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FG should probe fake varsity degrees quickly

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FG should probe fake varsity degrees quickly

THE decision of the Federal Government to invite memoranda from the public as part of its probe of private universities established in the past 15 years to uncover certificate racketeering is a welcome development. But the probe must be holistic and far-reaching if Nigeria must sanitise its education sector.

An investigative report by a Daily Nigerian journalist, Umar Audu, who uncovered certificate racketeering involving so-called universities in neighbouring Benin Republic and Togo, is the premise for the probe. Audu revealed that he received his certificate from a Cotonou-based University like a pizza within six weeks!

The undercover reporter got the certificate and transcript of Ecole Superieure de Gestion et de Technologies, Benin Republic, at an affordable rate. This exposed a booming certificate racketeering syndicate in neighbouring Benin Republic and Togo that specialises in selling university degrees to willing buyers from Nigeria. He even proceeded to embark on the mandatory National Youth Service Corps scheme with a six-week degree programme.

In response, the Federal Government instantly announced the suspension of the accreditation and evaluation of degree certificates from both countries and said it would launch a probe into private universities established in the last 15 years at home.

The Inter-Ministerial Investigative Committee on Degree Certificate Milling set up by the government was tasked with examining “whether or not private universities established in the last 15 years have in place prescribed facilities, appropriate management structure, adequate funding of programmes, requisite state, and nature of the staff – full-time, contract, adjunct, visiting and other types” without prejudice to the periodic accreditation of the National Universities Commission.

This is not the first time that fraudulent academic records and certificates have been discovered, even at very high levels. A former director-general of the Federal Institute of Industrial Research, Oshodi, Lagos, was demoted and faced prosecution for allegedly claiming to have bagged a doctorate from the Universited’Abomey-Calavi, Benin Republic, over 18 years before he was appointed as the chief executive of the body.

He claimed to have bagged a doctorate in 2001 from the Benin Republic university but could only produce an attestation document for the PhD. The document was reportedly signed by his supervisor, contrary to the procedure in that country, in which the education ministry usually issues the certificate of graduation. The Independent Corrupt Practices and Other Related Commission subsequently arraigned the official.

Similarly, a senior lecturer in the Department of Pure and Industrial Chemistry, Faculty of Physical Sciences, Azikiwe University, Awka, was dismissed for allegedly presenting fraudulent academic records as he claimed to have a master’s degree and PhD from UNIZIK, which were found to be false.

What these and similar incidents show is that the issue of obtaining and using fake certificates and academic records to gain employment and earn promotion is deep-rooted. The craze for degrees at all costs has pushed many Nigerians into mushroom education institutions in other countries, with some of those schools operating from a room apartment without the requisite faculties.

The delay in completing the probe instituted by the Federal Government into the journalist’s certificate saga is taking too long. This affects the integrity of Nigeria’s education system. Crucially, those government organisations and others that are meant to oversee only the private universities must extend their scrutiny to the public institutions as well. Those in charge must be thorough in their work, and institutions and individuals found culpable must be made to face the full wrath of the law.

There must be thorough checks on certificates presented from institutions abroad. Employers must take steps to verify the credentials of their new recruits and even old employees, while the government and educational institutions must insist on transcripts of academic records, just as it is done in the United States of America and Canada.

Naira rebounds to N1,400/$ as speculators offload forex

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Naira rebounds to N1,400/$ as speculators offload forex

The naira rebounded against the United States dollar on Wednesday at the official and parallel markets, with the local currency recording a significant gain against the greenback at the black market.

This came as the Central Bank of Nigeria announced the final settlements of all valid foreign exchange backlogs, fulfilling a key pledge of the apex bank governor, Mr. Olayemi Cardoso, to process an inherited backlog of $7bn in claims.

The Acting CBN Director, Corporate Communications, Mrs. Hakama Sidi Ali, who disclosed this in Abuja on Wednesday, recalled the central bank had recently cleared $1.5bn from the backlogs.

On Wednesday, the naira closed trading at 1,410/dollar at the parallel market and N1,492 at the official Nigerian Autonomous Foreign Exchange Market, according to data compiled from the FMDQ Securities Exchange.

The gain recorded by the naira at the official market represents an appreciation of N68 or 4.5 per cent, from the N1,560/$1 recorded on Tuesday at NAFEM, and a gain of 13.5 per cent or N190 at the parallel market.

According to findings by The According, the exchange rate has been gaining lately as speculators begin to dump their dollar stocks, following waning demand by prospective buyers amid CBN clampdowns.

A string of circulars by the Central Bank of Nigeria in recent weeks and months have helped to plug leakages and blocked loopholes previously explored by currency speculators and racketeers.

Also, the recent clampdowns on the activities of illegal BDC operators in Lagos, Abuja and Kano by the operatives of the Economic and Financial Crimes Commission have helped to reduce the volatility of the naira.

 A Bureau De Change Operator at Wuse 2, Abuja, Ibrahim Yahu, said on Wednesday that the greenback was bought at the rate of N1400/$1 and sold at N1500/$, allowing operators to make a spread of N100/$1.

He said, “The highest I can buy from you is N1400/$ but we are selling at N1500/$.

He noted that some persons bought at the rate N1,300/$ during the daily trading activity.

