Former Nigerian Military Head of State, General Abdulsalami Abubakar, has expressed concerns over the country’s economic hardship, stating that it is “getting out of control.”

Abubakar stated this while receiving the leadership of the Campaign for Democracy and Human Rights, led by Abdullahi Mohammed Jabi, who visited his uphill residence in Minna, Niger State, on Tuesday.

He noted that many Nigerians struggle to afford basic needs like food and transportation.

“Everybody is crying about this hardship and it seems to be getting out of control, people cannot afford three square meals.

“The issue of transportation, the hike in fuel, the hike in school fees for the children and the lack of funds in everybody’s pocket is making life difficult for everybody,” the elder statesman observed.

Gen. Abubakar disclosed that he belongs to a forum that had passed three recommendations to the federal government on the way out of the economic hardship, as giving out palliatives is not the solution to hikes in food and other commodities across the nation.

He suggested the government should provide affordable food options by buying and selling essential items at lower prices.

According to him: “There is a need for government to flood and saturate the communities with food, let them (government) buy food and sell it at lesser prices to the people so that people will try to buy some of these food items depending on their pockets and income.”

Abubakar also urged peaceful protests ahead of the planned #EndBadGovernance demonstration on October 1, recalling the violence and looting that marred previous protests.

He lamented: “During the last protest, we saw unnecessary, uncalled for carnage, theft and criminalities; instead of protesting, the people went about looting even private houses; private individuals suffered in the hands of the demonstrators.”

Earlier, the leader of the delegation, Abdullahi Jabi, told the elder statesman that they were in his residence to rejoice with him on the celebration of his birthday, and prayed for long life and good health for him.

He also urged Gen. Abubakar to help prevail on the federal government to solve the problem of hardship and hunger in the land while soliciting his assistance for the implementation of some of its programmes.

In a move to enforce the federal government’s directive on the National Identification Number (NIN)-Subscriber Identity Module (SIM) linkage, telecom operators have commenced the disconnection of approximately 66 million phone lines across the country.

This action comes after multiple extensions and warnings to Nigerians to comply with the policy designed to improve national security and streamline the identification process.

Recall that as of March 2024, 153 million of the 219 million active lines across mobile networks like MTN, Glo, Airtel, and 9mobile were already connected to NIN, according to data from the Nigerian Communications Commission (NCC). This puts about 66 million phone lines in danger of being disconnected.

Due to unverified NINs, millions of lines were briefly blocked between July 28 and 29, resulting in significant disruptions across the nation.

Financial data from the first half of 2024 shows that 13.5 million lines were blocked by MTN Nigeria and Airtel Africa for breaking the NIN-SIM linking directive.

MTN reported it had blocked 8.6 million lines, while Airtel stated that 8.7 million of its customers had completed verification.

Telecom operators, including MTN, Airtel, Glo, and 9mobile, have urged affected subscribers to link their NIN to avoid permanent disconnection.

Subscribers whose lines have been deactivated still have the opportunity to reconnect by visiting any of the telecom providers’ service centers or NIMC offices to complete the process.

The directive, originally issued by the NCC in collaboration with the National Identity Management Commission (NIMC), mandates all mobile phone users in Nigeria to link their SIM cards to their unique NIN.

The policy, first introduced in 2020, was part of the government’s efforts to curb insecurity, fraud, and other criminal activities facilitated through unregistered or improperly registered phone lines.

Following multiple deadline extensions by the NCC since December 2023, the NCC said in a statement in August that it expected that no SIM card would remain active without a verified NIN from September 15.

An official at NCC, confirmed the disconnections, stating that non-compliant lines would be barred from making calls, sending messages, or using mobile data services until they complete the linkage process.

“We will disconnect anyone who refuses to comply; the grace period is over. The reason why we extended the last time was the misconception of Nigerians who claimed that the NCC wanted to frustrate the August 1 protest.”

He defended the NIN-SIM linkage as crucial to national security, adding that the policy is intended to create a central database that can be used to track criminal activity, verify identity, and enhance digital financial inclusion.

“Unregistered and unlinked SIMs have been identified as tools frequently used in the perpetration of criminal activities such as kidnapping, terrorism, and financial fraud. The NIN-SIM linkage is an essential step in safeguarding the nation and ensuring the integrity of our telecom infrastructure,” he added.

Despite the criticism, the government has maintained its commitment to the policy, insisting that citizens who fail to comply risk losing access to vital mobile services.

In its reaction, the president of the National Association of Telecommunications Subscribers, Adeolu Ogungbanjo, after touring several telecom hubs, responded by calling the NIN-SIM linkage process horrible.

Ogungbanjo hence begged that the NCC take into account extending the deadline in light of the technological problems that plagued the registration process last week. “I think they can still do that for maybe one week, but NCC deserves praise after a string of extensions,” he said.

Nollywood actress and Special Adviser to the Speaker of the House of Representatives on Social Events, Eniola Badmus has praised the Nigerian economy under President Bola Ahmed Tinubu.

