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Oyo LG chairmen float new association

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Oyo LG chairmen float new association

The 33 local government chairmen in Oyo State have announced their decision to form an association to further the interests of their people.

They disclosed the decision in a communiqué issued at the end of their meeting in Ibadan on Saturday.

The communiqué neither named the new association nor clarified if the Oyo LG chairmen are withdrawing from LGs’ umbrella body, the Association of Local Governments of Nigeria.

The communiqué signed by the Public Relations Officer for the Oyo LG chairmen, Mr Ibrahim Akintayo, read: “At the general meeting of all the local government councils of Oyo State, held on Saturday, 3rd August 2024, in Ibadan, it was voluntarily agreed and resolved as follows: That to inter alia protect the interest of our people, we should forthwith form an umbrella association.

“Such organisation will be registered under the relevant laws of the Federal Republic of Nigeria and its membership shall be institutional-represented by the chairmen of respective local government councils.

“That the association shall remain committed to the democratic ideas of the system of local government as enshrined in the 1999 Constitution of the Federal Republic of Nigeria (as amended).

“Furthermore, the association shall ensure the delivery of real development in local councils in the overall interest of our people at the local level.”

The chairmen declared support for Governor Seyi Makinde, citing his leadership and achievements since his assumption of office.

The development comes weeks after the judgment of the Supreme Court, affirming the autonomy of local governments.

The apex court gave the verdict in a suit filed by the Federal Government against the 36 states of the federation, demanding autonomy for the 774 LGAs in the country.

The Supreme Court, in its judgment, ruled that allocation due to local government should be sent directly to councils from the Federation Allocation Account Committee.

It also ruled that the state governments lacked the authority to manage federal allocations on behalf of local governments.

Following the judgment, Governor Makinde expressed his displeasure and set up committees to look into it and how to go about it.

Ladoja to get beaded crown this week – Palace sources

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Ladoja accepts beaded crown, says I will become Olubadan

Former governor of Oyo State and the Otun Olubadan of Ibadanland, High Chief Rashidi Ladoja, will receive a ceremonial beaded crown this week, palace sources confided in The According on Sunday.

The According reports that Ladoja had publicly announced to accept the beaded crown at a live programme on Fresh FM 105.9 FM, Agbo Oselu, a socio-political programme anchored by Abolade Salami.

Ladoja’s decision to accept the beaded crown marked a reversal, as he had previously insisted that he would only wear the Olubadan crown.

The controversy began during the tenure of the late Governor Abiola Ajimobi, who introduced the beaded crowns for high chiefs. This move faced opposition in court from the then Olubadan of Ibadanland, Oba Saliu Adetunji, and Ladoja.

Upon the assumption of office by Governor Seyi Makinde, the high chiefs were forced to drop the crowns before the confirmation of Oba Lekan Balogun as the Olubadan of Ibadan, as recommended by Ladoja.

Makinde, however, reopened the beaded crown issue as Oba Balogun wrote to the governor, recommending that the high chiefs should wear the crown.

The matter was deliberated at the state House of Assembly following which the bill to amend the 1957 Olubadan Chieftaincy Declaration was passed and assented to by Makinde.

The new law generated an uproar, with Ladoja returning to the court to challenge the amendment to the Chieftaincy Declaration by the government.

After Oba Balogun’s exit, the government insisted that the new law be used in the process for the selection, nomination and approval of the next Olubadan of Ibadanland, leading to a long delay in the confirmation of Oba Owolabi Olakulehin as the Olubadan.

On the coronation day, a copy of the gazette affirming that the next Olubadan would be the most senior beaded crown in the line of succession, a development that made prominent Ibadan indigenes put pressure on Ladoja to receive the beaded crown, so as not to stall his ambition.

A credible palace source told our correspondent that “the ceremonial beaded crown ought to have taken place today (Monday), August 5, 2024, but His Imperial Majesty, Oba Olakulehin, has not moved to the new ultramodern Olubadan Palace. He will pack his belongings to the palace this week. He is a lucky monarch, being the first Olubadan to occupy that palace.”

Another palace source said, “If High Chief Ladoja fails to accept the crown, it may consume him, God forbid. In the Olubadan succession line, Ladoja is next in line, but some sought to undermine him using the beaded crown. Thank God he had agreed to accept it.”

