News
Gabriel Suswam, former Governor of Benue State and current lawmaker representing Benue North-East Senatorial District, has expressed skepticism about the ability of the President Bola Tinubu-led Federal Government to transform Nigeria's economic landscape.
Speaking on Channels Television's Newsnight program, Suswam criticized the government's economic policies, asserting that they have failed to address the country's economic challenges.
According to Suswam, the economic policies implemented by the current administration have not yielded positive results and have instead exacerbated existing problems.
He cited the removal of fuel subsidy, currency floatation, and increases in interest rates and electricity tariffs as examples of policies that have negatively impacted Nigerians.
Suswam highlighted the consequences of these policies, including inflation rates reaching 31 percent and the burden placed on the average citizen due to increased transportation and production costs.
He questioned the feasibility of the government's budget, noting a deficit of nearly N9 trillion and financing items that are unlikely to be realized.
Furthermore, Suswam criticized the capacity of many cabinet members appointed by Tinubu, suggesting that their lack of competence has led to inefficiency and a reliance on excuses.
He emphasized the importance of selecting qualified individuals for key positions and expressed concern over the government's reliance on borrowing and printing money to finance its budget.
In conclusion, Suswam raised concerns about the sustainability of the government's economic policies and their impact on the average Nigerian's livelihood.
He called for a reassessment of the government's approach to economic management to ensure the well-being of the country's citizens.
President Bola Tinubu has emphasised that his administration’s decision to eliminate petrol subsidies was critical to keeping the country from going bankrupt.
Tinubu’s popular “subsidy is gone” speech, delivered on the day he was inaugurated, proclaimed the abolition of petrol subsidies.
However, the action caused commodity prices to skyrocket, increasing misery in the country, prompting some of his adversaries to denounce subsidy removal as a poorly thought-out policy.
However, addressing as a panellist at the ongoing World Economic Forum in Riyadh, Saudi Arabia this morning, Tinubu justified the elimination of petrol subsidies, claiming that it was necessary to reset the economy.
“For Nigeria, we are immensely consistent with belief that the economic collaboration and inclusiveness is necessary to engender stability in the rest of the world.
“Concerning the question of the subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt, to reset the economy and pathway to growth,” Tinubu said.
The Nigerian leader admitted the difficulty associated with his decision to jettison the policy which has allowed Nigerians to purchase petrol at cheaper rates for years but said that he was convinced it was in the best interest of the people.
“It is going to be difficult, but the hallmark of leadership is taking difficult decision at the time it ought to be taken decisively. That was necessary for the country. Yes, there will be blowback, there is expectation that the difficulty in it will be felt by greater number of the people, but once I believe it is their interest that is the focus of the government, it is easier to manage and explain the difficulties.
“Along the line, there is a parallel arrangement to really cushion the effect of the subsidy removal on the vulnerable population of the country. We share the pain across board, we cannot but include those who are vulnerable.
“Luckily, we have a very vibrant youthful population interested in discoveries by themselves and they are highly ready for technology, good education committed to growth. We are able to manage that and partition the economic drawback and the fallout of subsidy removal.”
Tinubu said that the petrol subsidy removal equally engendered accountability, transparency and physical discipline for the country. According to him, that is more important to focus on what direction the country should go.
Currency management equally necessary
Tinubu’s petrol subsidy removal was quickly followed by another critical policy, the exchange rate unification, which the president equally defended during the panel session of the WEF in Riyadh.
He said that the management of the nation’s currency by the government was as well necessary to allow the Naira compete favourably with other world currencies.
“The currency management was necessary equally to remove the artificial elements of value in our currency. Let our local currency find its level and compete with the rest of the world currency and remove arbitrage, corruption and opaqueness.
“That we did at the same time. That is two engine problem in a very template situation for the government, but we are able to manage that turbulence because we are prepared for inclusivity in governance and rapid communication with the public to really see what is necessary and what you must do.”
The World Economic Forum meeting focuses on Global Collaboration, Growth and Energy for Development.
Minister of Solid Minerals, Dele Alake, faced criticism from Nigerians after being photographed wearing a N260 million Richard Mille wristwatch during a meeting with the CEO of Glencore, a Swiss-based company.
Alake's choice of accessory while attempting to woo the Swiss company into investing in Nigeria sparked outrage among citizens on social media who viewed it as inappropriate for a government official.
Photos of the minister sporting the expensive wristwatch quickly circulated on social media, eliciting condemnation from various quarters.
Responding to the images, Chinedu, an online commentator, expressed disbelief at how a government official could afford such luxury without scrutiny, contrasting it with the standards in developed countries where officials would face scrutiny over the source of funds for such purchases.