Eniola Badmus who spoke on Sunday in a statement sighted by New Telegraph on her official Instagram page, emphasised that Nigeria, under Tinubu, has made unprecedented progress in trade, highlighting a shift from consumption to production.

She noted that the country’s imports are decreasing while exports are increasing, indicating an expanding economy.

She wrote: “Our imports are reducing, and our exports are increasing. That is a sign that our economy is expanding.

“For the year-to-date 2024, our imports were N24.44 trillion, while our exports stood at N38.59 trillion. This gives us an unprecedented trade surplus of over N14 trillion in just eight months.

“It has never happened in Nigeria. Never. This is a refreshing shift from consumption to production.”

Her appraisal is against the backdrop of unprecedented hardship and inflation in the country.

Last month, millions of citizens demonstrated against the worsening hardship in the country in a movement tagged ‘End Hunger Protests.’

Mynd44 Nlfpmod

Dangote Refinery’s Vice President of Oil and Gas, Devakumar Edwin, has announced that 44% of the refinery’s petrol (PMS) production can meet Nigeria’s entire daily requirement.

During a press briefing at the refinery on Sunday, Edwin expressed pride in the commencement of petrol lifting, stating: “After 52 years, we have a solution to Nigeria’s PMS supply problem. Our refinery, constructed by a Nigerian company, will produce PMS from local crude to meet Nigeria’s needs and export surplus”.

He added; “If you look at the refinery as a whole, PMS alone, every day, 650,000 barrels of crude if we’re processing, we can generate more than 54 million litres of PMS. And, of course, the refinery has the capacity to produce various other products too. 44% of the production can meet the entire requirement of the country, 56% of the production has to be exported. So, it is a huge refinery. So, it is not only going to be doing import substitution, but it is also going to make Forex generation through export revenue.

“The gantries are actually 86. and it can load 86 trucks at a go”.

Recall the Presidential Committee on the Sale of Crude Oil and Refined Product Chairman, Zacch Adedeji, had earlier confirmed that NNPC Limited will be the sole buyer of petrol from Dangote Refinery, while other products like diesel will be available to willing off-takers.

Adedeji also announced that NNPC Limited will commence selling crude oil to Dangote Refinery in Naira from October 1.

However, uncertainty surrounds potential drops in petrol pump prices, as Dangote Refinery and NNPC Limited remain silent on pricing.

Mynd44 Nlfpmod

The Nigerian National Petroleum Company (NNPC) Limited on Saturday said about 300 trucks have arrived at the Dangote Refinery ahead of the loading of petrol.

DAILY POST had reported that NNPC announced that the first batch of petrol would be loaded from Dangote Refinery on Sunday.

The company’s Chief Corporate Communications Officer, Olufemi Soneye, disclosed the arrival of the trucks at the refinery via X.

Soneye wrote: “NNPC Ltd. trucks are arriving at the Dangote Refinery in preparation for the scheduled petrol loading on Sunday, September 15, 2024.

“By the end of today, at least 300 trucks will be stationed at the refinery’s fuel loading gantry.”

Similarly, NNPC said trucks have been mobilized to the refinery ahead of Sunday’s loading.

“In preparation for the Dangote Refinery’s scheduled petrol loading on Sunday, September 15, 2024, NNPC Ltd. has been mobilizing trucks to the refinery’s fuel loading gantry in Ibeju-Lekki.

“As of Saturday afternoon, NNPC Ltd. had deployed over 100 trucks, with hundreds more en route,” NNPC Ltd. wrote on X.

Last week, the Chairman of the Dangote Group, Aliko Dangote, announced the commencement of fuel production.

The federal government says Dangote Petroleum Refinery will commence the distribution of premium motor spirit (PMS), also known as petrol, on Sunday.

Wale Edun, the minister of finance and coordinating minister of the economy, spoke on Friday at a press conference in Abuja.

The minister, who was represented by Zacch Adedeji, executive chairman of the Federal Inland Revenue Service (FIRS), said all agreements have been completed for the loading of the first batch of petrol.

“I am glad to announce that all agreements have been completed and loading of the first batch of PMS from the Dangote Refinery will commence on Sunday, September 15,” Edun said.

The minister said the Nigerian National Petroleum Company (NNPC) Limited will supply about 385,000 barrels of crude oil per day (bpd) to the Dangote refinery starting next month.

“From October 1, NNPC Ltd. will commence the supply of about 385,000 bpd of crude oil to the Dangote refinery, to be paid for in naira,” he said.

“In return, the Dangote refinery will supply PMS and diesel of equivalent value to the domestic market, to be paid in naira.”

‘DANGOTE REFINERY TO SELL PMS TO ONLY NNPC’

Edun also said the Dangote refinery will sell petrol to only the NNPC, noting that interested marketers would have to buy the product from the national oil firm.

However, the minister said the Dangote refinery can sell diesel to any off-taker.

“Diesel will be sold in naira by the Dangote refinery to any interested off-taker. PMS will only be sold to NNPC, NNPC will then sell to various marketers for now,” he said.