The monarch, who had his thanksgiving service at the St Peters Anglican Church, Aremo, Ibadan, on Sunday, was expected to move to the palace this week.

The informed palace source said with the situation on the ground, Makinde had nothing to do with the placing of the beaded crown on Ladoja, as it was the exclusive duty of the Olubadan of Ibadanland.

Speaking with journalists at his private residence in Ondo Street in Ibadan, the state capital, Ladoja attributed his decision to accept the crown to the overwhelming influence of both the indigenes and non-indigenes of the land but with a caveat that the acceptance of the crown did not make him an Oba.

He added that the initial chieftaincy reform was carried out by the immediate past administration of the late Ajimobi, which led to the presentation of beaded crowns to some high chiefs in the land.

“I dragged the government of the late Senator Abiola Ajimobi to court over this matter and I won the case which was later appealed by the defendants.

“The case was still pending in the court when the late Oba Saliu Adetunji joined his ancestors. I was appeased to withdraw the case in order not to hinder the enthronement of the late Oba Lekan Balogun as the 42nd Olubadan of Ibadanland, which I did

“However, after the installation of Oba Balogun, the issue of the beaded crown came up again with Governor Makinde’s approval for the presentation of the beaded crowns to the previous beneficiaries. Since I was not part of the initial arrangement, I have no issue with their acceptance.

“The affected members of the Olubadan in Council are not happy with my decision not to accept the crown, hence the threat not to nominate me when it is my turn to be crowned as the Olubadan of Ibadanland.

“I was forced to go back to the court to seek a redress on the matter, but the case was later withdrawn after much persuasion by well-meaning Nigerians,” he said.

Ladoja added, “Another ‘kata-kata’ started during the enthronement of Oba Owolabi Olakulehin as the 43rd Olubadan of Ibadanland when a section of the gazette chieftaincy reforms was inserted in the programme of the event. I did not have a copy of the programme but was told about the insertion of a particular page of the gazette.

“Though people believe that it is because of Ladoja, my interpretation is different. I said the government of Makinde wanted me to become the Olubadan. It is only telling the whole public that this is the hindrance that may prevent this man from ascending the throne.

“The noise now began that they wanted to prevent Ladoja from becoming the Olubadan that is why they did it. The government said it has been there since 2023 but it is now that they want to make it public so that people who love Ladoja will know that this is the thing that may prevent him from ascending the throne of his forebears.

“As predicted, a lot of people objected. Ladoja must not accept it. Ladoja must become Olubadan. Since over 98 per cent of the people of Ibadanland want Ladoja to become the Olubadan, I have no option but to have a re-think and start consultation.

“I consulted leaders of the various religious organizations, including Prelate Ola Makinde, the Oluwo and Araba of Ibadanland. All of them gave their consent.”

In another development, the Olubadan of Ibadanland, Oba Owolabi Olakulehin has offered thanks to God for his successful enthronement as the 43rd Olubadan of Ibadanland.

BUA Foods grows profit to N130bn despite headwinds

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BUA Foods grows profit to N130bn despite headwinds

BUA Foods Plc has recorded a 38 per cent growth in its profit after tax to N130bn at the end of June 2024, compared to N95.18bn in the same period of 2023 despite the macroeconomic headwinds.

This was indicated in its financial results for the half-year filed with the Nigerian Exchange Limited recently.

 The financial report indicated that the company’s revenue rose by 110 per cent to N672.3bn against N320.9bn posted in 2023, driven primarily by strong performance in its sugar, flour, and pasta divisions.

According to the report, the growth was due to a year-on-year increase of 88 per cent sugar sales to N369.7bn from N196.5bn recorded in H1 2023, 164 per cent in Flour sales to N227.9bn as compared to N86.05bn in H1 2023, and 95 per cent in Pasta sales to N74.03bn from N37.9bn in the first half of 2023.

Gross profit appreciated by 64 per cent to N218.4bn, driven by increased sales across its product lines. Operating profit also climbed by 75 per cent to N202.3bn, reflecting improved operational efficiency.

However, the company faced rising costs, with the cost of sales soaring by 141 per cent to N453.9bn. Despite this, BUA Foods managed to expand its asset base, with total assets increasing by 3.3 per cent to N1.11tn

Commenting on the results, Managing Director of BUA Foods, Ayodele Abioye, said, “The first half of the year has been one of significant resilience and achievements for our company.

