Efuaye: They will simply replenish their population through immigrants, just like Canada and Europe did in the past if it becomes a thing of concern to them.
How many Asian (including Arab) countries facing population challenges have done this?
Japan, South Korea, Singapore, Saudi Arabia, Kuwait etc? Which one of them has immigration policies similar to that of the West?
CanadaOrBust: This is KARMA. All those decades of one-child policy, the blood of all those aborted children (and all the children never given a chance to exist) will never let China be truly great like US.
They thought once they lift the one-child policy women will go back to having many children. Didn't happen - women decided they liked having only one child.
Lesson: Women are doing us a favor having our children. If for one reason or another they decide to stop doing it, we are FINISHED!
Eriokanmi: The 10m naira was clearly stated by the party not obi. NDC has been there before obi went there to run. Is he the chairman of the party ? The chairman can even expel obi and nothing will happen so, he's not the chairman of NDC. It's not even as if the money was a fraud, neither was it linked to Obi's account as if he took bribe. The matter needs to end up in court. Enough of all these jegudujera style of politics jare.
Go to other parties and find out how much their EOI form is. You'd scream by the time you compare both. In all these, NDC said, no aspirants will be asked to pay for the form as only those who won primaries would be contacted to pay, which was fair enough as you have nothing to lose as an aspirant. Kenneth is an actor and he's simply dishing out his professional roles.
Peter Obi is a greater actor who pretends to be what he is clearly not.
Has he resigned from NDC because they are asking people to pay to get nomination
newsbook: Anambra State governor, Chief Willie Obiano has re-echoed his allegation that his predecessor, Mr Peter Obi demanded the sum of N7.5billion from him for sponsoring his election in 2013.
Obiano and his predecessor, Obi have had a frosty relationship shortly after his swearing in.
Obi has however denied that he demanded for the sum of N7.5billion from Obiano, saying that his problem with him was his (Obiano’s) underperformance.
Obi said if he needed the said sum, he would have simply taken it from the N75billion he left for the Obiano administration at the end of his tenure.
But Governor Obiano while speaking on Wednesday evening at Ezechima Primary School, Onitsha where he inaugurated his reelection campaigns in Onitsha North Council Area, said the clarification became necessary because of the recent accusations against him by the former Governor.
He stated that his predecessor had demanded the sum of N7.5billion from him as funds spent in prosecuting the election on his behalf, but that he refused to pay the money because it was not true.
Obiano said he refused to pay because he strongly believed that public funds should be used for public good, and not to settle godfathers.
These, he said, was the reason they fell apart.
The governor said that another reason he refused to pay the money was because he was aware that enough money was raised for his campaign by his friends and associates, all of which were never accounted for by the former governor.
On the actual sum the former Governor claimed he left behind, Governor Obiano made it clear that he inherited liability of about N127 billion debt from him in contracts awarded and other responsibilities, which he has been religiously undertaking in the spirit of continuity.
He said Obi flagged off several roads even on the day he was leaving office and saddled him with the burden of paying for it, but he assured the people that he has his eyes on the ball and will not allow anything to distract him from fulfilling his promises.
The Chairman of the Governor’s Re-election Campaign Committee, Chief Victor Umeh said APGA as the political spirit of Ndigbo, has in the past three and half years, availed Anambra good governance at its best, reminding the people that the upcoming guber election was not about Willie Obiano but about ensuring that the state remained free from political godfatherism.
A former Central Bank Governor, Professor Chukwuma Soludo in his speech said that at this time, the State needs a tested hand like Governor Obiano who has the experience and expertise to effectively steer her affairs.
Mynd44: I have lived In Mushin, Mangoro (Ikeja), Ketu, Palmgroove and Abeokuta.
I can assure you in all these places, we had and still have government water through the taps. In Abeokuta right now, they government water is even metered and you pay on your card and load of to your metre.
I don't know where you have lived sha
Why is your testimony about water supply, at odds with what others have to say on the subject, including a Lagos state senior official
Multi-million naira water Scheme rots as Ogun residents suffer
“There is water scarcity in this area and so, people have no option, this is only place they can fetch water since there is no provision of portable water by the government,” he told our correspondent in an interview.