Edun’s statement contradicts NNPC’s claim on September 7 that it does not intend to be the sole distributor of petrol produced by the Dangote refinery.

In addition, the minister said all associated regulatory costs pertaining to the Nigeria Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA) and others would also be paid for in naira.

“We are also setting up a one-stop shop that will coordinate service provision from all regulatory, and security agencies, and other stakeholders to ensure a smooth implementation of this initiative. This will be located in Nigeria Ports Authority (NPA), Lagos,” Edun said.

“The technical committee that worked to flesh out this initiative will transition to an implementation execution and monitoring committee that will be working out of Lagos for the next three to six months.”

'CRUDE OIL SALE IN NAIRA WILL REDUCE COST, PRESSURE ON LOCAL CURRENCY’

Speaking on the approval to sell crude oil to local refineries in naira and purchase petrol from the refiners in the local currency, Edun said the decision would reduce pressure on the local currency.

On July 29, the federal executive council (FEC) approved a proposal by President Bola Tinubu directing the NNPC to sell crude oil to the Dangote refinery and other refineries in naira.

The minister said the move would also eliminate unnecessary transaction costs, and improve the availability of petroleum products in the country.

According to Edun, the implementation committee chaired by him, and the other technical committee had worked intensely with the NNPC and Dangote refinery to fashion out the details of the modalities for the implementation of the approval by the FEC.

Edun thanked Tinubu for championing the initiative and assured the president that he could count on the committee to implement his vision.

The Minister of the Federal Capital Territory (FCT), Nyesom Wike, on Friday declared his loyalty to President Bola Tinubu.

Wike said he believes in Tinubu’s capacity and is old enough to be his father, hence his loyalty.

He disclosed this while featuring on Channels Television’s programme, Politics Today.

The minister also accused Governor Sim Fubara of Rivers State of taking advantage of Tinubu’s presidential intervention to insult “everybody.”

According to Wike: “The governor (Fubara) took advantage of the presidential intervention to insult everybody. I’m an appointee of Mr President and never had any bargain before I supported him. I believed in his capacity and never hid my intentions of what I’m going to do.

“When Mr President called, there are things I should not have accepted, but he’s the president of a country and he is our father even by age. And he appointed me; why would I say no?

“What the governor did was to take advantage of that thank you. I’m not one anybody can tie; I owe my loyalty to Mr President.

“The president said do this and that, but he went back and raised over 40 litigations.”

Wike and Fubara have been at loggerheads over the political and resource control of Rivers State.

Tinubu had intervened and made both parties sign a peace pact, but the face-off between the duo has lingered on.

Zamfara State Commissioner of Police, Muhammad Shehu Dalinja, has confirmed the killing of five police officers and two soldiers by ravaging bandits in Tsafe Local Government Area of the state.

He said that the bandits ambushed the security operatives along Gusau-Funtua road, adding that the terrorists blocked the highway.

“Five police officers and two soldiers were killed while repelling the bandits’ attack on the highway on Thursday,” he said.

According to the state police boss, the bandits planned to attack a construction company working along the highway.

Dalinja explained that joint security forces of the police and the soldiers mobilized to the scene, stressing that the bandits had laid an ambush and opened fire on them.

“The aim of the bandits was to penetrate into the premises of Setraco Construction Company to kidnap some staff of Setraco Company. When we got the information, we immediately deployed our operatives to the scene, not knowing that they had laid an ambush on the road.

“On their way, they met heavy resistance from the bandits. They opened fire, exchanged gunfire, and in the process, we lost some army personnel and police personnel in the battle.”

Peter Obi of the Labour Party has condemned President Bola Tinubu’s government’s handling of the subsidy removal reforms, warning that the government will soon remove the “subsidy on air,” suggesting more draconian policies.

Mr Obi made this statement in an interview with News Central TV, which aired on Wednesday.

When asked what “mechanisms” he would put in place to ensure transparency and accountability in fuel subsidy reform management, Mr Obi said, “I’ve said it before: we have to show what is being removed and where it is being applied. You don’t know what the subsidy is today. You don’t know.”

He added, “What we are saying is subsidy (petrol) gone. Electricity subsidy gone. In fact, soon they will remove the subsidy on air. If they had the chance, they would charge us for air. We are not saying we will not do that. But tell us where it is going.”

Mr Tinubu’s administration announced the hike in petrol pump price this September.

Meanwhile, the Nigerian government has claimed that fuel is available nationwide despite an ongoing scarcity that has led Nigerians to endure long queues and sudden pump price increases.

Amid prolonged fuel scarcity that Nigerians have suffered and groaned over for weeks, the Nigerian National Petroleum Corporation Limited raised the pump price from N680 to N855, prompting other petrol stations to jack up their prices.

“The important thing is, the product is available in the country. We believe between now and the weekend, the product will be available in the length and breadth of the country,” Heineken Lokpobiri, minister of state for petroleum, said recently.

Mr Obi also claimed that “we are being told there will be an increase in tax, an increase in VAT,” adding that “you hear people saying Nigeria’s tax-to-revenue and GDP ratio is low.”

