₦airaland Forum

A former Minister of Finance, Olusegun Aganga, has explained that the naira would continue to be weak if the country remains an import-dependent country.

Aganga speaking on Thursday at the 3rd Adeola Odutola lecture, during the 51st Annual General Meeting of the Manufacturers Association of Nigeria on Thurday said Nigeria must produce for local consumption and more importantly for export, for the naira to be strong.

The PUNCH reports that the local currency fell from about 450/dollar to an average of 760/dollar following the exchange reforms of President Bola Tinubu.

The local currency plunged to 1045/dollar on Thursday at the parallel market.

But Aganga speaking on the free fall naira said, “What is the wisdom in spending billions defending the naira when it continues to fall instead of investing in genuine manufacturers and exporters of high-value products that would earn Nigeria foreign income and more.”

The former Minister charged the government to declare the industrial sector a national priority sector and back it with plans, policies, and money.

“Unlike the trillions spent on subsidies, bailouts, the Agric Anchor Borrowers Programme, the refineries, I can assure you that every naira, no matter how large, that is well spent on the strategic industrial sectors can be easily recovered and will deliver tremendous benefits to the economy and the nation,” he said.

Jostoman:
Atiku is Saying the fact this one is talking about wailing because they hate truth.

iwaeda:
https://dailytrust.com/bad-road-i-was-stuck-in-ogun-for-hours-akpabio/

Dreambeat:
Take it to the bank, Bola Ahmed Tinubu is a confirmed criminal. Considering the history of his impersonation and forgery, there is no gainsaying the fact that he has criminality in his blood. Even his supporters who depend on crumbs from him know this fact but they think that Nigerians are as dumb as they are. Know this and know peace, BAT is a born criminal, no matter how his supporters try to deceive themselves, he is a criminal

ayo291:
Only deluded invidual thinks that a former senator, 2 times governor of lagos did not graduate from CSU.

The storm over the legitimacy of the credential President Bola Tinubu submitted to INEC has managed to rope in former Vice President Atiku Abubakar who instigated it in the first place. But available facts show that neither of them presented forged documents to INEC.

I go where the facts lead me. That means I could say the opposite of what I said earlier in light of new facts, a reason I advisedly used the expression “the best obtainable version of the truth” in last week’s column. I am not invested in any perspective. Tinubu is an unrelieved catastrophe as a president, but I'll defend the facts even if they favor him.

Here are 7 facts I've found so far after reading and rereading all the facts related to this issue:

1. Tinubu attended and graduated from Chicago State University in 1979, was issued a diploma (or a certificate, to use the expression that’s familiar to Nigerians), which he collected (I erred when I thought the registrar said he didn't; See number 3). Apparently, he lost the original diploma in 1979 and was issued a "replacement diploma dated 27 June 1979," according to the BBC.

2. In the 1990s, he applied for and got a replacement diploma from CSU. Ostensibly, because it looks different from his 1979 diploma (since diplomas bear the signatures of the current president and look like the diplomas issued that year), he got a note from the CSU registrar in 1999 affirming that he indeed graduated from the school in 1979.

3. He lost the original copy of the 1990s replacement diploma (but has a photocopy of it) and, in the 2000s, applied for yet another replacement diploma, which the university issued, but which he didn't collect. I mistook the registrar's reference to this bit during the deposition as him saying that Tinubu did not collecting his 1979 diploma. My apologies.

4. In 2022, Tinubu submitted a photocopy of the 1990s replacement diploma, along with the 1999 "To Whom It May Concern" note from the CSU Registrar, to INEC as the academic credential that qualifies him to run for president.

5. Opposition politicians saw it and said it wasn't similar to diplomas CSU issued in 1979. So, they said it's fake.

6. BBC's Disinformation Team fact-checked the claim and found that it's not fake. It appears fake only because it was reissued in 1998 and the university's logo at the bottom of the diploma was chopped off during photocopying. The BBC says every other detail in the diploma is similar to the diplomas CSU issued or reissued in 1998.

7. The registrar disavowed the photocopied INEC diploma during deposition because of the absence of the logo of the university at the bottom of the diploma, but even he hinted that it "was possibly 'cut off' when it was photocopied." So, it was actually a conditional disavowal.

The Foundation for Investigative Journalism (FIJ) attempted to impeach the credibility of the BBC fact check but failed.

