₦airaland Forum

Leaders of the Nigeria Labour Congress, NLC, and their Trade Union Congress of Nigeria, TUC, counterparts have put the civil society allies on notice over their planned industrial action should government fail to reverse the hike in electricity tariff and conclude the minimum wage by May 31.

In a joint communique issued today leaders of the two labour centres, gave the federal government and National Electricity Regulatory Commission, NERC, month ending to reverse the hike.

This came as they reiterated their May 31 ultimatum for government to conclude the new minimum wage or face a national strike.

Multichoice Nigeria, a popular Pay TV provider, has proceeded with the upward adjustment of its prices for DStv and GOtv subscribers, despite a recent court ruling prohibiting the company from raising rates.

On April 24, the company announced that it would increase its price for its DStv and GOtv cable services, beginning from the first of May.

Meanwhile, a competition and consumer protection tribunal (CCPT) in Abuja ruled that the firm should not increase its prices as scheduled for May 1.

A three-member tribunal led by Saratu Shafii gave the interim order following an ex-parte motion moved by Ejiro Awaritoma, counsel to Festus Onifade, the applicant.

Despite the court ruling, a check by Nairametrics revealed that the firm has proceeded with the tariff increase as earlier proposed.

On its official website, the new prices are now being displayed and implemented.

For DStv Premium subscribers, the price has moved from N29,500 to N37,000. Also, the price for Compact Plus has also soared from 19,800 to 25,000.

Compact rate has moved from N12,500 to 15,700 while Confam and Yanga subscribers will now pay N9,300 and N5,100 respectively from their previous rates of N7,400 and N4,200.

Similarly, GOtv subscribers will pay the new tariff increase as the prices have also changed on their official websites.

The elite subscribers (Supa+ and Supa) will now pay N15,700 and N9,600 respectively as against the previous rates of N12,500 and N7,600 before.

In addition, the Max and Jolli subscribers are now expected to pay N7,200 and N4,850 respectively. The former rates were N5,700 and N3,950.

On average, Multichoice increased the prices by 25%.

Reason for price hike
According to the Acting Chairman of the Federal Competition & Consumer Protection Commission (FCCPC), Adamu Abdullahi, Multichoice wrote a four-page letter to the commission explaining the reason behind the upward price review.

In the letter, Abdullahi stated that the company identified issues such as foreign exchange crunch, high electricity tariff and cost of running generators as some of the reasons why the rates were reviewed.

“We got a four-page letter from Multichoice, telling us the reason that led to this price increase.

“At a glance, we saw things like the cost of electricity, running generators, the cost of dollars for spare parts and so on. We’ll go through these items individually and find out how they have affected their operations,” Abdullahi said.

FCCPC to probe price hike
Speaking further, he said the commission would review the reasons identified by Multichoice, noting that the agency could involve regulatory bodies such as the National Broadcasting Commission (NBC) and the Nigerian Communications Commission (NCC) in the process.

According to Abdullahi, the commission will not hesitate to sanction the firm if it discovers that their prices are arbitrary or it is in any way manipulating the market.

“What we need to do is to bring in NCC and maybe NBC and Multichoice, sit down and look at all these variables that they claim caused the rise in prices.

“By and large, that’s the claim of what they are doing because they are a dominant player in this market. People have no choice but to go to them for cable television, so that’s why they are doing what they are doing.

“If by any chance we find out or we can confirm that that’s what they are doing, again we go back to the law and do what we are supposed to do,” the acting chairman of FCCPC added.

Backstory
Earlier, Nairemetrics had reported that Multichoice Nigeria, a Pay-TV operator, announced a price increase for its DStv and GOtv packages by at least 25%.

This marks the third increment since last year, following the initial adjustment implemented on May 1, 2023.

Multichoice stated that the latest increase will take effect from Wednesday, May 1, 2024.

While last year’s increment ranged between 19% and 20% depending on the bouquet, the company is now announcing a 25% to 26% increase across its packages.

The new subscription fees were communicated to customers via an email titled “Price Adjustment on DStv and GOtv Packages” on Wednesday, April 24, 2024.

The Nigerian Naira closed the month of April in a steep decline, closing at N1,390.96/$1 in the NAFEM, where the exchange rate trades officially.

This rate represents a 5.8% depreciation from the month’s opening rate of N1,309.39 and a significant drop from its mid-month high of N1,072.74.

The naira rallied against the dollar in the first half of April as a slew of central bank policy actions appear to have stifled speculation.

But things turned worse after the IMF Spring meetings, falling every day since the apex bank addressed concerns over the external reserves.

Meanwhile, this also signifies the 8th consecutive depreciation since the Naira last appreciated to as high as N1,072/$1, following initial enthusiasm over the central bank’s forex policies.

On the parallel market, the unofficial rates quoted were slightly stronger, with Nairametrics gathering data showing a range of N1,350 to N1,380/$1.

Market Highlights
According to data from FMDQ, the exchange rate gained marginally on Tuesday April 30th, closing at N1,390.96/$1 compared to N1,419/$1 a day earlier.

The intra-day trading witnessed highs of N1,450 and lows of N1,200, showcasing extreme volatility.

Forex turnover today was significantly lower at $225.36 million, a sharp fall from the $309 million recorded last Friday.

For the month of April, total forex turnover in the official market was reported at $3.94 billion, a significant decrease from the $5 billion recorded in March.

This suggests that the official market has seen a substantial reduction in forex activity.

The external reserves, however, have continued their slow upward trend, now standing at $32.13 billion, marginally higher than the $32.109 billion reported last week.

Analyzing the Depreciation
The recent plummet in the exchange rate can be attributed to a combination of rising demand for dollars, a strengthening U.S. dollar, and increasing inflation rates.

Moreover, the noticeable decrease in forex turnover has also played a significant role in the currency’s decline.

Central Bank Governor, Yemi Cardoso, stated that the volatility in exchange rates is expected to continue due to market forces suggesting that there will be “ups and downs” with rates.

This unstable forex landscape poses significant challenges for Nigeria’s economic stability, impacting both imports and inflation rates.

When on Wednesday this week, the Nigerian Electricity Regulatory Commission (NERC) announced a 300% increase in electricity tariff for power consumers on Band A, not a few lamented that the coming days may be fraught with outrage. Yours sincerely, as some others did, decided to confirm which of the bands they were classified into. I was given 40.9 units for N10,000, instead of the 163 units that I was previously entitled. That means that I shall now require the sum of N80,000 (Eight Thousand Naira) to get the 326 units I was using per month.