“Who are you taxing? You have over 30 million people living in poverty. Are you going to tax them?” Mr Obi said.

The federal government denied any attempts to increase the VAT rate.

“The current VAT rate is 7.5 per cent and this is what the government is charging on a spectrum of goods and services to which the tax is applicable. Therefore, neither the federal government nor any of its agencies will act contrary to what our laws stipulate.

“The tax system stands on a tripod, namely tax policy, tax laws and tax administration. All the three must combine well to give us a sound system that gives vitality to the fiscal position of government.

“Our focus as a government is to use fiscal policy in a manner that promotes and enhances strong and sustainable economic growth, reduces poverty as well as makes businesses to flourish,” said Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Monday.

Additional soldiers have been deployed in Moriki town, Shinkafi Local Government Area of Zamfara State, as the deadline for payment of N30m levy imposed on the community by the notorious bandits’ leader, Bello Turji, has elapsed.

Turji imposed a levy of N30m on the community following the killing of over 100 cows belonging to him, allegedly by the military personnel about three weeks ago.

Daily Trust learnt that the cows were intercepted by the soldiers at Dumfawa, a village between Moriki and Shinkafi town sometime in August.

Confirming the deployment, a resident of the area, Aminu Musa, said more soldiers were deployed to the area some days ago.

“Beside the soldiers, the state government also sent more personnel of its security outfit, Community Protection Guards (CPG) to the area to complement the conventional security personnel.

“We are happy because the presence of security personnel gives us a kind of relief. The leader of the troop had assured us adequate protection of our lives.”

Another resident, Iliyasu Ali, said despite deployment of additional security personnel, there was anxiety among the residents”.

“There is panic and worries among the residents. These bandits are heartless. They could dare the military personnel and attack the community. They are carrying more sophisticated weapons than the military. So, our people are in serious panic as the deadline for the payment of levy ends today.

“Only God knows what will happen from today upward. Of course, we have not paid the levy but Turji has promised to sack this community if we fail to compensate for his missing cows,” he concluded.

Efforts to speak to the village head of Moriki, Alhaji Bashar Isma’il Ari, proved abortive as his phone was switched off when this reporter put a call to him.

On Tuesday, Chief of Defence Staff, Chris Musa, said the days of Turji are numbered, announcing that his men had launched a manhunt for the bandit.

President Bola Tinubu has reiterated his administration’s efforts to restoring confidence in Nigeria economy through measures aimed at reducing inflation, stabilising the foreign exchange market, and improving fiscal management.

Tinubu stated this on Tuesday at the 17th Annual Chartered Institute of Bankers of Nigeria, CIBN, Banking and Finance Conference held in Abuja.

Represented by his vice, Kashim Shettima, the president described theme of the CIBN Conference, ‘Accelerating Economic Growth and Development: The State of Play and the Way Forward,’ as timely and imperative.

He noted that the conference came at a time the nation was grappling with interrelated challenges.

Tinubu identified the challenges as high inflation, rising costs of living, unemployment, infrastructure deficits and effects of global economic shifts.

He observed, however, that the challenges also present opportunities for growth and development.

In addressing the challenges, the President said that the administration had taken bold but painful steps to reform the macroeconomic environment.

“Though painful in the short term, the removal of fuel subsidies is designed to free up budgetary resources for critical investments in infrastructure and social services.

“The adjustment of the monetary policy rate, a move aimed at curbing inflation and fostering a more market-oriented exchange rate system,” he said.

Tinubu also noted that his administration was committed to strengthening infrastructure development in the ongoing bid to grow Nigeria’s economy.

“We are committed to upgrading Nigeria’s infrastructure to support economic growth.

“We are investing in roads, railways, and energy projects through public-private partnerships to reduce transportation costs and improve market access,” he said.

Following the arrest of the national president of the Nigerian Labour Congress, NLC, Joe Ajaero, the union has placed all Nigerians workers and affiliated unions on red alert.

DAILY POST earlier reported that operatives of the Department of State Services, DSS, arrested Ajaero on Monday morning.

He was picked up at the Nnamdi Azikiwe International Airport, Abuja, while boarding a flight to the United Kingdom, UK, for an official assignment when DSS operatives picked him up.

In a post on its official X handle, NLC demanded immediate release of its national president.

“We demand the immediate and unconditional release of Congress President, Comrade Joe Ajaero,” it wrote.

The union further urged “all affiliate unions, state councils, civil society allies and all patriotic Nigerians should be on red alert”.

DAILY POST recalls that the NLC president was recently invited by the Nigeria Police Force for questioning over alleged link to terrorism financing and other related offences.

The union, after the invitation, vowed to shut down the nation’s economy if Ajaero is arrested.

The Peoples Democratic Party, PDP, has described the 2023 New Nigeria Peoples Party, NNPP, presidential candidate, Rabiu Kwankwaso as inconsequential in Nigeria’s political sphere.

PDP spokesman, Debo Ologunagba, said Kwankwaso is struggling to lead the NNPP which controls only Kano State in Nigeria.