Another currency trader, Malam Musa Yahyah, at the Central Business District in the FCT, expressed mixed feelings about the new rate, stating that some traders were forced to sell at loss due to a waning demand for the greenback.

In Lagos, a currency trader at Allen Avenue, Ikeja, Mustafa Ibrahim, said the waning demand for the dollar, partly driven by the commencement of dollar sale to BDC operators at the rate of 1,300/dollar, had further weakened demand for the greenback.

He said most traders bought and sold the dollar at N1350 and N1450 on Wednesday. According to Ibrahim, the local currency may reach a new high of 1,200/dollar in weeks if the trend continues.

Also, Mallam Abubakar Salisu, who sells FX at the Murtala Muhammed Airport, Lagos, said the naira-dollar exchange rate at the parallel market had been fluctuating in recent times due to the activities of the CBN and the EFCC.

“As of today, many of us bought and sold at 1,400/dollar and N1,450/dollar. The rate is still volatile but many of us are anxious to sell because we know the dollar will soon crash. The only challenge is that many us bought the FX when the rate was around N1,600, so we are concerned about the loss. We are seeking to minimise the loss,” he said.

Meanwhile, the intraday high closed at N1,620 per dollar for the spot on Tuesday while the intraday low closed at N1,350/$1 on the same day.

The daily foreign exchange market turnover increased to $268.29m from $195.13 million recorded on Tuesday.

On Tuesday, The According exclusively reported that forex turnover at the official foreign exchange market increased to $11.43bn within two months of trading, following fresh reforms by the CBN.

An analysis of reports and data of daily forex transactions recorded on the website of FMDQ Securities, a platform that publishes official foreign exchange trading in the country, indicated that the figure increased by 185.75 per cent or $7.43bn between January and March 15th, 2024.

The improved liquidity at NAFEM followed a directive by the CBN on February 1, 2024, asking banks to sell their excess dollar stock to improve liquidity in the FX market within 24 hours.

The naira has continued to appreciate against the dollar following some foreign exchange measures put in place by the Central Bank of Nigeria.

Some of the FX reforms include efforts made at achieving a willing buyer-willing seller market; removal of all limits on margins for the International Money Transfer Operator remittances; introduction of a two-way quote system and the broad reforms in the Bureau De Change segment of the market to restore stability, enhance transparency, boost of supply, and promote of price discovery in the Nigeria Autonomous Foreign Exchange Market.

The pressure on the naira/dollar exchange rate is beginning to ease as Nigeria’s external reserves have sustained growth in one month.

Data from the CBN showed that the foreign currency reserves increased by 3.62 per cent to $34.37bn as of March 12, 2024 from $33.17bn recorded at the beginning of February 2024.

The CBN recently announced a remarkable upswing in Diaspora remittances, soaring by 433 per cent to reach $1.3b in February, compared to $300m in January.

CBN announces

Meanwhile, acting CBN Director, Sidi Ali, said the clearing of the FX backlogs followed a significant increase in external reserves.

She said the month-on-month increase in the reserves was driven by a marked advance in remittance payments by Nigerians overseas, as well as higher purchases of local assets, including government debt securities by foreign investors.

Ali emphasised that meticulous efforts were undertaken to settle these outstanding transactions.

The apex bank noted that independent auditors from Deloitte Consulting meticulously assessed each transaction in the $7bn FX backlog, ensuring that only legitimate claims were honored.

It noted that all invalid transactions were promptly flagged for further scrutiny by relevant authorities.

Cardoso had recent underscored the importance of clearing the FX backlog to restore credibility and confidence in the Nigerian economy.

According to the CBN statement, the clearance of the foreign exchange transactions backlog aligns with the comprehensive strategy outlined during last month’s Monetary Policy Committee meeting.

The primary objectives include stabilising the exchange rate and mitigating imported inflation. By doing so, the CBN aims to bolster confidence in the banking system and stimulate economic growth.

Cardoso was said to have further communicated the expectations during a conference call with foreign portfolio investors, emphasising sustained increases in Nigeria’s foreign currency reserves and improved liquidity in the foreign exchange market.

“It was important that we go through an independent and credible process that would determine the authenticity of those obligations, and, at this point, I can tell you that we have now cleared all genuine, verifiable transactions. This encumbrance to market confidence in the country’s ability to meet its obligations is now totally behind us,” he added.

The CBN action signifies a pivotal moment in the financial landscape, paving the way for a more resilient and stable economy.

As the nation moves forward, the successful clearance of the FX backlog serves as a beacon of confidence for investors and businesses alike.

The statement partly read, “the Central Bank of Nigeria has announced that all valid foreign exchange backlogs have now been settled, fulfilling a key pledge of the CBN Governor, Mr. Olayemi Cardoso, to process an inherited backlog of $7bn in claims.

“Clearance of the foreign exchange transactions backlog is part of the overall strategy detailed in last month’s Monetary Policy Committee meeting to stabilise the exchange rate and thereby curb imported inflation, spurring confidence in the banking system and the economy. Cardoso used the MPC meeting and a subsequent conference call with foreign portfolio investors to set expectations for sustained increases in Nigeria’s foreign currency reserves and improved liquidity in the foreign exchange market.”

Banks

Meanwhile, some banks have asked their customers to submit tax clearance for the last three years when applying for Form A.

