 Politics › Re: Road To 2023: Mass Defection Hits Niger APC by treesun: 9:50pm On Aug 15, 2022 |
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| Politics › Re: Sack Security Adviser, Northern Group Tells Buhari by treesun(op): 3:32pm On Aug 15, 2022 |
We are waiting for Wednesday! |
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| Education › Re: We’ve No Business With Parents, They Should Beg FG – ASUU by treesun: 11:05am On Aug 15, 2022 |
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| Crime › Re: Court sentences kidnap kingpin, Wadume to seven years Imprisonment by treesun: 11:03am On Aug 15, 2022 |
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| Politics › Re: Nigeria’s N9tn Oil Revenue Threatened, FG Blames Theft by treesun(op): 11:03am On Aug 15, 2022 |
Lalasticlala! |
| Politics › Nigeria’s N9tn Oil Revenue Threatened, FG Blames Theft by treesun(op): 9:45am On Aug 15, 2022 |
Nigeria’s oil production slumped by 28 million barrels between January and July 2022, threatening the Federal Government’s N9.37tn oil and gas revenue target by the end of the year.
The Federal Government, in the 2023-2035 Medium Term Expenditure Framework & Fiscal Strategy Paper recently presented by the Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, blamed oil production shut-ins due to pipeline vandalism, crude oil theft and high petrol subsidy cost.
Most industry experts who spoke with The PUNCH on Sunday also attributed the decline to oil theft, which appears to have defied solutions.
After posting a high crude oil production figure of 1.399 million barrels per day in January 2022, Nigeria’s production crashed to as low as 1.084mbpd in July.
By dropping from 1.399mbpd in January to 1.084mbpd in July, it means the country lost about 315,000 barrels of crude oil daily, amounting to 28.4 million barrels of oil during the six months interval.
Findings by our correspondent on Sunday from various monthly oil production reports of the Organisation of Petroleum Exporting Countries indicated that Nigeria actually stepped up its output from 1.197mbpd produced in December 2021 to 1.399mbpd in January 2022.
But this could not be sustained, as the country’s oil production commenced a descent in February, dropping to 1.258mbpd and crashed further in March to 1.238mbpd.
The plunge continued in April and May, as the country produced 1.219mbpd and 1.024mbpd in the respective months.
The country’s oil production moved up marginally in June, rising to 1.158mbpd, but this was short-lived, as it eventually dropped to 1.084mbpd in July this year.
OPEC explained that the crude oil production figures were based on direct communication. Data from the global oil group further showed how Nigeria’s quarterly oil production moved up from 1.26mbpd in the fourth quarter of 2021 to 1.299mbpd in the first quarter of this year.
But it dropped to 1.133mbpd in the second quarter of 2022, a development that operators in the sector and government officials repeatedly attributed to massive crude oil theft.
The Group Chief Executive Officer, Nigerian National Petroleum Company Limited, Mele Kyari, stated on Friday that the NNPC was partnering with security agencies and other stakeholders to tackle the menace.
The NNPC boss also cautioned refineries outside Nigeria that patronised dealers of stolen crude oil, insisting that the commodity was not refined in Nigeria due to the non-functional refineries across the country.
“We are also creating a platform where end-users, particularly refiners and traders, can validate if the crude they are handling from Nigeria is from genuine sources and whenever they have a non-validated product, they have an obligation to report to the necessary authorities in the world,” Kyari stated.
He added, “If they don’t do this, then the culprits are international. That means they are part of the ring and whenever we discover this, we will take necessary actions against such culprits.
“And I’m sure our partners will cooperate with us to make sure that this is done.”
This, according to Kyari, was because such massive oil theft could not succeed without international collaboration.
“It is impossible for any refinery to take crude oil that they don’t know its source. It is not possible,” he stated.
The NNPC helmsman added, “Refineries are designed to process a certain specific grade of crude. They know which crude they are processing. If it is from Nigeria, every refinery knows that it is from Nigeria.
“And it is their (refineries) duty to ensure that they validate this because we have a unique number for every cargo that leaves this country.”
Poor revenue performance
Despite claims by the Federal Government that it had initiated a number of revenue generation programmes, it failed to hit its oil and gas revenue target of N3.12tn for the first four months of the year.
The 2023-2035 Medium Term Expenditure Framework & Fiscal Strategy Paper recently presented by the Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, showed that the government projected to make N9.37tn oil and gas revenue in 2022.
However, this seems unlikely now, as oil, which is Nigeria’s biggest revenue earner, is experiencing a dip in production, experts have said.
It was expected that between January and April, the government should have earned N3.12tn.
However, the government attained merely a 39 per cent performance as it generated only N1.23tn within the first four months of the year, failing to meet its target.
The document read in part, “The gross oil and gas federation revenue for the full year 2022 was projected at N9.37tn; as of April 30, 2022, N1.23tn was realised out of the prorata projection of N3.12tn, representing a mere 39 per cent performance.”