Responding to Kwankwaso’s comment that PDP is dead, Ologunagba said NNPP can’t be compared to the former ruling party.

Speaking in Kano, Kwankwaso said he and his supporters dumped PDP because the party is dead.

“I wish to remind you that PDP is dead because we left the party. Since they have gone out of the line, we decided to check out,” he said.

Responding, Ologunagba said Kwankwaso’s self-centeredness has shown he’s not a leader.

In a statement he signed, Ologunagba said: “Our reaction to the statement credited to Senator Rabiu Kwankwaso is that he is very inconsequential in the Nigerian national politics today judging from the fact that he is struggling to lead a party called NNPP which is also struggling to control only one state.

“It is unfathomable to imagine that a failed and inconsequential politician with only one state would claim that a party that has 13 governors, many Senators, many members of the House of Representatives, several States Assembly control and strong presence in all the local government areas and wards across the country is dead.

“More disturbing is that Sen. Kwankwaso has exhibited extreme selfishness and self-centeredness, which shows that he is not a leader.”

The Independent National Electoral Commission, INEC, has provided the reason for its decision to declare the result of the 2023 presidential election in the middle of the night.

The electoral umpire announced Bola Ahmed Tinubu of the All Progressives Congress, APC, as the winner of the presidential election with 8,794,726 votes, ahead of his challengers, Atiku Abubakar of the Peoples Democratic Party, PDP and the candidate of the Labour Party, LP, Peter Obi.

INEC, led by Professor Mahmood Yakubu, declared Tinubu’s victory on Wednesday, March 1, at about 2 am before the media.

Most Nigerians who awaited eagerly for the result to be declared had to wake up to it. The timing of the announcement raised concerns among some citizens, especially those whose political parties were on the losing end.

Chief Press Secretary to INEC Chairman, Rotimi Oyekanmi, while fielding questions from the INEC Press Corps on Friday, explained that Nigeria is treated as a single constituency during the presidential election, thereby requiring a detailed process of collating results from ward, local government, states and national levels.

He explained that the chairman had to wait for the 36 returning officers from across the country, including those from distant locations like Sokoto and Maiduguri, to present their results in Abuja as required by law.

He stated that the constitution or Electoral Act does not specify a particular time for declaring election results.

According to him: “In a presidential election, the country is treated as one constituency. Results are declared at polling units, then collated at the ward, local government, and state levels before being presented in Abuja to the Chief Electoral Commissioner,” he said. People didn’t understand this and criticised the 2 am announcement.

“The chairman had to wait for the 36 returning officers, including those from distant locations, to present their results. The electoral act requires that results be brought and the returning officers be interviewed. The chairman questions the returning officers. Only after accepting all figures from the returning officers and the FCT can results be collated and announced. The delay led to claims that we declared results in the middle of the night.

“However, Prof. Attahiru Jega declared the 2015 results around 4 am. The constitution does not prescribe a specific time for declaring election results.”

Muslim Rights Concern, MURIC, has advised the Nigerian National Petroleum Company Limited, NNPCL, to go back to the old price of the Premium Motor Spirit, PMS, also known as Petrol.

NNPCL had a few days ago increased the price of PMS across the country.

MURIC in a statement signed by its Executive Director, Professor Ishaq Akintola, also advised NNPCL to allow Dangote Refinery to operate freely without undue interference.

Akintola, in the statement made available to DAILY POST on Friday, noted: “Nigerians are going through severe hardship. There is hunger in the land. Inflation has made life difficult for many, particularly after the removal of fuel subsidy, which shot the price of petrol to the rooftop. But Nigerians were assured of coming relief as they were told that the price of petrol would reduce drastically when Dangote Refinery starts to function.

“To make matters worse, NNPCL made itself the only marketer of Dangote fuel, thereby sandwiching the latter’s product. By taking these two actions, NNPC has effectively taken control of Dangote’s fuel and the real owner cannot determine the price of its product. This is an ambush, a punch below the belt.

“If NNPC had not increased the price of its own fuel, the decision to monopolise Dangote’s fuel would have favoured the hoi polloi, but by increasing the price and restricting the supply of Dangote’s fuel to itself alone, NNPC has rendered Dangote Refinery helpless.

“MURIC finds NNPC’s action to be anti-people, immoral and lacking in conscience. It is an open secret that the prices of most products, particularly food items, are tied to the umbilical cords of petroleum and its price. The latter is the engine room that moves the economy.

“Nigerians are hungry today because the price of petrol skyrocketed and the prices of foodstuffs rose astronomically and spontaneously.”

obonujoker:


Lol .. many bread and Akara go soon dey disappeae magically 🙂

obonujoker:
Trek if you no fit pay

The Chinese government says it will partner with Nigeria in the fight against money laundering and terrorism financing.

A joint statement issued by both countries said the agreement aimed at supporting Nigeria’s efforts to safeguard the stability of its financial and foreign exchange markets and crack down on financial crimes.

The agreement followed a meeting between President Bola Tinubu and President Xi Jinping of China on Tuesday.