The FIJ said, "Of particular interest was the expression, ‘with honors’, which appeared on the certificate Tinubu submitted to INEC. The presence of ‘with honours’ in Tinubu’s certificate is a tautology because the certificate goes on to read, 'with all the rights, honours, and privileges partaining therto'.[sic]. None of the 1990s samples provided by CSU showed those words underneath the course of study, and this suggests that Tinubu’s certificate, which was supposedly obtained within the same timeframe, did not emanate from the school."

That's a problematic claim. "With all the rights, honors, and privileges pertaining thereto" is a fixed phrase that appears on all diplomas irrespective of their class. The addition of "with honors" isn't a duplication because graduating with honors is an academic distinction that only a limited pool of students achieve, and some U.S. universities include it in diplomas in addition to the fixed phrase that appears on all diplomas.

In any case, Tinubu’s uncollected 2000s replacement diploma that the registrar showed during the deposition has both the fixed phrase AND “with honors.”

Similarly, the claim that the samples of replacement diplomas issued in the 1990s don't have "with honors" is a weak argument because CSU only showed uncollected diplomas in its records, not a representative sample of every type and class of diplomas earned or re-issued that year. It could well be that the uncollected diplomas in CSU's records didn't achieve the distinction that entitles them to have "with honors" affixed to them.

Typically, only between 20% and 30% of students graduate with honors in U.S. colleges and universities (except for Ivy League universities that have higher percentages), so it's not a given that the uncollected diplomas in CSU's records will be among the 20% to 30%.

FIJ also said, "Two, whoever created the controversial certificate in Tinubu’s possession copied the template of the 2000s without paying attention to timeframe variations. This is clear in one of the signatures on Tinubu’s certificate. The signature on the right is that of Zaldwaynaka “Z, the current President of CSU, who took office in 2018. A president who took office in 2018 could not have signed a certificate supposedly released in the 1990s."

This claim seems made up because there is no "Zaldwaynaka Z" in the diploma Tinubu submitted to INEC. The photocopied CSU diploma Tinubu submitted to INEC and the samples of CSU diploma replacements from the 1990s are exactly the same except for the missing logo in Tinubu’s copy as a result of photocopying.

The registrar's disavowal of the diploma doesn't invalidate its authenticity because he merely said the photocopy that was shown to him didn't look like diplomas from CSU because of the missing logo. People who have an emotional investment in the idea that Tinubu "forged" a diploma that he validly earned (which is ridiculously excessive legal literalism to begin with) leave out that context and make it seem as if the registrar's words are an inviolable article of faith and not a conditional, context-dependent response to a specific question about a specific photocopied document that doesn't reflect all the features of diplomas CSU issued in 1998 BECAUSE of photocopying.

This issue has demonstrated to me in starkly dramatic terms how partisan blinders can distort people's perception of reality. When people so badly want something to be true, but it turns out to be untrue, they choose to hang on to the most absurd apophenic hallucinations (i.e., seeing predetermined patterns from a chaos of unrelated phenomena) they can invoke to validate their preconceptions. I've studied and taught this phenomenon for years but had never seen it manifest on a mass scale like this.

The only new thing that will change the conversation is a foolproof revelation that Tinubu didn't meet graduation requirements and was issued a fraudulent transcript that said he did—after the fact—by dodgy university officials. That would establish the legal basis for forgery. Given what I am now reading about the school, I won’t be shocked if this happens. So, I think the answer to the puzzle isn't on the surface; it's beneath the surface. Only deep investigation can unearth it.

Finally, the CSU registrar never said, “forgery is a Nigerian thing.” Tinubu sent his lawyer to get copies of his academic records from CSU and requested that the school certify the documents before sending them to him.

Atiku's lawyer asked if CSU had ever certified documents it sent out, and the registrar said, "No, I believe this was made because it is more of a Nigerian thing." So, the "Nigerian thing" he referred to was certifying school records for legal purposes, not forgery.

Atiku’s School Certificate

Tinubu’s minions, in their bid to get even with Atiku, dredged up Atiku’s post-secondary school appellative change and are attempting to pass it off as evidence of school certificate forgery against him. But here are the facts.

Atiku was known as Sadiq (or Siddiq—it doesn’t matter in Muslim northern Nigeria because “Sadiq” and “Siddiq” and all other spelling variants are interchangeable) Abubakar. He was named after Abu Bakr, Islam’s first caliph whom the prophet of Islam nicknamed as "al-Siddiq," which means “the righteous.” So, in Muslim northern Nigeria, every Abubakar (our domestication of Abu Bakr) is a Siddiq and vice versa—just like every Umar is a Farooq and vice versa.