The new tariff increase is only for consumers on Band A who enjoy 20–plus hour power supply. In reality, considering the woeful performance of the power sector since its privatisation in 2010, no area, including the Aso Presidential Villa, can be classified on Band A. I stand to be corrected. As soon as the announcement for the new increase was announced, the Abuja Electricity Distribution Company (AEDC) switched most of its customers to Band A. Curses rented the night as customers poured into online platforms for lamentation. Even my area, reputed for enjoying electricity supply for less than 10 hours a day, with many days of darkness, was classified Band A consumer.

The replacement of the behemoth National Electric Power Authority (NEPA) with Power Holding Company of Nigeria (PHCN) would later lead to the unbundling of the power sector into 24 power generation companies (GENCOs) and 11 distribution companies (DISCOs) in 2010. The major problem with the power sector is that powerful individuals, described as briefcase entrepreneurs, are simply using cronies to fleece the nation of funds. Without investments since taking over the power sector, these so-called power firms are only using local bank loans to run their show and declaring huge profits producing crippling pits of darkness.

Disrespect for rules

Over 10 years the unbundling, power outages and endless collapse of the national grid have defined a myriad of challenges incapacitating power generation and distribution. With the peak of power generation not exceeding 5,000 megawatts, nearly 40 percent of generated power is lost in the cobweb of transmission hitches due to obsolete equipment, among others. For a sector that is yet to deliver 30 percent of its potential, the newly reviewed tariff is seen as a deliberate ploy to fleece consumers of their hard-earned money.

The terrible state of inefficiency that the power sector now finds itself is not due to absence of rules, but premised on non-investment and disrespect for the rule of the game, thereby vitiating effective supervision and regulation. Unlike the Nigerian Communication Commission (NCC) that has turned around the fortunes of telecommunication in the country, the NERC has been enmeshed in whipping unwilling horses to the river.

Faced with power companies that have largely remained briefcase outfits, the regulatory sector for the power sector is rendered by the forces having strings with the owners of the company who are always in bed with power dealers and top politicians. NERC may be seen as free, but it is not totally free from the trappings of former government officials whose influence within the present political powerplay cannot be overestimated. That the government is still in complete charge of power transmission is reflective of the need to unbundle the Transmission Company of Nigeria (TCN) so as to eliminate bureaucratic bottlenecks and extricate the virus of inefficiency that is ingrained in power transmission.

Do it right

There can’t be appropriate pricing of energy without reviving the comatose power sector. GENCOs and DISCOs are more interested in making profits than improving their performance profile for uninterrupted power to consumers. The last 10 years since the privatisation of the power sector have seen companies understaffed and not committed to increased levels of efficiency. The recent increase in tariff amounts to rewarding power companies for their woeful performance since taking over the power sector. There’s no way this increased tariff can stand, considering the gross incapability by these power firms to provide uninterrupted power to customers.

It is commendable that the NERC yesterday imposed a N200 million fine on AEDC, following complaints over its wholesale classification of its customers as belonging to Band A. Such a fine should send a very clear signal that cheating DISCOs would no longer be tolerated. If the government is for the welfare of the people; then, this current administration, led by President Bola Ahmed Tinubu, should summarily rescind its decision on the new electricity tariff that is out to punish distraught electricity consumers. The fact is that Nigerians have been overstretched, and imposing further strangulating measures on them will not only threaten democracy, but may also lead to a public revolt against harsh policies that have reduced them into beggars who now depend on palliatives for survival.

The federal government must be wary of economic solutions prescribed by the Bretton Wood institutions. Still soaked in the flood of unrivalled economic hardship caused by the removal of oil subsidies, the President Tinubu-led administration should be reminded that even United and other European countries in 2022 provided its citizens with over $500 billion energy subsidies. Efforts must be geared towards extricating corruption from the provision of subsidies and not its realities and existence for cushioning hardship among citizens.

Capital base of Nigerian commercial banks with international spread

New capital base: N500bn

Present capital => Capital need

1. Access: N251.81bn => N248.19bn

2. Fidelity: N129.71bn => N370.30bn

3. FCMB: N125.29bn => N374.71bn

4. First Bank: N251.34bn => N248.66bn

5. GTBank: N138.19bn => N361.81bn

6. Union Bank: N148.09 => N351.91bn

7. UBA: N115.82bn => N384.19bn

8. Zenith Bank: N270.75bn => N229.25bn

Nigerian Government has invited controversial Islamic cleric, Ahmad Gumi for questioning.

Gumi was invited for questioning over his comments on the activities of bandits in the country.

The minister of information and orientation, Mohammed Idris, stated this while addressing journalists at the State House, Abuja, on Monday.

The Office of the National Security Adviser (ONSA) has confirmed the escape of Nadeem Anjarwalla, the Binance regional manager for Africa.

A statement by Zakari Mijinyawa, head of strategic communication at ONSA, said “preliminary investigation shows that Mr Anjarwalla fled Nigeria using a smuggled passport”.

“The personnel responsible for the custody of the suspect have been arrested, and a thorough investigation is ongoing to unravel the circumstances that led to his escape from lawful detention,” the statement reads.

STATE HOUSE PRESS RELEASE

PRESIDENT TINUBU WELCOMES RELEASE OF KURIGA SCHOOL CHILDREN, SAYS SCHOOLS MUST BE MADE SAFE AND SECURE FOR LEARNING

President Bola Tinubu welcomes the news of the release of the Kuriga school children in Kaduna State and emphasizes the importance of collaboration between the federal government and states for expected outcomes, especially on matters of security.

The President commends the National Security Adviser, the Security Agencies, and the Kaduna State Government for the dispatch and diligence with which they handled this situation, noting that incipient urgency, meticulous attention, and tireless dedication are critical to optimal outcomes in cases of mass abductions.

President Tinubu also welcomes the release of pupils of a Tsangaya school in Sokoto State, commending all the parties to the feat for their valiant effort.

The President assures Nigerians that his administration is deploying detailed strategies to ensure that our schools remain safe sanctuaries of learning, not lairs for wanton abductions.

Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
March 24, 2024

How much is Nigeria owing other countries as at December 2023?