We attained a robust financial performance, with total revenue increasing by 110 per cent to N672.3bn compared to the same period last year. Our gross profit stands at N218.4bn, reflecting a growth of 64 per cent. This solid performance is a testament to the efficacy of our strategic initiatives, operational efficiency, and unwavering dedication of our board, management, and other members of staff.

“During this period, we have made significant strides in executing our strategic plans, successfully launching new products, specifically, macaroni, premium pasta, and semolina to meet the yearnings of our customers. Our diversified portfolio and expansion into new markets impacted revenue growth while strengthening our partnership with key stakeholders We also maintained a strong focus on cost optimisation, resulting in sustained margins and profitability.”

On projection for the second half, Abioye said, “Looking ahead, we remain confident in our ability to navigate the challenges and opportunities in the market. We will continue to leverage our strong and orchestrated supply chain system to deliver a great financial performance in line with our strategic vision for sustainable growth and value creation for all stakeholders.

Between December 2023 and August 2nd, the shares of BUA Foods had appreciated by 96.43 per cent from N193.4 per share to N379.9.

This is higher when compared to similar consumer goods stocks; Unilever Nigeria’s year-to-date returns of +21.28 per cent; Flour Mills Plc (+39.18 per cent); Nascon Allied Industries (-39.81 per cent); Nestle Nigeria (-24.55 per cent), Nigerian Breweries, (-22.22 per cent); Dangote Sugar, (-34.82 per cent); International Breweries, (-12.50 per cent), and Guinness, (-8.33 per cent).

Analysts said that BUA Foods’ diversified portfolio and expansion into new markets impacted its revenue growth.

Benue widow, six children hospitalised after pap meal

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Again, bandits kill seven in Benue

A widow, Amina Isah, alongside her children and grandchildren numbering six was reported to have fallen sick and rushed to the hospital after taking a pap at Egba in Agatu Local Government Area of Benue State on Sunday.

The children are identified as Benjamin, Piko, Esther, Hassan Emmanuel and one other

A source from the community who identified himself as Adaji told our correspondent on Sunday that the widow and her six family members were vomiting after taking a pap and were rushed to a private clinic in the community.

Adaji said the elderly widow and three of the children were unconscious at the time they were taken to the hospital.

Speaking to our correspondent on the telephone, the doctor who doubles as proprietor of the clinic, known as ‘Dr Gana Clinic’, Dr Oyaje Sule aka Dr Gana, confirmed the seven patients in his clinic.

According to him, three of the patients including the widow were brought in unconscious, adding that the family were reported to have used the remnants of guinea corn already mixed with chemical for planting to make a pap.

Sule said, “It is true they brought a woman who I have known in the community, alongside her children and grandchildren numbering seven to my clinic this morning.

“The woman is a widow with her three children and three grandchildren, their ages range from three to 30 years aside from their grandmother who is elderly.

“As of the time they were brought, the woman and two others were unconscious but thank God they have been revived.

“What I was told is that the family had mixed chemicals with guinea corn they were to plant. After planting the guinea corn, the remaining was brought home and they washed it and went and ground it to make pap.

“It was after they took the pap this morning that they started vomiting and some of them were unconscious before they were rushed to my clinic.

Police to conduct autopsy on Justice Ajumogobia daughter’s body

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House help admits killing Justice Ajumogobia’s daughter – Police source

The Lagos State Police Command has said an autopsy will be conducted on the remains of Aribemchukwu, the slain daughter of Justice Rita Ofili-Ajumogobia.

According Metro reported that the deceased, popularly called Chuchu, was killed in her Parkview Estate residence in the Ikoyi area of Lagos State.

Although a family source said she was killed Tuesday night, her lifeless body was discovered on Wednesday morning outside the gate of her residence.

Her three domestic workers which included the house help, a security guard and a driver were however arrested in connection with the murder.

But while speaking with our correspondent on Sunday, the state Police Public Relations Officer, Benjamin Hundeyin, said ongoing investigations had begun which included a post-mortem examination.

“The police are planning to conduct an autopsy on her as part of the ongoing investigations and this will be done very soon,” Hundeyin disclosed.

He added that the crime had not been linked to any other suspect aside from the three domestic workers of the deceased.

The police spokesperson had earlier told According Metro that the suspects might be charged with conspiracy and murder, adding that they would appear in court after the conclusion of the investigation.

