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APC vows a crushing loss while Atiku considers 2027 presidential run

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Atiku Abubakar, the presidential candidate of the Peoples Democratic Party for 2023, is reportedly planning to run in the 2027 election, but the All Progressives Congress has dismissed this idea.

In a Wednesday interview, APC Director of Publicity Bala Ibrahim called Atiku’s 2027 ambition the most ridiculous development of 2024. He predicted that the outgoing vice president will lose once more.

Daniel Bwala’s former vice president’s spokeswoman announced on Tuesday night that his principal will run for president again in 2027.

Atiku had six unsuccessful attempts to become the president of Nigeria: in 1993, 2007, 2011, 2015, 2019, and 2023.

Following the Supreme Court’s confirmation of President Bola Tinubu as the victor of the 2023 election, in which Atiku finished in second place, the politician made hints that he was not going to retire from office and vowed to keep influencing the democratic conversation.

“As for me and my party, this phase of our work is done,” he had stated. But I’m not leaving you behind. As long as I have breath, I will fight alongside other Nigerians to strengthen our democracy, uphold the rule of law, and bring about the kind of political and economic transformation that will allow the nation to realize its full potential.

“Nigeria’s younger generations, who have even greater stakes than my generation, should now lead that struggle.”

However, Bwala referred to Atiku as the president Nigeria has never had in an interview that aired on Channels television on Tuesday night.

The attorney stated, “Of course, he would run,” in response to a query on whether Atiku would run for president in 2027. He have the ability, insight, knowledge, and vitality.

“And he’s the president we never had.” To be very honest with you, Atiku Abubakar is one of the politicians who has the greatest understanding of the private sector, and our economy can only thrive in the presence of a private sector-led economy. Because of his skills and expertise, he is the president the nation has been lacking.

In response to Bwala’s disclosure, PDP Deputy Publicity Secretary Ibrahim Abdullahi said it was a positive step forward. However, he refuted suggestions that the party would be left in the dark regarding certain leaders’ aspirations to become president in 2027, stressing that the PDP needs to unite, mobilize support, and galvanize before that happens.

PDP gives Atiku praise.

In an interview with one of our correspondents, Abdullahi said, “It’s a political party, the PDP.” A political party’s main purpose is to develop leaders. Thus, I don’t think individuals should start organizing if they want to run on the PDP platform for president, governor, Senate, or any other post in 2027. After all, that’s one way to keep a political party alive.

He commented on the timing, saying that you can’t just tell people to stop nurturing ambition when you wake up in the morning. Consequently, it isn’t a political party. I interpret the question to suggest that the political party will suffer if they continue to further their political goals; however, it is untrue.

“As a politician, I am aware that politics is about interests and ambition. Thus, it is not too early if people begin vying for power now, before 2027 as you see fit.

To guarantee that they promote it in a positive environment and maintain the political party’s viability, they must go beyond party lines. Thus, I believe that this is a positive development. As long as it stays within the bounds of the law, they ought to be permitted to do it.

We want individuals to promote the party and be able to express interest in particular offices, not just go out and campaign or gather support. It’s a positive trend.

But according to Wednesday, the APC’s media director, Atiku will narrowly lose the 2027 presidential contest. He says there is no political value to the former vice president.

Regarding Atiku’s potential threat to the APC, Ibrahim stated, “Our party, the All Progressive Congress, thrashed Atiku not once, not twice.” We totally defeated him, even when we believed he had the drive and minimal credibility to appeal to Nigerians.

“How can someone who is only attempting to get back on track be a danger to the APC in 2027? That is inconceivable; Atiku will never pose a challenge to the APC. When he was worthless, he posed no threat. He is already worthless, how can he pose a threat? It’s an unrealistic dream.

The former vice president should resign from office, the party spokesman said, adding that he was being duped by his staff and political friends.

APC censures the former vice president.