In the document, the government blamed the poor performance despite higher oil prices on oil production shut-ins due to pipeline vandalism, crude oil theft and high petrol subsidy cost.
Non-oil revenue
Non-oil revenue also failed to meet its target but had an average performance of 92.6 per cent.
The government further expressed hope that it would improve revenue performance as it claimed to be making concerted efforts to address the oil theft and pipeline vandalism.
The document also showed that the government looked to get more taxes in the next half of the year.
It read in part, “There is also seasonality to some of the non-oil taxes, which means that we expect to collect significantly more in the second half of the year.”
In 2020, the Federal Government initiated the Strategic Revenue Growth Initiative to boost revenue generation and sustainability.
Last year, the finance minister said that the government was working on the second phase of the SRGI to achieve a target revenue to Gross Domestic Product of 15 per cent by 2023.
Also, while presenting the 2022 budget last year, the finance minister admitted that the country was struggling with generating revenue.
She added that apart from the SRGI, the government was taking certain measures to ensure effective revenue measures.
The document read in part, “However, revenue currently remains our main fiscal challenge. The government remains committed to the effective implementation of the Strategic Revenue Growth Initiatives.
“In addition to the SRGI, we are leveraging technology and automation, plugging fiscal drainers and ensuring more effective Independent revenue monitoring.”
The finance minister also said that the government was planning to address revenue leakages by concluding the service-wide implementation of IPPIS, eliminating regressive subsidies on petrol price and electricity tariffs, as well as enforcing a cost-to-income ratio cap for government-owned enterprises.
However, the Federal Government has yet to remove subsidies on petrol, which have been a heavy fiscal burden on the government, draining its revenue.
In a recent The PUNCH report, it was disclosed that the cost of fuel subsidy was estimated to increase by 369.93 per cent from 2021 to 2023.
In 2021, the NNPC said fuel subsidy gulped N1.43tn, although there was no record for under-recovery in January.
The finance minister said that the Federal Government had projected to spend N6.72tn on petrol subsidy payments in 2023.
However, Ahmed noted that subsidy payment projection was based on two scenarios, with the first being spending an estimated N6.72tn for the entire year and the second, removing subsidies by June 2023, with the government spending N3.36tn rather than the full estimated N6.72tn.
She further noted that both scenarios had implications for net accretion to the federation account and projected deficit levels.
In January this year, the Federal Government ignored warnings from economists and multilateral agencies such as the World Bank and International Monetary Fund, deciding to retain the controversial fuel subsidies for another 18 months following threats of protests by the Nigerian Labour Congress and other interest groups.
Related News Nigeria losing 2,000 oil trucks daily –SPE boss Oil theft: Okowa calls for surveillance contract review Oil theft, hostile environment stall modular refineries’ takeoff
Also, despite other measures claimed to be made towards revenue generation, the government has still failed in meeting its revenue target.
It appears that this failure is driving the government towards accumulating more debts and introducing more taxes.
The Debt Management Office recently disclosed that Nigeria’s total public debt stock increased to N41.60tn in the first quarter of 2022, from N39.56tn as of December 2021, showing an increase of N2.04tn within a period of three months.
The PUNCH recently reported that the Federal Government’s total borrowing from the Central Bank of Nigeria through Ways and Means Advances rose from N17.46tn in December 2021 to N19.91tn in June 2022.
According to data from the CBN, this shows that the Federal Government borrowed N2.45tn from the apex bank within six months.
The N19.91tn owed to the apex bank by the Federal Government is not part of the country’s total public debt stock, which stood at N41.60tn as of March 2022.
The public debt stock only includes the debts of the Federal Government of Nigeria, the 36 state governments, and the Federal Capital Territory.
Ways and Means Advances is a loan facility through which the CBN finances the shortfalls in the government’s budget.
Aside from persistent borrowing, the government has also decided to introduce new taxes.
For instance, the government, through the Budget Office of the Federation, revealed that it would begin the implementation of its proposed excise duties on telecommunication services and beverages in 2023.
This is despite backlashes from the Minister of Communications and Digital Economy, Isa Pantami, and the Manufacturers Association of Nigeria.
This may mean that the country will not only suffer increasing debt services, but Nigerians may also suffer the increasing cost of calls, data and beverages, amid rising inflation, which was at 18.6 per cent in June, according to the National Bureau of Statistics.
Nigeria’s current inflation is at its highest level in 65 months (over 5 years), and the fifth consecutive monthly rise.
Nigeria tottering
Commenting on the development, a former President, the Association of National Accountants of Nigeria, Dr Sam Nzekwe, said the continued plunge in oil production and Nigeria’s inability to meet its revenue target might eventually lead to bankruptcy.