Yusuf Adeleke, a student who lives in Iberekodo area of the state capital, said “the issue of water has been unbearable to my community, to the extent that we fight everyday just to get water. Despite the fact that we are very much closer to water corporation, we couldn’t enjoy any benefit. We suffer for water just like every other communities.
Some good Samaritans who have constructed a borehole in the community help the residents with water, however, to get electricity to pump water is another big challenge.
“We urge the government to help us do something, the issue of scarcity is becoming pandemic to the Abeokuta community.”
Findings by our correspondent revealed that the Onikolobo scenario depicted the recurrent water scarcity in major areas of Abeokuta metropolis and other parts of the state. Among areas affected in the state capital are, Ago-Oba, Ita-Eko, Surulere, Kolobo, Amolaso, Isale Igbein, Leme, Sapon and Isabo.
How residents pay through the nose for water
Investigation by our correspondent revealed that in the face of the scarcity residents of the state capital spend more money to buy water for their daily need.
A resident told Daily Trust on Sunday that he spends between N9,000 to N12,000 monthly to buy water.
“A tank costs N3,000 and we will exhaust it within a week. We have four weeks in month, so, roughly, I spent between N12,00 monthly. It’s that bad,” the resident who pleaded not to be named, told our correspondent.
One of the residents in Ita-Eko, Segun Adesanya described the development as “tiring.” He told our correspondent that he buys 2,000 litres of water at the rate of N3,000.
Adesanya said “Honestly, the water scarcity is a serious matter. No tap water and the well water has dried off. Like, you know, water is an essential commodity. I always buy 2,000 litres of water at the rate of N3,000 every three weeks.
“Now that I have a baby, it is every two weeks because of the washing and other things.
It is tiring, since, I moved into this area, no water. Government should please come to our aid.”
500 gallons of water go for N20k. Multiply by 4 in a month, that's N80k. By extrapolation, that's N960k in a year on water alone. Why? Because the governor believes that clean and accessible water is the least of his worries. Yet they prance around like Enugu is Abuja even though the red muddy soil will have residents looking like they went tomb-raiding at night.
But then, considering where it was before Peter Mba, one can understand the accolades being that he moved the town from 16th Century to 17th Century but not anywhere near 20th Century. 21st Century is a stretch. EEDC? The worst of all.
The Permanent Secretary, Office of Drainage Services and Water Resources in Lagos State, Mahmood Adegbite, has said that people drilling borehole in the Lekki axis of the state is probably drinking ‘’shit water.”
While speaking at a stakeholders meeting in the state recently, Adegbite noted that contaminated boreholes in Lekki pose health risk and added that treatment of waste water would eradicate any form of disease that may arise from it.
He said, “On waste water treatment, I will say that everyone digging borehole within the Lekki axis is probably drinking what I will call ‘shit water.’
saintopus: GEJ proposed this but they rejected it.
Jonathan was not a master strategist.
The master strategist has found a way to test the waters for his 3rd term agenda after winning next year. He is set to succeed where Obasanjo failed in 2007, because Atiku led other democracy heroes to align with the people and our 1999 constitution, thereby killing the bill in the NASS.
Eriokanmi: I wonder oo. Obi should press further with this lawsuit. That's so defamatory. The said amount was clearly stated by the party, not Obi. It's not even only in Anambra but aspirants nationwide. Yeye pipu
Is Obi not a leader of NDC, and its presidential candidate
Is Obi not part of the decision making in the party?
Abata Obi ko le takete bi eni wipe ohun ko ba odo NDC tan lori wahala N10 million.
DoTheNeedful: Kenneth Okonkwo can never be trusted. His friends should be careful of him. The way he switch from being a passionate defender of Obi to his most virulent critic needs to be studied at Cambridge.
The fact that he shared private chats to the public just to defend himself and get out of the trouble his uncouth mouth put him is baffling.
I have no respect for people like that. Atiku should be careful around him.