(Bilateral debt)

1. China: $5.17bn
2. France: $580.13m
3. Germany: $125.90m
4. Japan: $58.33m
5. India: $25.94m

Total bilateral debt: $5.96bn

Note: A bilateral debt represents money borrowed from other countries

NATIONAL Chairman of Labour Party, LP, Comrade Julius Abure, has told the President of the Nigeria Labour Congress, Comrade Joe Ajaero not to use the platform, funds and resources of the NLC to pursue his ambition of either becoming the president of the country in 2027 or governor of Imo State.

Abure stated this at Asaba, Delta State on Wednesday while reacting to the shutting down of the Labour Party’s National Headquarters by protesting members of the NLC who demanded for his immediate removal as National Chairman of the party.

He said the “picketing” of the party’s office was politically motivated, describing it as a show of rascality and abuse of office and the laws of the land.

He said: “I must state today that the leadership of NLC under Joe Ajaero is on the part of destroying the successes we have recorded in the 2023 general election.

“I had expected that expected that as a responsible trade union centre, a responsible labour leader number one should have teamed up with Labour Party to see how we can team up together to make the country better.

“Unfortunately and ironically too, the NLC is the one that is on the part of war against Labour Party. I must state clearly that Ajaero as NLC President has not been able to organise a successful strike action. Not even a single protest or even picketing government establishment in order to bring government to accede to the numerous requests of workers.

“As we speak, there are unfair labour practices meted out to workers by several organisations in the country. I have not seen Joe Ajaero go to such organisations to picket them.”

While reiterating that Joe Ajaero is not a registered member of the Labour Party, Abure said the party is not owned by NLC as being claimed by the labour union.

He said: “Over the past few years, NLC has been claiming ownership of Labour Party. l must state clearly that NLC is not the owner of Labour Party. The party is not owned by NLC.

“The law is very clear that you cannot picket an organisation where you do not have your workers. We are not the employers of NLC and they don’t have the legitimate reason to picket our office.

“We have no trade union dispute with NLC, there is no notice issued to us that we have a trade union dispute with NLC. This is clearly an abuse of office and abuse of the laws of the land.”

Regrettably, the (Okuoma) community complicit in this dastardly act has resorted to media propaganda and shenanigans, rather than engage in a positive effort to fish out the perpetrators of this heinous crime. This again is a clear indication that the murder of the troops was a communally orchestrated attack against legitimate forces.

The falsehood being peddled by these criminals and their cohorts to whip up sentiments and sway the public to coverup, endorse or support the outrageous criminal acts of their armed youth gang should be disregarded in its entirety, it is only a ridiculous attempt at justifying their crime, rather than turn in themselves to security agencies. There is no amount of propaganda that would arm-twist the narrative, they are complicit and must be ready to face the wrath of the law. —Nigerian Army

15 WORST CURRENCIES AGAINST THE US DOLLAR — 18 MARCH 2024

YoY Loss Against USD:
1 🇱🇧Lebanon: -497%
2 🇸🇾Syria: -418%
3 🇦🇷Argentina: -319%
4 🇳🇬Nigeria: -239%
5 🇸🇸South Sudan: -102%
6 🇹🇷Türkiye: -70%
7 🇦🇴Angola: -68%
8 🇲🇼Malawi: -64%
9 🇪🇬Egypt: -52%
10 🇻🇪Venezuela: -51%
11 🇧🇮Burundi: -38%
12 🇨🇩Congo: -33%
13 🇧🇾Belarus: -30%
14 🇱🇦Laos: -24%
15 🇿🇲Zambia: -23%

R Kelly has appealed to a New York court to overturn a 30-year racketeering sentence, served to him in 2022.

The R&B singer - whose full name is Robert Sylvester Kelly - was found guilty of racketeering and trafficking following a high-profile trial in New York in 2021.

It followed years of accusations throughout his career.

He was served an additional year in prison on charges relating to indecent images of children and child enticement in Chicago last year.

Kelly - who was not present at the appeal - alleges that prosecutors failed to prove their racketeering claim or that he violated several women.

He also says he was denied a fair trial because several jurors prejudged his guilt, his lawyer provided ineffective counsel, and the jury was "swamped" by excessive evidence of other alleged bad acts.

Kelly was defended in the appeal hearing by lawyer Jennifer Bonjean, who began by disputing the definition of a RICO enterprise (Racketeer Influenced and Corrupt Organizations) and whether there has to be anything inherently illegal about such an organisation.

Speaking about Kelly's team of staff, and whether they were aware of "what happened behind closed doors," she said that while "there were rules and things, [the staff] did these anodyne tasks that were perhaps a little unusual, but not that put them on notice that what was happening behind closed doors was illegal".

When asked about staff's specific knowledge of the age of girls recruited to come and see Kelly backstage, Ms Bonjean said: "I do not believe there was any evidence that the employee would book travel for someone who was in fact under the age of consent."

Kelly's brief marriage to pop star Aaliyah

Representing the United States, assistant US attorney Kayla Bensing said Kelly "had a system in place that lured young people into his orbit, and then he took over their lives".

She went on to describe women aged 16 or 17 invited by members of Kelly's staff to come backstage, including one who she said was invited by Kelly's bouncers to come backstage at a concert in Miami.

She said that was "three days after Kelly's marriage to Aaliyah, in which he bribed a county official in order to hide or alleviate the consequences of illegal sexual activity".

She also spoke about a former runner to Kelly, who described his girlfriends as "looking very young, specifically middle-aged teenagers".

Ms Bensing also said there was evidence Kelly's team knew he had been infected with herpes while having unprotected sex with his victims.

Claims of forced labour

She finally bought the claim of forced labour into the case, describing Kelly as "obtaining labour and services, here sex acts, through threats of serious harm or physical restraint against the victims".

In her three-minute rebuttal of the argument, Ms Bonjean said the forced labour counts "were premised on a single act," adding, "so unless the court is prepared to say that a single act of MouthAction, even if it's forced, frankly constitutes forced labour, that is just making federal law co-extensive with state law".

She also said the government was taking the position that "a RICO enterprise cannot not be rooted in criminality," which she described as "unique" and "not supported" by previous cases.

The judges will now consider the appeal, and will issue a written decision at a later date.

Under his current convictions, Kelly, who is 57, will not be eligible for release until he is 80 years old.

Kelly rose from poverty to become one of the world's biggest R&B stars. He became known for chart-topping hits including I Believe I Can Fly, Bump 'N' Grind and Ignition.

