President Bola Ahmed Tinubu has announced a provisional wage increment for civil servants as Nigeria marks its 63rd Independence Anniversary.

Tinubu announced in his nationwide broadcast delivered on Sunday morning, October 1, that for the next six months, the average low-grade worker would receive an additional N25,000 per month.

The Nigerian leader said his administration is introducing a provisional wage increment to enhance the federal minimum wage without causing undue inflation.

Tinubu expressed dismay with the saying of some citizens that “an independent Nigeria should never have come into existence.

“Some have said that our country would be torn apart. They are forever mistaken. Here, our nation stands, and here we shall remain.” Tinubu, however, said that a significant milestone in the journey to a better Nigeria had been passed this year after Nigerians democratically elected a 7th consecutive civilian government.

“Nigeria has proven that commitment to democracy and the rule of law remains our guiding light. “At my inauguration, I made important promises about how I would govern this great nation. Among those promises were pledges to reshape and modernize our economy and to secure the lives, liberty and property of the people.

“I said that bold reforms were necessary to place our nation on the path of prosperity and growth. On that occasion, I announced the end of the fuel subsidy. I am attuned to the hardships that have come. I have a heart that feels and eyes that see. I wish to explain to you why we must endure this trying moment.

“Those who sought to perpetuate the fuel subsidy and broken foreign exchange policies are people who would build their family mansion in the middle of a swamp.“I am different. I am not a man to erect our national home on a foundation of mud. To endure, our home must be constructed on safe and pleasant ground,” Tinubu boasted.

According to him, reform may be painful, but it is what greatness and the future require. “We now carry the costs of reaching a future in Nigeria where the abundance and fruits of the nation are fairly shared among all, not hoarded by a select and greedy few. A Nigeria where hunger, poverty and hardship are pushed into the shadows of an ever-fading past.

“There is no joy in seeing the people of this nation shoulder burdens that should have been shed years ago. I wish today’s difficulties did not exist. But we must endure if we are to reach the good side of our future,” the Nigerian leader said, assuring that his administration is doing all that it can to ease the load on the citizens.

 

63rd Independence: IGP Kayode Egbetokun Urges Nigerians To Celebrate Responsibly.

The Inspector General of Police, Ag. IGP Kayode Adeolu Egbetokun, NPM, Ph.D., on behalf of the entire Nigeria Police Force, hereby felicitates with Nigerians from all walks of life on the occasion of Nigeria’s 63rd Independence Day celebration to be marked on 1st October, 2023, a significant day in our nation’s history which symbolizes our collective achievements and resilience as a nation.

The IGP notes that as all Nigerians come together to celebrate this milestone, it is imperative to acknowledge the unity, diversity, and strength that define our great nation as the challenges on our journey to independence has shaped us into a nation that perseveres and thrives in the face of adversity.

Commenting on concerns raised from some quarters as to the security of the nation during the celebrations, the IGP assures all residents of Nigeria that the Nigeria Police Force, in collaboration with other security agencies, has taken proactive measures to ensure the safety and security of every individual during this celebration. Strategic deployments have been made with additional personnel and operational assets to critical areas to maintain law and order.

The Inspector General of Police urges all Nigerians to participate in the celebrations responsibly, adhering to all safety guidelines and respecting the rights and property of fellow citizens, and encourages all and sundry to seize the opportunity to reflect on our shared values, renew our commitment to a peaceful coexistence, and work together to build a better and safer Nigeria for all.

 

Independence Day Speech: Tinubu’s Five Keynotes.

In his 63rd Independence Day speech, President Bola Tinubu outlined his vision for a better Nigeria.

He emphasised the importance of economic reform, security, and unity. Here are five keynotes from his speech:

1. Economic reform is necessary to build a better Nigeria.

Tinubu acknowledged Nigerians’ hardships but said reform is necessary to build a better future.

He announced several measures to ease the household burden, including a provisional wage increment and increased investment in infrastructure and SMEs.
He also pledged to improve the efficiency of tax administration and to ensure that monetary policy benefits all Nigerians.

 

2. Security is a top priority.

Tinubu said that security is a top priority for his administration. He announced that the Service Chiefs had been tasked with rebuilding the capacities of the security services, and he promised to equip them with the ways and means needed to perform their task. He also commended the security forces for their sacrifices and dedication.

 

3. Unity is essential.

Tinubu emphasised the importance of unity in building a better Nigeria. He said that Nigerians can only achieve their goals through courage, compassion, and commitment as one indivisible unit. He invited all Nigerians to join the enterprise to remake the nation into its better self.

 

4. Women, youth, and the physically challenged will be given due regard.

Tinubu promised that women, youth, and the physically challenged will continue to be given due regard in appointments and other areas.
This is a welcome commitment, given that these groups have often been marginalised.

5. The journey ahead will not be navigated by fear or hatred.

Tinubu said the journey ahead will not be navigated by fear or hatred. This is an important message, given the divisions that Nigeria has faced in recent years.

He called for courage, compassion, and commitment as Nigerians work together to build a better future.

Overall, Tinubu’s Independence Day. He outlined a clear vision for a better Nigeria, as he called on all Nigerians to join in the effort to make it a reality.

 

FG in talks with World Bank for fresh $1.5bn loan

The Federal Government is currently engaging the World Bank on a fresh $1.5bn loan, findings by Sunday PUNCH have shown.

Abbreviated as HOPE, the loan is titled ‘Nigeria Human Capital for Opportunities and Empowerment’ based on information obtained from the website of the Washington-based institution.

The objective of the loan is “to strengthen systems for improved delivery of basic education and primary health services in participating states.”

The loan is meant to be implemented in 2024 pending approval by the board of the World Bank Group. Sunday PUNCH also discovered that there was another loan titled: ‘Nigeria Macro-Fiscal Reforms for Economic Stability and Economic Transformation’.