“Investigation is ongoing, so the suspects are still in police custody. Once the investigation is concluded, they will be charged in court. They may be charged with conspiracy and murder,” he said.

Hundeyin added that part of the investigations included ascertaining the availability of the CCTV camera at the home of the deceased.

He said, “Whether the CCTV camera was available in the apartment or not will be revealed as soon as the investigation is concluded.”

A police source had told our correspondent that the suspects confessed to the crime during interrogation.

The source also clarified that the deceased was murdered inside her room and her body was dragged from the spot outside the gate where it was dumped.

According to the source, the suspects attempted to clean up the blood stains but missed some spots because the act was perpetrated at night.

“The deceased was killed in her room and her body was dragged to the front of the gate to make it look like she was killed on the spot. After that, all the blood stains were carefully cleaned but still, they missed some spots.  They did not clean it well because it happened at night.”

“The house help did not even deny their involvement. She said, “We do am, na we do am” during interrogation and everything she said tallied with the evidence on the ground,” the source disclosed.

The suspects were also said to have immediately packed all the valuables of the deceased after killing her.

The source also confirmed that three domestic workers were employed at the same time a week before the incident.

Until her death, the late Aribemchukwu was a doctor and had recently married.

JAMB gives schools ultimatum to disclose illegal admissions

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JAMB excludes inmates, albinos, PWDs from Post-UTME

The Joint Admissions and Matriculation Board has given all tertiary institutions in the country one month to disclose all admissions conducted outside its Central Admissions Processing System before 2017.

The Public Communication Advisor for JAMB, Dr Fabian Benjamin, who disclosed this at a press briefing in Abuja, on behalf of the board’s registrar, Prof Ishaq Oloyede, on Sunday, said the directive was aimed at enhancing transparency and fairness in the admissions process.

“The attention of the board has been drawn to the predilection of some institutions to admit candidates outside the approved Central Admissions Processing System platform and process such through the condonement of illegal admissions window to accord legitimacy.

“To close this abused window, the board has decided that all institutions should now (or never) disclose all candidates illegally admitted prior to 2017, whose records are in their system within the next one month, beginning from 1st August 2024.

“And any admission purportedly given prior to 2017 will no longer be recognised or condoned unless disclosed within this one-month window.

“Institutions are advised to comply with this directive as there will not be any further condonement of hitherto unrecorded candidates who did not even register with JAMB, not to talk of sitting for any entrance examination.

“This move is aimed at curbing illegal admissions and falsification of records while ensuring compliance with the provisions of CAPS,” the statement read.

He said the decision marked the end of the condonement of illegal admissions window, which previously allowed institutions to incorporate unauthorised admissions into the system.

Benjamin highlighted concerns over institutions colluding with candidates to falsify details for illegal admissions; a development he said had led to fraudulent participation in the National Youth Service Corps scheme.

He said despite warnings, some institutions continued to admit candidates outside CAPS and seek Condonement of Undisclosed Illegal Institutional Admission.

“Consequently, the board is terminating the aspect of the CUIIA process which allows completely unregistered candidates (without registration) to be introduced to the system.

“CAPS is the only authorised platform for admissions. Those who even have registration but were illegally admitted between the period (2017-2020) would soon be denied the opportunity of the waiver unless they are disclosed within the next one month.

“Therefore, all institutions are hereby directed to disclose, for the final time, all candidates admitted illegally within their systems. Moving forward, the board will not tolerate any undisclosed admission by any institution,” he said.

On the issue of the minimum age for admission into tertiary institutions for the 2024/2025 session, the board maintained that the minimum age for admission remained 16 years.

“For the 2024 admission cycle, candidates who will be at least 16 years old at the time of admission will be considered eligible.

“This decision follows the directive from the chairman of the 2024 tertiary admission policy meeting, who is also the Minister of Education, Prof. Tahir Mamman, that the extant policy of 6-3-3-4 be enforced only from the 2025 session.

“The alarming avalanche of obviously false affidavits and upsurge of doctored upward age adjustments on NIN slips being submitted to JAMB to upgrade recorded age is dangerous, inimical and unnecessary. Those below 16 would not and should not be admitted in accordance with the decision of the 2024 Policy Meeting,” he said.

Benjamin further expressed concern over the new trend of a strange admissions practice labelled “Daily-Part-Time” by certain polytechnics and “Top Up” by some universities.