He said, “The massive oil theft in the Niger Delta, which is on an industrial scale, has continued to stop Nigeria from meeting its OPEC production quota. The impact of this is very clear. The finance minister told you that the government was finding it difficult to meet its obligations because of a lack of funds.
“This is because your major source of revenue is not delivering, as banditry has stalled the progress in other sectors such as agriculture, etc. And despite this, the country’s expenses have continued to rise. So, as it is now, it seems Nigeria is crashing gradually.
“That is what it now looks like, because if you are not able to meet your obligations, you are talking of being bankrupt. We have to be very careful about this situation before we end up as a bankrupt nation.”
On the possible ways out of the current quagmire, Nzekwe stated that the first thing was to halt the continued slide in crude oil production by stopping its humongous theft.
He said, “The number one solution is for the government to make sure that the massive stealing of oil in the Niger Delta is stopped so that we can meet our crude oil export quota.
“Secondly, they should cut recurrent expenditure, it is too much. What the government is spending as recurrent expenses is just so high. We complain about lack of funds but about 80 per cent of the budget goes to recurrent expenditure. This should be reduced.”
Also speaking, a petroleum expert, Bala Zaka, stated that the operating environment in Nigeria’s oil and gas sector was too hostile and must be made conducive to investors.
He noted that many operators, such as international oil companies, were leaving the country because of the hostilities and massive oil theft in the industry and urged the government to deliver in terms of security.
“Nigeria gets about 80 per cent of its foreign exchange earnings from crude oil sales. What stops you from providing top-notch security to guard the oil production process and ensure that you get the required revenue from oil sales?” Zaka stated.
Crude oil production
Former Group Chairman/CEO, International Energy Services Limited, who holds a doctorate degree in Petroleum Process Economics from the University of Ibadan, Dr Diran Fawibe, said Nigeria’s continuous low crude oil production would have a significantly negative impact on the economy.
“What this means is that the country will have less to export and then less income too,” he said.
He advised the Federal Government to provide a medium-term solution on how to increase the country’s crude oil output.
On his part, Chairman, Society of Petroleum Engineers, SPE Nigeria Council, and a professor of Petroleum Engineering at the University of Benin, Olalekan Olafuyi, expressed displeasure at the slump in the country’s crude oil production. He blamed the low output on oil theft, adding that his group was already discussing with the Nigerian Maritime Administration and Safety Agency for possible solutions.
“We are already in talks with NIMASA to see how we can share with them the strategies that can be employed in monitoring production because crude oil theft is quite huge. Imagine the country losing 500, 000 barrels per day. One barrel is about 160 litres. One truck/tanker is 250 barrels. So, if you say we are losing about 500, 000 barrels, you can imagine that we are losing about 2,000 trucks every day. So, this is the job for the law enforcement agencies to handle.
“However, we will suggest a way out to the NIMASA DG, and we hope it will be taken into consideration, and oil theft will come to an end in the shortest time,” he said.
A Nigerian economist and professor of Economics and Public Policy at the University of Uyo, Akwa Ibom State, told The PUNCH that Nigeria needed to diversify its economy.
“Nigeria needs to diversify its revenue sources because oil revenue is no longer reliable. Oil prices are still volatile, and we need to think of other ways to boost revenue,” he said.
Salaries threaten
A political economist and former presidential candidate, Prof. Pat Utomi, said that the constant decline in oil production would hamper the government from meeting its revenue target this year.
According to Utomi, if the government failed to meet its target, there was a possibility that it would continue to owe contractors, squeeze the foreign exchange market, and fail to pay salaries, which would have adverse effects on Nigerians.
He also warned against increasing taxes, which would negatively affect production and create a vicious business environment.
Utomi urged the government to curb oil theft and ensure adequate security.
He said, “We must cut, dramatically, the stealing of oil so that we can get more returns from crude oil because there are huge amounts being stolen. Just getting security right and cutting down oil theft will increase revenue from crude oil.”
He advised the government to sign new deals and change strategies for revenue generation, illustrating that the government could exploit hydrogen.
The Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, warned that the government was on the brink of bankruptcy based on the state of government finances.
He said, “The figures released by the Finance Minister, Mrs Zainab Ahmed, during the presentation of the 2023-2025 Medium Term Expenditure Framework, painted a gloomy and disturbing picture of the state of government finances, suggesting that the government is on the brink of bankruptcy.”
A Professor of Development Economics at Babcock University, Prof Adegbemi Onakoya, said that Nigeria had a revenue problem, which had made it rely more on debt financing.
He further urged the government to ensure effective revenue generation and sustainability.
Meanwhile, a maritime lawyer who specialises more in oil and gas, Emeka Akabogu, said one of the major reasons for declining oil output was oil theft.