Although abuse allegations began circulating in the 1990s, widespread outrage followed the #MeToo reckoning and the 2019 series Surviving R Kelly.

Senate Spokesman, Senator Yemi Adaramodu denies Senator Jarigbe’s claim Senior Senators got N500 Million. He says no Senator got that much for Constituency Project.

Senator Opeyemi Bamidele from Ekiti Central Senatorial District, on Tuesday, raised the alarm that some discontent Senators are determined to impeach Senate President Godswill Akpabio before his first anniversary in office by June.

Bamidele also described as a “civilian coup”, claims made by Senator Abdul Ningi that the 2024 Budget passed by the Senate under Akpabio was padded.

A furious Bamidele, who is also the Majority Leader of the upper chamber, alleged that Ningi, who represents Bauchi Central Senatorial District, attempt to unseat Senate President Godswill Akpabio by allegedly inciting the Northern Senators’ Forum which he chaired against the Akpabio, a southern senator, who took over from Ahmad Lawan.

Good morning, @CustomsNG. Today, I thought to make excuses for you — that you haven’t investigated the recent murder of two anti-smuggling informants because you were oblivious of the tragedy.

So some more information to help you:

(i) The names of the slain informants are Owolabi Alaka and Shakiru Labeabo.

(ii) Both of them were shot to death.

(iii) Both of them were murdered in Ado-Odo.

(iv) One of them was shot in his car, just by a school, public enough to have ordinarily piqued your interest.

(v) And, finally, Customs officers have a reputation for receiving smuggling intel from informants, divulging it to smugglers, and using it to strike passage deals with smugglers.

These five points will definitely help you identify the killers if you really want to, or, well, if we’re all pretending until this point that you don’t already know.

There has been a fire breakout at the Dan-Agundi Transmission Station in Kano on Sunday, affecting several parts of the area.

Online footage shows the Dan-Agundi Transmission station, a crucial power supply chain for Kano City, engulfed in smoke.

As of the time of filing this report, the cause of the fire outbreak remains unknown, as residents were anticipating the arrival of firefighters to put out the fire.

According to authorities, the ongoing fire is damaging high-capacity transformers, and emergency responders have not yet arrived at the scene.

Meanwhile, TCN is yet to issue an official statement as of the time this report was made.

Binance will stop all transactions and trading in Nigeria's local currency after March 8 amid a country-wide crackdown on crypto exchanges that have been blamed by authorities for feeding a black market for foreign exchange.

It will stop supporting withdrawals after Friday and any remaining balances in Nigerian Naira will be automatically converted into Tether - a stablecoin whose value is pegged to the U.S. dollar.

Last week, Nigerian authorities detained two Binance senior executives on undisclosed charges as part of the crackdown.
They were still in custody, their local lawyer said before a parliamentary committee on Monday.

President Olusegun Obasanjo's 87 years of sojourn on earth has been eventful, and his services to Nigeria have been invaluable.

It is therefore fitting that on this special day of his birthday, we give due recognition to the man who has given his all to the growth and unity of our dear country.

I know first hand, that only very few Nigerians can rival the achievements of Chief Obasanjo.

President Obasanjo’s life continues to be a lesson in dedication and qualitative leadership.

His contribution to Nigeria as a nation remains unrivalled. May God bless you with many more years of health and dedication to Nigeria and the world.

On behalf of my family, I wish to heartily felicitate with my former boss and a man who indisputably gives best expression to the beauty of the diversity of the country we all love. -AA

Senator Titus Zam, federal lawmaker representing Benue North West, has lamented that the All Progressives Congress, APC, lost its peace since Rev Fr Hyacinth Alia became governor of the state.

The lawmaker, who spoke on behalf of the National Assembly members from the APC in Benue during the party’s stakeholder meeting in Makurdi, regretted that their party is now under siege.

The stakeholders had met at the Makurdi residence of the Secretary to the Government of the Federation, SGF, Senator George Akume over the lingering leadership crisis rocking the state chapter of the ruling party.

DAILY POST reports that Governor Alia and Akume, a former governor of the state, have been in a face-off over the control of the party’s structure in the state.

The APC stakeholders had, during the meeting, resolved to withhold support from Governor Alia until he recognizes Akume as leader of the party in Benue.

Speaking at the meeting, Titus Zam lamented that despite the efforts of the stakeholders to ensure that the governor emerged winner of the March 2023 gubernatorial polls, Alia has decided to abandon them.

He said, “Our party is under siege by the governor of Benue State. He is new in politics. The party was generous enough to give him the ticket against those long in the party before him. By God’s grace and with the support of all of us, he became governor. Since he became governor, the APC has had no peace.

“We are doing everything possible to ensure stability and peace to return to our party in Benue. It’s unfortunate that we had an embarrassing situation on Friday when our chairman, Agada, was stoned on his way to his office. PDP held a meeting on Monday, and nobody stopped them.

“We all spread out in the state to help him win on the day of the election. We will seek the intervention of the national secretariat of our party to ensure that Alia returns home”.

Two riot policemen have been beaten to death, and two others injured by a mob at Ikpeshi in Akoko-Edo local government area of Edo state.

The Nation reports that the mob action following an incident involving a Toyota Hilux vehicle belonging to escort-duty policemen in the convoy of former Edo House of Assembly member Emmanuel Agbaje, which hit a motorcycle, resulting in the tragic deaths of the rider, a woman, and her child.

Ikpeshi youths, according to sources, besieged the office of Edo State Security Vigilance Network, where the two policemen were taken, thereby overpowering and beating them to death.

However, two other policemen were rescued by the vigilance members, and their rifles were recovered.

The rescued officers are currently undergoing treatment at an undisclosed hospital in Edo.

Chairman of Akoko-Edo local government council, Tajudeen Alade, who condemned the activities of Ikpeshi’s youths, declared that the persons involved would be identified, arrested and prosecuted, to serve as a deterrent to other errant youths.

Edo Police Public Relations Officer (PPRO), Chidi Nwabuzor, a Superintendent of Police (SP), also confirmed the incident.