Why should anyone trust Obi, the hypocrite who says what he does not do
bennybuhari: “’I cannot take anything back about Obi. I said Obi said he wants to move Nigeria back from consumption to production and I said that is not true. He cannot do it because his own business survives on consumption. Is that a lie? He has been an importer and I said he deals with cash and carry economics; container economics, imports”.
“All the goods that can be produced in Nigeria, Obi imports them in his supermarkets. That is consumption economics. That kind of person cannot tell you that he is moving you from consumption to production. He will then be committing self-economic suicide and Obi will not do that to himself”.
“So, Obi is deceiving everybody and I can’t take that back because that is true.
RichDad1: Sadly, a sizeable number of those that are benefitting from this service despise the APC government in Lagos state. The same people that such amenities doesn't not exist in their own state. The same people that claimed the project is by world bank. The same people that the only place their big men can move without escorts. The same people that without them coming to Lagos, they can never experience such facilities and many more. God will vindicate the just.
Are they riding for free?
Or how do you mean they are benefitting from the service
Is that how Lagosians, including the Oba also despise Kemi Badenoch and others in the UK government despite benefitting from pipe borne water, free education of their children, security, good roads, comfortable public transport etc?
tiwaz: Oba of Lagos Rilwan Akiolu, was spotted on the streets of London holding what seemed like agege bread. LOL Abi him no wan chop onyibo food?
Belurved1: 94 trips per day, that's lot of trip for one day. I hope you're carrying out regular maintenance on it o.
That is the challenge with African countries that have failed to prioritise free education of all children, focused on science and technical subjects to create a pool of workforce that can maintain these imported items, even if we can't produce them locally.
Addis Light Rail Operator Claims 19 Trains Now Running
The Addis Ababa Light Rail Transport Service Enterprise has brought 19 of its 41 trains back into operation, making progress on a network that suffered from maintenance failures and spare parts shortages for years.
China’s Export-Import Bank financed the project in 2015 at an estimated cost of around 475 million US dollar, aiming to transform urban mobility in Ethiopia’s capital. However, a lack of servicing infrastructure and difficulties maintaining rolling stock kept fewer than one-third of the trains running for much of the system’s life, limiting daily ridership to roughly 55,000–60,000 passengers—far below its potential.
“Years of inadequate maintenance capacity and spare parts scarcity undermined the system’s reliability,” said Birhan Abebaw (PhD), manager of the Addis Ababa Light Rail Transport Service Enterprise. “This fiscal year, we internally refurbished six trains and plan to service the remainder soon.”
The government continues repaying the Chinese loan while facing competing fiscal demands, complicating investments in maintenance and expansion.
aboreofe: The innovation behind the blue rail is amazing. Lagos is leading other States with these amazing interventions to ease the traffic issues in the state. Kudos
Is that the same way Lagos and its master plan strategist are leading Nigeria into drinking water from shitty boreholes for kwashiorkor potbellies
The federal government is not responsible for water supply in cities and towns. This is the responsibility of states.
500 gallons of water go for N20k. Multiply by 4 in a month, that's N80k. By extrapolation, that's N960k in a year on water alone. Why? Because the governor believes that clean and accessible water is the least of his worries. Yet they prance around like Enugu is Abuja even though the red muddy soil will have residents looking like they went tomb-raiding at night.
But then, considering where it was before Peter Mba, one can understand the accolades being that he moved the town from 16th Century to 17th Century but not anywhere near 20th Century. 21st Century is a stretch. EEDC? The worst of all.
The Permanent Secretary, Office of Drainage Services and Water Resources in Lagos State, Mahmood Adegbite, has said that people drilling borehole in the Lekki axis of the state is probably drinking ‘’shit water.”
While speaking at a stakeholders meeting in the state recently, Adegbite noted that contaminated boreholes in Lekki pose health risk and added that treatment of waste water would eradicate any form of disease that may arise from it.
He said, “On waste water treatment, I will say that everyone digging borehole within the Lekki axis is probably drinking what I will call ‘shit water.’
