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And the DRAMA continues. What a time to be alive in Nigeria to witness these crazy happenings. They should ensure they have a meeting with Joe Biden and Kamala Haris to prove their point that BAT won the elections convincingly. |
highchief1:Now you see the light my brother. Nobody is perfect. |
cktheluckyman:He did out out of philanthropy. Remember that he is used to giving profusely when charitable opportunities comes along. That's out president elect for you. |
Peter Obi has a case to answer in court for not joining Eluu Pee properly before the primaries were concluded. He might be disqualified and his 6.1 million votes will be considered wasted. Chai, the HUNTER has become the HUNTED. |
All those of you shouting up and down that Tinubu was convicted of drug trafficking in the USA should just keep their mouth shut from henceforth. He has now clarified that he wasn't a party in that drug trafficking case. It was his money that was convicted and not him in person. So, please mind your business and stay on your lane. Stop embarrassing our president elect with unfounded lies manufactured from the pit of hell. |
The president-elect, Asiwaju Bola Tinubu has told the Presidential Election Petition Tribunal sitting at the Court of Appeal in Abuja, that he was not a party in the drug case that was said to have been filed against him by the United States Government in 1993.https://leadership.ng/im-not-a-party-in-us-drug-case-tinubu-tells-tribunal/
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In APC's mind, this battle has been won already. Why don't the others wait till 2027? |
Nigerians don enter one chance. Your dreams of free and fair elections can only be realised when you are asleep. INEC sold to us LIES only to dash your hopes when it mattered most. |
INEC says Abuja has no special status. This means the much discussed 25% in Abuja does not mean anything. |
•Commission replies PDP candidate’s petition •FCT has no special status •‘Obi’s petition should be dismissed’ Peoples Democratic Party (PDP) Presidential candidate Atiku Abubakar did not meet the constitutional requirements to be declared winner of the February 25 election, the Independent National Electoral Commission (INEC) has said.https://thenationonlineng.net/atiku-didnt-meet-conditions-to-win-inec-tells-tribunal/
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Why not extend the ban to all those in government as well. |
The United Kingdom Government has barred active recruitment of health workers from Nigeria by health and social care employers in the UK. The UK disclosed this in its updated ‘Code of Practice’ for the international recruitment of health and social care personnel’ posted on its website. Nigeria has now been included in the red list of countries facing critical shortage of health workers as contained in the World Health Organisation (WHO)’s health workforce support and safeguards list. In March, the WHO published the safeguards list comprising 55 countries — including Nigeria — struggling with a shortage of health workers. Reps mandate 5-yr practice for doctors before leaving Nigeria FRSC returns N27.1m recovered at accident scene to victim’s family The UK government said Nigeria and other countries on the red list should be prioritised for health personnel development and health system-related support as well as provided with safeguards that discourage active international recruitment of their workers. The code of practice reads, “Consistent with the WHO Global Code of Practice principles and articles, and as explicitly called for by the WHO Global Code of Practice 10-year review, the listed countries should be prioritised for health personnel development and health system-related support, provided with safeguards that discourage active international recruitment of health personnel. “Countries on the list should not be actively targeted for recruitment by health and social care employers, recruitment organisations, agencies, collaborations, or contracting bodies unless there is a government-to-government agreement in place to allow managed recruitment undertaken strictly in compliance with the terms of that agreement. “Countries on the WHO Health Workforce Support and Safeguards list are graded red in the code. If a government-to-government agreement is put in place between a partner country, which restricts recruiting organisations to the terms of the agreement, the country is added to the amber list.” It said if a country was not on the red or amber list, then it is green. The amber countries where international recruitment is only permitted in compliance with the terms of the government-to-government agreement are Kenya and Nepal. Recall that a bill to