STATE HOUSE PRESS RELEASE

PRESIDENT TINUBU WELCOMES MULTI-SECTORAL AGREEMENTS WITH QATAR; SET TO RECEIVE QATAR'S INVESTMENT TEAM IN ABUJA

President Bola Ahmed Tinubu, and His Highness, Sheikh Tamim bin Hamad Al Thani, Emir of the State of Qatar, on Sunday in Doha, witnessed the signing of historic agreements between both nations, opening a gateway for leveraging the potential of mutual cooperation in pivotal sectors of education, enterprise development, investment promotion, youth empowerment, mining, tourism, and sports.

Before the signing ceremony at the Qatar Presidential Palace, President Tinubu assured his host of Nigeria’s preparedness to welcome investors into the country, noting the ongoing reforms that favour innovation, return on investments, and multiculturalism.

"Our greatest strength is our people. Our strength lies in the capacity of Nigerian youths. They have energy, talent, and self-belief. They are quality partners for Qatari industry. They are educated and reliable, and they are proactively seeking to add value wherever they are. A few cannot give a bad name to the many. Nigerian youths are ready to be unleashed for the mutual benefit of both nations.

"We have seen clearly the rapid pace and thorough quality of Qatar's development process. It is impossible not to be moved by what you have accomplished. The leadership in the country has proven its mettle, and we are here to gain deeper insight.

"There is nowhere in the world where you will find return on investment at the level of what you will see in Nigeria. A massive market of over 200 million skilled Nigerians, always industrious and ready to work.

"We face some short-term turbulence at the moment, but we have a government today that reflects the dynamism and talent of the Nigerian people. We are implementing the right solutions. This team works collaboratively with each other and our partners. Nigeria is ready for serious business," the President stated.

The Emir of the State of Qatar, His Highness, Sheikh Tamim bin Hamad Al Thani, emphasized that Qatar is open to President Tinubu's investment push, recalling that he traveled to Nigeria in 2019 owing to his belief that Nigeria is an important and strategic ally on its own and within the context of its role in regional affairs.

"I have no doubt about the great capacity of the Nigerian people. Everywhere in the world, they are known for their brilliance and hard work. We only need to ensure that this is happening inside of Nigeria rather than outside. The investments we have made around the world have been very fruitful. This is because we take our time and study opportunities before we invest the common wealth of our people. It is not my money. The money we invest belongs to the future generations of Qatar.

"Mr. President, I am very encouraged by your actions and your passion to create new opportunities. We are very open to this, and follow-up is everything at this point. The will is there for both of us, but we must follow up. I will send a team of officials to Nigeria after Ramadan, and we will advance discussions on what some of the actionable investment opportunities are," the Qatari leader said.

President Tinubu immediately named the Coordinating Minister of the Economy and Minister of Finance, Mr. Wale Edun as the team leader of the government team that will interface with Qatari authorities in investment identification and implementation moving forward.

Furthermore, during the bilateral deliberations, President Tinubu enabled a brief presentation to the Emir by the Minister of Solid Minerals Development, Dr. Dele Alake, who spoke in detail about the high-grade of several minerals, including lithium, immediately derivable across the country with an emphasis on imminent opportunities for local mineral processing and value-additive industry in the sector.

The bilateral engagement was followed by a closed-door meeting between the two Heads of State before they proceeded to the signing ceremony for seven bilateral agreeements across multiple sectors.

The seven agreements signed are: cooperation agreement in the field of education; regulation of employment of workers with the Government of Qatar; establishment of a joint business council (JBC) between the Qatar Chamber of Commerce and Industry and the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA); in addition to a cooperation agreement in the field of youths and sports.

The other agreements are: cooperation in the field of tourism and business events, and a memorandum of understanding combating illicit trade in narcotic drugs and psychotropic substances.

The documents were signed by the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, and relevant officials in the Government of the State of Qatar, Buthaina bint Ali Al Jabr Al Nuaimi, Minister of Education and Higher Education; Dr. Ahmad Hassen Al-Hammadi, Secretary General at the Ministry of Foreign Affairs; Sheikh Khalifa Bin Jassim Al Thani, Chairman of Qatar Chamber of Commerce & Industry (QCCI), and Abdullah bin Khalaf bin Hattab Al Kaabi, Undersecretary of the Ministry of Interior (MOI).

Nigerian ministers who were present at the ceremony were: Coordinating Minister of the Economy and Minister of Finance, Mr. Wale Edun; Minister of Solid Minerals Development, Dr. Dele Alake; Coordinating Minister of Health and Social Welfare, Professor Muhammad Ali Pate; Minister of Trade, Industry and Investment, Dr. Doris Uzoka-Anite; and the Minister of State for Petroleum Resources (Gas), Mr. Ekperipe Ekpo.

Also at the meeting were the National Security Adviser, Mallam Nuhu Ribadu, and Special Adviser on Energy, Mrs. Olu Verheijen.

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

March 3, 2024

MTN Nigeria Plc has reported a loss before tax of N177.8 billion compared to a pre-tax profit of N518.8 billion a year earlier. The losses resulted in a wipe-out of shareholders’ funds.

The company attributed the losses to a massive foreign currency loss of N740 billion up from N81 billion reported in 2022.

This is the company’s first-ever loss since it became a quoted company in Nigeria.

According to MTN, “the loss was significantly due to operational changes to the Nigerian Foreign exchange market, including the abolishment of the segmented/parallel structure announced by CBN in June 2023.”

MTN also stated that it has used an official (NAFEM) exchange rate of N907.11/$1 as of 31 December 2023 suggesting losss could be wider if the current exchange rate between the naira and dollar persis by the end of March when it publishes its Q1 results.

Key Highlights
Revenue (2023 vs. 2022): N2.469 trillion vs. N2.012 trillion, +22.69% YoY.

Operating Profit (2023 vs. 2022): N773.660 billion vs. N734.164 billion, +5.38% YoY

Finance Income (2023 vs. 2022): N25.815 billion vs. N13.768 billion, +87.50% YoY

Finance Cost (2023 vs. 2022): N236.927 billion vs. N147.287 billion, +60.86% YoY

Net FX Loss (2023 vs. 2022): N740.434 billion vs. N81.822 billion, +804.93% YoY

(Loss)/Profit after tax (2023 vs. 2022): -N137.021 billion vs. N348.727 billion, -139.29% YoY

(Loss)/Earnings per share (2023 vs. 2022): -N6.38 vs. N16.76, -138.07% YoY

Total Borrowing (2023 vs. 2022): N1.177 trillion vs. N689.673 billion, +70.69% YoY

Total subscribers increased by 5.3% to 79.7 million
Active data users increased by 12.7% to 44.6 million
Active mobile money (MoMo PSB) wallets increased by 163.2% to 5.3 million
Earnings before interest, tax, depreciation, and amortisation (EBITDA) grew by 12.3% to N1.2 trillion
EBITDA margin decreased by 4.5 percentage points (pp) to 48.7%
Net loss for the year has resulted in a depletion of its retained earnings and shareholders’ fund to negative N208.0 billion and N40.8 billion, respectively

Other updates MTN Nigeria communicated that due to the substantial currency devaluation and its repercussions on retained earnings, the Directors will not propose a final dividend payment, given the resultant loss for the year ended December 31, 2023.