Jonathan was right about thieves asking victims to go to court, because their friends are the judges whom they built houses for, like the ologogoro, land grabbing Wike has done.
iwaeda: Wike Boasts Of Helping APC Use Judiciary To Kill Osun LG Funds Case, Warns Party Leaders Against Ingratitude
Minister of the Federal Capital Territory (FCT), Nyesom Wike, has openly boasted that he assisted certain elements within the ruling All Progressives Congress (APC) in deploying the judiciary to frustrate the Osun State local government allocation lawsuit.
In a video now circulating widely on social media and obtained by SaharaReporters, Wike made the claim while addressing a crowd in Port Harcourt, Rivers State.
The former Rivers governor accused the APC National Secretary, Senator Ajibola Basiru, of benefitting from judicial actions against the Osun State Government without knowing those who did the work behind the scenes.
The suit in question led to the withholding of local government funds in Osun State, a development widely seen as targeting the administration of Governor Ademola Adeleke as opposition in the state.
Wike, who spoke angrily, suggested that the court action supporting the APC’s position against the Osun government did not happen by chance, boasting that powerful political forces worked quietly to ensure the outcome.
“Don’t take our support for Mr President for granted,” Wike warned, in an apparent message to APC leaders defending Rivers State Governor Siminalayi Fubara. “You have to be careful about the statements you make. You have to be very careful.”
He accused Basiru of political ingratitude, claiming the APC was enjoying in Osun State without understanding who engineered their advantage.
“Today, you are enjoying in Osun. You don’t know those who did the work,” Wike said. “You are opening your mouth to talk about Rivers State.”
Tareq1105: You think he's as idle as you are? Must he attend all occasions?
Can't he delegate again? If he attend you'll say commissioning of road is more important to the president than the kidnapped school children. Go and rest.
That was how the balablu bulaba master planner delegated insecurity questions to El Rufai in London, and now we are seeing the results of his cluelessness and incompetence in security matters and other aspects of governance.
If it is not sheer wickedness, why fight for and grab power to hit the ground running with it, when you don't know how to provide basic government services and utilities to people?
By the way, any idea why Jagaban of Borgu did not delegate insecurity questions to Ribadu who was his ACN 20211 presidential candidate and part of his 2023 campaign team
Maxymilliano: The presidential candidate of the All Progressives Congress (APC) Asiwaju Bola Ahmed Tinubu has explained why he delegated some members of the party to respond to questions posed to him. According to the former Lagos Governor, he adopted the delegation method “to show team-ship”.
Tinubu spoke at the Chatham House lecture titled: ‘Nigeria’s 2023 elections: In conversation with Bola Ahmed Tinubu’, monitored by The Nation.
At the lecture, Tinubu after his opening remarks, assigned Kaduna Governor Nasir El-Rufai to speak on how his (Tinubu-led) government would address insecurity and asked the Director of Strategic Communication of the All Progressives Congress (APC) Presidential Campaign Council, Dele Aleke, to respond to the question on oil theft.
kokoA: Make I no lie, I suprise for the kind speed dem take construct this road sha, plus bridge o. Nice one.
Any idea why they are not using the same speed to pay teachers and employ even more to have every child in free schools, as a foundation for sustainable development
anonimi: FCT Teacher’s Strike: The unfolding crisis that has kept Abuja’s children out of school for months
The industrial action is the third in a series since late 2024.
ByQosim SuleimanandZainab Adewale July 2, 2025 Reading Time: 4 mins read For over three months, public primary school pupils in the Federal Capital Territory (FCT) have been out of the classroom due to a teachers’ strike.
The industrial action has seen multiple suspensions and resumptions and is the third since late 2024.
LagosOrigin: They stole billions and settle you with semovita N1000
Only in South West
The atenuje is shameful
How are other parts of Nigeria any different
Igboblog: 2019 : I Weep For Abians By Wisdom Nwedene (Must Read)
Written by Wisdom Nwedene
Yesterday, pictures of Governor Okezie Ikpeazu branded Tanker distributing free kerosene to people at Umunkpeyi and other locations circulated the social media space.
Many people were seen struggling to get the free kerosene from the tanker.
I was shocked and wept bitterly when I saw the pictures because this is no longer the Abia State I know before.