“So, we are in a situation where oil theft is at an alarming proportion and could actually define the oil and gas industry. So that is one. The second part really is related to investments. Are we having any significant investment compared to what we should be having? So, when we should have investments increasing, they are decreasing. If production is what it should be, Nigeria’s quota should have been about 1.8 million barrels. However, we are not able to make that quota because a large portion of our production is being stolen. Investments, which should be the main key of the industry, are not happening.” https://punchng.com/nigerias-n9tn-oil-revenue-threatened-fg-blames-theft/
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| Politics › Re: Sack Security Adviser, Northern Group Tells Buhari by treesun(op): 10:28pm On Aug 14, 2022 |
LordLugard1:
Atiku's campeign What is the difference with Emilokan! |
| Politics › Re: Sack Security Adviser, Northern Group Tells Buhari by treesun(op): 8:54pm On Aug 14, 2022 |
Lalasticlala! |
| Politics › Sack Security Adviser, Northern Group Tells Buhari by treesun(op): 6:44pm On Aug 14, 2022 |
A Northern group, Arewa Youth Assembly, has given the President, Major General Muhammadu Buhari (retd.), an ultimatum of Wednesday to sack the National Security Adviser, Major-General Babagana Mongonu (retd.), or face mass action. The group said the failure of the President to sack the NSA before Wednesday, they would occupy the Presidential Villa until Monguno was sacked. The group had written to the Presidency, the Nigeria Police Force, Federal Capital Territory, in that regard, a copy of which was obtained by The PUNCH in Kaduna on Sunday. The organisation, comprising youths from the 19 northern states and Abuja, had on August 1, handed down a 14-day ultimatum to Buhari. The ultimatum expires on Wednesday. The letter, addressed to the Director of Administration, Presidential Villa, was titled, ‘Notification of peaceful protest over rising insecurity in the country and the urgent need to sack the National Security Adviser,’ and copied to the National Security Adviser, the Director of the Department of State Service, and the Nigeria Police Force, FCT commands respectively. It reminded the authorities of the earlier 14-day ultimatum handed to the President while noting that after the expiration on Wednesday, they would occupy the Three Arms Zone, Abuja. The letter partly read, “The Arewa Youth Assembly, an umbrella body of 157 youth groups that runs a parliamentary system of leadership, wishes to notify you of our resolve to organise a peaceful protest at the Three Arms Zone at the expiration of the two weeks ultimatum we issued to the National Security Adviser, General Babagana Monguno (retd.) to resign over his inability to come up with a workable strategy to tame the rising insecurity ravaging the northern Nigeria. “We are aware that Buhari responded to calls by Nigerians to replace the then-service chiefs. We have equally observed that the change of guard yielded little or no significant improvement in the state of our country’s security situation. “It is therefore our considered view that the NSA, who is in a position to give Mr. President counsel on a workable template to stamp out the terrorist elements might have run out of ideas or he never had any at all. “As lovers of Mr. President, who desire to see him handover a more secured and prosperous Nigeria to his successor in a few months, we have resolved to organise a Massive peaceful protest at the Three Arms Zone to magnify our call on the NSA to either resign or be sacked by Mr President.” Meanwhile, in a statement by the Spokesperson of the Assembly, Ali Mohammed, issued in Kaduna and obtained by The PUNCH, the group described the NSA as the worst the country had produced in terms of “performance” since the era of Gen. Aliyu Gusau (retd.) as the NSA. According to the statement, for the past seven years, the current NSA has merely been supervising the killings of innocent Nigerians with nothing to show for it. This, the group noted, was enough reason for Monguno to resign if it were to be in a sane (another) country, adding, however, that despite the NSA’s woeful performance, he was still comfortably occupying office while terrorists were “butchering” Nigerians. They also reminded the President that it was the same Nigerians that stood by him during the elections that were being killed today. Against this background, the group urged Nigerians to come out en masse “for the national protest On Wednesday, August 17, 2022, at the Presidential Villa, Abuja.” https://punchng.com/sack-security-adviser-northern-group-tells-buhari/ |
| Politics › Re: Buhari Makes U-Turn On Seplat, Exxonmobil Deal by treesun(op): 7:00am On Aug 12, 2022 |
Staphylococcus:
Qualities of a good leader!
Always ready to listen and redraft!
God bless His Excellence, President Mohammadu Buhari (GCFR)
God bless The Federal Republic of Nigeria Sycophants, did you know the process before the sale, you people will not amuse me with this upside down thinking! |
| Politics › Re: Buhari Makes U-Turn On Seplat, Exxonmobil Deal by treesun(op): 11:31pm On Aug 11, 2022 |
Racoon:
Buhari is not even aware of his existence let alone knowing he prevented or stopped the deal in the first place The level of incompetency is really alarming! |
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| Politics › Re: Buhari Makes U-Turn On Seplat, Exxonmobil Deal by treesun(op): 9:23pm On Aug 11, 2022*. Modified: 6:59am On Aug 12, 2022 |
rusher14:
It's not chin-chin.
Even if payment had been made, several clauses, issues and decisions can scuttle such deals.