Ibrahim went on, “Atiku had better put politics entirely out of his mind. I believe that Bwala and a few other people are just making this up. And it just serves to highlight the fact that Atiku is surrounded by individuals who are trying to deceive him, as anyone who truly cares about Atiku will not suggest that he run against Tinubu in the long future.

The APC has no concerns whatsoever about this. There is no stopping Atiku. In terms of political value, he must have decreased by 2027, since he has never been a force to be reckoned with. Though we haven’t arrived at the bridge yet, we shall cross it eventually.

Atiku has the right to pursue his presidential dream in 2027, according to several opposition political groups.

Although Atiku has the freedom to run for any political office he chooses, the New Nigeria People’s Party pointed out that 2027 seems too far off to be discussing now.

Ladipo Johnson, the NNPP Presidential Campaign Council’s spokesman for the 2023 election, reasoned that a lot could happen between now and 2027 that would make the discussion of the issue superfluous.

“Daniel Bwala has the right to say whatever he wants regarding the ambition of his principal, but it is up to Nigerians to decide what they want,” he stated. 2027 is a long way off, and I don’t think it’s appropriate to have a discussion about it just yet. It’s too soon.

To be fair, Atiku is free to run for office as often as he pleases. Many things could happen between now and 2027. Let’s observe how things work out.

“Support Obi.”

But in an interview with The PUNCH on Wednesday, Yunusa Tanko, the spokesperson for the 2023 Labour Party Presidential Campaign Council, stated that Nigerians were sick of Atiku and other members of the “old stock.”

According to Tanko, who predicted that Obi will run for president in 2027, the former governor of Anambra State desired for Nigeria to be a working nation for all.

“Anybody who wants to demonstrate ambition and begin building at this time, that is their fundamental right,” he declared. However, we think that people’s interests are what really matter. Furthermore, the tide is turning in our favor, particularly among young Nigerians. They’ve had enough of the outdated inventory.

We thus wish anyone from the old stock the best of luck if they choose to run for office. However, it would have been preferable if they had helped a younger generation like Peter Obi by uniting this nation so that we could advance as a group. For the people of Nigeria right now, that would have made more sense and shown gratitude.

Obi stated, “That one is sure,” in response to a question about whether he would run in the 2027 election. That one is certain; there is no room for doubt.

“Obi wants to see Nigeria function; his ambition is not the most important thing,” he said. His goal is for Nigeria to function for all people.

On the other hand, Mr. Olu Agunloye, the National Secretary of the Social Democratic Party, contended that the former vice president’s ambition was perfectly acceptable.

All eligible Nigerians, including Atiku, are entitled to run for office, and many more will do so in 2027. Therefore, I find nothing wrong with Atiku’s desire to seek the presidency once more.

Yes, he urged the opposition to unite in order to have a chance of unseating the APC after losing his appeal at the Supreme Court. It was a wise decision. However, if you are wondering about the SDP’s stance on this, he responded, “There is no way our party will support Atiku because we will field a presidential candidate come 2027.”

The Action African Alliance’s 2023 presidential candidate, Omoyele Sowore, discounted Atiku’s chances in 2027 in his characteristically direct manner, stating that even if he is likely to run, he would lose again.

Atiku has a history of participating in competitions and losing them. He is worthless, both now and in the future, Sowore declared.

The former vice president was free to run for office again, according to Rotimi Olawale, Executive Director of YouthHub Africa. However, she added that more senior politicians have to back and encourage younger candidates.

“A government’s first year in power has hardly even passed. I believe it is premature to make predictions about the next four years. It’s legal for Atiku to run for president in 2027.

He said, “My biggest advice would be that many of the old folks should yield the floor and support a younger generation of leaders to emerge across Nigeria.”

During his speech, Wale Egbeola-Martins, the National Publicity Secretary of the Young Progressives Party, also stated that any eligible Nigerian has the constitutional right to run for the highest office in the land, and that electorates have the right to reject or accept candidates through voting.