At the end of the meeting, both presidents signed various memoranda of understanding (MoUs), which included a cooperation plan between Nigeria and China to jointly promote the belt and road initiative.

According to the joint statement, both countries are considering regional and monetary cooperation, as well as encouraging flexible and diverse cooperation such as local currency swaps to facilitate trade between China and Nigeria and contribute to global financial stability.

“Both countries agreed to support Nigeria’s geographical and development advantage in West Africa to establish Africa’s flagship projects on cross-national and cross-regional cooperation,” the statement reads.

“They also agreed to deepen cooperation on the infrastructure connectivity between the two countries.

“China proactively supports Nigeria in developing its domestic infrastructure construction, including transportation, ports, and free trade zones, towards achieving integrated development and connectivity for industries.

“The two countries agree to carry out international cooperation on financial intelligence on anti-monetary laundering/countering the financing of terrorism (AML/CFT) and support Nigeria’s efforts to safeguard the order of its financial and foreign exchange markets and to crack down on financial crimes, including money laundering.”

Former President Olusegun Obasanjo has declared that Nigeria is not difficult to manage, blaming the country’s woes on a lack of quality leadership.

He maintained that the country is a complex one that must be well understood to be managed properly.

The former president spoke on Wednesday in Lagos at the maiden memorial lecture in honour of the late Akintola Williams, themed, “Leadership Dynamics: Current Realities and Way Forward.”

The lecture was organised by the Institute of Chartered Accountants of Nigeria, ICAN, in Lagos.

“I always say Nigeria is a complex country. You must understand that. But Nigeria is not a difficult country to manage. You have to be honest with yourself, Nigeria and your God,” Obasanjo said.

He said while in office, he did his best to move the country forward.

He recounted his time as president, asserting that he served the country with the resources available at his disposal, claiming the country enjoyed good economic fortunes.

Obasanjo said: “When I was there, I did everything I should do for Nigeria and I can beat my chest and say that.

“I took over the affairs of Nigeria as elected president with N3.7 billion in reserves and we were spending N3.5 billion to service debt, so I decided we must seek debt relief and I went out for it, even though we were the fifth country in all exporting in the world and we got debt relief.

“Not only did we get relief from a quantum debt of N3.36 billion, we came to a quantum debt of N3.6 billion and I left with over N25 billion in what we call excess crude, that is, the money we saved from the budget and what we actually received and we had a reserve of over N45 billion,” he said.

He described the late Akintola Williams as a sage who served humanity during his lifetime.

“He deserves every honour that we can confer posthumously, not for what he did for this country but what he did politically, socially and economically,” he said.

Nigeria has become the third largest debtor to the World Bank’s International Development Association (IDA) as of June 30, 2024, marking a significant increase in the country’s borrowing from the institution.

This development has reflected a substantial shift in Nigeria’s financial landscape under the administration of President Bola Tinubu.

According to the World Bank’s latest financial statements, Nigeria’s exposure to the IDA has surged by 14.4%, rising from $14.3 billion in the fiscal year (FY) 2023 to $16.5 billion in FY2024.

This $2.2 billion increase in borrowing has propelled Nigeria into the top three IDA debtors for the first time, moving up from its previous position as the fourth-largest borrower in 2023.

The fiscal year 2024 spans from July 2023 to June 2024, during which Nigeria received at least $2.2 billion from the World Bank.

This period aligns with President Tinubu’s administration, underscoring the growing reliance on international financial support amid domestic economic challenges.

Notably, this debt pertains exclusively to the IDA and is separate from any outstanding loans Nigeria has with the World Bank’s International Bank for Reconstruction and Development (IBRD).

In comparison to other top IDA debtors, Bangladesh retains its position as the largest borrower, with its exposure increasing from $19.3 billion in 2023 to $20.5 billion in 2024.

Pakistan follows on the second position with a stable exposure of $17.9 billion over the same period. Meanwhile, India, previously the third-largest borrower with $17.9 billion in 2023, saw its IDA exposure decrease to $15.9 billion in 2024, allowing Nigeria to surpass it.

Other notable IDA borrowers include Ethiopia, whose exposure grew from $11.6 billion in 2023 to $12.2 billion in 2024.

Kenya and Vietnam both hold exposures of $12.0 billion. Alongside Tanzania, Ghana, and Uganda, these countries round out the top ten IDA debtors, collectively accounting for 63% of the IDA’s total exposure as of June 30, 2024.

The IDA, a crucial arm of the World Bank, focuses on providing concessional loans and grants to the world’s poorest countries. These loans feature low interest rates and extended repayment periods, aiming to foster economic growth, reduce inequalities, and improve living conditions in developing regions.

According to reports, Nigeria secured a total of $4.95 billion in loans from the World Bank under Tinubu’s administration, amid growing concerns over the country’s escalating external debt servicing costs.

However, only about 16 per cent of these new loans have been received so far. The World Bank may approve an additional four loan projects for Nigeria this year, potentially totaling $2 billion.

Furthermore, data from the external debt stock report of the Debt Management Office (DMO) indicates that Nigeria’s total debt to the World Bank stood at $15.59 billion as of March 31, 2024.