Form A, which is an application form designed by the Central Bank of Nigeria to pay for service transactions such as school fees, medical fees, and more, allows customers to purchase funds at the CBN or interbank rate to make payments for these services.

An email notification from Standard Chartered to its customers revealed that effective next month, they would be required to submit their TCC for the last three years when seeking forex via banks.

The notice titled ‘Further Update On Tax Clearance Certificate’ reads, “Following our previous communication on submission and verification of Tax Clearance Certificate for all FORM A applications, we wish to remind you of the requirement to provide your updated tax clearance certificate.

“Effective 1st of April, 2024, you are required to upload your 3 years TCC for 2021, 2022 and 2023 assessment year for all new and existing FORM A applications on the CBN trade monitoring system (TRMS). All submitted TCC will be verified by the state tax issuing authority before the application is approved.”

Fidelity Bank and Stanbic IBTC had also released similar circulars to their customers, urging them to submit their TCC to get approval for foreign exchange requests, such as Form A applications.

 A Tax Clearance Certificate serves as evidence of compliance with tax obligations, ensuring adherence to the stipulations outlined in Section 85 (2) of the Personal Income Tax Act, Cap P8, LFN 2004 (as amended).

Recalled that a global investment bank, Goldman Sachs, had recently predicted that the Naira would appreciate to N1200 per US dollar in twelve months.

Goldman Sachs analysts, Andrew Matheny and Bojosi Morule disclosed this in their recent analysis of Nigeria’s current economic realities.

The US-based financial institution highlighted the recent upward interest rate adjustment by monetary authorities in Nigeria and a recent N1.6tn bill auction by the central bank as signals that the country is turning the tables on a previous unorthodox policy regime that hindered the naira from trading freely.

“These developments have prompted us to shift to a constructive outlook for the Naira, which our FX strategists expect to appreciate to NGN 1200 vs. the USD in 12 months,” Goldman Sachs said.

Goldman Sachs backed the recent monetary policy by the Nigerian government to rescue the Naira, which was described as ‘cheap’ or undervalued.

The analysts believed that the country’s foreign exchange crisis would be resolved if the government saw to monetary policies.

The Central Bank of Nigeria has unveiled several monetary policies.

The latest was the new draft guidelines for Bureau de Change operators in the last two months.

Also recently, Binance, a cryptocurrency, discontinued its Naira transactions over regulatory clampdown by the Nigerian government.

Nigerians not financing terrorism, Gumi faults FG’s list

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Nigerians not financing terrorism, Gumi faults FG’s list

Controversial Islamic cleric, Sheik Ahmad Gumi, has disagreed with the Federal Government over its recently released list of those linked to terrorism financing in the country.

The According reports that the Federal Government uncovered the identity of 15 entities, including nine individuals and six Bureau De Change operators and firms, allegedly involved in terrorism financing.

Details of the development were revealed by the Nigerian Financial Intelligence Unit, in an email sent to our correspondent on Tuesday night, entitled “Designation of Individuals and Entities for March 18, 2024.”

The document revealed that the Nigeria Sanctions Committee met on March 18, 2024, where specific individuals and entities were recommended for sanction following their involvement in terrorism financing.

Top of the list of individuals named in the document was Gumi’s ally and Kaduna-based publisher, Tukur Mamu, who is currently being tried by the Federal Government for allegedly aiding the terrorists who attacked the Abuja-Kaduna train in March 2022.

According to the document, Mamu “participated in the financing of terrorism by receiving and delivering ransom payments over the sum of $200,000 US in support of ISWAP terrorists for the release of hostages of the Abuja-Kaduna train attack.”

But reacting to the development on Twitter spaces organised by Daily Trust on Wednesday, Gumi, who faulted the list, explained that the security agencies had no right to label anyone a terrorist financier.

He claimed that no Nigerian would finance terrorism, adding that the terrorists are financing their operations with monies made from ransom collected from kidnapped victims’ families.

“No Nigerian will put his money into terrorism, we’re beyond that. These people are financing themselves by taking our children for ransom.

“So, how can we say some people are financing terrorism because there is a misunderstanding between them?” the cleric said.

He added, “Now they are looking for N1 billion for these children (kidnap victims) to be released. They (terrorists) financed themselves by kidnapping. I think it’s rubbish to just frame your political opponents as financing terrorism.”

Speaking on Manu, Gumi said the embattled publisher should be punished if found guilty by a court of law and court of public opinion.

“Mamu’s case is in the court. Let’s wait to hear from the court. It’s wrong to resort to media trial. Let’s wait for the court to state if he is a financier or not. I think if he is acquitted, he has a strong case to make on libel.

“Who declares someone a terrorist financer? Is it the court of law or a security agency? The security agency has no right to declare anyone a terrorist financier. The case is already in court, so why are they judging him on the pages of the newspaper? Once a case is in court, you allow the court to decide,” he added.

The According reports that Gumi had recently revealed his intention to dialogue with bandits who abducted about 287 schoolchildren from Kuriga Government Secondary and LEA Primary Schools in the Chikun Local Government Area of the state.

Gumi said this in a bid to facilitate the release of the abducted schoolchildren should President Bola Tinubu give him the opportunity to negotiate.