People have asked why Atiku was tautonymous, that is, having the same first and last name— if Siddiq and Abubakar are the same. Well, in the early days of education in Northern Nigeria, people concealed their father’s names in schools to protect them from abuse from classmates. Some used toponyms (i.e., names of places) as their family names (Aminu Kano, Abubakar Tafawa Balewa, Ahmadu Rabah—before he changed to Bello—are prominent examples).

A few, however, chose the tautonymous route. Among them is former president Muhammadu Buhari. He was named after prolific ninth-century Hadith compiler Muhammad al-Bukhari who was a native of the city of Bukhara in what is now Uzbekistan. Bukhari simply means native of the city of Bukhara. But in northern Nigeria every Buhari is a Muhammad. So, Muhammadu Buhari is effectively a tautonym.

Atiku probably also initially chose the tautonymous route. I don’t know how he came about the name Atiku, but it is the Nigerian domestication of the Arabic name Atiq, which means “ancient.” Some people say it means “freed.” Bangladeshis bear it as Atiqur and Arabs bear it as Atiqullah.

More than anything, though, he swore an affidavit in real time to legalize this change of name. The same can’t be said for Bola Tinubu whom we’ve learned was initially known as Lamidi Amoda Sangodele.

accordadoga26:
Hehehe

PRESIDENT TINUBU APPOINTS NEW LEADERSHIP ACROSS THE INDUSTRY, TRADE, AND INVESTMENT SECTORS

President Bola Tinubu has approved the appointment of new Chief Executive Officers of several agencies and parastatals under the Federal Ministry of Industry, Trade and Investment, in line with his resolve to base Nigeria's economic revival on the foundation of trade expansion through small, medium and large scale industry facilitation in the country:

Corporate Affairs Commission (CAC) — Hussaini Ishaq Magaji, SAN

Industrial Training Fund (ITF) — Afiz Ogun Oluwatoyin

National Sugar Development Council (NSDC) — Kamar Bakrin

Nigeria Export Processing Zone Authority (NEPZA) — Olufemi Ogunyemi

Nigeria Export Promotion Council (NEPC) — Nonye Ayeni

Nigeria Investment Promotion Commission (NIPC) — Aisha Rimi

Oil & Gas Free Zone Authority (OGFZA) — Bamanga Usman Jada

Small & Medium Enterprises Development Agency of Nigeria (SMEDAN) — Charles Odii

Standards Organisation of Nigeria (SON) — Ifeanyi Chukwunonso Okeke

Financial Reporting Council of Nigeria (FRCN) — Rabiu Olowo

Nigeria Commodities Exchange (NCE) — Anthony Atuche, CFA

Lagos International Trade Fair Complex (LITFCMB) — Veronica Safiya Ndanusa

Tafawa Balewa Square Management Board (TBSMB) — Lucia Shittu

National Automotive Design and Development Council (NADDC) — Oluwemimo Joseph Osanipin

In view of the Renewed Hope Agenda of his administration, President Bola Tinubu expects all new appointees in this critical sector to optimally deliver in accordance with new key performance indicating benchmarks as established by the Federal Ministry of Industry, Trade and Investment.

By this directive of the President, all of the above listed appointments take immediate effect.

Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)

Magabush1:
Are you the one that imported the one that landed for #800 . Let the independent marketers come with their dirty deals, they won't sell their fuel. Too much cabalism in Nigeria and it has to stop. Where is nnpc getting the one they are selling at #595, let the independent marketers go there too to import

iLegendd:
Whatever a private organisation or a famous person accuses the government or its agency twice, just know it's true — but they'll deny initially until they can't deny anymore.

Same accusation with Naira devaluation, but the government said it's a lie.

Same thing with NDLEA and Mohbad, same with EFCC and Skales and so on.

Just find a way to make money in Dollar, Pounds, Euros, and other currencies and you won't be bothered with all these hide-and-seek games.

GanagiBitrus:
Whether Fuel Subsidy is Back or Front is irrelevant. What matters is that fuel is being sold at ~N620 & the resultant inflation has caused unbearable hardship to Nigerians.

•Petrol should be over N800/litre without subsidy, says IPMAN
•PMS queues may worsen, dealers fault NNPCL availability claims

Oil marketers, on Tuesday, countered the position of the Federal Government, as they insisted that the current pump price of Premium Motor Spirit, popularly called petrol, should not be less than N800/litre if there was no subsidy on the commodity.