Fortuna echoed similar sentiments, highlighting the disparity between the lifestyles of Nigerian officials and their counterparts in developed nations.
The sentiment was echoed by Desire Chukwuemeka, who criticized the Nigerian political class for displaying an inferiority complex through extravagant displays of wealth.
Others questioned the logic of flaunting such opulence while seeking investment opportunities.
Oluwasegun pointed out the contradiction of soliciting investment while showcasing personal wealth, while Marvellous Israel criticized Alake for potentially undermining the credibility of Nigeria's investment pitch with his extravagant display.
The incident reignited debates about the mindset and behavior of Nigerian political elites, with many expressing frustration over what they perceive as a disconnect between the country's leadership and the realities faced by ordinary citizens.
New data released by the Central Bank of Nigeria (CBN) reveals that the Federal Government borrowed an additional N3.8 trillion in the last six months of 2023, through what appears to be fresh Ways and Means borrowing.
This contradicts claims by the Minister of Finance, Wale Edun, that the government had not borrowed from the CBN.
The CBN's provisional data indicates a total increase from N4.4 trillion to N8.2 trillion by December 2023.
The balances were initially part of the federal government's domestic debt profile, totaling N26.95 trillion in May 2023.
However, from July 2023, the balances steadily increased every month, reaching N8.21 trillion by December, marking an 88 percent increase in six months.
One person died on Saturday when a gas tanker explosion occured after an accident at Ita Oshin area of Abeokuta North Local Government Area of Ogun State.
The explosion also left five vehicles completely burnt, while some shops went up in flames.
Chief Route Commander and Education Officer for Federal Road Safety Corps(FRSC), Florence Okpe, who confirmed the incident, on behalf of the sector commander, Anthony Uga, said the accident occured at about 4.16pm.
Okpe said two other persons were also injured in the accident involving a tanker laden with gas.
Number of people involved were six (6) and all male adult two (2) got injured and unfortunately one person died from the fire incident which is the motor boy that was trapped.
“A total of 05 vehicles were involved with registration numbers as follows: AAN544 YC Nissan, GDB841XR (Micra), LSD993 CY (Nissan), T23771 LA (Sino Truck) and unmarked Honda CRV.
“The suspected cause of the crash was mechanical deficiency (brake failure) and the vehicle crash on the road barricade then went into flames and other vehicles around / shops were burnt.
“The corpse was deposited at the state general Hospital morgue Abeokuta and the injured victims were taken by the family,” she said.
No fewer than 119 inmates of the Medium Security Custodial Centre, Suleja, Niger state, have escaped, following hours of heavy downpour which destroyed parts of the facility on Wednesday night.
Spokesman of the Federal Capital Territory (FCT) Command of the Nigeria Correctional Service NCoS, Adamu Duza disclosed this in a statement on Thursday.
He said, “A heavy downpour that lasted for several hours on the night of Wednesday, 24 April 2024 has wreaked havoc on the Medium Security Custodial Centre, Suleja, Niger state, as well as surrounding buildings, destroying part of the custodial facility, including its perimeter fence, giving way to the escape of a total of 118 inmates of the facility”.
According to him, the Service has immediately activated its recapturing mechanisms, and in conjunction with sister security agencies has so far recaptured 10 fleeing inmates and taken them into custody, while still in a hot chase to recapture the rest.
Duza said the Service is not unmindful of the fact that many of its facilities were built during the colonial era and that they are old and weak, adding that the Service is making frantic efforts to see that all ageing facilities give way to modern ones.
“This is evidenced in the ongoing construction of six number of 3000-capacity ultra-modern custodial centres in all the geo-political zones in Nigeria as well as the ongoing reconstruction and renovation of existing ones.
“The Service wishes to assure the public that it is on top of the situation and that they should go about their businesses without fear or hindrance.
“The public is further enjoined to look out for the fleeing inmates and report any suspicious movement to the nearest security agency”, said Duza.
German authorities announced on Wednesday the apprehension of 11 suspected members of a Nigerian mafia faction linked to a widespread dating scam.
The group, known as the Black Axe gang, was found to be engaged in various criminal activities internationally, with a focus on romance scams and money laundering in Germany, according to Bavarian police.
Describing the dating scam as a "modern form of marriage fraud," law enforcement officials revealed that the fraudsters utilized false identities to feign intentions of marriage and subsequently extorted money from their victims under false pretenses.
The funds obtained were then funneled back to Nigeria through financial intermediaries, employing a commodity-based money laundering scheme that involved purchasing and sending goods to Nigeria, often under the guise of charitable contributions.
Bavarian authorities received around 450 reports of romance scams in 2023 alone, resulting in damages amounting to 5.3 million euros ($5.7 million).
