Three weeks to the expiration of his administration, President Muhammadu Buhari has mulled borrowing a fresh 800 million dollars from the World Bank.

His request for parliamentary approval for the fresh borrowing was contained in a letter he wrote to the Senate which was read at plenary on Wednesday.

In the letter dated May 2, 2023 which was acknowledged as received yesterday, President Buhari said the credit facility is needed for the National Social Safety Net Programme (NASSP).
He said his government intends to expand shock response Safety Net support among the poor and vulnerable Nigerians and the government will make a cash transfer of five thousand naira (N5,000) each to 10.2 million poor and low-income earners.

The President informed the Senate that the Federal Executive Council has already given him the go ahead to borrow the money.

Buhari’s request letter as read by the Senate President, Ahmad Lawan read:
“It is with pleasure that I forward the above subject to you. Please note that the Federal Executive Council (F EC) approved an additional loan facility to the tune of USD800 million to be secured from the World Bank, for the National Social Safety Net Programme (NASSP) and the need to request for your consideration and approval to ensure early implementation.

“The Senate may wish to note that the Programme is intended to expand coverage of shock responsive Safety Net support among the poor and vulnerable Nigerians. This will assist them in coping with the costs of meeting basic needs.

“You may wish to note that, the Federal Government of Nigeria under the conditional cash transfer window of the programme will transfer the sum of N5,000 per month to 10.2 million poor and low-income household for a period of six months with a multiplier effect on about 60 million individuals. In order to guarantee the credibility of the process, digital transfers will be made directly to beneficiaries’ account and mobile wallets.

“The NASSP being a social intervention programme will stimulate activities in the informal sector, improve nutrition, health, education and human capital development of beneficiary households.
“Given the above, I wish to invite the Senate to kindly approve an additional loan facility to the tune of USD8OO million to be secured from the Wortd Bank for the National Social Safety Net Programme (NASSP).

“While hoping that these submissions will receive expeditious consideration by the Senate, please accept, Distinguished Senate President, the assurance of my highest regards.”
However, the Director General, Budget Office of the Federation , Mr. Ben Akabueze earlier lamented that Nigeria is trouble as the nation is fast exceeding its borrowing space.
Akabueze spoke at the Induction of newly-elected lawmakers of the 10th National Assembly at the International Conference Centre, Abuja.

He stated that the country has one of the lowest Gross Domestic Product (GDP) to Debt Ratio in the world. He said, “While the size of the FG’s budget for 2023 created some excitement, the aggregate budget of all government in the country amount to about 30 trillion naira. That is less than 15 percent in terms of ration to GDP. Even on the African continent, the ration of spending s about 20 percent. South Africa is about 30 percent, Morocco is about 40 percent and at 15 percent, that is too small for our needs.

“That is why there is a fierce competition for the limited resources. That can determine how much we can relatively borrow. We now have very limited borrowing space, not because out debt to GDP is high, but because our revenue is too small to sustain the size of our debt. That explains our high debt service ratio.

“Once a country’s debt service ratio exceeds 30 percent, that country is in trouble and we are pushing towards 100 percent and that tells you how much trouble we are in. We have limited space to borrow.

“When you take how much you can generate in terms of revenue and what you can reasonably borrow, that establishes the size of the budget. The next thing would be to pay attention to government priority regarding what project gets what.
“The budget is not a shopping list. In the last the budget only contained expenditure”.

Akabueze also berated the nation’s budgeting system saying Nigeria has no organic budget law.
“The Federal Government of Nigeria does not have an organic budget law. It is really unfortunate that we don’t have an organic budget law. Hopefully, there is one in the work in the 9th Assembly and may be passed before the Assembly winds up.
“I don’t know any serious country in the world that does not have an organic budget law.

“Each country has to determine its budget system that works for it. Budget is multi-dimensional in coverage. One, it is political because it allocate scarce resources of the country among multiple competing and sometimes, competitive interests.

“It is also an economic document because it helps as the primary fiscal instrument for stimulating economic growth, ensuring employment and maintaining economic stability. It is an accounting document and provides a ceiling, and it is legally binding for government to operate. It is also a moral document. You can know what a country cherishes by looking at its budget document.”

 

Atiku, Secondus, others storm Tribunal for PDP petition against Tinubu.