According to him, a recent and particularly egregious example of this was the advertisement placed by Adeseun Ogundoyin Polytechnic, Eruwa, in Oyo State, published in the Nigerian Tribune on Wednesday, July 31, 2024, inviting candidates to apply for its two-year Daily-Part-Time programme.

“It is crucial to clarify that no such programmes are approved by the National Board for Technical Education nor by the National Universities Commission. Both are also alien to the education system in Nigeria.

“They are fraudulent devices to side-line quality, approved quota for full-time admission, falsify records and consequently, rake illegitimate income and derail the ambition and career of innocent (and some equally crooked) candidates.

“The candidates with zero or abysmally low UTME scores are rationally attracted to such contraption which would lead to nowhere.

“Part-time programmes are strictly regulated, allowing institutions to admit only up to 150 per cent of the approved full-time capacity. However, some institutions have been found to admit an excessive number of candidates through this unrecognised DPT programme, merging them with full-time students in classrooms and purporting to graduate them at the same time as full-time students,” he noted.

Man, 27, dies in Ogun fire incident

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Man, 27, dies in Ogun fire incident

A 27-year-old man, identified as Tolu Falansa, was found dead in his apartment following a midnight fire incident in the Owode-Yewa community, located in the Yewa South Local Government Area of Ogun State.

According Metro learnt from a police source familiar with the incident on Saturday, who wished to remain anonymous due to a lack of authority to speak for the command, that the incident occurred at about 5:00 am on July 28, 2024.

Falansa, who reportedly kept his motorcycle inside the room where he slept, was found lying dead beside the machine in a room filled with smoke.

A resident, known only as Kafaya, told the police that they only discovered the incident when some people came looking for the deceased.

“We didn’t think something of that nature had happened until two boys came to look for Falansa. I pointed his apartment to them when they asked where he was,” Kafaya said.

According Metro learnt that Kafaya was in shock when the individuals returned to inform her that Falansa had died of smoke inhalation in his apartment.

The spokesperson for the Ogun State Police Command, Odutola Omolola, confirmed the incident to According Metro on Sunday and noted that the body had been taken to the Ilaro mortuary.

Odutola said, “The incident was reported to the Owode-Yewa Police Division at about 7 a.m. on July 28, 2024, by one of the neighbours. When our men went to the scene, the motorcycle he kept in his room had burnt while his lifeless body was lying inside the same.”

According Metro reported a similar incident in January 2024 when a midnight fire killed seven members of a family—father, mother, and five children—in the Tudun Wada area of Nassarawa Local Government Area, Kano State.

A spark from an electrical plug, when power was restored in the area, was believed to have caused the death of seven family members while they were asleep.

Katsina traders count losses, lament low patronage

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Katsina traders count losses, lament low patronage

Traders in Katsina State capital, Katsina State, on Sunday, decried low patronage following the nationwide #EndbadgovernanceinNigeria protests.

According Metro had earlier reported that the protests had led to various degrees of injuries of unspecified number of both the security personnel and protesters, looting of government and private establishments as well as destruction of property worth billions of naira in the state.

The traders, who are mostly petty traders, spoke with our correspondent on Sunday and lamented that customers were declining day by day, especially at the commencement of the protest.

“They don’t come to buy again due to the high price of our commodities”, a perfume and caps seller at the Jikan Hajiya plaza in Katsina metropolis told According Metro.

“And I exhausted all my money in purchasing all you’re seeing, and before you know it, you will spend the whole capital you have accumulated”, he said.

Also, a middle-aged petty trader at the Katsina Hajj Camp Roundabout, simply identified as Adams, lamented that the business was not encouraging compared to the days before the protest, saying, “I have spent over a decade in a fruit-selling business in this area, but the situation is different from the day one of the protest till today, Sunday. All we see is low patronage and I’m afraid that even to feed my family will be hard. I urge the Federal Government to support us with soft loans or grants to address inflation and economic hardship.”

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from According.

Contact: [email protected]

Marketers stop fuel supply, queues resurface

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Marketers stop fuel supply, queues resurface

Oil marketers have explained that the reappearance of queues at filling stations in many states is because of the halt in the supply of petroleum products by dealers in a bid to avert losing their assets due to the ongoing nationwide hunger protests.