Even Seplat itself knows this. Government of do without thinking and error! |
| Politics › Re: Buhari Makes U-Turn On Seplat, Exxonmobil Deal by treesun(op): 8:35pm On Aug 11, 2022 |
rusher14:
Cost of what?
ExxonMobil is divesting and no Jupiter can stop it.
Just trying to postpone the day of reckoning. Seplat that thought they have bought Mobil! |
| Politics › Re: Buhari Makes U-Turn On Seplat, Exxonmobil Deal by treesun(op): 7:57pm On Aug 11, 2022 |
rusher14:
Nothing wrong in retracing your steps. Do you know the cost! Lalasticlala! |
| Politics › Re: Buhari Makes U-Turn On Seplat, Exxonmobil Deal by treesun(op): 7:33pm On Aug 11, 2022 |
Government of indecision! |
| Politics › Buhari Makes U-Turn On Seplat, Exxonmobil Deal by treesun(op): 7:27pm On Aug 11, 2022 |
The President, Major General Muhammadu Buhari (retd.), on Wednesday, reversed his authorisation of the acquisition of the entire share capital of Mobil Producing Nigeria Unlimited by Seplat Energy Offshore Limited.
The move puts the Presidency on the side of the Nigerian National Petroleum Company Limited which had earlier declined the $1.3bn transaction.
On Monday, a statement by the Special Adviser to the President on Media and Publicity, Femi Adesina, revealed that President Buhari consented to acquisition of Exxon Mobil shares by Seplat Energy Offshore Ltd.
According to the Presidency, Buhari authorised the move in his capacity as Minister of Petroleum as a way to attract Foreign Direct Investment to the country.
But giving an update on the issue, the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, told our correspondent that Buhari had reversed the decision and the previous misunderstanding was because the “agencies involved in (the) decision had not coordinated well among themselves.”
Earlier, Shehu, who spoke to an online publication, said the President’s reversal of his earlier approval was in line with the position of the Nigerian Upstream Petroleum Regulatory Commission.
According to him, the confusion over ExxonMobil shares was because “the various agencies involved in the decision had not coordinated well among themselves and having looked at all of the facts with all of the ramifications, the president decided the position of the regulator is to be supported.”
NUPRC had, in a statement over Buhari’s earlier approval of the assets acquisition, said, as the sole regulator, it is the one that could deal with such matters. It therefore said the status quo remained.
The state from the Chief Executive of the NUPRC Engr. Gbenga Komolafe, said the Commission, in line with the provisions of the Petroleum Industry Act 2021, was the sole regulator in dealing with such matters in the Nigerian upstream sector.
NUPRC said: “As it were, the issue at stake is purely a regulatory matter and the Commission had earlier communicated the decline of Ministerial assent to ExxonMobil in this regard. As such the Commission further affirms that the status quo remains.
“The Commission is committed to ensuring predictable and conducive regulatory environment at all times in the Nigerian upstream sector.”
Seplat Energy Plc had, last February, announced an agreement to acquire the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation, Delaware, for $1.28bn.
The transaction involved the acquisition of ExxonMobil Nigeria’s entire offshore shallow water asset; an established, high-quality operation with a highly skilled local operating team and a track record of safe operations.
The NNPC Limited, however, has a pre-emptive right over the asset and had last month won a court decision temporarily blocking Exxon Mobil Corporation from selling assets in Nigeria to Seplat Energy Plc.
A Judge in Abuja had granted NNPC an “order of interim injunction” on July 6, 2022, barring Exxon Mobil “from completing any divestment” in a unit that ultimately operates four licenses in Nigeria. https://punchng.com/buhari-makes-u-turn-on-seplat-exxonmobil-deal/
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| Politics › Re: APC Has Ruined Nigeria – Ex-minister by treesun(op): 5:35pm On Aug 11, 2022 |
Lalasticlala! |
| Politics › APC Has Ruined Nigeria – Ex-minister by treesun(op): 10:54am On Aug 11, 2022 |