However, it is important to note that MTN Nigeria had on July 27, 2023, approved interim dividends of N117.48 billion for the year ending December 31, 2023, amounting to N5.60 kobo per ordinary share.
MTN Nigeria Communications Plc (MTNN) closed at N222.90 on the last day of February, representing a year-to-date (YtD) loss of 15.6% for shareholders.

Shareholders’ worries are compounded by the fact that MTNN has lost 19% of the stock’s value from February 1st to date.

MTN also stated that despite the losses, they maintained strong free cash flow generation (up 11.6% YoY to N631.6 billion).

Company Commentary: “2023 witnessed a very challenging operating environment characterised by rising inflation, currency devaluation and foreign exchange shortages, complicated by geopolitical disruptions and cash shortages in Q1 arising from a redesign of the naira.

These factors created severe headwinds for our customers and our business during the year. The inflation rate increased throughout the year, reaching 28.9% in December 2023 – the highest reading in 18 years – with an average rate of 24.5%.

This was further exacerbated by higher fuel prices, arising from the removal of the fuel subsidy in May 2023, with the average prices of diesel and petrol up by 66.4% and 257.1% in 2023 to N1,416.8/litre and N600/litre, respectively. In June 2023, the Central Bank of Nigeria (CBN) adopted a more liberal foreign exchange management system and reintroduced the ‘willing buyer, willing seller’ model.

This has resulted in a 96.7% unfavourable movement in the exchange rate against the US dollar from N461.1/US$ in December 2022 to N907.1/US$ (Nigerian Autonomous Foreign Exchange Market (NAFEM) rate) in December 2023.

This development contributed meaningfully to the upward pressure on the cost of doing business in Nigeria, and for MTN Nigeria in particular, significantly increased the costs in relation to our tower leases.”

Nobel laureate, Prof. Wole Soyinka on Thursday called for total decentralisation of Nigeria in order to bring about self-sufficiency and sustainable development.

Soyinka, who was the Guest Speaker at the Punch 50th Anniversary lecture said the word “Restructuring” refused to disappear, despite evasion by one elected leader after another.

“Of course, that word means different things for different people – just what is strange and unusual about that? Certain facts however, implicitly admit that the word has a number of common, pragmatic implications for both governance and the governed, that indisputable commonality being as follows: the present contraption is not working – neither economically, developmentally, or even as a material expression of any functional social philosophy.

“Another is that those who come in power have indulged in pretend exercises in that direction, engaging the populace in totally phoney exercises – obviously just to “pacify the natives”. It is surely time that this demand be taken seriously, and addressed head-on,” he said.

Soyinka argued that there is no shortage of reasoned and implementable propositions in past conference papers, including even sham, money-guzzling initiatives, summoned to distract attention from conspiracies for self-perpetuation in power.

“It is high time we stopped the cyclic distraction of re-inventing the wheel. The spokes are in place, the rims intact. Only the will, not the wheel, is missing in action. The Press, needless to urge has a crucial role to play in this! However, be it noted that the Press is only one of the enabling estates – all arms of governance, most pertinently, at state level, have a propulsive, even commanding role to play in the effort.

“Repeatedly, backed by constitutional authorities, both publicly and privately, we have pointed out to them that there is sufficient constitutional leeway in the present protocols of association – if I may quote myself unapologetically – to “push the envelope as far as it can go without actually bursting” – if the centre continues to shirk away from this now strident imperative. I repeat that wearisome call yet again. There can be no further evasion.

“That assertion is made both as a general principle of socio-political volition that is fundamental to any free, truly liberated people, and as informed response to the actualities in which we struggle to exist as a sentient people, responsive to the exigencies of daily manifestation of change.

“To anticipate accustomed banal responses, let me state quite clearly that no one has ever claimed that Decentralisation – a precise word I personally prefer – will end Hunger in the land or terminate religious conflicts and other forms of national malaise, no.

“We simply insist that this is central to the incomplete mission of – nation-being. It is essential to activities of basic existence such as food production, and access to such products.

“Palliatives remain crude, short term, stop-gap measures only. As a veteran of food security working conferences from Uganda to India, from Paris to Sochi, I insist that, for a nation to be food self-sufficient, and sustainably, decentralization is the key, not collectivisation,” Soyinka stated.

Soyinka said what he did at the lecture today was to simply point out, quite generally that, in addition to the nation’s current state of economic recession, more than one section is in a state of secession.

He argued that secession is not defined solely through geography, as there is also a secession of minds, independent of the merely geographical.

“It has become a pointless exercise to argue whether this is a positive or negative development. Both entail risks. What we can agree upon is whether or not a collective strategy can mitigate the negative consequences of either secessionist mode.

“Bearing in mind that scabbing over suppurating sores merely deepens the abscess, not miraculously heals it, It becomes irrelevant if such wounds are self-inflicted, opportunistic, self-indulged and pampered, largely imaginary – I think the medical expression is psychosomatic or – genuine wounds.

“We know the pattern – once programmed, sustained indoctrination set in, then, take it from me, the battle is over and the choices squeezed down below Ground Zero. Sectarian self-preservation then becomes paramount, with the very dire consequences that we had striven so hard to evade.

“Check the world wide over, and you discover that Nigeria is not a favoured child of History, indeed, it is more the abandoned foundling of the human race. Truth is now submerged within the blood stream of memory, not in the operations of the mind.

“Permit me to end with one of my extreme convictions – I call it extreme but it is nonetheless a product of history – including contemporary actualities – if you don’t believe me, just cast your gaze in the direction of Ukraine, of Gaza or the Horn of Africa. That conviction has weathered time and localities, and declares, quite simply: “Let nations die, that humanity may live!” he stated.