Many states in Nigeria, including the Federal Capital Territory, Abuja, witnessed varying degrees of queues about two weeks ago, which the Nigerian National Petroleum Company Limited blamed on a “hitch in the discharge operations of a couple of vessels.”

While the company and stakeholders worked together to tackle the challenge, the nationwide protest against hunger and economic hardship commenced on Thursday, August 1, 2024, disrupting petrol supply again and causing the reappearance of queues in some states.

The National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria, Chief Chinedu Ukadike, told our correspondent that marketers were advised to close their stations during the protest to avoid losing their assets.

He also stated that many tankers did not load products during the first and second days of the protest, stressing that this distortion in the supply chain would cause shortages in states where the products would have been supplied.

“Although the National President of IPMAN, Abubakar Maigandi, urged independent marketers to go out and do their businesses normally and asked the security agencies to protect our facilities, it is pertinent to note that as at the time we were about to sell, we were called by the security agencies to step down the selling of products at that time.

“They said this is because they want to be able to control the situation during the protest and the vandalism of marketers’ properties. Now that the trucks are no longer moving due to this protest, the depots are not working, the truck drivers are not driving, particularly during the first and second days of the protest, these issues have disrupted the supply of petroleum products. So it will result in scarcity at the filling stations,” Ukadike stated.

On Friday, The According reported that the hunger protest halted petrol loading at the Lagos depots, causing fuel scarcity to persist.

Sources confirmed to The According that the depot owners refused to open for business over fears of violence.

An operator who pleaded anonymity stated that members of the Nigeria Union of Petroleum and Natural Gas Workers were ready to support the depots in loading fuel. Still, the depot owners refused to take a risk.

“There were no activities at the Lagos depots on Thursday and Friday for two obvious reasons. One, we are still battling the paucity of the product; and two, the security concern on the roads after loading due to the hardship protest.

“NUPENG is ready to support depots to load, but the security situation is a drawback. Hopefully, if the situation improves later today loading may continue tomorrow,” the source had stated.

The IPMAN official, however, stated on Sunday that some trucks had commenced skeletal operations, and expressed hope that the fuel supply situation would improve provided the protests abate considerably.

“But now that some trucks have started skeletal operations and businesses are gradually resuming, the independent marketers will also return to business to address the fuel scarcity. However, it will not disappear immediately, rather it is going to clear gradually.

“So it is important to state that the protests, particularly during the first and second days, truncated the supply value chain, leading to fuel scarcity in many states. So it is the ripple effect of the protest that we are feeling now as fuel scarcity, but we hope to clear it.

“I will also want to use this opportunity to call on the protesters to stop the protests. The President has pleaded with them and has heard their demands. Let us therefore give him time to act by addressing these demands. And this can only be done when the protests stop,” Ukadike stated.

Scarcity in states

Meanwhile, many states including Lagos, Abuja, Katsina, and Delta, among others, witnessed varying levels of fuel scarcity on Sunday.

Scarcity of petrol was experienced in Warri, Delta State, and environs on Sunday as the commodity was dispensed at filling stations in the metropolis at between N850 and N1,000/litre.

Most dealers attributed the scarcity to the non-loading of products at the depots by members of the Petroleum Tanker Drivers due to the ongoing nationwide #EndBadGovernance protest.

They however expressed hope that normalcy would return if and when the protesters sheath their swords and return to work.

In Asaba, the Delta State capital, fuel was sold at N1,000/litre on Sunday, as queues resurfaced at the filling stations.

In Rivers State, petrol was sold at between N850 and N870/litre at filling stations in Port Harcourt and its environs.

In the aftermath of the protests, fuel was scarce on Thursday and Friday and most filling stations were closed for fear of being attacked by irate youths.

But on Saturday, the fuel stations gradually returned and were selling between N870 and N850/litre.

In Akwa Ibom State, fuel was sold at between N870 and N890/litre, as filling stations in the state dispensed fuel without any queues.

In Edo State, few filling stations opened on Sunday to attend to customers, and this was due to the ongoing nationwide protest, as there were few vehicles around the city.

The fuel stations that opened for business sold for between N800 and N830/litre, with few vehicles in the queues waiting to be attended to.

The price of petrol in the Enugu State capital was between N780 and N890/litre on Sunday. While major marketers dispensed it at N780/litre, independent dealers sold it at between N850 and N890/litre. In the black market, a litre was sold at N1000/litre in Enugu.