“Atiku Abubakar’s potential 2027 campaign is still too early to be speculated upon; our current mission is to ensure good governance by holding the ruling government responsible.”

Although Atiku is more than qualified to run in 2027, the YPP has always held the view that young, bright, ambitious, and mentally progressive people should be encouraged to pursue leadership roles at all levels, including the presidency. This effectively rules out Alhaji Atiku Abubakar as a candidate.

Further reporting by Nathaniel Shaibu and Dirisu Yakubu

‘Ban sports betting apps in Nigeria’ – Omokri asks Tinubu

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Sociopolitical activist Reno Omokri has urged President Bola Tinubu to immediately outlaw sports betting in Nigeria in all its forms.

Sports betting would be outlawed, according to Omokri, which would benefit the majority of Nigerians and strengthen the currency.

He issued a charge on X, requesting that the Nigerian Communications Commission be given permission to outlaw betting apps and cancel the licences of any brick-and-mortar sports betting businesses.

Omokri claims: “President Tinubu can immediately improve the economic conditions of the majority of Nigerians and ensure the growth of the Naira by granting the Nigerian Communications Commission the authority to revoke the licences of any physical sports betting operators in Nigeria and to ban sports betting apps from the App Store of any GSM Internet service provider in Nigeria.” It is a more sensible decision than Buhari’s harsh #TwitterBan.In Nigeria, gambling is such a widespread problem that it is killing off young people. The National Lottery Trust Fund estimates that Nigerians wager $1 billion per day on gambling. Verify my facts, please. A significant portion of Nigerians’ $15 daily expenditure on sports betting and other forms of gambling leaves the country and goes to Europe, South Africa, and Russia. Such conditions will never allow the Naira to continue its climb.

In Nigeria, young people who use any means to support their gambling habit are often responsible for minor crime. To do nothing about a situation that poses such a threat to our country’s security as the gambling epidemic would be irresponsible of a top-notch accountant like Tinubu.

Breaking: Buhari’s minister shuns EFCC invitation over N37.1bn fraud

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An invitation from the Economic and Financial Crimes Commission (EFCC) to respond to inquiries on an alleged N37.1 billion scam that transpired during her term was turned down by Sadiya Umar-Farouq, the former Minister of Humanitarian Affairs, Disaster Management, and Social Development.

On Wednesday at 10:00 am, Umar-Farouq, who departed from his position in 2023, was supposed to appear before investigators at the EFCC offices in Jabi, Abuja. But she never showed up, even after more than eight hours of waiting, and she gave no formal explanation for her absence.

The invitation was connected, according to documents, to a continuing investigation into claims that N37.1 billion in funds were laundered while Umar-Farouq was in government through the contractor James Okwete.

The questioning team had to end their day at 6:00 pm when it became apparent that the former minister would not be appearing, according to an EFCC source who talked on the record.

Since she didn’t show up today, we had to close early because it is already 6 p.m. It’s a given that she won’t make an appearance today,” the person reportedly stated.

NANS requests FG to suspend institutions offering unaccredited courses

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Nigerian educational establishments offering unaccredited courses ought to be suspended, according to the National Association of Nigerian Students, or NANS.
Following the Federal Ministry of Education’s announcement on Tuesday that the accreditation and examination of degree credentials from the Republic of Benin and Togo will be suspended, the statement was made.

About eighteen educational institutions were placed on the ministry’s blacklist after an undercover investigation by a Nigerian newspaper revealed the operations of a degree mill in Cotonou, the capital of the Benin Republic.

In a statement dated Wednesday, the National Senate’s factional president, Elvis Ekundina, praised the federal government.

In order to stop the fraudulent acquisition of degree certificates from foreign universities, NANS ordered the Federal Government to look into the operations of the National Universities Commission (NUC), National Youth Service Corps (NYSC), Federal Ministry of Education, and other organisations.
It demanded that the government turn a sharp eye on the operations of postsecondary educational establishments, particularly those that are privately held and offer courses without accreditation.