According to the prominent Islamic scholar, Tinubu must not repeat the mistake made by former President Muhammadu Buhari, who refused to dialogue with bandits.

Bandits had invaded the Kuriga area of the Chikun Local Government Area of Kaduna State, shooting at their victims before taking away at least 280 of the pupils and teachers from both schools.

How subsidy removal killed clean cooking

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How subsidy removal killed clean cooking

The removal of the petrol subsidy on May 29, 2023, has affected everybody and everything in Nigeria. But the most impacted of them all is domestic cooking. As the price of Liquefied Petroleum Gas, aka cooking gas, rises almost on a daily basis, people are now desperately looking for alternatives, and no one is talking about whether these substitutes are dirty or clean. People just want to cook, not minding the danger. To bring this point home, there was a social media meme which trended recently, “1 kg of (cooking) gas is now N1,600. Abeg, if I pass you for the road with a cutlass, no run o. Na firewood I dey find!”

It may sound funny, but it is the reality of our time. Indeed, it poignantly summarizes what is happening at the domestic level. The desperation is real. But, there are wider and more dangerous implications. As people struggle to cut firewood and cook, they are inviting diseases and death to their homes, because this is a dirty fuel. Women and children are most affected, as they are the primary actors in this constituency. To make it even much clearer, just last month, more than 100 women were kidnapped by bandits in Borno State while they went in search of firewood for cooking.

Yet, the other side is not as visible, though deadlier. Traditional open-fire cooking with firewood and other polluting fuels such as kerosene and charcoal are claiming lives. In fact, they are silent killers, destroying the environment and putting a burden on women, as smoke generated by firewood exposes women to diseases such as tuberculosis, asthma, high blood pressure and lung cancer. Recently a Nigerian-based public health physician, Dr Rahmat Odesesan, revealed that indoor use of stoves and firewood can expose children, especially those under the age of five to the risk of lung infection and respiratory diseases.

Statistics show that it causes over 78,000 deaths annually in Nigeria. It also contributes to the loss of nearly 400,000 hectares of forests annually, while emissions from residential cooking represent about 55 million metric tonnes of carbon dioxide and about 700,000 metric tonnes of harmful particulate matter emissions. This constitutes a significant proportion of Nigeria’s total greenhouse gas emissions (which cause global warming and climate change), and its abatement represents a key national strategy in meeting the commitment to the Paris Climate Change Agreement.

Therefore, the removal of subsidy has obviously reversed the gains we made in the fight against climate change. The statistics is scary. It was estimated that approximately 127 million people and more than 24 million families cook inefficiently with open fires in Nigeria. Only one in 10 households cooks with clean energy sources and technologies such as electricity or improved biomass stoves. So, now that there is a ‘mad rush’ for firewood, charcoal and similar resources, what would the data show?

Again, firewood is a cultural pride for some Nigerian tribes like the Gbagyi. But now they are gradually discarding the age-old tradition of collecting and adorning firewood as treasures, and the cost of LPG skyrockets out of reach of the poor, they are forced back to their old ways.

Secondly, the Federal Government has already invested heavily in clean cooking, in order to avert the simmering household energy crisis. It pledged to provide access to cooking gas for 28.8 million households and improved biomass cookstoves for 7.3 million, representing 48 per cent and 13 per cent of the total population, respectively, by 2030. This was estimated to save over 30,000 lives per annum, build a domestic clean cooking industry and create new jobs, reduce deforestation, assist the government in meeting its climate change commitments, meet its pledge to reduce short-lived climate pollutants and improve the lives of women. In its updated Nationally Determined Contribution, Nigeria made a firm commitment to expand access to clean cooking.

To achieve this clean cooking target, the Federal Government of Nigeria through the Federal Ministry of Environment and other key stakeholders developed a Draft National Clean Cooking Policy, which was validated in December 2022. The draft policy was informed by credible evidence obtained through economic and social research, including the modelling of future scenarios for expanding access and its impacts on health and the environment. With all these milestones, one is wont to wonder how the emerging indications would create a societal flux.

Therefore, it was in a bid to incorporate the scope for integrating the latest evidence into stakeholder discussions around the draft policy, and for strengthening engagement between scientific policy and societal actors on the issue of clean cooking, that some stakeholders came together this week in a “high-level dialogue on deploying state-of-the-art evidence for household energy policy making in Nigeria’.

Key questions were explored during the dialogue, hosted by the International Centre for Energy, Environment and Development in partnership with researchers from the University of Nottingham, United Kingdom and the University of Ibadan. What is the latest evidence on the state of household energy access in Nigeria? How can clean-cooking research capacity be strengthened to ensure the availability of consistent and credible evidence base for policymaking in the sector? What inputs – technical, financial and institutional – are required to strengthen the linkages between clean-cooking research, policy and society? How can we link policy processes and outputs to outcomes on the ground, especially given the current economic headwinds in the country that threaten to reverse the progress that has been made toward LPG in the last decade?

One of the key takeaways from the dialogue is the idea that the government should see clean cooking as a public good and engage accordingly. Mr Ewa Eleri, the Executive Director of ICEED, expatiated: “If we are serious about the issue, I think we need to bring a public perspective to it, because we want to reduce sickness, we want to reduce deaths. We want to solve national problems the way we deal with malaria, HIV/AIDS and other issues. It becomes a public good. On that, we can justify being able to spend huge resources either government or private sector through the carbon market like other nations are doing. We need to listen to reality. People here are very poor. It is not for nothing that we are called the poverty capital of the world. There are very poor people here, especially in the northern part.”