The arrested suspects, all Nigerian nationals aged between 29 and 53, were detained in nationwide raids on Tuesday, during which law enforcement officers raided 19 properties, including homes and asylum shelters.
According to police statements, the Black Axe gang operated under strict hierarchical structures with leadership based in Nigeria, exerting significant influence over politics and public administrations in the country. Their global operations spanned human trafficking, fraud, money laundering, prostitution, and drug trafficking.
The gang operated under the guise of the Neo Black Movement of Africa, presenting itself as a charitable organization to conceal its criminal activities.
This crackdown on the Black Axe gang marks the first of its kind in Germany, signaling a significant effort by law enforcement to combat organized crime networks operating within the country's borders.
The Kaduna State House of Assembly has requested the Ministry of Finance, Kaduna State to submit comprehensive details of all financial transactions during the tenure of former Governor Nasir El-Rufai, who governed the state from 2015 to 2023.
The demand comes in connection with an ongoing investigation into the finances, loans, and projects awarded under El-Rufai's two-term administration.
Governor Uba Sani, El-Rufai's successor, alleged that he inherited a significant debt burden, which has impacted the state's ability to pay workers' salaries.
Following Sani's allegations, the State Assembly agreed to probe El-Rufai's administration, leading to the inauguration of a fact-finding committee.
The Assembly's Clerk, Sakinatu Idris, wrote to the Finance Commissioner, requesting memorandum and documents related to financial transactions spanning from May 2015 to May 2023.
The letter directed the ministry to provide details to the fact-finding committee, including total loans approved by the Kaduna State House of Assembly, accounts into which loans were lodged and drawn, state executive council minutes, payments to contractors, salary reports, Kaduna State Development and Investment Promotion Agency (KADRIS) reports, modalities for contract payments, sales of government properties, and related documents.
The Ministry of Finance has been instructed to submit thirty copies of the requested documents to the Clerk's office by April 25, 2024, to facilitate the investigation.
On Wednesday, the naira experienced a depreciation to N1,300 per dollar in the parallel section of the foreign exchange (FX) market, marking a 3.17 percent decline from the N1,260 recorded on April 22.
Currency traders, operating as bureau de change (BDC) operators, set the buying rate at N1,260 and the selling price at N1,300, maintaining a profit margin of N40.
Meanwhile, at the official window, the naira dropped to N1,308.52 against the dollar, reflecting a 0.64 percent decrease from the N1,300.15 traded on April 23.
According to data from the FMDQ Exchange, the naira reached a low of N1,367 and a high of N1,098. Despite this, the official window rate remains N8.52 lower than that of the parallel market.
The Central Bank of Nigeria (CBN) recently adjusted the FX rate for dollar allocations to BDC operators, selling $10,000 at the rate of N1,021/$ to each BDC.
This move follows previous adjustments, including the sale of FX at N1,101/$ on April 8, compared to N1,251 offered to parallel market operators on March 25 and N1,301 announced on February 27.
The Commissioner for Justice and Attorney-General of Rivers State, Prof. Zacchaeus Adangor, has rejected his redeployment following the cabinet reshuffle by the state governor, Siminalayi Fubara amidst the ongoing crisis in Rivers, according to the Nation's report.
Adangor in a letter addressed to the Secretary to Rivers State Government (SSG), Tammy Danagogo, also resigned his membership of the State Executive Council.
Fubara had through the office of the SSG redeployed Adangor to the Ministry of Special Duties (Governor’s Office) and the commissioner for finance, Isaac Kamalu, to the Ministry of Employment Generation and Economic Empowerment.
The governor said their transfers took immediate effect and asked them to hand over to the permanent secretaries of their various ministries.
But in his letter of rejection and resignation, Adangor said he was no longer willing to continue to serve in Fubara’s administration in any capacity whatsoever.
He said Fubara had in the past couple of weeks interfered with his job as the Attorney-General and Commissioner for Justice.
He said Fubara directed him not to defend, oppose or appear in suits instituted against his office and the Rivers Government by persons admittedly hired and sponsored by the government.
He said: “I want to state for the records that I am no longer willing to continue to serve in the administration of His Excellency, Sir. Siminalayi Fubara in any capacity whatsoever.
“It is important to mention that the Governor of Rivers State in the past couple of weeks willfully interfered with the performance of my duties as the Honourable Attorney-General and Commissioner for Justice by directing me not to defend, oppose, or appear in suits instituted against the Attorney-General and the state government by individuals admittedly hired and sponsored by the government of rivers state.
“Having served the government and good people of Rivers State dutifully, as a member of the Rivers State executive council for five years, it has become imperative for me to quit the administration in order to preserve my reputation. I wish the administration of His Excellency well.”