From Ikpeazu's moves by sharing free kerosene and money to Abians few days to Governorship election, it is crystal clear that he is aware that he has failed the people who entrusted him with power.
I also heard that Ikpeazu said that the dark days are over for the civil servants in Abia State and donated 10 million naira to them.
My question to the civil servants is, will Ikpeazu 10 million naira solve the pains and problems you have been through in the last three and half years?
Let me quickly recall that in the last three and half years, almost all the civil servants in every sector protested over non payments of their salaries.
Let me do flashback, in 2018, the staff of Abia State owned University teaching hospital, Aba protested and cursed Ikpeazu over non-payment of their 9months salary.
The demonstration was staged Inside the premises of the hospital.
Also, in terms of infrastructure, Ikpeazu has not done well.
Let me also draw your mind to the Osisoma Flyover being constructed by Ikpeazu for over three years now.
Despite his promise that the flyover will be completed in January 2019, the truth is that the project has been abandoned.
When it comes to good road, hospital, empowering the farmers, Ikpeazu has not delivered also.
I don't know any reason a true Abia State born should want Ikpeazu to return to the Government House when he has failed to deliver half of the promises he made in 2015.
(Wisdom Nwedene is a journalist, writer, freelancer, motivational speaker. Contact : Nwedenewisdom@gmail.com)
Ezeama400: Hunger can make one loose his common sense..
I can see joy on their faces for upgrade from garri to semo..
I don’t blame them, I blame the system and the politicians that are taking advantage of it ..
Who created and allowed the system to be as it is, apart from the unevolved, tribalistic people who use zoning and rotation to share political positions in local, state and federal governments? Is that not how we share the national cake of corruption
In any case, politicians emerge from among the people, not so?
ponishah: If he sued you now, you will say it's devil's handwork.
Kindly share evidence of when Obi sued Obiano for calling him a thief, and the result of the case.
newsbook: Anambra State governor, Chief Willie Obiano has re-echoed his allegation that his predecessor, Mr Peter Obi demanded the sum of N7.5billion from him for sponsoring his election in 2013.
Obiano and his predecessor, Obi have had a frosty relationship shortly after his swearing in.
Obi has however denied that he demanded for the sum of N7.5billion from Obiano, saying that his problem with him was his (Obiano’s) underperformance.
Obi said if he needed the said sum, he would have simply taken it from the N75billion he left for the Obiano administration at the end of his tenure.
But Governor Obiano while speaking on Wednesday evening at Ezechima Primary School, Onitsha where he inaugurated his reelection campaigns in Onitsha North Council Area, said the clarification became necessary because of the recent accusations against him by the former Governor.
He stated that his predecessor had demanded the sum of N7.5billion from him as funds spent in prosecuting the election on his behalf, but that he refused to pay the money because it was not true.
Obiano said he refused to pay because he strongly believed that public funds should be used for public good, and not to settle godfathers.
These, he said, was the reason they fell apart.
The governor said that another reason he refused to pay the money was because he was aware that enough money was raised for his campaign by his friends and associates, all of which were never accounted for by the former governor.
On the actual sum the former Governor claimed he left behind, Governor Obiano made it clear that he inherited liability of about N127 billion debt from him in contracts awarded and other responsibilities, which he has been religiously undertaking in the spirit of continuity.
He said Obi flagged off several roads even on the day he was leaving office and saddled him with the burden of paying for it, but he assured the people that he has his eyes on the ball and will not allow anything to distract him from fulfilling his promises.
The Chairman of the Governor’s Re-election Campaign Committee, Chief Victor Umeh said APGA as the political spirit of Ndigbo, has in the past three and half years, availed Anambra good governance at its best, reminding the people that the upcoming guber election was not about Willie Obiano but about ensuring that the state remained free from political godfatherism.
A former Central Bank Governor, Professor Chukwuma Soludo in his speech said that at this time, the State needs a tested hand like Governor Obiano who has the experience and expertise to effectively steer her affairs.
SadiqBabaSani: Way to go, Kenneth's kinsmen are ashamed of him. Spits on his desperate self
Obi’s kinsmen have always been ashamed of his a-looter ways and bad governance.