Nestle Nigeria Plc has reported a loss before tax of N104 billion for the year ended 2023 compared to a profit before tax of N71 billion same period in 2022.

This is according to the 2023 financial statement of the company published on the NGX on Wednesday, 28th February 2024.

The company reported a foreign exchange loss of N195 billion which was the major reason for the overall loss reported by the company.

The forex losses also resulted in a wipeout of the company’s shareholder funds which is now a negative N78 billion from N30.2 billion a year earlier. This means the company’s liabilities now exceed its assets.

Nestle will also not be able to pay dividends based on the status of its shareholder’s funds.

Breakdown of the result
Revenue for the year is N547.1 billion up from N446.8 billion reported a year earlier
Gross profit N217.7 billion versus N155.7 billion (2022), +39.8% YoY
Operating Profit N123.7 billion versus N87.4 billion (2022), +41.5% YoY
Net Finance Cost -N227.8 billion versus N16.3 billion (2022), +1,297%
Pre-tax loss of N104 billion versus Pre-tax profit of N71.1 billion (2022).
Loss after tax of N79.4 billion versus Profit after tax of N48.9 billion (2022).
Shareholder Funds -N78 billion versus last year’s N30.2 billion.
Interest-bearing loans of N402.2 billion versus N155.2 billion (2022)

According to records seen by Nairametrics, Nestle has drawn down about $362.25 million in foreign currency loans. The loans were obtained from its parent company Nestle SA.

Nestle’s Going Concern Status
The company acknowledged the effect of the losses on its going concern status stating as follows

“The Company made a net loss of N79 billion (2022: net profit N49 billion) for the year ended 31 December 2023 and as at that date, its total liabilities exceeded its total assets by N78 billion (2022: net asset N30 billion).”
“Despite the strong operational performance, the net profit is impacted by significant devaluation of the naira. The company believes that as macroeconomic situation stabilizes, the same would yield positive impact to the overall economy as well as company results.”
“The company has taken robust margin management and cost management initiatives to address significant forex volatility and cost inflation.”
“In 2023, the company’s revenue grew by 22.4%, an increase of ₦100billion and the operating profit increased by 41.2%.”
The negative shareholder funds incurred by Nestle will most likely lead to a fresh raise of capital. This is to ensure the going concern status of the company is guaranteed.

According to Nairametrics Estimates, Nestle will most likely raise capital over N100 billion to ensure it continues to operate effectively.

Nestle Still Cashflow Positive
Meanwhile, the net cash flow of the company remained positive at N49 billion despite the negative shareholder funds.

Nestle also stated that during the year it invested N61 billion in the expansion of its lines at the three factories located in Agbara, Sagamu, and Abaji.
They also invested in the enhancement of our distribution center (DC) operations at Sagamu, Ogun State.
Amidst the economic challenges it also launched 5 new products and ventured into affordable plant-based nutrition through NIDO Soya.

The Nigeria Labour Congress (NLC), on Tuesday night, suspended its two-day protest all over the country.

The Labour, in a communique at the end of its National Executive Council meeting, said the objectives of the protest were achieved on the first day of the demonstration.

“Consequently, NEC-in-session resolved as follows: to suspend street action for the second day of the Protest having achieved overwhelming success thus attained the key objectives of the 2-day protest on the first day,” the communique partly read.

Nigeria is battling rising inflation, food inflation, forex crisis, economic hardship and high cost of living occasioned by the removal of petrol subsidy, attracting protests in parts of the country.

The Presidency had engaged labour leaders in a last-minute talks on Monday night but the meeting ended in a stalemate as the NLC insisted that the protest was going to hold.

Subsequently, the NLC grounded economic activities across the country on Tuesday, with labour leader Joe Ajaero, saying that the protest was about hunger and not just a clamour for a review of the minimum wage.

“You have to understand it. This protest is about hunger. What of those who are not working? The minimum wage, when will it be completed? When will it be implemented? What will be the minimum wage that will remove hunger?” Ajaero queried.

However, in its communique late Tuesday, the first day of the protest, the highest organ of the NLC suspended “street action for the second day of the Protest having achieved overwhelming success thus attained the key objectives of the 2-day protest on the first day”.

“However, Nationwide action continues tomorrow with simultaneous Press Conferences across all the states of the federation by the state Councils of the Congress including the National Headquarters.

“To reaffirm and extend the 7-days ultimatum by another 7 days which now expires on the 13th day of March, 2024 within which the Government is expected to implement all the earlier agreement of the 2nd day of October, 2023 and other demands presented in our letter during today’s nationwide protest.

“To meet and decide on further lines of action if on the expiration of the 14days Government refuses to comply with the demands as contained in the ultimatum.”

The Office of the President of the Senate has been drawn to various misconceptions in the public domain on the statement credited to the President of the Senate in the plenary of Wednesday, February 21, 2024, during the presentation of a report of the joint Committees on Finance, Agriculture/Food Sufficiency, Banking and Insurance.

During the session, the President of the Senate commented on the payment of an unverified cumulative sum of about N30bn to the sub-national governments by the Federal Government for various interventions to ameliorate the food situation of our citizens at the sub-national governments.

The unfortunate conjectures to take away the kernel in the material facts of FAAC payment are rather regretted. In considering the well-intended motive of urging state governments to collaborate with the Federal government of President Bola Tinubu to facilitate strategic interventions to mitigate the prevailing economic situation in the country remains the underpinning motivation in the comment.

The President of the Senate is not oblivious to the fact that state governments are functional partners in all the efforts of the current administration of President Bola Tinubu and are also valuable stakeholders’ in the various legislative engagements of the legislature in creating the nexus between the legislature and the people.

The President of the Senate recognises and appreciates the current efforts of the governors at ameliorating the adverse effects of the current inclement socio-economic environment and therefore invites more hands on the plow to complement the renewed hope agenda

Eseme Eyiboh
SSA to the President of the Senate

The Minister of Information and National Orientation, Mohammed Idris, has condemned the coordinated and sustained targeting of journalists by the Israeli security forces in the ongoing conflict in Gaza.

Idris, in a statement issued by his Special Assistant (Media), Rabiu Ibrahim, stressed that the action represented flagrant violations of press freedom and human rights.

Idris, according to Ibrahim, made the remarks in his speech at the Extraordinary Session of the Islamic Conference of Information Ministers with the theme: ‘Israeli Government’s Disinformation and Hostilities Against Journalists During the Israeli Occupation of Palestine’ held on Saturday, February 24, 2024, in Istanbul, Turkey.