The Presidential Candidate of the Peoples Democratic Party, (PDP), Alhaji Atiku Abubakar was present at the Thursday hearing of petitions and applications at the Presidential Election Petitions Court, (PEPC) sitting in Abuja.

Also present in court were the former governors of Adamawa, Boni Haruna, Niger, Babangida Aliyu, Cross River, Liyel Imoke and Adamawa, Jubrilla Bindow as well as former National Chairman of PDP, Mr Uche Secondus, and Chairman of DAAR Communications, Mr Raymond Dokpesi.

The tribunal will be hearing Atiku and the PDP’s motions seeking live transmission of proceedings of the court as well as petitions challenging the outcome of the Feb. 25 Presidential Election.

In today’s proceedings, the court is also expected to hear Atiku’s application, pushing for live broadcast of the day to day proceedings with regards to his petition. Atiku and the PDP are specifically asking the court for an order directing the court’s registry and the parties on modalities for admission of media practitioners and their equipment into the courtroom.

The application filed on their behalf by their team of lawyers led by Mr Chris Uche, SAN, is predicated on the grounds that the matter before the court is a dispute over the outcome of the Presidential Election held on Feb. 25.

They argue that the matter is of national concern and public interest, involving citizens and voters in the 36 states of the federation and the Federal Capital Territory, Abuja, who voted and participated in the said election.
They also said that the matter is critical because the international community is also interested as regards the workings of Nigeria’s electoral process.

According to Atiku, being a unique electoral dispute with a peculiar constitutional dimension, it is a matter of public interest whereof millions of Nigerian citizens and voters are stakeholders with a constitutional right to receive.(NAN)

 

10th NASS: More groups reject APC’s zoning arrangement, as Tinubu jets off to Europe.

…Wase, Betara, say two presiding officers can’t emerge from one region

The All Progressive Congress, (APC) is facing the repeat of what happened in 2015, giving room to a repeat of history, when the party could not have those it backed, emerged presiding officers of the National Assembly.

The party had in 2015 endorsed Ahmad Lawan and Femi Gbajabiamila for the position of the Senate President and House of Representatives Speaker but that did not as Bukola Saraki and Yakubu Dogara clinched the positions.
Similarly, APC has again endorsed Godswill Akpabio and Abass Tajudeen for the position of Senate President and Speaker.

However, frontline aspirants for the position of the Speaker, including Ahmed Idris-Wase, the deputy speaker and Muktar Betara, the chairman of the House Committee on Appropriation have kicked against the party’s choice.

Others who are against APC’s endorsement are Yusuf Gagdi (Plateau), Miriam Onuoha (Imo), Sada Soli (Katsina) and Sani Jaji (Zamfara). APC had on Monday given a nod to the endorsement of Tajudeen (Kaduna) and Benjamin Kalu (Abia) for the position of speaker and deputy speaker by Bola Tinubu, the president-elect.

The six aspirants on Wednesday stormed the APC National Secretariat in Abuja where they expressed their grievances and also presented a protest letter to the party’s National Chairman Abdullahi Adamu.

They warned the NWC and stakeholders of the party to prepare for a repeat of 2015 scenario should the party allow the endorsed candidates list to stand. In his speech, Wase said for such a decision to be arrived at, there was need for serious consultations with all members, reminding the party that it does not have the majority in the House, hence, the need to have everyone to agree with such a zoning template.

He said: “What was on social media, again, was the zoning and the micro zoned to particular individuals. As I speak to you sir, I want to say categorically that none of us here was approached or consulted even for a second to find our opinion and thought on what was going to be done or what has happened.

“Your Excellency, sir, that is the crux of matter and we feel betrayed by that action. We feel that as if our contributions are not recognized, we feel as if we are not members of this family. We feel that we have given our best but now the best is no longer needed.

“We are here to protest and to appeal to you to go again to look into this matter. That what had been ushered out will not stand. And we are disciplined party people.“I want to say too in 2019, Your Excellency, I was going in for speakership. I was pretty sure I was going to win. Leaders of the party called me including the president and appealed to me to step down for Hon. Femi. I did that and that was how I came in to take the position of the deputy speaker. I want to say that what has happened I think that they are taking us for granted.