Petrol currently sells at between N580/litre and N617/litre depending on the area of purchase, as the Federal Government, through its Nigerian National Petroleum Company Limited, had denied reintroducing PMS subsidy.

On Monday, the Group Chief Executive Officer, NNPCL, Mele Kyari, denied the reintroduction of petrol subsidy and claimed that the pockets of queues by motorists observed in petrol stations across the country stemmed from hiccups in products’ distribution from the South to the North and not a lack of supply.

“No subsidy whatsoever. We are recovering our full cost from the products that we import. We sell to the market, and we understand why the marketers are unable to import. We hope that they do it very quickly and these are some of the interventions the government is doing. There is no subsidy,” Kyari had stated.

On claims by NNPCL that it had enough product, the IPMAN secretary said this was not entirely correct.

“The situation in the downstream oil sector is very painful. How can Kyari go to the open and be telling people that he is not subsidising the product? He also said they have billions of litres of fuel and that nothing is going to happen, let him come out and watch what is happening in town right now.

“You can’t get taxis because most of them cannot get fuel, and their cost is now very high. Many people have packed their vehicles. How many stations are selling? For the few ones that are selling, the queues are endless here in Abuja.”

On his part, the National President, Natural Oil and Gas Suppliers Association of Nigeria, Benneth Korie, said filling stations were closing, as he insisted that fuel subsidy had been gradually reintroduced.

“NOGASA is seriously worried, between now and December this year, there is need for urgent government intervention to stop the shutting down of our filling stations and parking of our petroleum tankers, all due to the high cost of importation, distribution of products, etc,” he stated.

Korie also stated that the high cost of diesel was killing businesses in the downstream oil sector, stressing that concerns around subsidy on PMS had not helped matters lately.

“Among our recommendations to the government include the declaration of a state of emergency on our refineries, provision of palliatives to marketers for importation of diesel for 120 days before the commencement of operations by the refineries, since the government said refineries will start in December,” he declared.

Earlier, another dealer explained that the last private marketer, PETROCAM, that imported petrol into Nigeria recently, could not sell it due to the reintroduction of subsidy on PMS and the insistence of NNPCL not to raise its pump price.

The marketer stated that before the last one month, whenever they (marketers) brought in products, they would convince the NNPCL to raise the price in accordance with the landing cost.

“The depots are dried up. That’s a statement of fact. For more than a month now no other importer has brought in product except NNPC,” the oil dealer, who spoke on condition of anonymity due to lack of authorisation, stated.

“Since over a month now, I don’t think marketers have been able to influence NNPC to change its price. So that is why you hear that the landing cost currently is about N720/litre, but NNPC is still selling at between N580 to N617, depending on your location.”

The source explained that the current price of petrol had lingered because the government was subsidising the commodity.

“It (government) has said the price should not be more than that amount. So since over a month no marketer has brought in product due to the reintroduction of subsidy.”

On whether NNPC has enough products to keep the country wet, since marketers have stopped PMS imports, the source replied, “NNPC also has its challenges too

“The NNPC you have now is different from the one of before. If it was before, even if they bring in 10 million litres, they can give close to seven million litres to other marketers and use the rest.

“But now, even some of their retail outlets don’t have products because they are so much currently. So you cannot bring in products and be supplying third parties, leaving your own.”

Subsidy gulps N4.8tn annually

Meanwhile, the government through the Nigerian Midstream and Downstream Petroleum Regulatory Authority, stated on Tuesday that fuel subsidy was gulping about N4.8tn from its purse.

The Chief Executive Officer, NMDPRA, Farouk Ahmed, disclosed this at the ongoing Energy and Labour Summit organised by PENGASSAN in Abuja.

“The financial implication of PMS subsidy rose to over N400bn monthly which translates to over N4.8tn ($6bn) annually, making it unsustainable in the short to medium term.

“Subsidy on PMS hugely impacted government revenues available to all tiers of government leading to inability of the government to meet their obligations.

“Last year alone, Nigeria imported a total of about 23.5 billion litres of PMS. Our average daily truck out over a period of eight years stood at over 55 million litres per day, with a peak of 66.7 million litres recorded for the year 2022.

“In the year 2022, Nigerian government expended more than N4tn on PMS subsidy. This amounted to about 20 per cent of fiscal budget for the year, presented a strain on the fiscal viability of the government, and became a major obstacle to inclusive participation in downstream petroleum sector,” Ahmed stated.