The statement claimed that by providing young Nigerians with unaccredited courses, the schools are defrauding the country’s education system and robbing them of their money.

The statement urged the federal government to work with NANS and other student organisations to eliminate all illegal postsecondary institutions from the nation in order to improve the status of the education system.

Ex-President Jonathan makes no apologies for endorsing, supporting Diri’s re-election

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The former president of Nigeria, Goodluck Jonathan, declared on Tuesday that he owed no one an apology for having backed Senator Douye Diri, the governor of Bayelsa State, in the state’s off-cycle governorship election on November 11, 2023.

He went on to say that he openly supported Diri’s candidature during the campaigns due to the visionary leadership he displayed in managing state matters.

Governor Diri deserved to be re-elected for his developmental efforts, especially for maintaining peace and stability in the state, according to Jonathan, who also added that it was the proper thing to do because the majority of Bayelsa people supported him to stay in office.

Jonathan made this statement on Tuesday during the governor and a delegation’s Yuletide visit to his home in Yenagoa, the state capital: “Since Diri came on board, the excesses of cult groups, particularly in Yenagoa, have reduced reasonably.” In order to draw in investors, we must address the security issue first if we are to move forward.

“I have no regrets about what I did during the gubernatorial race since I am aware that the governor and his administration were doing a great job, particularly with regard to maintaining the state’s peace and stability. I started to worry a lot at one point.

“I haven’t said that others weren’t successful. I mean, I served as a governor for a little under a year and a half, and I had my share of difficulties.

“I observed that the governor and his group possess a clear vision, and it is necessary to motivate him to serve an additional four years.”

“To whom much is given, much is expected,” Jonathan said, pressing the governor to live up to the high standards of the broad base of support for his Prosperity Administration.

The former president’s backing and endorsement, which helped the Peoples Democratic Party win, were acknowledged by Diri in his reply.

“You spent more than billions of naira endorsing a sitting governor. We were therefore confident that we would win after obtaining that support. We would like to express our gratitude for bringing stability to the state through that, he said.

In order to maintain peace and prosperity, the helmsman of the state expressed optimism that Jonathan would have more opportunities to mediate disputes between citizens of the nation and the continent of Africa.

The former president’s wife, Dame Patience Jonathan, was also present to greet the governor and his delegation.

Sen. Konbowei Benson (Bayelsa Central Senatorial District), Hon. Fred Agbedi (Sagbama/Ekeremor Federal Constituency), Rodney Ambaowei (Southern Ijaw Federal Constituency), and Oforji Oboku (Kolokuma/Opokuma/Yenagoa Federal Constituency) are among the other dignitaries.

The others were members of the state executive council, Senator Nimi Barigha-Amange, former Chief Whip of the House of Representatives Ishiaku Bawa, and Secretary to the State Government Alabo Gideon Ekeuwei.

Former members of the state legislature, including as Dr. Tonye Isenah and Ebi Ololo, who chair the PDP caucus for the local government areas of Ogbia, Ekeremor, and Kolokuma/Opokuma, Chief Innocent Afagha, Dein Binadoumene, and Chief Isaac Kumokou, respectively, were also in the entourage.

In addition, there were traditional leaders such as King Mozi Agara, Ibenanaowei of Kolokuma kingdom, Chief Simon Usikoromoagha, paramount ruler of Sampou community, and caretaker committee chairmen of Ogbia and Kolokuma/Opokuma councils, Ibu Mizodome and Inemo Orubide. The chairman of the state Civil Service Commission, Perekiye Buruboyefe, and a former Commissioner for Health, Prof. Tarilah Tebepah, were also present.