I am of the same view.  Additionally, the National Assembly should include them in the so-called constituency projects; and the government include them in green jobs grants to youth entrepreneurs. Apart from some other institutional upgrades that the government should do as a matter of urgency, like the installation of a clean cookstove testing laboratory at the Standards Organisation of Nigeria; it should work towards incentives that would encourage both energy providers and users. More so, even as the country has yet to get it right in the electricity sector and power supply, we should start now to deliberately put in the building blocks for the future adoption of what is known as modern energy cooking services.

The subsidy removal and its attendant national quandary may have thrown us back to the dark ages but we must not accept to remain on the floor grovelling. We just have to innovate to survive. Nigeria remains a regional giant and the work our citizens and professionals have been doing in the sector has blazed the trail for other African countries. We must keep our focus in order to perform better in the Sustainable Development Goals (2015 – 2030) than we did in the Millennium Development Goals (2000 – 2015). In pushing for the adoption of clean cookstoves, we are addressing energy access (SDG 7); fighting climate change (SDG 13); and promoting gender equality (SDG 5).

LP demands NLC president’s arrest over party secretariat invasion

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LP demands NLC president’s arrest over party secretariat invasion

The Labour Party, on Wednesday, condemned the invasion of its party secretariat by the leadership of the Nigeria Labour Congress, led by Joe Ajaero.

The National Publicity Secretary of the Labour Party, Abayomi Arabambi, called for Ajaero’s arrest for “treason” for allegedly planning a political insurrection against the Federal Government through conduct likely to cause a breach of peace with his call on students, market women and leaders, thugs and other miscreants to invade the 36 states chapter of Labour Party offices as this can lead to breakdown of law and order.

The NLC had on Tuesday directed its members to mobilise workers and lay siege to LP secretariats across the country to protest the party’s national convention planned for March 27.

The circular jointly signed by the Chairman and Secretary of the NLC Political Commission, Titus Amba and Chris Uyot, respectively also demanded the immediate resignation or sack of the National Chairman of the Labour Party, Julius Abure, over the alleged ‘financial rascality and contempt of the union president, Joe Ajaero.’

Expectedly, scores of protesting NLC members forced their way to LP national headquarters in Abuja on Wednesday chanting solidarity songs and calling for the head of the party leadership.

They were however prevented from gaining access to the party secretariat by security operatives posted to the area to maintain order.

But addressing a press conference on Wednesday in Abeokuta, Ogun State, the LP National Publicity Secretary, Arabambi, called for Ajaero’s arrest.

He said the call for the picketing and subsequent invasion and destruction of the Labour Party national office by the NLC was illegal, archaic and not in tandem with modern democracy.

He said, “We are now fully prepared to shed our blood in defence of our party leadership, as all unconventional or illegal means to hijack our party leadership, against the rule of law shall be met with force and this is not a threat.

“We shall defend our party leadership from being taken over by the NLC political terrorists; we are prepared to dislodge the NLC miscreants from the party national secretariat as nobody has the monopoly of violence.

“For anybody to illegally declare himself either as chairman, secretary or anything, we urge all workers anywhere in the country, to arrest them and bring them to us.

“Joe Ajaero has a penchant for civil disobedience, arrogation of rights and privileges of other citizens to himself because, when a matter is pending before a court, and in this case, the Supreme Court, all parties are to maintain the status quo as decided by the Court of Appeal.

“Our belief is that if there are any scores to settle, the NLC should have gone to court and allowed due process to take its course rather than coercing political parties to dance to their tunes as if they were dealing with the corporate organisation.

“NLC is a movement which by every standard should remain apolitical. There are thousands and one issues that affect Nigerian workers today,  which the NLC has failed woefully to fight for.

“The set of NLC leadership as we have today is a failure who put an elephant on the head and scratched for rats on the grounds.”

FCT NMA raises concern over kidnapping of members

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FCT NMA raises concern over kidnapping of members

The Federal Capital Territory chapter of the Nigeria Medical Association has resolved to develop and publish a guideline to support security agencies in the event of the kidnapping of any medical doctor in the FCT.

The Chairman of NMA-FCT, Dr Charles Ugwuanyi, said this on Wednesday at a news conference in Abuja.

Ugwuanyi said, “NMA-FCT, as a matter of urgency, has resolved to develop and publish a guideline to have as a working document in the event of kidnap of any medical doctor in the FCT.

“The document will include informing the appropriate security agencies and thereafter downing tool after 24 hours if no satisfactory actions or noticeable progress by the security agencies.”

He noted that this became necessary following the kidnapping of a member of the association along Airport Road in Abuja, Dr Chammah McSampson, a dental surgeon with Smile Dental Clinic.

He recalled that McSampson was kidnapped on March 10 and was released on March 14 after paying a ransom.

Ugwuanyi said that the NMA-FCT noted with deep concern during its congress on March 16 that the security situation in the FCT had posed an existential threat to the safety of its members.

He added that the congress also decried the delay by the FCT Minister in meeting with his leadership, especially during this difficult period despite several attempts.