Former minister of Sports and Youth Development, Bolaji Abdullahi, on Wednesday urged Nigerians to vote out the All Progressive Congress in the 2023 elections, saying that the present ruling party has ruined the nation. The ex-minister said the 2023 general elections offer Nigerians another historic opportunity to make Nigeria work again. He stated that the dream of making Nigeria great could only be achieved if citizens, through the elections, chased away politicians in the fold of APC. Abdullahi, Kwara central senatorial candidate of the PDP, in the forthcoming general election expressed this while featuring at the 33rd edition of the ‘Media Parliament’ of the Kwara State Council of the Nigeria Union of Journalists in Ilorin. He spoke on ‘Retooling Nigeria For the Task Ahead’. Abdullahi said, “The APC government has brought this nation to its kneels. All the things we thought could not happened had happened in the last seven years. There is no way we can exonerate APC from the problems of this country. “APC has ruined this country. Nigerians should say no to any politician seeking elective office under APC. 2023 presents historic opportunity to make Nigeria work again. “Every Nigerian lives in fear today because of the problems of insecurity and poverty. The poorest of the poor are 90 million in Nigeria today. But we seem not to understand the magnitude of the problem facing us. We carry on as if all is well. We are treating cancer with wrapping bandage on it.” Abdullahi also traced Nigeria’s problem to 1966 when the nation had its first coup plot, said that no nation can have peace without justice. He added, “After the civil war our leaders ought to realise that the Nigeria that the British gave us could not work. We should have restructured the country then. “Another opportunity we missed to make Nigeria a real nation was the annulment of June 12. We diagnosed the issue as if it was a Yoruba problem and decided to make one of them a president in 1999. We had a lot of opportunities in June 12 debacle but we bungled them.” Speaking on the lingering ASUU strike, the former Minister called for an urgent resolution to save the nation’s education sector from total collapse. According to him the issue in contention should be resolved amicably to enable students resume academic activities. He expressed worry over the security challenges in the country, adding that all hands must be on deck to bring a lasting solution to the problem. Abdullahi also urged the youths to contribute their quota to ensure better development of the country. Earlier in his address of welcome the Chairman of Nigeria Union of Journalists Kwara state Council, Ahmed Abdulateef, called for the collaboration of all stakeholders to make the country better. https://punchng.com/apc-has-ruined-nigeria-ex-minister/ |
| European Football (EPL, UEFA, La Liga) › Manchester City Vs AFC Bournemouth (4 - 0) On 13th August 2022 by treesun(op): 10:13am On Aug 11, 2022 |
Manchester City hosts AFC Bournemouth in Premier League action at Etihad Stadium in Manchester on Saturday at 3:00 PM.
Manchester City picked up the victory in its last outing by a final score of 2-0 over West Ham United away from home on August 7. West Ham was outshot in the matchup, five to 13. Manchester City was led by Erling Haaland, who netted his club’s two goals against West Ham.
Bournemouth claimed a 2-0 home victory over Aston Villa in its most recent game on August 6. Aston Villa outshot Bournemouth 14 to six. Jefferson Lerma (on one shot) and Kieffer Moore (on one shot) scored a goal apiece for Bournemouth. |
| Crime › FIRS Director, Mohammadu Kudu Lawal, Shot Dead by treesun(op): 11:29pm On Aug 09, 2022 |
A Director with the Federal Inland Revenue Service (FIRS), Alhaji Mohammadu Kudu Lawal has been shot dead by suspected unknown gunmen.
It was gathered that Lawal was shot dead on his way to Abuja, the federal capital territory (FCT) on Sunday, August 7, 2022.
The FIRS Director was shot dead while another staff of FIRS who was travelling with him sustained injuries as a result of the attack that happened in Saminaka village of Lapai Local Government Area (LGA) in Niger State.
It was gathered that Lawal, an indigene of Lafiagi in Kwara State, ran into the unknown gunmen who rained bullets on the Hilux vehicle he was travelling in.
FIRS authorities have confirmed the incident. https://guardian.ng/news/firs-director-shot-dead/
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| Politics › Re: Nigeria, Three Others Top World Bank Debtors’ List by treesun(op): 6:57pm On Aug 09, 2022 |
Buhari put us in real mess!
Lalasticlala! |
| Politics › Nigeria, Three Others Top World Bank Debtors’ List by treesun(op): 6:31pm On Aug 09, 2022 |
Rising debt has pushed Nigeria up the World Bank’s top 10 International Development Association borrowers’ list. The World Bank Fiscal Year 2021 audited financial statements, known as the IDA financial statement, showed that Nigeria was rated fifth on the list with $11.7bn IDA debt stock as of June 30, 2021. However, the newly released World Bank Fiscal Year 2022 audited financial statements for IDA showed that Nigeria has moved to the fourth position on the list, with $13bn IDA debt stock as of June 30, 2022. This shows that Nigeria accumulated about $1.3bn IDA debt within a fiscal year, with the country taking over the fourth top debtor position from Vietnam. This debt is different from the outstanding loan of $486m from World Bank’s International Bank for Reconstruction and Development. The top five countries on the list slightly reduced