Kaduna residents faced a challenging Sunday as no fuel station was open to the public, leaving motorists and road users stranded.

The few stations that operated, like Future View around Sabo Area, sold fuel at an exorbitant price of N860/litre, with no queues due to the ongoing #endbadgovernance protest that kept people indoors.

Major fuel stations and independent marketers shut their doors, while some remained locked as of Sunday evening when this report was filed.

However, black marketers took advantage of the situation, selling fuel at an inflated price of N1000/litre in some areas and N4,500/gallon in others.

The fuel scarcity and price hike added to the woes of Kaduna residents already reeling from the protests and uncertainty. The situation remains dire, with no indication of when fuel stations will resume normal operations.

In Gombe State, black marketers sold petrol at N1,200/litre.

Confirming this, a resident in the state, Johnson Mamedu, said, “I bought fuel for N850 and to get it immediately at the roadside from black marketers it is N1,200. I really don’t know where we are going to in this country.”

Public debt stock may hit N130tn by Dec – Report

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Public debt stock may hit N130tn by Dec – Report

Nigeria’s public debt stock is projected to hit N130tn this year, raising concerns about the country’s debt-to-gross domestic product ratio.

This was revealed in a report by Afrinvest, an investment management company, titled, ‘Bank Recapitalisation, Catalyst for a $1tn Economy, ‘ unveiled in Abuja recently.

Nigeria’s public debt stock, which includes external and domestic debt, stood at N121.67tn in the first quarter of 2024, up from N97.34tn in the fourth quarter of 2023, according to the National Bureau of Statistics, indicating a growth rate of 24.99 per cent on a quarter-on-quarter basis.

Afrinvest estimated that the fiscal deficit, total public debt stock, debt-to-GDP, and debt-servicing-to-revenue rate would exceed N13.0tn, N130tn, 55 per cent, and 60 per cent by 2024 year-end, respectively.

As of Q1 2024, Nigeria’s public debt stock stood at N121.7tn, comprising N77.5tn (63.6 per cent) in domestic debt and N44.2tn (36.4 per cent) in external debt.

The domestic debt includes N44.8tn in Federal Government bonds, N20.3tn in Treasury bills, and N12.4tn in other domestic debt.

The external debt is made up of N14.3tn from multilateral creditors, N10.9tn from bilateral creditors, and N19.0tn from commercial creditors.

The investment management firm in its report, also said the 2024 budget is based on ‘overly optimistic’ revenue assumptions, which could lead to a repeat of the historically disappointing budget performance.

“The expectation of a 43.9 per cent share of the projected revenue from oil and other minerals is unrealistic,” the report stated.

Afrinvest’s assessment of the 2023 actual budget revealed a sustained under-performance, with actual revenue outpacing the budgeted amount by 7.6 per cent to N11.9tn.

However, aggregate expenditure rose by 31.8 per cent to N18.8tn, leading to a higher deficit of N46.9tn.

“The share of Federal Government’s debt in total public debt stock rose 44.6 per cent year-on-year to N487.3tn, accounting for 89.7 per cent of total public debt stock by year-end,” the report noted.

Afrinvest further stated that “the Federal Government’s expansive borrowing plan could rub off negatively on banks’ deposits, given the attractive yields on risk-free papers as compared to interest on banks’ deposit.”

It added, “We believe banks would continue to battle heightened risks of asset deterioration, partly induced by the consumption-tilted budgetary patterns.”

Meanwhile, Afrinvest commended the Central Bank of Nigeria’s move to streamline the number of Bureau De Change operators, sustained the policy on the collapse of the previous multiple forex segments, and resumed periodic sales of forex to approved BDCs at a discounted rate.

“The CBN supervision of BDC operations has been enhanced, and compliance has improved due to higher stakes of the operators,” the report noted.

However, Afrinvest warned that “what should have been a short-term pain from this policy action has become endemic, due to the weak forex reserve war chest to adequately meet up with market demand.”

The report recommended exploring alternative sources of forex, such as bilateral loans, natural resource-tied loans, debt-for-nature swaps, and asset concessions, to provide extended short-term reliefs.

“For the forex market to experience sustainable tranquillity, traditional forex inflow sources – oil production, remittances, and foreign portfolio investment – must be revitalised by supportive fiscal policies. Standalone, these policies will only deliver short-term relief on the forex debacle,” the report stated.

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