According to him, NMA-FCT Congress has highlighted the necessary involvement of private individuals, professional associations, religious organisations, and others in assisting security agencies to curb the menace of insecurity in the FCT and Nigeria in general.

The NMA-FCT boss said that the association’s Emergency General Meeting (EGM) urged its members to be more security conscious by adopting measures that would make them less targeted by kidnappers and other criminals.

According to him, members have been advised not to go home late at night, as well as change the way they store other medical doctors’ names on their phones to avoid unnecessary attention.

Ugwuanyi also appealed to the Federal Capital Territory Administration Hospital Management Board (FCTA-HMB) to consider how far the doctors stay from the hospital, saying such consideration would prevent security risks.

He noted that NMA-FCT would liaise with other professional bodies and associations to draw attention to the state of the insecurity challenges currently bedevilling the FCT as well as find solutions to them.

Ugwuanyi further added that NMA-FCT would also be visiting the Director-General of the Department of State Security and other security agencies to register its displeasure.

(NAN)

Borno targets export of sesame, other cash crops

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Borno targets export of sesame, other cash crops

The Borno Government is working towards attaining food sufficiency and the export of cash crops and other farm products such as maize and cassava, among others.

Governor Babagana Zulum made this known Wednesday when he visited the Bokkoiri irrigation farm along Magumeri road in Konduga Local Government Area.

Zulüm said that the state has the capacity to export maize, cassava and sesame, among other cash crops, aimed at attaining self-reliance.

He said the government would focus on investing in irrigation agriculture to maximise food production in the state.

“Let’s carefully put things in order. Borno State will start exporting sesame and other cash crops in the near future.

“We will subsequently change focus and invest our resources in irrigation farming for adequate food production. I assure you that we will provide the political will needed to achieve food sufficiency,” Zulum said.

He said that the scheme, covering about 20 hectares of land, aimed to produce 364 tons of maize and sesame in one crop cycle. With three cycles per year, the Koiri scheme is targeted to cultivate over 1,092 tons of maize and other crops annually.

The governor directed that the ministry expand the scheme to 300 hectares, 100 each, in the three senatorial zones.

“We need to expand our scope. We should identify bigger land; we can expand with another 100 hectares each in Borno Central, South and North.

“My predecessor has procured about 10,000 hectares of drip irrigation kits. After this year’s rainy season, we hope the state will be able to cultivate at least 1000 hectares,” he added.

Zulum was accompanied on the visit by the Secretary to the State Government, Bukar Tijjani, the Commissioners for Agriculture and Natural Resources, Bawu Musami, that of Information and Internal Security, Prof. Usman Tar, and members of the agriculture transformation team, among other government officials.

NAN

Swiss central bank cuts interest rate by 0.25%

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Swiss central bank cuts interest rate by 0.25%

The Swiss National Bank on Thursday cut interest rates for the first time since June 2022 – the first to do so among the major central banks, saying the battle against inflation was working.

The SNB eased its monetary policy and cut its rate by 0.25 percentage points to 1.5 per cent, effective from Friday – the first cut since June 2022.

While the US Federal Reserve left its rates unchanged on Wednesday, the SNB changed its monetary policy for the first time since the rapid tightening initiated in 2022.

“The easing of monetary policy has been made possible because the fight against inflation over the past two and a half years has been effective,” the central bank said in a statement.

“For some months now, inflation has been back below two per cent and thus in the range the SNB equates with price stability.”

The SNB said that according to its forecasts, inflation was also likely to remain within this range over the next few years.

“With its decision, the SNB is taking into account the reduced inflationary pressure as well as the appreciation of the Swiss franc in real terms over the past year,” it said.

“The policy rate cut also supports economic activity. Today’s easing thus ensures that monetary conditions remain appropriate.”

The SNB said it would be watching inflation closely and would adjust its monetary policy again, if needed, to keep inflation within the range it sees as consistent with price stability.

It said Inflation had declined further since the beginning of the year, and stood at 1.2 per cent in February.

“This decrease was attributable to lower goods inflation. Inflation is currently being driven above all by higher prices for domestic services,” the central bank said.

Few economists expected the SNB to cut its key rate, giving a boost to industry which is suffering from the strength of the Swiss franc.

Of the nine economists surveyed by the Swiss agency AWP, seven expected the SNB to leave its key rate unchanged, but two expected it to lower it to 1.5 per cent.

Swiss industry has experienced a slowdown in orders due not only to concerns about the global economy but also interest rates pushing up investment costs.

Exporting companies are also penalised by the strength of the Swiss franc, which remains at a high level compared to the euro and the US dollar, even if it has lost some ballast since December.

AFP

Nigerian researchers competent to help potato farmers

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Nigerian researchers competent to help potato farmers

If funded well, Nigerian researchers have the capacity and the competence to develop bio-technology and do local transformation of potatoes.

This was disclosed on Thursday during the 2024 Annual Review and Planning Workshop of the National Root Crop Research Institute, with the theme, “Advancing Sustainable Root and Tuber Crops-based Farming System in Nigeria – A Pathway To Resilient Agrifood Systems.”

The institute stated that farmers in the nation will receive genetically modified potatoes (GMOs) resistant to late blight disease through the use of government funds and the findings of research conducted by Nigerian researchers.

