikes arrived in his village, firing shots indiscriminately before abducting several residents. He expressed dismay over the breach of a peace agreement reached earlier with the bandits, highlighting previous ransom payments made to deter attacks.
Witnesses shared harrowing tales of loved ones snatched away, including Nusa Sani, who reported that his two brothers were among the abducted, and Garba Kira, who mentioned that 15 passengers in a passing lorry were also taken.
While mass kidnappings were initially associated with jihadist groups a decade ago, armed gangs with no clear ideological allegiance have since adopted the practice, exacerbating Nigeria's economic challenges and deepening the security crisis.
Motorists in Lagos are currently contending with acute shortage of Premium Motor Spirit (PMS), popularly called petrol over what industry observers described as massive drop in import level, the Sun newspaper has reported.
Their counterparts in Abuja and many parts of the north are currently agonising as they now sleep at filling stations to get the vital product.
In a filling station in the Igando area of Lagos, motorists were allegedly forced to buy meatpie before buying petrol. The development made customers restive as they took on the management.
The concomitant effect of the scarcity is that businesses are choked as movement of goods becomes hampered.
In Lagos, as early as 5am on Sunday, motorists thronged various filling stations, sacrificing church service time to scout for petrol.
Investigations across filling stations located in Abule Egba, Ogba, Ikeja, Alausa, Alapere, Gbagada, Lekki and Victoria showed that there was drop in supply level as more than 60 per cent of the filling stations surveyed were out of supply while those dispensing had long queues of vehicle.
At the NNPC retail outlet at Alapere inward old toll gate, the filling station had long queues of vehicles stretching several meters. The queues which were almost stretching back to Ogudu compounded the traffic situation as those returning from worship centers got trapped.
The same scenario played out at the TotalEnergies filling stations at Alapere and Mobolaji Bank Anthony way in Ikeja.
At Ogba, the Conoil and NNPC filling stations on College Road were out of service, leaving the Mobil retail outlet to serve the long queues of motorists.
At Alausa, the situation was not different as the NNPC retail outlet on Mobolaji Johnson Avenue had long queues of vehicle in line almost stretching back to the Ndubusi Kanu park.The Total Energies station was however out of stock.
On Lagos Island, the situation appears worse as filling stations in Ikoyi and Lekki were all shut to the motoring public save for the AP filling station on Admiralty Way in Lekki that was dispensing with very long stretch of vehicles in line.
A motorist at the NNPC retail outlet in Alausa who identified himself as Mr.Nurudeen Alebiosu, said he has been in the queue for the over 2 hours and will remain there till he gets fuel because what he has in his vehicle cannot take him to the office tomorrow.
Another consumer, Mrs. Adaeze Orji,said the transformer in her community packed up last Thursday and all efforts to get it fixed has proved abortive.
She said all she needs is just 20 litres to power her generator so that she could preserve the food in her refrigerator before they go bad.
At the Apapa depot, some marketers disclosed that there has been a drastic drop in the level of imports.
They lamented that priority attention was only for trucks loading products to Abuja at the detriment of other locations, especially Lagos and neighboring states
They said there was a strict instruction from higher authorities that only trucks heading to Abuja should be loaded.
Another marketer at the Apapa depot who simply identified himself as Alhaji kabiru said the shortage in supply may worsen in Lagos by Tuesday because of the priority attention given to trucks heading to Abuja.
“A particular depot in Apapa here that received 5,000 metric tons (200 trucks) of petrol on Thursday has loaded over 100 trucks for Abuja but our trucks that are meant to service Lagos outlets have been on the queue since Friday without consideration for us”.
In Abuja, black marketers are smiling to the bank as they pepper motorists with scathing petrol prices.
Mohammed Wudil, a taxi driver plying the Lugbe-Abuja Airport corridor has this to say over the scathing issue: “Never in my wildest imagination did I think that I’ll sleep in the filling to get petrol after the government had deregulated it and yanked off subsidy payments on it.
“But how wrong I was. Today, at almost N700/litre, I’m still chasing petrol tankers at night to know where they’ll discharge their products so I quickly queue their overnight so I’m among the first set to be served in the morning.
“But this was not the promise made to us when they removed subsidy. If you’re queuing and sleeping at the filling station to buy petrol at N170/litre, so you can say it is well, it’s worth the stress. But at N690/litre?”
Another motorist, Mrs Mary Agu, a civil servant said she could not help but be at a filling station by 4am. “I’m a woman and my hubby is not around. So, I run the house. But since this scarcity horror began about a fortnight ago, I hardly sleep well because once my fuel indicator stick points downwards below half tank, I’ll start panicking.
“When will this torture end? The petrol is even like methylated spirit. It practically disappears without any meaningful trip. “Black market is hell. You’ll buy a litre for N1,200 or N1,100 at best. Who can survive on that? What of inflation that has pushed products’ prices to unimaginable heights? This is totally unacceptable”, she said. Black marketers who spoke to newsmen said the development was a golden opportunity to make brisk business as inflation and growing unemployment was battering them with reckless abandon.
Musa Janjere, a 20-year old petrol hawker on Kubwa-Zuba expressway said he has a flourishing rapport with petrol attendants at filling stations. “We take our cans to them at night and they fill them up for an extra charge. So, it’s a win-win situation for me and them. “The profit is worth the stress. So, it checks out”, he said.
Aliyu Sani, another hawker who sells across from the NNPC towers in the Central Business District, mentioned that this time marked a period of thriving business for him.
“I make about N15,000 to N25,000 profit daily depending on how many cans of fuel I am able to sell. I buy 10 liters for around 7,000 and sell at 10,000-12,000. I suspended my pop corn and ground nut business to switch to this because it is more profitable. I hope the scarcity continues so that I can save up enough funds to start up a provisions store like I have always dreamed of”, he said.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has projected that the ongoing fuel scarcity, which is spreading to more states across the country, will persist for at least two more weeks.
Despite assurances from the Nigerian National Petroleum Company Limited (NNPCL) of adequate stock, IPMAN insists that the scarcity will continue due to various challenges in the supply chain.
Chinedu Ukadike, the Public Relations Officer of IPMAN, attributed the shortage to importation bottlenecks, slow license renewals for marketers by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and maintenance issues at refineries in Europe.
He noted that only a fraction of marketers have had their licenses renewed, further exacerbating the scarcity.
Ukadike highlighted the consequences of the scarcity, including increased prices of petroleum products and transportation fares.
He urged the NNPC to extend the deadline for license renewals and expedite the process to alleviate the situation.
In response, Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd, expressed optimism that the long queues would clear in the coming days, assuring Nigerians of adequate product supply.
However, reports indicate that black market operators are taking advantage of the scarcity, selling petrol at exorbitant prices, and exacerbating the situation for motorists and commuters.
The fuel scarcity has hit various parts of the country, with long queues observed at filling stations and prices skyrocketing on the black market.
Motorists and commuters are facing increased financial burdens and uncertainty as the scarcity persists.