prevent Nigeria-trained medical and dental practitioners from being granted full licences until they have worked for a minimum of five years in the country passed second reading at the House of Representatives last Thursday. The bill is aimed at addressing the increasing number of medical doctors leaving Nigeria for greener pastures, and making quality health services available to Nigeria. Sponsored by Ganiyu Abiodun Johnson, it is titled ‘The Bill for an Act to Amend the Medical and Dental Practitioners Act 2004’. Johnson said it was only fair for medical practitioners, who enjoyed taxpayer’s subsidies on their training, to “give back to the society” by working for a minimum number of years in Nigeria before exporting their skills abroad. Many lawmakers supported the bill though a number of them called for flexibility and options in the envisaged law. Uzoma Nkem-Abonta said tying a doctor down for five years in Nigeria before seeking employment outside is akin to enslavement. However, a majority voice vote passed the bill for second reading at the plenary presided by Speaker Femi Gbajabiamila. https://dailytrust.com/brain-drain-uk-bars-active-recruitment-of-health-workers-from-nigeria/ |
Candidate of the Peoples Democratic Party, PDP, Atiku Abubakar has filed a petition to challenge the declaration of Bola Tinubu of the ruling All Progressives Congress, APC, as the winner of the presidential election that was held on February 25. Atiku, in the petition, marked: CA/PEPC/05/2023, which he lodged before the Presidential Election Petition Court, PEPC, sitting at the Abuja Division of the Court of Appeal, applied for the withdrawal of the Certificate of Return that was issued to Tinubu by the Independent National Electoral Commission, INEC. He maintained that the declaration of Tinubu as the winner of the presidential election was “invalid by reason of non-compliance with the provisions of the Electoral Act, 2022”. Atiku, through his team of lawyers led by Mr Joe Kyari Gadzama, SAN, further argued that Tinubu’s election was invalid by reason of corrupt practices. “The 2nd Respondent was not duly elected by a majority of lawful votes cast at the Election. “The 2nd Respondent was at the time of the Election not qualified to contest the Election”, Atiku added while listing grounds he said the court should consider nullifying Tinubu’s election. He prayed the court to declare him the winner of the presidential election, having secured the second-highest number of lawful votes cast at the election. Meanwhile, Vanguard learned that Atiku’s legal team perfected the petition filing process at the Registry of the Court, late in the night on Tuesday. It will be recalled that the Labour Party, LP, and its candidate, Mr. Peter Obi, had Monday night, also filed a petition before the court to void the declaration of Tinubu as the President-elect. They prayed the court to hold that Tinubu was not legally qualified to contest the election, alleging that he was previously convicted and fined the sum of $460,000.00 by the United States District Court, Northern District of Illinois, Eastern Division, in Case No: 93C 4483, for an offence involving dishonesty and drug trafficking. Obi prayed the court to declare him as the candidate that secured the majority of the lawful votes cast with the required constitutional spread of not less than 25% of the votes cast in at least 2/3 of the States of the Federation, and the Federal Capital Territory, Abuja. In the alternative, he prayed the court to order a fresh poll, with the exclusion of both Tinubu and the APC, by virtue of their non qualification to participate in the election. It will be recalled that INEC had on March 1, announced Tinubu as the winner of the presidential poll, ahead of 17 other candidates that contested the election. It declared that Tinubu scored a total of 8,794,726 votes to defeat Atiku who polled a total of 6,984,520 votes and Obi who came third with a total of 6,101,533 votes. details soon.. https://www.vanguardngr.com/2023/03/presidential-poll-atiku-files-petition-insists-tinubu-not-qualified-to-contest/ |
After INEC makes open declarations on live TV and give assurances on transparent electoral processes, they will turnaround after the elections and claim they never made such assertions. Who is fooling who. |