During his research presentation at the event titled, “The Multi-Locational Evaluation of Potatoes Resistant to late blight”, the Principal Investigator, PI (Nigeria) of the Global Bio-Tech Potato Partnership in Nigeria, Dr. Charles Amadi said, “The project is being handled by a multi-national, multi-sectorial consortium” that is being funded by the USAID and anchored by the Michigan State University, while other collaborators include the International Potato Centre and some others in Kenya, and Bangladesh, among others.

Amadi said one of the objectives of the project was to build local capacity.

He said, “We have sent a scientist to Kenya and he has been trained on how to do that transformation. He has undergone that training twice – in 2022 and 2023.

“So he is trained to carry out this transformation and we are also acquiring the equipment, some of which we already have including the Mini-PCR, the implementation imager and a lot of other basic equipment and consumables and now the manpower.

“We need to be able to set up a transgenic laboratory. We look up to the government for funding.

“The project is being funded by USAID, but what normally happens is that when funding ends, projects tend to fizzle out, but we don’t expect it to be the same here. This is because the bio-tech potatoes will sell themselves as farmers are eager to pick them up, but they must wait until after the regulatory trial. We need funding to continue the transformation. We are talking about continuity.

“So, if we cannot get funding from outside, we will need to rely on internal sources of funding. So we look towards the government to provide funds sufficiently and timely and then the pre-requisite infrastructure and security which are required to have a convivial working environment.”

 

Electricity subsidy removal calls intensify amid rising industry debts

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Electricity subsidy removal calls intensify amid rising industry debts

There are concerns among Nigerians that further increases in electricity tariffs could worsen their economic situation, although the government and operators have consistently called for cost-reflective tariffs, write DARE OLAWIN

As it happened with fuel subsidy, the government and major players in the power sector have all agreed on the need to allow customers to pay for the electricity they consume. To them, electricity is no more a service, but a commodity that must be fully paid for by whoever is ready to buy it. While those in the government have been clamouring for an end to the electricity subsidy regime because it was no longer sustainable, investors in the supply chain want a fully deregulated power sector, saying lack of liquidity is ‘killing’ the industry.

Tinubu delaying process

It was gathered that stakeholders in the power sector have been on President Bola Tinubu’s neck to remove the subsidy on electricity. However, there were reports that the President had decided not to heed the request to end the electricity subsidy regime because of the negative effect it would have on Nigerians.

The President is very aware of the fact that the Nigerian economy ran into a problem after he removed fuel subsidy upon his assumption of office. This, coupled with his policy to float the naira, has made feeding difficult for many Nigerians as prices of commodities continued to skyrocket.

As a result, the repeated calls by stakeholders in the electricity value chain that subsidy be removed are being rebuffed by the President who fears adding more to the sufferings of the masses. Our correspondent learnt that the stakeholders had succeeded in convincing the Minister of Power, Adebayo Adelabu, that the only way to have an effective power sector was to allow liquidity through cost-reflective tariffs, which could only be achieved if the government removed the subsidy and allowed customers to pay for their consumption.

Adelabu had on many occasions emphasised that the government could no longer sustain the payment of subsidy on electricity. In November 2023, Adelabu said that the President stopped the implementation of a hike in electricity tariff and insisted that subsidy be paid on power consumed nationwide.

Speaking on the call for a cost-reflective tariff, which would lead to a hike in the amount payable for power, Adelabu said, “The power sector is an industry that is very sensitive to any leader. You cannot jump overnight and implement the cost-reflective tariff. I can tell you that till today the government still subsidises power. Tariffs should have been raised months back, but Mr President said until we are able to achieve regular and incremental power supply, we can’t touch the tariff.”

In January, the Nigerian Electricity Regulatory Commission released the 2024 electricity tariffs, which showed that the Federal Government was to shoulder about N1.6tn subsidy for the year, to avert a hike in tariff.

Instead of customers paying N122/KWh in some areas, the NERC allowed the distribution company to charge N56/kWh, leaving the remaining for the government to bear as subsidy. However, Adelabu recently said it was now “very difficult to sustain subsidy on electricity” because the country’s power debt had continued to soar.

The minister stated that only N450bn was appropriated for electricity subsidy in the 2024 budget, but findings by the NERC showed that subsidy would gulp about N2.9tn this year. He revealed that the country was currently indebted to the tune of N1.3tn to electricity generating companies, while the debt to gas companies was $1.3bn.

 The minister had been complaining that the Federal Government had not been able to fulfill its promises to Discos in paying electricity subsidy when due.

“We also want to appeal to the Federal Government that once there is a subsidy promise, it has to be fully funded. If our government is not ready to fund subsidies, it is actually better for us to migrate to a fully cost-reflective tariff; because liquidity is a major issue in the sector, which has led to a huge debt being owed power generating companies. And once they are owed, they are also unable to pay the gas suppliers.

“When the gas suppliers are not paid, they will be unwilling to supply regular gas to them. So, why are these debts piling up? Part of the debts is owed by the Discos. The Federal Government also owes a huge portion of these debts, which relates to the unfunded portion of the subsidy,” Adelabu told newsmen during his last visit to Olorunshogo and Omotosho power plants in Ogun and Ondo States, respectively.