More...
During an interactive session with media executives in Abuja, Ola Olukoyede, the chairman of the Economic and Financial Crimes Commission (EFCC), made startling revelations about Yahaya Bello, the former governor of Kogi State.
Olukoyede disclosed that Bello withdrew a staggering $720,000 from the state's funds to prepay his child's school fees.
According to Olukoyede, Bello orchestrated the transfer of state funds directly to a bureau de change operator, utilizing the money for advance payment of his child's education expenses.
This brazen act, executed under the guise of preparing for his impending exit from office, raised serious concerns about financial mismanagement, especially in a state like Kogi known for its economic challenges.
Expressing his dismay at the situation, Olukoyede emphasized the absurdity of turning a blind eye to such flagrant misuse of public resources, particularly given the socioeconomic context of Kogi State.
He reiterated his commitment to upholding accountability, regardless of any external pressures or allegations of being manipulated.
Highlighting the institutional continuity of the investigation, Olukoyede clarified that he inherited the case file concerning the former governor and did not instigate the probe against Bello.
However, recent developments have escalated the situation, with EFCC operatives laying siege to Bello's residence in Abuja on April 17, in connection to alleged fraudulent activities totaling N80 billion.
The EFCC's allegations extend beyond Bello, implicating Alli Bello, the chief of staff to Governor Ododo, and Daudu Suleiman in diverting substantial funds belonging to the Kogi State government.
These accusations underscore the depth of the investigation and the widespread ramifications of corruption within the state's administration.
A Dana Air flight bearing registration number 5N BKI, carrying 83 passengers, experienced a runway incursion upon landing at the domestic wing of the Murtala Muhammed International Airport, Lagos, runway 18L. No passengers were injured during the incident.
In a statement released by the airline, Dana Air expressed regret over the runway incursion involving flight 5N BKI, which was en route from Abuja to Lagos on April 23, 2024.
The statement said that the crew handled the situation with utmost professionalism, ensuring the safety of all passengers and crew members.
Furthermore, Dana Air informed that the Nigerian Safety and Investigation Bureau (NSIB) and the Nigeria Civil Aviation Authority (NCAA) have been notified of the incident, and the involved aircraft has been grounded by the maintenance team for thorough investigation.
Acknowledging the swift response of airport authorities and the crew in facilitating the safe disembarkation of passengers, Dana Air expressed gratitude to all parties involved.
The airline also extended sincere apologies to the affected passengers, emphasizing that safety remains their paramount concern.
In a significant move against illicit foreign exchange (FX) trading, the Economic and Financial Crimes Commission (EFCC) has taken action by freezing over 300 accounts.
Ola Olukoyede, EFCC’s chairman, disclosed this development during a statement in Abuja on Tuesday, underscoring the agency's efforts to combat financial crimes.
Olukoyede emphasized the critical role of a court order in securing the freeze, highlighting the potential consequences if the accounts were not seized.
Moreover, he shed light on the alarming scale of illicit transactions, noting that over $15 billion had passed through unregulated platforms in the past year alone.
This revelation underscores the magnitude of the challenge posed by unmonitored financial activities within the country.
The timing of this crackdown coincides with another notable event: the reported arrest of Nadeem Anjarwalla, the Binance regional manager for Africa, by Kenya’s police service.
Anjarwalla's escape from an Abuja guest house, where he and his colleague Tigran Gambaryan were held by the federal government, further adds intrigue to the unfolding situation.
Their alleged involvement in tax evasion and money laundering has brought them into the spotlight, with their arrest and detention on February 28 marking a significant development in the investigation.
These events unfold against the backdrop of concerns raised by Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), regarding the substantial financial flows passing through Binance Nigeria from unidentified sources.
Cardoso's assertion, made on February 27, 2024, underscores the urgency of collaborative efforts between various agencies, including the EFCC, police, and the office of the national security adviser (NSA), to address illicit financial activities within the country.
Former President Goodluck Jonathan emphasized the importance of establishing state police to tackle insecurity during a national security dialogue in Abuja.
He stressed the need for a framework preventing abuse of state police powers and highlighted their success in stabilizing security in Bayelsa during the late 90s.
Jonathan underscored concerns about ensuring state police autonomy while preventing misuse by governors.
He urged careful consideration of the relationship between state and national security structures.
Furthermore, he called for equipping state police adequately to combat criminals effectively.
Vice-President Kashim Shettima pledged federal government support for dialogue outcomes, while former head of state Abdulsalami Abubakar emphasized the importance of government transparency.
However, the Inspector General of Police, represented by Ben Okolo, opposed state police, suggesting instead the integration of FRSC and NSCDC into federal policing. This stance was met with disapproval from the audience.