However, the amount for this other loan was not disclosed as of the time of filing this report. There were also pending discussions on five other loan projects, according to findings.

These include $300m for solutions for internally displaced persons and host communities’ project, $500m for rural access and agricultural marketing project-scale up, $750m for the Nigeria distributed access through renewable energy scale-up project, $700m for sustainable power and irrigation for Nigeria project, and $500m for NG accelerating resource mobilisation for reforms PforR.

The discussions will determine if the loans will become active or dropped.
So far, Nigeria has secured a total of $1.95bn in loans from the World Bank in the first four months of President Bola Tinubu’s administration. The first was the $750m approved on June 9, 2023 to boost Nigeria’s power sector.

The second was $500m to help the country’s drive for women’s empowerment and was approved on June 22, 2023.
The third was a $700m loan to enhance adolescent girls’ learning and empowerment, and was approved on September 21, 2023.

The International Bank for Reconstruction and Development and the International Development Association, which make up the World Bank, have, over the years, advanced loans to Nigeria.

The IBRD lends to governments of middle-income and creditworthy low-income countries, while the IDA provides concessionary loans – called credits – and grants to governments of the poorest countries. The World Bank is Nigeria’s biggest multilateral creditor, with the country owing about $14.51bn as of June 30, 2023.

Further breakdown showed that Nigeria has $14.51bn IDA debt and $485.75m IBRD debt by the second quarter of the year.
The Debt Management Office recently said Nigeria’s total public debt hit N87.38tn at the end of the second quarter.The figure represents an increase of 75.29 per cent or N37.53tn compared to N49.85tn recorded at the end of March 2023.

Further breakdown shows that Nigeria has a total domestic debt of N54.13tn and total external debt of N33.25tn.
While the domestic debt makes up 61.95 per cent of the total debt, the external makes up 38.05 per cent.

There has been a significant increase in both domestic and external debts within three months. The domestic debt rose by 79.18 per cent from N30.21tn, while the external debt rose by 69.28 per cent from N19.64tn in the first quarter of 2023.
In its 2022 Debt Sustainability Analysis Report, the DMO warned that the Federal Government’s projected revenue of N10tn for 2023 could not support fresh borrowings.

According to the office, the projected government’s debt service-to-revenue ratio of 73.5 per cent for this year is high and a threat to debt sustainability. It noted that the government’s current revenue profile could not support higher levels of borrowing.

In a report titled, ‘Report of the Annual National Market Access Country Debt Sustainability Analysis,’ the debt office said, “The projected FGN debt service-to-revenue ratio at 73.5 per cent for 2023 is high and a threat to debt sustainability.
“It means that the revenue profile cannot support higher levels of borrowing.

Attaining a sustainable FGN debt service-to-revenue ratio would require an increase of FGN revenue from N10.49tn projected in the 2023 budget to about N15.5tn.”

 

Justice ministry: FG didn’t sign plea bargain agreement with Emefiele.

The ministry of justice says the federal government and Godwin Emefiele, erstwhile governor of the Central Bank of Nigeria (CBN), did not sign a non-prosecution plea bargain agreement.
A report had claimed that both parties agreed to a non-prosecution plea bargain arrangement.

In a statement on Saturday, Modupe Ogundoro, director, press and public relations, ministry of justice, said the report is false.

“The report further alleges that Mr. Godwin Emefiele and the Federal Government of Nigeria, represented by the Attorney General of the Federation and Minister of Justice, have signed a non-prosecution plea bargain agreement and that the agreement is awaiting the signature of President Bola Ahmed Tinubu,” the statement reads.

“The Office of the Attorney General of the Federation and Minister of Justice hereby states clearly that these reports are completely false. “It would be noted that the legal team representing Mr. Godwin Emefiele had expressed their intention in court at the last hearing to initiate a plea bargain arrangement.”

However, Ogundoro said no such arrangement has been reached with Emefiele or his representatives.

She urged the media and members of the public to kindly disregard the “said false report”. “The office of the attorney general of the federation and minister of justice will continue to take all actions in the interest of the Nigerian public,” the spokesperson added.

 

US Court Orders Chicago University To Release Tinubu’s Academic Records To Atiku

The judge said CSU must complete all necessary filings regarding the release by 5 p.m. on Tuesday.

A United States Court has ordered the Chicago State University (CSU) to release President Bola Tinubu’s academic records to former Vice President Atiku Abubakar by Tuesday.

The presiding judge, Nancy Maldonado, dismissed Tinubu’s objection, issuing a two-day ultimatum to CSU to release the documents to Atiku.

She also upheld the September 20 ruling of US Magistrate Judge, Jeffery Gilbert, who ordered the CSU to release Tinubu’s academic records as requested by Atiku, stressing that the PDP candidate Atiku had the right to have access to the records.
“For the reasons stated in the Court’s accompanying Memorandum Opinion and Order, the Court overrules President Tinubu’s objections (44] and adopts Judge Gilbert’s recommended decision [40] in full.

“The Court therefore grants Mr. Abubakar’s application under 28 U.S.C. S 1782. [1],” Justice Maldonado of the Northern District of Illinois ruled. According to the judge, CSU must complete all necessary filings regarding the release by 5 p.m. on Tuesday.

The court ruled, “Respondent CSU is directed to produce all relevant and non-privileged documents in response to Requests for Production Nos. 1 through 4 (as narrowed by Judge Gilbert and adopted by the District Court in its opinion) in Mr. Abubakar’s subpoena, by 12:00 p.m. (noon) CDT, on Monday, October 2, 2023.

“The Rule 30(b)(6) deposition of CSU’s corporate designee must be completed by 5:00 p.m. CDT on Tuesday, October 3, 2023.”