“We do not want a repeat of what has happened in the past. We should not forget about the “Tambuwalisation” of what happened in the House of Representatives. We should not forget about the emergence of how Saraki became the senate president. The party as of today we do not have the majority to be that arrogant, and we should take people for granted.”

On his part, Betara said there was no time two presiding positions were zoned to the same zone and warned the party against the consequences of such decision. “We are not against our leaders, but if we should sit down and say sit amongst yourselves and pick somebody you think you can work with, it is easy. But the person, the speaker (Gbajabiamila) is trying to even pick, there are some of our colleagues that don’t know him.

That’s the truth, I am not lying. If today the party said we zone to the North-west, I have to sit and think because now the party is zoning the deputy senate president and the speaker to the same zone.

“We have been in this Assembly, there is no time, two presiding officers are zoned to one area. It has never happened. And in our discussion here, on our inauguration day, it’s what happened in the Senate that will determine what is going to happen in the House.
“So, we need to sit down and look at it. We might produce the Senate President from a different zone. It happened in 2015. So as a party, we are pleading, we need to sit again with all of us and do more consultations.”

Betara also denied the allegation that he was involved in anti-party activities.
He said: “Another thing I need to clear here sir, somebody told me that the same group is saying, I gave money to a presidential aspirant. So if there is any transfer to anybody, the banks are there. I want to still tell you as leaders if I should give money to a presidential aspirant and he wins, what is he going to give me? My own, I want to become Speaker in my party. If another party wins, can I become speaker? No. So we don’t need to blackmail ourselves. Politics is about give and take.”

In his response, Adamu assured the lawmakers that the party would embark on further consultations and would get back to them.
The chairman stressed that the statement issued by the party clearly stated that the party leadership would endeavour to do more consultations so that everyone would be carried along.
He said: “There is nothing we do that may not be challenged here and there. But let us be able to attend the best possible consultation with people giving them their right of fair hearing before we can say yes we are changing positions or we are not changing positions.

“I plead with you in good conscience to give us a little time to take a good and better look at your presentation and open our ears and our eyes the more to hear more and see more before we can come with finality of your submission and the outcome of it. I thank you for your approach.

“Approximately important, you should know this is a party, you organise and you are here and you didn’t follow the backdoor to talk to us; you have come straight to us. I, on behalf of my colleagues, we appreciate you.”

 

Benjamin Kalu Officially Withdraws From Speakership Race, Accepts Deputy Slot.

Honourable Benjamin Kalu on Tuesday announced he is no longer running for the Speaker position in the 10th National Assembly.
He, however, noted that he will seek the office of Deputy Speaker.

Kalu expressed his thanks to supporters while running for the Speaker position.
He believed the role would benefit the South East region, which hasn’t had a Speaker in 40 years.However, he noted that he is committed to All Progressives Congress (APC) supremacy and has accepted the nomination for Deputy Speaker.

This is coming after the National Working Committee (NWC) of the APC nominated him for Deputy Speaker. He thanked the party’s leadership for the nomination and promised to support the party’s goals in the 10th Assembly.
Kalu also expressed gratitude to South East stakeholders for their efforts and encouraged supporters to accept the party’s decision.

Adeleke: BVAS Has Come To Stay – Atiku.

The 2023 presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar has praised the impact of technology on the outcome of the Osun State governorship election petition tribunal.

Atiku in a statement on Tuesday said the Bimodal Voter Accreditation System (BVAS), has come to stay as a legal instrument for the accreditation and transmission of election results in Nigeria.
The former Vice President made the declaration in his reaction through a press statement by his media office, after the Supreme Court affirmed the victory of Governor Ademola Adeleke of Osun State.

According to Atiku, the introduction of technology in the conduct of elections in Nigeria is a progress that cannot be reversed. He went ahead to congratulate the people of Osun State for the affirmation of their collective mandate given to Governor Adeleke.
He added that Nigerians should take keen interest in the growth and development of democracy in the country, saying: “we must not put the laws in our hands but remain vigilant because, as the saying goes, ‘eternal vigilance is the price of liberty.”

 

Settle Down To Work’; Unite Osun – Tinubu Tells Adeleke After Supreme Court Victory.

The President-Elect, Bola Tinubu on Tuesday, congratulated Osun State Governor, Ademola Adeleke over his victory at the Supreme Court, urging him to quickly unite the state and settle down to work for the progress of the state.
Tinubu said with the apex court in the land giving its verdict on the Osun governorship tussle, all must respect the judgement.