Rivers Crisis: Fubara names ex-Speaker Edison Ehie as Chief of Staff

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The most recent Speaker of the State House of Assembly, Rt. Hon. Edison Ehie, has been named as Rivers State Governor Sim Fubara’s new Chief of Staff.

As Chief of Staff, he succeeds Chidi Amadi.

Fubara’s ally Ehie had resigned a few days prior as the state Assembly’s speaker.

Recall that the parties to the peace conference, called by President Bola Ahmed Tinubu, acknowledged Rt. Hon. Martins Amaewhule as Speaker of the House in a resolution they signed.

But it didn’t contain a sentence requiring Ehie to resign from the House.

This is what happened after Fubara and Nyesom Wike, the Minister of the Federal Capital Territory, got into a disagreement.

Over control of the state’s resources and political system, the two have been at odds.

Kebbi State Gov trains 2,400 teachers in English, maths, pedagogy

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. Kebbi State Government is training 2,400 primary schoolteachers in English, maths and pedagogy.

Governor Nasir Idris opened training at the Waziri Umaru Federal Polytechnic in Birnin Kebbi, vowing to transform the state’s education system.

He urged teachers, parents, and other stakeholders to work with his government to improve education.

I want to utilise this opportunity to tell this group that I would prioritise teachers and their wellbeing.

 

“This administration will also support and empower Adolescent Girls Initiative for Learning and Empowerment.

“We will modify and strengthen its operations to conform with our society’s needs,” he stated.

Prof. Suleiman Khalid, Kebbi State Universal Basic Education Board Chairman, said the course included six units with 400 participants each.

Khalid said the two-week programme would include English, maths and pedagogy.

Dr. Usman Sani-Tunga, Rector of Waziri Umaru Federal Polytechnic, praised the governor for the effort, saying teacher training and retraining are the greatest ways to boost the sector.

Ugandan pastor’s bodyguard shot dead, himself hospitalised in murder attempt

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A well-known Ugandan preacher who is a vocal supporter of President Yoweri Museveni was hospitalised following a shooting incident that claimed the life of his bodyguard.

According to Ugandan police, Aloysius Bugingo was wounded on Tuesday night when “unidentified assailants opened fire on (his) vehicle… before swiftly escaping the scene on a motorbike.”

According to them, an inquiry has been opened into “the unfortunate death of Pastor Aloysius Bugingo’s bodyguard, Muhumuza Richard, and the attempted murder of the latter.”

As the leader of one of the most significant Pentecostal churches in the pious East African nation of Uganda, the House of Prayer Ministries, Bugingo is a divisive figure there.

 

Additionally, he has his own radio and television networks, which he uses to promote Museveni—who has been in power in Uganda since 1986—unconditionally.

Pastor Aloysius Bugingo was injured during the incident, but he still managed to get the car to Mulago Hospital, according to the police.

“Unfortunately, Muhumuza Richard, his bodyguard, was pronounced dead at the hospital after succumbing to the assault.”

According to them, Bugingo was “undergoing medical treatment and is under close observation.”

Because of Bugingo’s backing for the president and, more recently, for his son, who is thought to be the next in line, the opposition frequently becomes enraged, which the pastor publicly condemns in sermons.

NNPCL, Marketers Fight Over Subsidies, Operators Set Price Of Petrol At N1,200 Per Litre

On Tuesday, the Nigerian National Petroleum Company Limited and fuel marketers affiliated with the Independent Petroleum Marketers Association of Nigeria battled once more over the elimination of petrol subsidies.

This occurred against the backdrop of the naira’s decline versus the US dollar at both the official Investors & Exporters Window and the parallel market.

The local currency finished at 998/dollar on Tuesday in the official market, while it traded at 1,225/dollar in the black market.

On the back of the falling naira, economists and oil marketers claimed that PMS subsidies were increasing in recent times, but the NNPC quickly refuted these claims, declaring that it was recovering its full cost on the importation of Premium Motor Spirit, also known as petrol.