Court orders commission to transmit Akwa Ibom poll results electronically The Independent National Electoral Commission (INEC) has disclosed how results from polling units will be transmitted after the governorship and House of Assembly elections taking place across the federation today. Speaking on Arise News yesterday, the Chairman of INEC’s Information and Voter Education Committee, Festus Okoye, said the Commission had learnt worthy lessons from the Presidential and National Assembly polls. Okoye stressed that the law has prescribed a dual mode of either transmission of results or transfer of results. He explained that the Presiding Officer who superintended the polling unit would enter the scores of the various political parties in form EC8A which is the polling unit-level result after the conclusion of elections in various units, adding that presiding officers must sign that particular and copies must be given to relevant stakeholders. “The PO will sign that particular result sheet and stamp it, the PU agent or party agent if available will also countersign and copies will be given to them and the police.” Okoye added: “That original result will be what will be scanned and uploaded to our INEC Result Viewing Portal for public viewing. Not only that, the accreditation data that have arisen from that polling unit will also be uploaded, but the physical result and the BVAS itself will also be taken to the Registration Area Collation centre.” He also stressed that the Collation Officer would be able to verify the original results, the BVAS, have the benefit of looking at the accreditation data as transmitted and the result sheet as transmitted from the polling unit. “That is the dual mode which the law has prescribed for the Commission and that is the mode that we’re going to use for the purpose of this election,” he said. Okoye further stated that results would be transmitted on IREV as soon as the polls closed from various polling units. “The Commission is determined to improve on its previous performance. What we have done is to learn valuable lessons from previous elections that we conducted, and we’re going to put those lessons into our planning purposes and processes, and into our deployment purposes.” Okoye added that INEC is prepared to conduct the 28 governorship and 993 state assembly constituency elections. “It’s a huge election and INEC will be paying very close attention to what is going on in the various states.” The Commission has, however, been ordered to electronically transmit today’s Governorship and House of Assembly election results in accordance with its regulations and guidelines. A Federal High Court, Abuja, gave the order on Friday. Justice Obiora Egwuatu, in a judgment, also ordered the use of the Bimodal Voter Accreditation System (BVAS) to upload a scanned copy of the EC8A to INEC Result Viewing Portal (IReV) immediately after the completion of all the polling units voting and results’ procedures in Akwa Ibom. The commission was equally instructed by Justice Egwuatu to conspicuously paste the publication of its result posters EC60(E) at polling units after completing the EC8A result sheets in the state. He equally ordered INEC to enforce the observance and compliance of Section 27(1) of the Electoral Act, 2022 in the distribution of electoral materials during the conduct of the polls in the state by engaging the services of independent, competent, and reliable logistic companies who are non-partisans or known supporters of any political for the distribution of electoral materials and personnel. Egwuatu held that since the electoral umpire averred in its filed affidavit that it was aware of its responsibilities under the law and had not failed to carry them out, granting the prayers sought by the applicants would not do any harm to the commission but instead, energise its performance. He gave the judgment following a suit filed by the Labour Party (LP) and its governorship candidate in Akwa Ibom, Uduakobong Udoh, including 13 state Houses of Assembly candidates for the March 18 elections. The applicants, in the originating summons marked: FHC/ABJ/CS/334/2023 dated and filed on March 15 by their lawyer, Moses Usoh-Abia, had sued INEC as sole defendant. The applicants, who sought seven reliefs, prayed the court for an order of mandamus compelling INEC and all its agents to comply with and enforce the provision of Clause 37 of the Regulations and Guidelines for the Conduct of the Saturday’s governorship and house of assembly elections in Akwa Ibom. They also prayed the court to mandate the presiding officers of all polling units to conspicuously paste the publication of result posters EC460(E) at the polling units after completing the EC8A result sheets. They sought an order of mandamus compelling the commission to mandate the presiding officers of all polling units in the state to electronically transmit or transfer the result of the polling units, direct to the collation system and use the Bimodal Voter Accreditation System (BVAS) to upload a scanned copy of the EC8A to INEC Result Viewing Portal (IReV) immediately after the completion of all the polling units voting and results procedures. They said this was in compliance with the provision of Clause 38 of the guidelines for the conduct of the polls. The applicants equally prayed for an order directing INEC to enforce the observance and compliance of Section 27(1) of the Electoral Act, 2022 in the distribution of electoral materials during the conduct of the polls by engaging the services of independent, competent, and reliable logistic companies who are non-partisans or known supporters of any political for the distribution of electoral materials and personnel, among other reliefs. https://thenationonlineng.net/how-governorship-election-results-will-be-transmitted-inec/ |