He pointed out that fuel subsidies had been in Nigeria since the 1970s when government routinely sold petrol to Nigerians at below cost, but stressed that it had to be stopped.

politicoNG:
https://nannews.ng/2023/10/09/fg-no-longer-paying-fuel-subsidy-kyari/

GuruboiNaija:
https://.ng/2023/10/08/tinubu-govt-planning-to-gag-media-ahead-of-release-of-fbi-files-atikus-aide-alleges/

The Senate has called for the privatisation of moribund oil refineries owned by the Federal Government.

This call was made by the Senate through its committee on Finance, chaired by Senator representing Niger East and a member of the All Progressives Congress, Sani Musa.

Musa made the call in Abuja on Saturday while fielding questions from journalists on the way forward after the celebration of the country’s 63rd Independence anniversary.

According to him, the refineries have more or less turned into bottomless pits for the government as far as turnaround maintenance was concerned.


“For me, my candid advice to the Federal Government on the nation’s apparently moribund oil refineries is for them to be privatised.

“Proceeds from such privatisation should be sunk into the mining sector for jobs creation for the teeming Nigerian youth who are roaming the streets on a daily basis.

“The youth constitute 70 per cent of Nigeria’s population and must be made to be productive which is doable if the mining and Agricultural sectors are repositioned for that.”


Senator added, “The Not too young to run opportunity given to the youth in the political terrain should be practically extended to the realm of innovation by providing them with a conducive environment and enablement to innovate as it is, in most developed countries.”

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has confirmed the return of fuel subsidy under President Bola Tinubu.

President Bola Tinubu had announced the removal of fuel subsidy on his first day in office, leading to increase in fuel price from N197 to between N480 and N570, the pump price was subsequently reviewed upward to N620.

However, there were reports that the price would go up as a result of fluctuation in the global oil market.

There were reports that the federal government intervened to prevent further rise in pump price, but the government denied this.

However, Daily Trust subsequently found documents which showed that despite the numerous assurances by Tinubu that subsidy was gone, the federal government paid N169.4 billion as subsidy in August to keep the pump price at N620 per litre.

A document by the Federal Account Allocation Committee (FAAC), sighted by our reporter, showed that in August 2023, the Nigerian Liquefied Natural Gas (NLNG) paid $275m as dividends to Nigeria via NNPC Limited. NNPC Limited used $220m (N169.4 billion at N770/$) out of the $275m to pay for the PMS subsidy. Then NNPC held back $55m, illegally.

The government neither confirmed nor denied the story.

Speaking on Channels Television’s Politics Today, Festus Osifo, National President of PENGASSAN, said due to the cost of crude oil in the international market and the exchange rate, the government still pays subsidies on petrol.

“They [government] are paying subsidy today. In reality today, there is subsidy because as of when the earlier price was determined, the price of crude in the international market was somewhere around $80 for a barrel. But today, it has moved to about $93/94 per barrel for Brent crude. So, because it has moved, then the price [of petroleum] also needed to move,” he said.

He said before the government can stop subsidising petroleum, two things must happen.

“The only reason the price will not move is when you are able to manage your exchange rate effectively and you are able to pump in supply and bring down the exchange rate.

“So, if the exchange rate comes down today, we will not be paying subsidy. But with the exchange rate value and the price of crude oil in the international market, we have introduced subsidy,” the PENGASSAN boss said.

The Federal Government has announced the indefinite suspension of the N-Power program.

Betta Edu, Minister of Humanitarian Affairs and Poverty Alleviation, made the announcement while featuring on a TVC news program on Saturday.

She said the decision was birthed by some irregularities within the scheme, noting that the government has launched investigation into the utilization of funds since the program began.

The Minister claimed that some of the beneficiaries are not found in their place of assignments yet they expect monthly stipends.

According to her, some of the beneficiaries ought to have exited the program since 2022 but are still on the payroll.

She said, “We must go back to look into N-Power and understand what the problems are so we will basically suspend the programe for now until we are done with proper investigation into the utilization of fund into the N-Power program.

“We want to know how many persons are basically on the program right now, how many persons are owed, amount they are owed. We are totally restructuring the N-Power and expanding it.

“There are lots going on. We met people who are supposed to have exited the program since last year and they are still on claiming that they are still teaching.

“Sometimes we contact the school or the places where they are working and they are not there. They are not working yet they keep claiming that they are being owed eight or nine months stipends.

“About 80 percent of them are not working yet they are claiming salaries”.

DAILY POST reports that N-Power Program was launched by the administration of former President Muhammadu Buhari to address the issue of youth unemployment and help increase social development.