Idris who was represented by the Head of Mission of the Nigerian Embassy in Turkey, Ambassador Zayyad Abdul-Salam, noted that since the beginning of the conflict, Journalists have been subjected to harassment, intimidation, violence, and even death simply for carrying out their duty to inform the public and uphold the principles of truth and justice.

According to Idris, “From the statistics provided by the Committee for the Protection of Journalists (CPJ), about 88 journalists and media workers were killed since the war began on October 7, 2023.

“As Ministers of Information representing member states of the Islamic Conference, it is incumbent upon us to condemn in the strongest terms these atrocities and censorship against journalists performing their legitimate duties in Palestine. We must stand firm in solidarity with our colleagues in the media who risk their lives daily to report the humanitarian crisis in Palestine under occupation and to give voice to the voiceless.”

Idris, however, called on his colleagues to always insist that the truth is upheld at all times by demanding a conducive atmosphere to enable the media to carry out their duties, denounced any attempt to distort the facts and whitewash the humanitarian situation in Palestine.

He advised the Ministers attending the conference to explore strategic communication, advocacy, and collaboration to amplify the voices of journalists who courageously document the human rights abuses and atrocities committed against the Palestinian people.

“At the heart of our response must be a commitment to upholding the principles of press freedom, freedom of expression, and the right to information. These fundamental human rights enshrined in international law constitute essential pillars of democracy and good governance. We cannot allow them to be trampled upon by those who seek to silence dissent and control the narrative,” Idris said.

The Minister further called for an immediate ceasefire in Gaza and emphasized Nigeria’s position on a two-state solution to address the crisis in Palestine, ensuring the rights and sovereignty of both Palestinian and Israeli peoples are respected and upheld.

The Nigeria Labour Congress (NLC) has alleged that the government has perfected plans to launch attacks against the two-day nationwide peaceful rallies it scheduled for 27 and 28 February.

NLC President Joe Ajaero made the allegation in a statement he signed and made available to journalists on Sunday in Abuja.

In a swift response, however, the federal government has denied the allegation describing it as “speculative.”

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, said by raising the allegation, “NLC is feeling guilty in hatching its hidden agenda influenced by partisan considerations.”

Mr Onanuga who spoke to the News Agency of Nigeria (NAN) on the alleged attack, said the planned protest is illegal as it is against a subsisting order of court.

He said the NLC had a hidden agenda because most of the issues raised by labour for embarking on the protest had been addressed by the government.

Mr Ajaero in his statement titled, “As the State Prepares to Unleash Violence on us” alleged that one of the groups being primed to attack the peaceful rallies is by a nebulous name, Nigeria Civil Society Forum (NCSF).

“NCSF is one of the emergency groups put together, funded, promoted and remote-controlled by government to cause violence against our members for electing to peacefully protest against the hunger in the land.

“We would want the State to know that the solution to our horrible economic situation and hunger is not by suppressing peaceful dissent or inflicting violence on peacefully protesting citizens,” he said.

Mr Ajaero insisted that the NLC and its civil society allies were moving ahead with the protest rallies against economic hardship and insecurity in line with the decision of the National Executive Council.

“As citizens, we have a fundamental right to peaceful protest and history bears us witness that our protests are always peaceful except in instances of State-engineered violence.

“In light of this, we advise the State to put on its thinking cap and find solutions to the pains it continues to cause the people instead of further dehumanising them,” he said.

Mr Onanuga, however, insisted that the issues raised by the labour union had been addressed by the government, including the payment of a wage award of N35,000 monthly for six months.

He said the money had been paid to civil servants up till January 2024 and only that of February is outstanding.

The president’s aide said the federal government had inaugurated a 37-member Tripartite Committee on National Minimum Wage to review and come up with an acceptable and sustainable Minimum Wage for Nigerian Workers.

He said the government had made substantial financial commitments on the provision of CNG Buses and Conversion Kits.

According to Mr Onanuga, the buses will be rolled out very soon to alleviate the transportation challenges being faced by Nigerians.

Despite the agreement reached with manufacturers that cement should be sold for N7,000, the product is still being sold for between N10,000 and N11,000 in the Idimu area of Lagos state.

A retailer, simply identified as Alhaja, said the news that cement should sell for N7,000 is just a hoax.

According to her, Dangote blocked all payment portals while negotiations were on with the Federal Government, and by the time it was reopened, the price was hiked again.

She said: “Even BUA which was selling for N3,500 was the first to hike prices. In fact, the Dangote payment portal was blocked last week, only for them to reopen it and the price was increased by another N400. All the noise of N7,000 is just in the media, it’s not real.

“But we pray and hope it is effected soon enough because this price hike is really slowing down business.”

Another outlet did not have any stock on the ground. The owner, who pleaded for anonymity, corroborated Alhaja.

He said: “At this point, I don’t know what else to do. Cement is off-limit for now because I don’t even know how to restock. The N7,000 price being bandied in the news is unreal. The price was increased by N400 after manufacturers met with the government. We just hope things return to normal as soon as possible.”

Nigeria’s Gross Domestic Product (GDP) on an annual scale, the GDP expanded by 2.74% in 2023, a slight deceleration from the 3.10% growth rate achieved in 2022.

This represents the slowest growth since 2020 when the economy contracted by –1.92% due to the pandemic.

For Q4 2023, experienced a growth of 3.46% on a year-on-year basis in Q4 of 2023. This rate of expansion signifies a slight decrease from the 3.52% growth observed in Q4 of 2022, yet it marks an improvement over the 2.54% growth rate seen in Q3 of 2023.

The primary driver of this economic growth in the final quarter of 2023 was the Services sector, which not only grew by 3.98% but also contributed significantly, accounting for 56.55% of the total GDP.

Meanwhile, the Agriculture sector also saw a modest increase in its growth rate, moving from 2.05% in the fourth quarter of the previous year to 2.10% in the same quarter of 2023.

In the fourth quarter of 2023, Nigeria’s industry sector witnessed a growth rate of 3.86%, marking a significant recovery from the -0.94% decline observed in the same period of 2022.

This growth contributed notably to the country’s aggregate GDP, with both the industry and services sectors increasing their contributions to the overall GDP in the fourth quarter of 2023, compared to their performance in the fourth quarter of 2022.