their IDA debt stock except Nigeria. India, which is still the first on the list reduced its IDA debt stock from $22bn in the previous fiscal year to $19.7bn, followed by Bangladesh from $18.1bn to $18bn. It is followed by Pakistan which cut its debt from $16.4bn to $15.8bn, and lastly, Vietnam, which went down the list to fifth position, from $14.1bn to $12.9bn. Nigeria has the highest IDA debt in Africa, as the top three IDA borrowers (India, Bangladesh and Pakistan) are from Asia. The World Bank disclosed recently that Nigeria’s debt, which may be considered sustainable for now, is vulnerable and costly. The bank said, “Nigeria’s debt remains sustainable, albeit vulnerable and costly, especially due to large and growing financing from the Central Bank of Nigeria.” However, the Washington-based global financial institution added that the country’s debt was also at risk of becoming unsustainable in the event of macro-fiscal shocks. The bank further expressed concerns over the nation’s cost of debt servicing, which according to it, disrupted public investments and critical service delivery spending. Economists have also raised concerns over the rising debt profile of the Federal Government. The Fiscal Policy Partner and Africa Tax Leader of PwC, Mr Taiwo Oyedele, expressed his agreement with the World Bank on the high cost of debt servicing. He said, “I agree with the World Bank. Although the debt to GDP ratio is not too high, if you think about the debt service cost to revenue ratio, it is already over 70 per cent. That’s when you know it’s costly. “Nigeria borrows at double-digit, and even when we borrow in dollars, the rates are very high and then you devalue the naira and the cost of servicing the debt in naira goes up because it is dollar-dominated debt. “Put all of that together, and you can easily say to yourself that even though our debt to GDP ratio is very low, our cost of borrowing is unsustainable because it is very high, and therefore, make it very costly.” A former Deputy Governor of the Central Bank of Nigeria and former presidential candidate, Kingsley Moghalu, also criticised the increasing borrowing tendency of the government, urging the officials to re-consider other ways of generating revenue for the country. According to Moghalu, it was also not reasonable to borrow for infrastructural development as the government could expand the public-private partnership options for such development. In a document by the Director General of the Debt Management Office, Patience Oniha, recently obtained by our correspondent, the DMO stated that high debt levels would often lead to high debt services and affect investments in infrastructure. According to the DMO DG, “High debt levels lead to heavy debt service which reduces resources available for investment in infrastructure and key sectors of the economy.” https://punchng.com/nigeria-three-others-top-world-bank-debtors-list/ |
| Politics › Gunmen Kill Two Vigilantes, Abduct New Couple, Several Others In Katsina by treesun(op): 4:30pm On Aug 07, 2022 |
Suspected terrorrists, Sunday morning killed two vigilantes and abducted several residents including a newly wedded couple from Shola Quarters located in Katsina metropolis. Shola Quarters is located behind the former Katsina Federal Medical Center now Umaru Musa Yar’adua University Teaching Hospital. According to a source who does not wish to be named, the assailants stormed the area around 1:00 a.m and operated till about 2:30 a.m unhindered before the vigilantes came to the rescue but eventually lost two of their members after being overpowered by the bandits in a fierce gun duel that force them to retreat. Concerning the newly married couple, Vanguard learnt from one of their cousin identified as Usman Masanawa that the husband, Yusuf Bishir, notified him of their predicament but there was nothing much he could do. Masanawa disclosed that the hoodlums in the bid to gain access into the new couples apartment, had to smash the wall of their building. He added that aside from the wounded vigilante members, scores of residents were also kidnapped while those injured in the attack are receiving treatment at the teaching hospital. https://www.vanguardngr.com/2022/08/gunmen-kill-two-vigilantes-abduct-new-couple-several-others-in-katsina/ |
| European Football (EPL, UEFA, La Liga) › Re: West Ham Vs Manchester City (0 - 2) On 7th August 2022 by treesun(op): 4:27pm On Aug 07, 2022 |
Manchester United lost! |
| Politics › Re: Gunmen Have Reportedly Abducted 14 Indian Nationals In Ajaokuta by treesun(op): 12:53am On Aug 07, 2022 |
God! |
| Politics › Re: Gunmen Have Reportedly Abducted 14 Indian Nationals In Ajaokuta by treesun(op): 6:56pm On Aug 06, 2022 |
Whitecoal711:
When will this end
14 expatriates,2 killed,this is no child's play oo
Just assuming this are Chinese or US citizens,what do you think might now happen?