Bismarck Rewane, Chief Executive Officer of Financial Derivatives Company, indicated during a live television programme on ChannelsTV on Sunday that the fuel subsidy was decreased rather than withdrawn.

Similarly, oil marketers informed our correspondent on Tuesday that petrol subsidies were increasing due to the naira’s depreciation against the US dollar and the rising cost of crude oil, emphasising that in a free market, PMS should sell for N1,200/litre.

Petrol, which is only imported into Nigeria by the NNPCL, is presently priced between N617/litre and N660/litre, depending on where you buy it in Nigeria.

Speaking on the subject, Dr Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise, stated that there was a partial subsidy on petrol, but that the commodity was subsidised by the government for political, social, and economic reasons.

Complete cost recovery

When contacted, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, labelled economists’ and marketers’ perspectives as assumptions, and asserted that the Federal Government had stopped subsidising petrol.

President Bola Tinubu declared the end of petrol subsidies at his inaugural speech on May 29, 2023, a declaration that NNPCL successfully enforced the next day.

Before Tinubu’s pronouncement, the pump price of fuel was less than N190/litre, but it surged to more than N500/litre after the President’s statement, and then jumped again a few weeks later to more than N600/litre.

When asked if the NNPCL, as Nigeria’s sole importer of petrol, was subsidising the product, the oil firm’s CCCO responded, “We prioritise our time on substantive matters rather than responding to assumptions.”

“At NNPC Ltd, we prioritise national development by ensuring energy security and long-term growth.” We reaffirm that the Nigerian government does not provide gasoline subsidies; we recover the entire cost of our imported items.

“As a global energy company, our focus remains on fostering a vibrant and energy-secure Nigeria.”

‘Reduced Subsidy’

While appearing on a live television programme on Sunday evening, Rewane emphasised that the subsidy on petrol was decreased rather than withdrawn, as he also highlighted the effects of the drop in gasoline subsidy and how it was hurting salary earners in Nigeria.

He went on to say, “At the inauguration, it was said that (fuel) subsidy was gone but subsidy was actually reduced.”

He explained, “There is the convergence of exchange rates and the reduction of the windows into one.” As a result, funds have been moved from consumers to the government.

“Subsidies are reversed taxes; reducing them raises people’s taxes and reduces their income.” What happened is that government revenue surged by 44% between May and June of 2023. The government has received funds, but what is the government doing with them?

“Consumers, on the other hand, had a minimum wage of $40 per hour in 2002.” It was around $70 in 2019, however it has now been decreased to $24″

Marketers anticipate N1,200 per litre.

Chief Ukadike Chinedu, National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria, indicated that petrol subsidies were increasing and that the price of the commodity in a free market should be around N1,200/litre.

“To be pragmatic in this analysis, consider the current price of petrol in the United States.” Premium petrol costs $2.99 per gallon, while super petrol costs $3.15 or $3.10 per gallon, depending on where you live in the country.

“Now, $3 is worth more than N3,000 in Nigeria because a dollar in the parallel market is worth more than N1,000.” You can also see the cost of diesel, which is above N1,000/litre, and it is crucial to note that in a free market, petrol is normally more expensive than diesel.

“So if you consider the cost of diesel, dollar and other international factors, the price of petrol in Nigeria should be around N1,200/litre, but the government is subsidising it, which to an extent is understandable,” he said.

Ukadike remarked that he had previously mentioned that the government was imposing quasi-subsidy, which means that “the Federal Government, instead of taking out the subsidy by 100 percent, decides to take out about 50 percent.”

However, the IPMAN official expressed optimism that the cost of refined petroleum products will fall once the Port Harcourt and Dangote refineries began producing the commodities.

“When you consider what the government is currently doing, I also believe that petroleum product prices will fall this year.” The addition of the Port Harcourt refinery and the delivery of crude to the Dangote refinery are both positive developments in the industry.