Why are you not ashamed of Obi?
NLCreator: Peter Obi, presidential candidate of the Labour Party (LP) in the 2023 elections, has defended the purchase of sports utility vehicles (SUVs) for members of the national assembly.
There have been reports that the leadership of the 10th national assembly has bought SUVs for all lawmakers.
Each SUV is said to be valued at N160 million.
The LP had asked members of the party in the national assembly to kick against “wastage”.
While responding to questions during a press conference in Abuja on Monday, the former governor of Anambra said the SUVs are not personal cars of the lawmakers, noting that they are for official use.
“Let me start with the issue of Labour Party members in the house. I have actually discussed this issue with them,” Obi said.
“Surprisingly, I can tell you I heard that these vehicles are official cars. They have to use it. It is meant for office.
“So it is not as if it is their vehicle. They said it is official cars and you are meant to use it while you are in the senate.”
Obi also hinted at contesting for the country’s number one position in 2027, adding that Nigeria deserves dedicated and visionary leaders who will lead the country towards a brighter future.
Is he saying that because he knows how the master strategist used kidnapping to create a vacancy in Aso Rock, before going to Kaduna to beg Buhari to be APC’s change messiah 11 years ago? That was how Tinubu ended 16 years of PDP prosperity, peace and stability.
Burob: Peter Obi of the NDC political party is CAF, President Bola Tinubu of The Federal Republic of Nigeria is FIFA.
Thanks for sharing this expo on Utomi’s role in NDC, which is the same with what he did in communist LP labourers camp three years ago.
Why do you think that unstable, untrustworthy, unreliable, party-hopping Utomi is playing double agent with Obi and Nigerians
lexylaw40: The “president-elect” saw in Obi's presidential bid, a good chance to reduce the winning chances of the presidential candidate of the PDP, Atiku Abubakar.
The governorship candidate of the Labour Party (LP) in Oyo State, Tawfiq Akinwale, [/b]on Wednesday [b]stated that the “President-elect” Bola Tinubu asked popular economist, Prof Pat Utomi to step down for Peter Obi in the buildup to the 2023 general elections.
Akinwale made this revelation while he appeared as a guest on a radio programme on 101.7 YES FM, Ibadan, Oyo State, while alleging that Obi received campaign funds from Utomi, whom he described as Tinubu's "son."
The LP aspirant, who spoke in Yoruba language, said "In the buildup to the 2023 elections, Obi who had purchased the nomination form of the Peoples Democratic Party (PDP), suddenly announced his exit from the party.
"Initially, Pat Utomi had secured the LP's presidential ticket, but when Peter Obi said he resigned from the PDP and joined the LP. Bola Tinubu, a master political strategist, quickly told Utomi, that everyone knows to be his son to step down for Obi.
"The “president-elect” saw in Obi's presidential bid, a good chance to reduce the winning chances of the presidential candidate of the PDP, Atiku Abubakar.
"What Peter Obi didn't know is much more that what he knows, he started collecting campaign funds from Utomi, while Tinubu was giving the money to Utomi.
"This went on until Obi's presidential campaign got to a stage it went beyond target. Obi was used without him knowing," Akinwale said after announcing his departure from the party.
Obi defected to the LP after resigning his membership of the Peoples Democratic Party (PDP) and also withdrawing from the presidential race under the party.
The former governor consequently joined the race for the party’s presidential ticket, while Professor Pat Utomi, in June 2022 stepped down for him to emerge as the presidential candidate of the Labour Party, LP, unopposed in Asaba, Delta State.
dragunov: Blame the orange man for that. Tinubu didn't cause the Iranian war. 4+4=8
Did the Iranian war start on 29 May 2023?
Or it started on 29 May 2015 which is why APC never sold petrol at N70
anonimi: Petrol should never cost more than N70 per litre, says APC
January 19, 2015
The All Progressives Congress (APC) has described as mere tokenism the reduction of petrol price from N97 to N87 per litre, saying the petroleum product ordinarily should sell for N70.
On Sunday, the federal government announced the reduction of petrol price, citing the fall of global crude oil price.