Half of our problem solve,but it wont How will investor come! |
| Politics › Re: Gunmen Have Reportedly Abducted 14 Indian Nationals In Ajaokuta by treesun(op): 6:41pm On Aug 06, 2022 |
Lalasticlala this is serious and Mr. Lai Mohammed said Nigeria is safe! |
| Politics › Re: Gunmen Have Reportedly Abducted 14 Indian Nationals In Ajaokuta by treesun(op): 6:20pm On Aug 06, 2022 |
Can we say Nigeria is a failed state! Kogi borders 9 states, we can see what inept government has put Nigeria into ! |
| Politics › Gunmen Have Reportedly Abducted 14 Indian Nationals In Ajaokuta by treesun(op): 6:10pm On Aug 06, 2022*. Modified: 6:40pm On Aug 06, 2022 |
@Gidi_Traffic Gunmen have reportedly abducted 14 Indian nationals in Ajaokuta LGA of Kogi state. It was also reported that two Indians, two police officers and two drivers were killed when the gunmen struck around 9:00 pm on Friday while they were on their way home from work. https://twitter.com/Austynzogs/status/1555959492805902336Six persons have been killed while yet to be ascertained number of others have been kidnapped in an ambush by suspected bandits on the River Niger Bridge at Itobe, in the Ajaokuta Local Government Area of Kogi State. Our correspondent gathered that those killed were returning from West African Ceramics when the bus they were travelling in was ambushed and shot at. In the process, six ocupants of the bus, including two police Inspectors, two expatriates later identified to be Indian Nationals, and two drivers were killed, while others were marched into the bush. The incident, according to sources, happened on Friday night at about 7:30pm, when the deceased and kidnapped victims were returning from their workplace at West African Ceramics located in Ajaokuta. A source, who preferred anonymity, said, “It is another black day for us in Ajaokuta. We are still mourning the killings of seven officers, and the kidnapping of three children. Now another tragic incident has happened again. Related News Kogi man bags 10-year jail term for robbery Kogi police confirm second abduction of Always Petroleum owner Auto crash kills two in Kogi, others injured “The deceased and kidnapped victims weee going back to their Niger Bridge Estate before they were ambushed. They are working with West African Ceramics. The police officers exchanged gun fire with these criminals but unfortunately, two of them were killed alongside an Indian man, a driver and one other person inside the vehicle. The name of the driver is Muhammed. Also, three foreigners have been taken to the bush by these unidentified gunmen.” The Kogi State Police Command spokesman, SP William Aya, while confirming the killings on Saturday, stated that “two expatriates, two company drivers and two Police Inspectors died in the exchange of fire with the hoodlums, before the Area Commander and a detachment of Military in the area reinforced to the scene of incident, and the attackers fled. “Consequent upon the attacks on expatriates of West Africa Ceramics Company Ajaokuta and Police escort at about 2000hrs of Friday 5th of August, 2022, the Commissioner of Police, Kogi State Police Command, CP Edward Egbuka, has visited the scene for on-the-spot assessment and has equally ordered the deployment of additional operational assets consisting of Operatives of the Police Mobile Force, Counter Terrorism Unit, Quick Response Unit, State Intelligence Bureau in synergy with other security agencies to restore normalcy in the area. “The CP assures that the Command is committed to working in synergy with other security agencies as well as patriotic stakeholders to make the state a safe and secure place for all and sundry. “He has further tasked the Deputy Commissioner of Police in charge of the State Criminal Investigation Department (SCID) to commence investigations into the unfortunate incident so as to unravel the remote and immediate cause of the attack with a view to bringing the perpetrators to book.” https://punchng.com/bandits-kill-two-cops-four-others-in-kogi/
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| Politics › Re: Ex-IGP Tafa Balogun Is Dead by treesun: 9:16pm On Aug 04, 2022 |
ArewaNorth:
Mustapha Balogun, a former Inspector-General of Police (IGP), is dead.
Family sources confirmed the death of Balogun, who became IGP in March 2002, to Daily Trust on Thursday night, but did not go into details.
Born on August 8, 1947 at Ila-Orangun in Osun State, Tafa Balogun, was the 21st Inspector-General of Police. He was a member of cadet Assistant Superintendent of Police (ASP) Course 3. Having worked in various Police commands throughout the federation, and earning his promotions as at when due, Tafa, was at a time, the Principal Staff Officer (PSO) to former Inspector-General of Police, Muhammadu Gambo, Deputy Commission of Police Edo State, the pioneer Commissioner of Police in Delta State. He was also CP in Rivers and Abia states.
Tafa, a fellow of the premier highest military institution in Nigeria, the National War College, later became the Assistant Inspector General of Police A.I.G Zone One, Kano, from where he was named the 21st IGP of Police on March 6, 2002.
His infamous trial drew global attention in 2005. On April 4, 2005, Tafa Balogun was arraigned at the Federal High Court, Abuja for stealing and laundering of over $100 million in his three years as Inspector General of Police from the Police treasury.
The Economic and Financial Crimes Commission (EFCC) under Nuhu Ribadu brought 70 charges against him, covering the period from 2002 to 2004 when he was the Inspector General of Police. He made a plea bargain with the court in exchange for returning much of the property and money. He was sentenced to six months in jail.
Judge Binta Nyako said her sentence reflected that Balogun was a first offender and had shown remorse. He was directed by the court to pay N500, 000 on each of eight counts charges totaling N4 million.
His trial was full of drama. One of such was when he collapsed on his seat on June 29, 2005, at the Abuja High Court.
The former police boss, who pleaded guilty to eight of the 56 count-charges directly affecting him, was convicted and sentenced to six months in each of the charges, which is however to run concurrently.
He was released on February 9, 2006 after serving his sentence, part of it at Abuja’s National Hospital.
https://dailytrust.com/breaking-ex-igp-tafa-balogun-is-dead Vanity! May God comfort his family! |