“Their operations will help stabilise the price of PMS and other petroleum products in Nigeria, because it will definitely cut down the importation of products,” he said.

For social and economic considerations.

The CEO of the Centre for the Promotion of Private Enterprise stated that the subsidy was kept in place due to the economic, social, and political repercussions.

“To protect citizens from further hardship,” Yusuf explained, “the government appears to have applied the brakes on subsidy removal.” We are all witnesses to the anguish and misery that citizens are experiencing.

“So, when you adopt some of these policies, particularly these liberal economic policies, you have to moderate your position for social reasons.”

“Just as the World Bank predicted, if we leave the price entirely to market forces and liberal economic policies, the fuel price will be higher than N800/litre.” Can any government that cares about its citizens’ feelings allow it to happen?

“Even if that is the best option economically, economics must always have a human face.” So the government has moderated the reform, which is why I believe the government has urged that the NNPC keep the price at its current level.”

Yusuf stated that the government must weigh the benefits and drawbacks of subsidies, emphasising that eliminating subsidies completely will exacerbate economic hardship.

“Those of us who advocated for the removal of the subsidy can see that it has been partially removed, but look at the consequences.” It may appear to be economical, but it is extremely costly socially and politically.

“As a result, those in government must weigh all of these factors.” They must strike a balance between economic, political, and social issues. That is why we have partial subsidies for both petrol and energy’, he explained.

The World Bank indicated in December that the Federal Government’s fuel subsidy was still being applied, as it demanded that the cost of PMS should not be less than N750/litre if there was no subsidy.

Naira at N988 per dollar

On the first day of official trading on the Investors and Exporters Window on Tuesday, the naira closed at N988.46/$.

According to FMDQ Securities Exchange data, this is an 8.97% decrease from the N907.11/$ it concluded trading on Friday (the last day of official trading for 2023). This is the continuation of a disturbing trend for the naira, which was one of the worst performing currencies in 2023.

According to Bloomberg, 2023 was the naira’s worst year, a status that 2024 may challenge. It stated that the national currency had lost around 55% of its worth as of Thursday, 28th of March, 2023.

The naira was the third worst-performing global currency in 2023, according to Kyle Chapman, FX markets analyst at London-based Ballinger & Co, because to a backlog of unsettled forwards, unfulfilled promises of dollar inflows, and a two-decade peak in inflation.

“The naira’s downward momentum is likely to continue through much of 2024, and its ultimate trajectory will depend on whether the CBN’s rhetoric is translated into concrete policy moves that increase the flow of US dollars into Nigeria and shore up trust in the official market,” Chapman said.

“If the CBN’s promised measures are implemented and Tinubu’s government enacts structural changes to increase oil production or drive foreign investment, the naira has plenty of room to rise from its record lows.” However, a rapid repair is doubtful, and more devaluation will be necessary to compensate for supply and demand mismatches.”

The World Bank said in its December Nigeria Development Update that the naira had fallen by 41% in the official market and 30% in the parallel market against the US dollar. It stated that higher volume is required for the naira to stabilise in the official market.

“Further monetary policy tightening is expected to help underpin the value of the naira,” it stated. However, there is also a need to expand the market’s FX supply. Facilitating FX flows, particularly from all exports, via the NAFEM can give additional volumes in the official window, which can help ensure stability.

“In addition, clarity on the CBN’s net reserve position, and on the CBN’s continued progress in clearing the FX backlog, would also strengthen market confidence.”

The NNPCL keeps track of thefts.

Meanwhile, the Nigerian National Petroleum Company Limited reported 112 incidences of crude oil theft in the Niger Delta in one week on Tuesday.

It stated that the oil theft instances occurred between December 23, 2023 and December 29, 2023, and that 42 illegal refineries were discovered in various areas throughout the oil-rich region in the previous week.

It specified Konsho and Tebidaba in Bayelsa State, Obokofia in Imo State, and Ogidigben, Mereje, and Obodo Omadina in Delta State.