The Chairman of the Dangote group, Aliko Dangote, has assured that the 650,000 barrels per day refinery will be able to track Nigeria’s true fuel consumption.

Dangote made this promise while addressing the press during the official rollout of petrol from the refinery on Tuesday.

Recall that there was a controversy in 2022 over Nigeria’s daily petrol consumption amidst uproar on fuel smuggling and subsidy payment.

The then Comptroller General of Nigeria Customs Services (NCS), Colonel Hammed Ali (rtd), questioned the 60 million litres claims by the Nigerian National Petroleum Corporation (NNPC), saying the nation’s oil company released 98 million litres from its depots daily.

However, Dangote, stated that with the refinery working, it would be easy to know the true figure of Nigeria’s fuel consumption.

He said, “I want to personally thank Mr. President for creating this idea of Naira for crude. And also Naira for the product. Doing that, it’ll give a lot of stability for the Naira. You know, where now you remove 40% of the demands of dollars in the market and that would actually stabilise the market.


“As you know there’s quite a lot of what you call round trip where people are now doing documentation and the fuel does not come into Nigeria. And this is a fact.

“So, right now, as we have this refinery working, it’ll show the true consumption of Nigeria. We can track every single loaded truck and we can try as much as possible to track loaded ships.

“Trucks, we can tell you where they are….but that’s a discussion for another. Today’s discussion is just to celebrate and thank God Almighty for bringing us to this stage of now producing gasoline. And I know a lot of people have not actually believed that we would be able to deliver. But we’ve been able to deliver.”

Amid the controversial $6 billion debt being owed to petrol suppliers by the Nigerian National Petroleum Company Limited, NNPCL, a Northern group, Arewa Democratic Front, ADF, has urged President Bola Tinubu to take decisive action.

DAILY POST recalls that the Chief Communications Officer of the NNPCL, Mr. Olufemi Soneye, confirmed the debt, highlighting the severe financial strain it had imposed on the company’s operations.

The confirmation comes at a time fuel crisis has persisted in the country despite promises by the NNPCL.

In a statement made available to DAILY POST on Monday, the ADF, through its National Coordinator, Engr. Mustafa Yusuf and the National Secretary, Malam Muazu Haruna said Nigerians had suffered enough under the Mele Kyari-led NNPCL.

The Arewa group said it was compelled to speak out against the current fuel crisis and the disastrous mismanagement of the petroleum sector under the NNPCL.

According to ADF, “It is both alarming and deeply disheartening that under the watch of Mele Kyari, the Group CEO of NNPCL, Nigerians are being forced to purchase Premium Motor Spirit (PMS) at exorbitant prices exceeding N1,000 per liter in some areas.

“This situation, which has pushed many citizens to the brink of despair, is a direct consequence of the gross inefficiency that has come to characterize the NNPCL.”

“The suffering inflicted on the masses, who have already been battered by economic hardships, cannot be overstated.

“It is a travesty that a country as rich in oil resources as Nigeria should find itself in such a deplorable situation,” ADF lamented.

It added that the NNPCL’s alleged failure to manage the petroleum sector effectively was evident in the long queues at petrol stations across the country, which served as a daily reminder of the company’s ineptitude.

“The most damning evidence of this failure is the revelation of a staggering N6 billion dollars debt due petrol to ‘secret’ subsidy payments, despite the supposed cancellation of fuel subsidies over a year ago.

“This debt, which has been accumulated under the guise of subsidy payments, raises serious questions about the transparency and accountability of the NNPCL under Kyari’s leadership.

“Furthermore, the ADF is outraged by the blatant implementation of unfair subsidy practices, racketeering, and middlemen trading, all of which have exacerbated the fuel crisis and further undermined the credibility of the NNPCL.

“The recent shady acquisition of OVH Energy Marketing by NNPCL, coupled with the indiscriminate issuance of licenses to private operators, points to a deeply entrenched culture of corruption that has taken root within the corporation.

“These practices not only betray the trust of the Nigerian people but also pose a serious threat to the integrity of the Tinubu administration’s agenda.

“Mele Kyari’s failure to revive Nigeria’s moribund refineries, despite being provided with all necessary resources and support by the Tinubu administration, is yet another testament to his unsuitability for his position.

“The recent suggestion to hand over the management of these refineries to private firms is nothing but another scheme to defraud the nation under the guise of privatization.

“This proposal, if implemented, would only serve to deepen the crisis in the petroleum sector and further impoverish the Nigerian people.

“Kyari’s actions demonstrate a clear lack of respect for the rule of law and highlight his determination to operate with impunity. Such conduct is unacceptable from a public official, and it must not be tolerated.

“Given these grave concerns, the ADF calls on President Bola Ahmed Tinubu to act swiftly and decisively.”

ADF said to pave the way for a thorough investigation, President Tinubu should suspend Kyari.

“The Nigerian people have suffered enough under the weight of this fuel crisis.

“The continued presence of Mele Kyari at the helm of NNPCL is a clear and present danger to the nation’s economic stability.