Despite the pressure from Adelabu, sources said the President had insisted that he would not remove the subsidy on electricity yet.

Discos speak

In an exclusive interview with our correspondent, the Executive Director of Research and Advocacy of the Association of Nigerian Electricity Distributors, Sunday Oduntan, said Tinubu had been the one delaying power subsidy removal.

“As a customer in Nigeria, whether you are metred or not, whatever you are paying is below the cost of production. It is an average of N55/kWh when it should be N112/KWh. That’s why we have shortfalls that is why we are talking about subsidy.

“Until we all agree on the cost of production of electricity and the selling price, we will be talking about the same thing. We should look at it from all angles. Though DisCos also need to be efficient, but if the price is not right, the product will not be available,” he said.

 According to Oduntan, the government has been defaulting in paying electricity subsidies.

“They (FG) paid in the past; they promised to pay some this January. The price was to go up in January; the Federal Government said they would cushion the effect. By law, they have to review the tariff every six months. They reviewed it in December; the new tariff was to take effect in January. The President said, ‘No, don’t inflict more hardship on the people. We can’t remove subsidy on petrol and power at the same time’.

“That is what the President did. The man is the only person who has not allowed you and me to pay the true cost of electricity since January. The cost should have been between N112 and N150/kWh, but we are still paying N55, and some are paying N62. You know the cost of doing business in Lagos is different from Damaturu, Port Harcourt, Ilorin or Abuja. That is why we have 11 DisCos,” he added.

Subsidise the poor only

Oduntan advised the government to subsidise the poor and low-income earners, saying, however, that a database would be required to know who is poor or not.

“How will the government be subsidising power for rich men and people using Rolls Royce? It is not proper. But we don’t have a database to determine who is rich or poor in this country. If there should be subsidy on power, it should be for the low-income earners, the poor; not the rich,” Oduntan maintained.

Senate rejects tariff hike

In February, the Senate kicked against plans by the Ministry of Power to remove electricity subsidy given the current hardships in the country, calling on the government to step down the idea of an increase in electricity tariff.

The upper chamber also directed the committee on power to investigate the N2tn required for electricity subsidy payment to avoid the repeat of the fuel subsidy scenario, other debts owed in the sector, and the state of metering in the country.

It also resolved to conduct a proper investigation into the reasons behind the call for the removal of electricity subsidy. The Senate President, Godswill Akpabio, announced the resolution after a majority of the senators supported it through voice votes.

The According reports that the resolution of the Senate followed its consideration and approval of a motion moved by Senator Aminu Abbas of Adamawa Central during plenary on the need to retain subsidy on electricity in the country for the foreseeable future.

Abbas in his lead debate said, “Senate notes with greatest dismay the plan to increase electricity tariff by the relevant statutory authority in gross disregard of increased economic challenges with attendant widespread poverty and high cost of living.

“The Senate may note that the Hon. Minister of Power was reported saying ‘the nation must begin to move towards a cost-effective tariff model, as the country is currently indebted to the tune of N1.3tn naira to generating companies, and $1.3bn owed gas companies.

“According to him, over N2tn needed for subsidy, only N450bn was budgeted this year. The same electricity businesses are collecting money from customers for services not rendered. When they have not added anything to the equipment, they inherited it from PHCN. Communities buy transformers to replace damaged ones in addition to overburden bills and arbitrary estimates for unmetered customers.

“Regret that in addition to the high cost of living being experienced in the country, the unmetered customers who are owners of small and medium enterprises are adversely impacted by exorbitant electricity charges and by implication have their businesses affected.”

Contributing to the debate, Senator Aminu Tambuwal of Sokoto South said it was abnormal for the government to “consider hiking electricity tariff in the face of hardship,” stressing that “such action should not even be contemplated in the first place”.

Similarly, Senator Orji Kalu of Abia North noted that even advanced economies subsidise electricity, saying, “Why should people be paying for what they did not use? Our focus should be on transmission and distribution.”

Subsidy removal in phases

Following the outcry that greeted the planned subsidy removal, Adelabu proposed a gradual removal of the subsidy, saying it could be done in phases within the next three years.

He also concurred that it would not be fair to remove the subsidy at once in the face of current economic hardship.

“Resulting from the high inflation of almost 30 per cent, resulting from the devaluation of the naira, resulting from the subsidy, there is hardship. And everybody feels it. So, it is not the time that anybody will call for a total removal of electricity subsidy. No.

“It will sound highly insensitive to the feelings of our people. So, what we intend to have in the policy is a roadmap. Probably, two to three years roadmap that will migrate us into a cost-reflective tariff, which means that government subsidy will remain to the end, and we will keep reducing it from time to time.”

 The minister emphasised that currently, the government subsidy was about 66 per cent of the tariffs being paid by Nigerians for power consumption.

He said a draft policy to be released soon would see attempts at signing up to a minimum payment assurance for capacity in generating companies to ensure sustainability and stabilisation of generation output.

The minister’s statement is an attestation that the government is not going back on its planned removal of electricity subsidy, whether now or in the next three years. As a result, individual consumers should not be caught unawares like in the case of fuel subsidy.

Many feel it would only be fair to remove electricity subsidy after all the over 13 million consumers must have been metered so that Nigerians will not be paying heavily for darkness.

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