Kobojunkie:100%. |
The Central Bank of Nigeria has directed commercial banks to dispense and receive old naira notes as legal tender across the country. The CBN gave the directive at a Bankers’ Committee meeting held on Sunday, according to a statement by the Acting Director, CBN Corporate Communications, Isa AbdulMumin, on Monday. This is coming hours after the Presidency Monday evening said the CBN had no reason not to comply with the ruling of the Supreme Court on the naira redesign policy. It stated that the President, Major General Muhammadu Buhari (retd.), did not instruct the CBN governor, Godwin Emefiele, and the Attorney-General of the Federation, Abubakar Malami, to disobey “any court orders involving the government and other parties.” The PUNCH reports that over one week after the court handed down the order, the AGF and the CBN have kept mum over the verdict. Their silence has emboldened Nigerians and businesses to reject the old notes as legal tender. Meanwhile, state governments, which sued the Federal Government on the naira redesign policy, have given the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, and the Central Bank of Nigeria Governor, Godwin Emefiele, till Tuesday to comply with the order of the Supreme Court on the currency. The state governments threatened to file contempt charges against the two top officials on Tuesday should they fail to obey the apex court which ordered that the old N1,000, N500 and N200 should be in circulation alongside the new notes till December 31, 2023. The PUNCH reports that the apex court had ordered that the old naira notes be allowed to circulate side by side the new notes until December 31, 2023. A seven-man panel of the Supreme Court led by Justice John Okoro gave the judgment. Other justices that sat on the case are Emmanuel Agim, Amina Augie, Mohammed Garba, Ibrahim Saulawa, Adamu Jauro and Tijanni Abubakar. In the judgment delivered by Justice Agim, the apex court held that Buhari breached the constitution in the manner he issued directives for the redesigning of the naira. On the disobedience of the Supreme Court’s earlier order on the new notes, Justice Agim said Buhari’s broadcast of February 16, 2023 that only the N200 note should remain legal tender made the country’s democracy look like a mere pretension. Justice Agim stated, “Let me consider the issue of the President’s disobedience of the 8-2-2023 interim order that the new and old versions of naira notes continue to circulate as legal tender until the determination of the pending application for interlocutory injunction. It is not in dispute that the 1st defendant refused to obey the said order. “The President’s 16-2-2023 national broadcast reproduced here in pages 27-31 demonstrates this disobedience. In disobedience of the order, he directed that only the old N200 naira notes be re-circulated. Interestingly, there is nothing to show the implementation of even that directive. I agree with the 9th plaintiff that the 1st defendant is not entitled to be heard by this court when it has effused to respect the authority of this court and the authority of law from which the authority of the President and the government of Nigeria derives. “The rule of law upon which our democratic governance is founded becomes illusory if the President of the country or any authority or person refuses to obey the orders of courts. The disobedience of orders of courts by the President in a constitutional democracy as ours is a sign of the failure of the constitution and that democratic governance has become a mere pretension and is now replaced by autocracy or dictatorship.” Details later… https://punchng.com/breaking-cbn-directs-banks-to-receive-dispense-old-naira-notes/ |
CBN is gunning for cashless policy all the way. Old naira notes have been held up by CBN and may never return to circulation. CBN should print more new naira notes to ameliorate the sufferings of the Nigerian people. |
• No cash at banking hall, ATM points • Banks await CBN’s directive on old notes Nigerians’ hope of having more access to cash was dashed yesterday.https://thenationonlineng.net/naira-scarcity-lingers-despite-supreme-court-judgment/