The oil company made the announcement in a documentary posted on its official X Twitter, adding that “illegal refineries in Umuire, Abia State, and Upata, Rivers State, were also discovered and destroyed.”

It further alleged that 14 unlawful connections were detected in various sections of the Niger Delta, as well as a tunnel covering an illegal connection in Owaza, Abia State, and that 10 incidences of vandalism were discovered.

The business says in the two-and-a-half-minute DVD, “Illegal storage sites were discovered in Ebocha and Tonne Kiri in Rivers State where oil pits were discovered.”

“Sacks of crude oil were discovered in Ogbia, Bayelsa State.” More unlawful storage facilities were discovered in Urhonigbe, Edo State, as well as Ekuku-Agbor and Bomadi, Delta State.”

According to the firm, 22 wooden boats transporting stolen oil were discovered in Rivers State’s Okrika and Tombia, as well as Emereje, Delta State.

It was said that 11 vehicle arrests were made in Delta State during an operation, while eight of these (oil theft) events occurred in deep water, 46 in the eastern region, 32 in the central region, and 26 in the western region.

“Between the 23rd and 26th of December, 2023, 18 suspects were arrested,” the national oil corporation said, adding that it would not relent in its fight against crude oil theft.

Nigeria loses billions of naira to oil theft and struggles to satisfy the country’s output quota set by the Organisation of Petroleum Exporting Countries due to the threat of oil thieves.

PDP’s NWC denies Fatai Adams, chapter chairman for Ondo State, his suspension

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On Tuesday, the Peoples Democratic Party’s National Working Committee denied Fatai Adams, the chapter chairman for Ondo State, his suspension.

According to reports, Adams was suspended by the PDP State Working Committee earlier on Tuesday due to his alleged anti-party activities.

Nine SWC members signed the statement, which stated that Adams’ suspension was “in accordance with Section 58(1b, c, f, h, and i) of the PDP Constitution as amended in 2017.”

The suspension of Mr. Fatai Adams, the state chairman, for anti-party activities and engaging in activities that could damage the party’s reputation has been approved by the State Working Committee.

 

As a result, it is recommended that he show up for additional questioning before the party’s State Disciplinary Committee within the next week.

“The party wants to make it clear that it will take decisive action against any attempt by the ruling APC party to infiltrate its ranks,” the SWC stated.

When reached for comment, Adams refuted the accusations, claiming that certain party members were conducting a witch hunt in light of the upcoming by-election in the state’s Akoko North-East/Akoko North-West Federal Constituency.

This can’t continue. We are aware of their intentions, and we will not allow them to carry out their nefarious scheme to have me removed in order to hold the by-election for the Akoko North-East/North-West Federal Constituency, Adams declared.

However, the PDP National Publicity Secretary, Debo Ologunagba, claimed in a statement that the suspension was void and had no bearing that the party’s national working group had made this declaration.

Ologunagba pointed out that the suspension is in conflict with established guidelines and the PDP’s constitution.

“To be clear, as stipulated by the PDP Constitution, no State Working Committee has the authority to consider or remove a state chairman without first giving the National Working Committee proper notice.

As a well-organized political party, the PDP will not tolerate any individual or group, no matter how big or small, breaking its rules or the provisions of its constitution.

In order to protect our party’s stability and the integrity of our Constitution and rules, the NWC warns anyone engaged in this unlawful act that violates the PDP Constitution to turn around. If necessary, the NWC will not hesitate to take appropriate disciplinary or punitive action.

“Mr. Fatai Adams is still the Chairman of the PDP’s Ondo State Chapter, according to the NWC, and all leaders, important stakeholders, party members, and supporters in Ondo State and across the country are urged to ignore the alleged suspension,” Ologunagba said.

However, the party urged all of its members in the state to stick together and carry on cooperating for the benefit of the PDP and the people as a whole.