But the APC through Lai Mohammed, its spokesman, on Monday accused the government of making a show out of deceit, saying “a 10.3 per cent slash in the price of petrol was a mere tokenism at a time the price of crude oil has crashed by about 60 per cent”.
It argued that the pump price of a litre of petrol should not be more than 70 Naira, alleging that at N87 per litre, the government was forcing Nigerians to subsidise the massive corruption in the oil sector by N17 for every litre of fuel.
LibertyRep: Every man needs an SPV , don't blame Gawuna
Including an SPV to launder money. like what Tinubu did with the $3.3 billion Afreximbank loan to defend the Naira, which has failed to help the master strategist achieve his short term goal of N300/$1
ijustdey: Nigeria will pay an interest of 11.85 percent per annum on the $3.3 billion “pre-export finance facility” (PxF) facilitated by the Nigerian National Petroleum Company (NNPC) Ltd and arranged by Afrexim Bank, TheCable can report.
Until now, the fine details of the transaction, which has a five-year tenor, had been withheld by all parties involved.
A similar cocoa-backed $800 million facility arranged for Ghana by its cocoa marketing board attracts an interest of 8 percent per annum.
Bilateral lenders, such as the International Monetary Fund (IMF), would typically charge 1-3 percent with a longer tenor.
In the details seen by TheCable, Nigeria pledged a total of 164.25 million barrels of crude oil — at 90,000 barrels per day — starting from 2024 to repay the loan through Project Gazelle Funding Ltd, an “orphan” special purpose vehicle (SPV) incorporated in Bahamas for the PxF.
Effectively, the NNPC has pledged 38.58 percent of five years’ worth of tax and royalty oil to secure the loan.
Nigeria pledges over $12 billion worth of oil At the beginning of 2024, a barrel of Nigerian oil was sold at the international market at $77.93 per barrel, according to the Central Bank of Nigeria (CBN) data.
At $77.93 per barrel, the 164.25 million barrels of oil pledged by Nigeria equals $12.8 billion — about three times more than the facility taken.
Pre-2014, the national oil company used to remit an average of $3 billion from oil sales every month.
Officially, Project Gazelle Funding Ltd (PGFL) is the borrower while the NNPC is the “sponsor” and will pay with oil to the SPV to liquidate the loan.
To make the repayment, the NNPC will forward-sell 90,000 barrels per day of Nigeria’s share of offshore crude oil under the production sharing contract (PSCs) with the oil companies.
Under PSCs, the companies usually pay royalties and taxes by giving the oil equivalent to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Federal Inland Revenue Service (FIRS) respectively.
The NNPC in turn exports the oil on behalf of NUPRC and FIRS and remits the proceeds to the agencies.
This is part of the revenues paid into the federation account and shared by the three tiers of government.
But under the PxF, the revenue from 90,000 barrels per day will be used to service the loan in the next five years.
The loan arrangers will get a commission of $66 million or 2% of the facility, TheCable further learnt.
Nigeria will pay 2 percent penalty per annum in the event of a default.
‘DOLLAR LIQUIDITY TO STABILISE THE NAIRA’
The national oil company announced in August 2023 that the PxF was to support the federal government “in its ongoing fiscal and monetary policy reforms aimed at stabilizing the exchange rate market”, describing it as “a relief for the naira”.
It called the facility “crude oil repayment” with an upfront cash loan “against proceeds from a limited amount of future crude oil production”.
At the time, the dollar exchanged for an average of N775 in the official market and N885 on the streets.
The rates have now moved to N1,035/$ (official) and N1,230/$ (parallel).
Nigeria’s outstanding forex liabilities are currently thought to be over $7 billion.
In an explainer after announcing the PxF last year, the NNPC said its exposure is very limited, “covering just a fraction” of their entitlements and that “there are no sovereign guarantees tied to it”.
It said it “will also equip the Federal Government with the necessary dollar liquidity to stabilize the Naira, with limited risk”.
A strengthened naira as a result of the initiative, it said, “will lead to a reduction in fuel costs. This means that if the Naira appreciates in value, the cost of fuel will drop and further increases will be halted”.