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50 Legal heavyweight SANs for the defense of the Electoral victory of APC versus 20 Super intelligent SANs for LP to challenge APCs claim. Who will win? Has any presidential election victory been overturned by the Supreme Court in Nigeria before? How many years will the Nigerian courts take to determine this case? ONLY TIME WILL TELL. |
Legal icon Wole Olanipekun and 49 other lawyers have offered to defend the victory of President-elect, Asiwaju Bola Ahmed Tinubu at the Presidential Election Tribunal.https://thenationonlineng.net/olanipekun-49-others-to-defend-tinubus-mandate/
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Fintiri is taking steps to avoid defeat by APC in Adamawa State since Atiku has lost the presidential election. |
The Governor of Adamawa State, Ahmadu Umaru Fintiri, has banned the activities of Non Governmental Organisations (NGOs) in the state. The governor made this known in Yola on Tuesday while addressing the press. The governor said the decision became necessary to end the issue of vote buying perpetrated by the NGOs. “It has become evident that most NGOs are dabbling into politics in the name of providing humanitarian assistance to the people. "Government can’t fold its arms and watch such so-called NGOs mislead the people and inject divisive tendencies into their psyche. “In furtherance of our desire to reorder the electoral behaviour of our people and remove the influence of NGOs who have reduced their statutory mandate to that of vote buying machine, government has decided to suspend the activities of local and international NGOs throughout the state until March 15, 2023, when the elections are over", he stated. https://allnews.ng/news/2023-elections-fintiri-bans-ngos-in-adamawa |
Senate President Lawan should have made this clarification long ago in the build-up to the general elections instead allowing INEC Chairman Yakubu to deceive gullible Nigerians about his BVAS machine. Why now? |
President of the Senate, Ahmad Lawan, yesterday, claimed that the Electoral Act, 2022, did not provide for electronic transmission of election results.https://leadership.ng/no-electronic-transmission-of-result-in-electoral-act-lawan/
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Hmmm Democracy is a demonstration of craze, according to Fela. Election in Nigeria is something else. You snatch power, grab it, and run with it, according to BAT. |
Federal government has urged former President Olusegun Obasanjo not to truncate the 2023 General Elections with his inciting, self-serving and provocative letter on the elections. In a statement in Abuja on Tuesday, the Minister of Information and Culture, Alhaji Lai Mohammed, said what the former President cunningly framed as an ‘appeal for caution and rectification’ is nothing but a calculated attempt to undermine the electoral process and a willful incitement to violence. The minister expressed shock and disbelief that a former President could throw around unverified claims and amplify wild allegations picked up from the street against the electoral process. ”Though masquerading as an unbiased and concerned elder statesman, former President Obasanjo is, in reality, a known partisan who is bent on thwarting, by subterfuge, the choice of millions of Nigerian voters,” he said. Mohammed recalled that the former President, in his time, organised perhaps the worst election since Nigeria’s return to democratic rule in 1999, hence he is the least qualified to advise a President whose determined effort to leave a legacy of free, fair, credible and transparent election is well acknowledged within and outside Nigeria. ‘As the whole nation waits with bated breath for the result of last Saturday’s national elections, amid unnecessary tension created by professional complainants and political jesters, what is expected from a self-respecting elder statesman are words and actions that douse tension and serve as a soothing balm. ”Instead, former President Obasanjo used his unsolicited letter to insinuate, or perhaps wish for, an inconclusive election and a descent into anarchy; used his time to cast aspersion on electoral officials who are unable to defend themselves, while surreptitiously seeking to dress his personal choice in the garb of the people’s choice. This is duplicitous,” he said. The Minister reminded the former President that organizing elections in Nigeria is not a mean feat, considering that the voter population of 93,469,008 in the country is 16,742,916 more than the total number of registered voters, at 76,726,092, in 14 West African nations put together. ”With a deployment of over 1,265,227 electoral officials, the infusion of technology to