Adegboyega Oyetola of the All Progressives Congress (APC) had gone to court to challenge the victory of Adeleke of the Peoples Democratic Party (PDP) but while the Tribunal sacked Adeleke, the Appeal Court and the Supreme Court affirmed the senator as the authentic winner of the July 16, 2022 poll.

In a statement on by his office, the President-Elect said, “I congratulate Mr. Ademola Adeleke over his declaration by the Supreme Court as the winner of Osun Governorship election.

The apex court in the land has spoken and all of us must obey its verdict. It is the right thing to do for democracy and rule of law to continue to thrive in the land.

“I must also commend the immediate-past governor of the state, Alhaji Adegboyega Oyetola, for exercising his democratic rights as the constitution allows him to do.

“Governor Oyetola discharged himself creditably in office. He lost the office but did not lose his integrity and reputation as the governor who brought efficiency, transparency and accountability to the business of governance.

“Now that the matter of the July 16, 2022 Osun State Governorship Election has been brought to a close, I urge Governor Adeleke to immediately settle down to work and continue from where the former governor left it. He should now move to unite the state.

I also urge all the people of Osun to work for peace and progress in the state.”

 

Transcorp Shares: Otedola Breaks Silence About ‘Cold War’ With Elumelu.

Nigerian businessman Femi Otedola has opened up about why he sold out all his Transcorp shares.

Otedola, who is just commenting for the first time after the Transcorp transaction said he meant well for the business, but others had other ideas in mind. It would be recalled that recently, the billionaire divested his newly acquired stake in Transnational Corporation of Nigeria (Transcorp) to Tony Elumelu.

Otedola had announced in April that he had acquired 5.05% of Transcorp making him the second-largest shareholder of the company.The purchase immediately triggered a rally for the share price of the stock, doubling in under two weeks.

However, sources who are privy to the transaction explained to Premium Times that Otedola’s move to take the peak spot in the conglomerate’s ownership upset the Transcorp chair, Elumelu, prompting him to open talks and eventually agreed to compensate the businessman with millions of dollars.
A transaction that led to his total exit from the Transcorp conglomerate.

However reacting to the recent transaction, Otedola said “I offered to buy Transcorp Plc for N250 billion, but unfortunately, my offer was rejected.” The billionaire, who insinuated that it’s not the first time Elumelu is stabbing him in the back said his goal was to maximize the full potential of the business in Nigeria.

 

10th Senate President: Akpabio Is Not APC’s Anointed Candidate, Anything Can Still Happen – Ndume.

The lawmaker representing Borno South in the upper chamber of the National Assembly, Senator Ali Ndume has insisted that anything can still happen regarding who eventually emerges as the Senate President for the 10th National Assembly.

Ndume who insisted that Senator Godswil Akpabio is not the anointed candidate but only the preferred candidate of the All Progressives Congress (APC) for the position submitted that the legislators would still have to vote and decide the person who will occupy the seat eventually.

According to him, implying otherwise will mean that the process is finalized but as things stand, the Senators would still have to go to the Red Chamber on the 13th and it can go either way.
The Borno Senator made his mind known on Monday during an interview with Arise TV while reacting to the zoning template released by the APC on Monday.

 

PDP South-West Vice Chairman, Adagunodo Is Dead.

The Peoples Democratic Party‘s (PDP) South-West Zonal Vice Chairman, Soji Adagunodo, has died in the United States after battling an undisclosed illness. Adagunodo previously served as the Osun state PDP chairman.

According to the party’s South-West zonal youth leader, Seyi Bamidele, in an interview with Punch, Adagunodo had been unwell and travelled to the US to seek treatment.

Bamidele further stated that the PDP chieftain passed away on Tuesday.
He said, “He was around in Nigeria till a few weeks back. He travelled to the US and we were all expecting him back in Nigeria any moment.
“We were informed of his passage just this evening. Further information would be made available shortly.”
Adagunodo played a significant role during the 2018 governorship election of the PDP but faced opposition from Senator Ademola Adeleke’s supporters, resulting in his removal from office

 

The 9th National Assembly Has Broken Many ‘Jinxes’ – Lawan, Gbajabiamila Rates Performance.