“It is clear that he has run out of ideas and lost the moral authority to lead. The time has come for a complete overhaul of the NNPCL’s leadership.

“A new team, free from the taint of corruption and committed to transparency and accountability, must be appointed to steer the company— and by extension, the nation, towards a brighter future.

“The ADF stands with the suffering masses of Nigeria and will not relent in its advocacy for justice, equity, and the rule of law.

“We call on all well-meaning Nigerians, civil society organizations, and international partners to join us in this demand for accountability.

“Let the poor breathe. Let the suffering cease. The future of our nation depends on it,” the group further stated.

DAILY POST reports that several other Nigerians, including former Vice President, Atiku Abubakar, human rights lawyer, Femi Falana, have all demanded a thorough probe of the issues surrounding the fuel subsidy payment.

A former Director-General of the Presidential Campaign Organisation of the Labour Party, Dr Doyin Okupe, has stated that his relationship with the party’s candidate in the 2023 general election, Peter Obi, ended immediately after President Bola Tinubu emerged.

Okupe also mentioned that he had agreed with Obi never to accept any political appointment from him upon his emergence.

The former presidential spokesperson made these remarks to journalists in Lagos on Monday to ward off insults from Obi supporters, popularly known as Obidients, who were criticising him on X for backing the policies of the present administration.

According to him, those abusing and insulting him for supporting Tinubu’s economic recovery plan are ignorant, stressing that Nigeria’s project is bigger than that of any individual or political party.

He said, “I supported Peter Obi out of a commitment to patriotism and nationalistic fervour, not because I don’t know who I am in national politics or where I come from. I told Peter Obi, and we both agreed, that I would not hold any position in his government if he won. Obi is alive, kindly verify. If it is not true, let Obi publicly say that I am lying.

“Obi and I left the PDP because we both agreed and believed that the next President must be a Southerner, preferably an Igbo man from the South-East. Unfortunately, we lost that election. Another Southerner, Bola Tinubu, won the election. This is God’s will. He gives power to whom He wishes. My political commitment and agreement with Obi ended and expired there. I am too experienced in this game of politics for my subsequent political disposition and destiny to be tied to Obi’s ambition. Impossible.

“For me, that cooperation ended with the Supreme Court judgment, right or wrong. There must be order in a society.

To me, the allegations of rigging do not hold water. All elections in Nigeria from the 1st Republic to date have been rigged in one way or another, except perhaps Abiola’s election. In America today, the majority of Republicans believe the election that brought Biden in as POTUS was rigged. However, the Americans did not bring down their country because of that. They patiently waited for the next election and are making efforts to correct the imperfections.”

Providing insights into his reasons for supporting Obi from the beginning, the LP’s former campaign DG maintained that he was convinced that the presidency was going to the South and that he aligned with the Igbo candidacy since they had not had the opportunity before in the country’s history.

“I was convinced in my heart that if the presidency was going to the South, then it must be an Igbo man from the South-East because I believe in equity and justice. You can also verify this with Papa Adebanjo. He is still alive. I did not support Obi because he was politically superior to me or because he was a friend or an associate.

“My unalloyed support and commitment to Obi was based on principle. Throughout my period as a DG campaign, I used my own car and never received one naira from Obi as a salary. It was a mutual friend who funded me personally throughout. This can be verified. In difficult times, I borrowed a substantial amount of money to ensure our zonal campaign in the South-West was a grand success. I was refunded by Peter Obi months later.

“You (Obidients) all hailed, praised, and honoured me because, in your understanding, you believed I was just a foolish politician who left his comfort zone to come and help you fulfil your own agenda. You were all wrong,” he added.

Okupe further stated that he was not narrow-minded when he was a critic and that Obidients should adopt a similar approach in the future.

The Deputy National Spokesman of the Peoples Democratic Party (PDP), Ibrahim Abdullahi, has said the three leading opposition figures in Nigeria are discussing the possibility of a merger to salvage Nigerians from hunger and widespread insecurity ahead of the 2027 presidential election.

Abdullahi made this statement on Channels Television’s Sunrise Daily programme on Monday.

According to him, the three opposition candidates in the last elections—PDP’s Atiku Abubakar, Labour Party’s Peter Obi, and Rabiu Kwankwaso of the New Nigeria People’s Party (NNPP)—would put personal interests aside and form a formidable alliance to defeat the ruling All Progressives Congress (APC) in 2027 and salvage Nigerians from hunger.

He said that had the party’s past leadership managed differences and party conflicts well, high-ranking chieftains like former Rivers State Governor Nyesom Wike, Kwankwaso, and Obi would still be full-blooded members of the PDP, and the party would have defeated Bola Tinubu of the All Progressives Congress (APC) in the last election.

“We’ve lost Kwankwaso, we’ve lost Peter Obi, all of these people; imagine if they were in the party, we would have won the elections.

“This APC said they defeated us with one million plus (votes); just one of these names that I mentioned would have covered that gap for us, and we would have been in power today, and certainly Nigerians would not have been confronted with this despair and despondency in the land,” he said.