enhance the electoral process, and the logistical nightmare of sending election materials across our vast country, INEC seems to be availing itself creditably, going by the preliminary reports of the ECOWAS Electoral Observation Mission and the Commonwealth Observer Group, among other groups that observed the election. ”Therefore, those arrogating to themselves the power to cancel an election and unilaterally fix a date for a new one, ostensibly to ameliorate perceived electoral infractions, should please exercise restraint and allow the official electoral body to conclude its duty by announcing the results of the 2023 national elections. ”After that, anyone who is aggrieved must follow the stipulated legal process put in place to adjudicate electoral disputes, instead of threatening fire and conjuring apocalypse,” he said. https://leadership.ng/dont-truncate-electoral-process-federal-govt-tells-obasanjo-2/ |
See money ooooo. So they want to use dollars to buy votes. Chai. |
A member of the House of Representatives and campaigner of Atiku Abubakar, Dr. Chinyere Igwe, has allegedly been arrested with $500,000 in Port Harcourt, Rivers State. Igwe, who represents Port Harcourt Federal Constituency 2, was nabbed on Friday during a stop and search operation along Aba Road. Spokesperson of Rivers Police Command, Grace Iringe-Koko, who confirmed the arrest, said: “A statement on it will be released soon”. https://thenationonlineng.net/just-in-atikus-campaigner-arrested-with-500-000-in-rivers/
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$1 may soon be exchanged for N1000. Chai, what is Nigeria becoming? |
The federal government is worried about the nation’s rising debt stock, which the director-general of Debt Management Office, Ms Patience Oniha, says would hit about N72 trillion with the new borrowing in the approved 2023 national budget. Nigeria’s total debt stock stood at N44 trillion as of September 2022. The public debt is an aggregation of federal government, 36 state governments and the Federal Capital Territory debts. “So, if you add the new borrowing, again, the budget is for the full year, it’s not like we are tying the new borrowing in the budget to be raised before the end of this administration. Certainly, some part of that could be done; give or take – depending on market conditions – N5 trillion. So, we are looking at about N72 trillion at about June; again, depending on market conditions,” Ms Oniha said yesterday. The DMO DG said the figure may not record a significant increase when the debt data for the last quarter of 2022 is released because much of the borrowing was done in September. “So, it won’t be significantly different,” Oniha said yesterday at the public presentation and breakdown of the highlights of the 2023 Appropriation Act in Abuja. The expected increase in the total debt stock is a combination of the current debt stock, government loan to CBN, new borrowings in the 2023 budget, issuance of Promissory Notes and cost of debt service. Oniha expressed worry over the huge fiscal deficit in the budget which she said can only be reduced by an improvement in revenue generation. The N21.82 trillion 2023 budget has a deficit of N11.34 trillion for 2023. This represents 5.03 percent of GDP. The executive had asked the National Assembly to approve securitization of the N22.7 trillion Central Bank of Nigeria’s Ways and Means to the federal government to lighten the burden of cost of debt service on the government. Also, minister of finance, budget and national planning, Zainab Ahmed, said if the approval is given, it will bring a significant fiscal relief to the federal government in addition to significant cost savings in debt service that will be derived by securitizing it. Currently, the ways and means is running at MPR+3 which today is averaging about 18.5 percent, which is a very high cost. However, if the approval is not given, the finance minister said, “We will end up with interest rate accruing again and adding to the ways and means – anything from N1.8 trillion to about N2.2 trillion. That will be the consequence. “Once that approval is given, we will benefit from a lower interest cost of nine percent and we will benefit from a fresh negotiated plan that we have made of 40 years with a three-year moratorium. That will provide very significant fiscal relief to the federal government.” Meanwhile, the finance minister has announced that the federal government has phased out pioneer status incentive for mature industries that have “illegally” benefited from the tax exemption programme. She said the federal government is working on phasing out the “antiquated” pioneer status incentive and other tax exemptions for mature industries with the 2022 finance bill. The finance