As the 9th National Assembly drifts to its end in about a month’s time, the leadership has come out to rate the performance

The Senate President, Ahmed Lawan and the Speaker of the House of Representatives, Hon Femi Gbajabiamila, have both come out to commend the 9th assembly for its outstanding performance.

According to them, the 9th assembly had broken many ‘jinxes’ and done many ‘firsts’ by overcoming traditional obstacles through consensus building and clever political brinksmanship.Both leaders of the assembly made the position known in Abuja during a welcome dinner organized by the National Assembly management and the National Institute for Democratic and Legislative Studies (NILDS) for Senators and Members-elect for the 10th National Assembly.

The Senate President in his remark said good governance had driven the performance of the 9th National Assembly, while noting the harmonious working relationship it had with the executive arm of government.

Lawan said, as of July 2022, a total of 874 bills had been introduced at the stage of the first reading, out of which 162 had passed the third reading, and 104 were concurred to by the House of Representatives and assented by the President. He explained that the record of its performance is far better than that of its predecessors since 1999.

 

My Victory Is A Historic Landmark In Osun Politics – Adeleke.

Governor Ademola Adeleke has described the affirmation of his election victory by the Supreme Court as a historic landmark in the history of Osun State politics.

In a statement on Tuesday in Ede, Adeleke said the judgement has proved that the will of the people ordained by God has survived the anti-masses plot of powerful forces.

The governor, who applauded the judiciary for upholding the judgement of the Appeal Court, assured the people of Osun that he will be driven by the fear of God in governing the state.
The governor stated that the ruling of the Supreme Court has strengthened democracy affirming truth and the people’s will, promising that the residents will feel and enjoy the dividend of democracy.

Adeleke also sought the support of all Osun residents and citizens in moving the state forward regardless of party affiliations.

 

Osinbajo Inaugurates Afam 3 Fast Power Plant In Rivers

Nigeria’s Vice President, Prof. Yemi Osinbajo, on Tuesday, inaugurated the Afam 3 Fast Power 240-megawatt turbine in Rivers State.

The Nigeria number two citizen arrived at the venue in a chopper at exactly 11:35 am and was escorted into the premises and received by the Chairman of Transcorp Group, Tony Elumelu, and other dignitaries.
In his address, Osinbajo said, “In 2020, electricity subsidies reached N584 billion, but service-based tariffs have led to a doubling of collection in the Nigeria Electricity Supply Industry from N40 billion in 2020 to N80 billion in the first quarter of 2023.
“If this trajectory continues, the Nigeria Electricity Supply Industry will be able to pay for itself. Our administration has also created programs for off-grid electrification. Rural Electrification Agency now has the capacity to provide electricity supply on a first-class basis.”

President-elect, Tinubu embarks on working visit to Europe.

The President-elect, Bola Tinubu yesterday afternoon jetted out of Nigeria for Europe on a working visit.

According to the statement signed by Tunde Rahman, the President-elect will use the opportunity of the trip to finetune the transition plans and programmes, and his policy options with some of his key aides without unnecessary pressures and distractions.
“During the visit, the President-elect will engage with investors and other key allies with the goal of marketing investment opportunities in the country and his administration’s readiness to enable a business-friendly climate through policies and regulations.
“Already, meetings with multi-sectoral actors in Europe’s business community including manufacturing, agriculture, tech and energy have been lined up.

“Asíwájú Tinubu hopes to convince them of Nigeria’s readiness to do business under his leadership through mutually-beneficial partnerships premised on jobs creation and skills acquisition.”
The statement revealed that reviving the country’s economy forms a major plank of Tinubu’s Renewed Hope agenda and the meeting is part of his efforts to re-establish Nigeria’s importance in the global economic chain and create empowering opportunities for the country’s huge youth population.

The President-elect has hitherto promised to hit the ground running and the visit is reflective of his commitment to the promise as he has already begun talks with global actors in the important areas of the economy and security.
Before he left the country, Asíwájú Tinubu met with the House of Representatives candidates for Speaker and Deputy Speaker endorsed by his party, the All Progressives Congress, Hon.

Tajudeen Abbas and Hon. Benjamin Kalu, who were presented to him by Joint Task Team of the House. He is scheduled to return shortly for preparations towards his official swearing in as the 16th President of the country on May 29, 2023.