It also ruled out subsidies, maintaining that a stronger naira “will result in lower prices from the current level, making subsidies unnecessary. The deregulation policy remains unchanged”.
Critics questioned NNPC’s involvement in getting loans to boost forex reserves when it should be concentrating its efforts on bringing in more oil revenues.
There were also questions over the decision to pledge the tax and royalty oil belonging to the entire federation to secure the loan.
Analysts also queried why the details of the deal were never made public.
BestLife247: My brother, let really focus to make the OK Presidencial Ticket a reality. It would be a very great fulfilment Lifetime Masses as they would surely be Masses-focused Government. Obi's 4 Years or 8 Years followed by Kwankwaso 8 Years would be the best Government Nigerians has ever enjoyed.
Is this how to run a masses-oriented government by your naive politician who was kicked out of APGA by his own protege, Obiano in 2014, five years before Atiku rescued him from political wilderness
NLCreator: Peter Obi, presidential candidate of the Labour Party (LP) in the 2023 elections, has defended the purchase of sports utility vehicles (SUVs) for members of the national assembly.
There have been reports that the leadership of the 10th national assembly has bought SUVs for all lawmakers.
Each SUV is said to be valued at N160 million.
The LP had asked members of the party in the national assembly to kick against “wastage”.
While responding to questions during a press conference in Abuja on Monday, the former governor of Anambra said the SUVs are not personal cars of the lawmakers, noting that they are for official use.
“Let me start with the issue of Labour Party members in the house. I have actually discussed this issue with them,” Obi said.
“Surprisingly, I can tell you I heard that these vehicles are official cars. They have to use it. It is meant for office.
“So it is not as if it is their vehicle. They said it is official cars and you are meant to use it while you are in the senate.”
Obi also hinted at contesting for the country’s number one position in 2027, adding that Nigeria deserves dedicated and visionary leaders who will lead the country towards a brighter future.
What else is there to know about the unstable character who was ADC's first presidential candidate in 2007, after Atiku led other democratic heroes to kill the bill of Obasanjo's 3rd term in the NASS?
lexylaw40: The “president-elect” saw in Obi's presidential bid, a good chance to reduce the winning chances of the presidential candidate of the PDP, Atiku Abubakar.
The governorship candidate of the Labour Party (LP) in Oyo State, Tawfiq Akinwale, [/b]on Wednesday [b]stated that the “President-elect” Bola Tinubu asked popular economist, Prof Pat Utomi to step down for Peter Obi in the buildup to the 2023 general elections.
Akinwale made this revelation while he appeared as a guest on a radio programme on 101.7 YES FM, Ibadan, Oyo State, while alleging that Obi received campaign funds from Utomi, whom he described as Tinubu's "son."
The LP aspirant, who spoke in Yoruba language, said "In the buildup to the 2023 elections, Obi who had purchased the nomination form of the Peoples Democratic Party (PDP), suddenly announced his exit from the party.
"Initially, Pat Utomi had secured the LP's presidential ticket, but when Peter Obi said he resigned from the PDP and joined the LP. Bola Tinubu, a master political strategist, quickly told Utomi, that everyone knows to be his son to step down for Obi.
"The “president-elect” saw in Obi's presidential bid, a good chance to reduce the winning chances of the presidential candidate of the PDP, Atiku Abubakar.
"What Peter Obi didn't know is much more that what he knows, he started collecting campaign funds from Utomi, while Tinubu was giving the money to Utomi.
"This went on until Obi's presidential campaign got to a stage it went beyond target. Obi was used without him knowing," Akinwale said after announcing his departure from the party.
Obi defected to the LP after resigning his membership of the Peoples Democratic Party (PDP) and also withdrawing from the presidential race under the party.
The former governor consequently joined the race for the party’s presidential ticket, while Professor Pat Utomi, in June 2022 stepped down for him to emerge as the presidential candidate of the Labour Party, LP, unopposed in Asaba, Delta State.
Foreign Affairs › Re: How China Will Crumble As World Power - The US Sun by anonimi: 10:35am On Jun 10