minister said government has lost over N6 trillion to industries that are supposed to have exited the programme and allowed for infant industries to onboard, even though she acknowledged that it may be an unpopular move that is likely to draw public criticism. She said infant industries would be included on the list of those to enjoy tax incentives to enhance their survival. Speaking to the issue of N19 billion revenue projection from stamp duty in the new budget, Mrs Ahmed said the recent allegation of missing stamp duty funds by a federal lawmaker is currently being investigated by different committees both in the National Assembly and security agencies. Ahmed said if the allegation proves to be true and funds are recovered, it would help government to finance its huge budget deficit. A member of the House of Representatives, Muhammed Kazaure had raised the alarm of alleged theft of N89.1 trillion stamp duty proceeds, accusing governor of the Central Bank of Nigeria (CBN) of being behind the acclaimed missing money. In his welcome remarks, director-general of the Budget Office of the Federation, Ben Akabueze, said the government has put right measures in place that now ensure that the national budget is not padded during the appropriation process. An update of the 2022 budget performance showed that as of November 2022, FGN’s retained revenue was N6.50 trillion, 87 percent of the prorata target of N7.48 trillion. On the other hand, the actual spending as of November 30 was N12.87 trillion. Of this amount, N5.24 trillion was for debt service; N3.94 trillion for personnel costs, including pensions. Statutory Transfers, Overhead and Service Wide Votes expenditures totalled N1.81 trillion; and N1.88 billion was released for capital expenditure. Presenting a breakdown of the 2023 budget yesterday, the minister said oil sector only contributed 22 percent to the economy in 2022, a development she said is an indication that “the economy is truly, truly diversified.” Ahmed said, adding that the non-oil sector, driven by communications and agriculture, had grown the economy significantly. The finance minister said the early passage of the 2023 budget is critical to effective delivery of government’s legacy projects, achievement of macro-fiscal and sectoral objectives, smooth transition programme and effective take-off of the incoming administration. “To achieve the objectives of the budget, we will intensify our revenue mobilisation efforts and intensify current efforts towards the realisation of our crude oil production and export targets,” she stated. Exchange rate may go above $1/N1,000 – Utomi A political economist, Prof Pat Utomi, has said the exchange rate of the naira to the dollar may go above $1 to N1,000 if some “dramatic” measures are not taken by the federal government fiscal and economic policies. He also said the ways and means funding option of the federal government through the Central Bank of Nigeria (CBN) has become a routine violation of fiscal responsibility laws. “If you continue to generate or create money without creating value, the consequence is inflation and exchange rate will be collapsing, and will just multiply,” Utomi said on Channels Television’s Politics Today programme yesterday. Nigeria’s inflation rate as of the end of November 2022 was 21.47%. At the Investors and Exporters (I&E) window of the foreign exchange market, $1 exchanged for N450.03 as of January 4, 2023 while a single dollar goes for over N700 in the parallel market. However, Utomi said unless some dramatic economic steps are taken, a single naira may exchange for over N1,000. “I can tell you, God forbid, if we don’t do something dramatic, the effect of this budget is that the exchange rate will go past N1,000; that is the direct effect of this budget and you are going to see inflation probably go up to 50% if some new dramatic changes are not made,” he said, making reference to the 2023 Appropriation Bill totalling N21.83 trillion and signed into law by President Muhammadu Buhari on Tuesday. Utomi, an ally of Labour Party (LP) 2023 presidential candidate, Peter Obi, said the 2023 “weak budget” will lead to loss of jobs, inflation, and unimaginable economic hardship. He described the economic policies of the Buhari administration as “not people-friendly” and “not economic-growth oriented”. He blamed leadership at the centre and dysfunctional state governors for Nigeria’s economic woes and insisted that one of the ways forward is for the federal government controlled by the All Progressives Congress (APC) to fix the civil service. https://leadership.ng/alteration-of-2023-budget-federal-govt-at-crossroads-says-debt-profile-may-hit-n72trn/ |
Who will become Nigeria's president after 2023 presidential elections? |
