The Nation Newspaper

Author: The Nation

  • Foreign Policy : Awakening of the giant

    Foreign Policy : Awakening of the giant

    Experts have declared that the incoming administration as a matter of urgency must systematically confront the country’s domestic challenges to be a country whose voice others would respect as authentic, in order to regain the respect and trust of other countries in the international sphere. Assistant Editor Bola Olajuwon writes.

    Analysts agree that the realm of foreign affairs is a product of international dynamics and domestic attributes. One of such individual, Nick Evans, says for one to suggest otherwise is primitive. In today’s world, domestic and foreign policy are deeply intertwined. What happens abroad affects countries at home – and vice versa.

    The challenge for policymakers is figuring out how to formulate foreign policy to meet national objectives and how to navigate the complexities of interconnectedness of what happens abroad and at home.

    Foreign policy is the formal, legal and authoritative expression of national interest by the government through the constitutional process of the state. It is said to be a course of action taken by the authority of the state for achieving a particular objective or goal. It is equally viewed as an act of internationalising domestic resolve.

    Decline of the giant

    Since independence, Nigeria’s foreign policy at one time or other was focused on the abolition of all forms of colonialism and imperialism in Africa, promotion of friendly relations and cooperation among member states and Africa as the centrepiece. The country’s foreign policy has also been based on non-alignment with the power blocs, promotion of peaceful resolution of inter-state disputes and respect for the territorial integrity of other African states based on the principles of non-intervention in the affairs of their member state.

    Nigeria was the main voice against colonialism in Southern Africa and frontally led the fight against Apartheid in South Africa. It was also the main force behind restoration of peace in Liberia, Sierra Leone, Cote d’Ivoire and Gambia. The country was, until recently, known for contributing peacekeepers for international peacekeeping engagements.

    But, domestic problems under Presidents Goodluck Jonathan and Muhammadu Buhari administrations with the rise in terrorism, kidnapping, and deterioration of communal clashes between farmers and herders have taken the shine off the nation’s international image as the giant of Africa. Down the road, the country’s foreign policy has lost its clarity.

    A few days ago, South Africa announced a plan to lead Zambia, Senegal, Republic of Congo, Uganda and Egypt in a delegation of leaders from the six African countries to discuss a possible plan to end the war in Ukraine. The country’s President Cyril Ramaphosa said Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky had “agreed to receive the mission and the African heads of state” in Moscow and Kyiv.

    When this correspondent confronted diplomats about why Nigeria was missing from the list of the African initiative, he was told to ask the Presidency or the Foreign Affairs Ministry. But, no answer was forthcoming from the two highest foreign policy decision-makers.

    Agenda for Tinubu’s incoming administration

    Setting agenda for the Bola Ahmed Tinubu’s incoming administration on how to awaken the giant after its descent in international arena, former Permanent Secretary Ministry of Foreign Affairs, Ambassador Bulus Lolo said: “We want a Nigeria whose voice, others would look up to as authentic. We want a Nigeria that is sure of itself; a Nigeria that is at ease and a Nigeria that can point and project an example for others to follow. And always, the intricate link between domestic and foreign policy must not be lost on us. We have to bear this in mind and that is why the things that happened at home affect our image abroad. It is incumbent on us to provide a space in which Nigerians will be confident, Nigerians would be comfortable with one another and Nigerians would want to live in peace.

    “Unless we regain the trust in ourselves, willing and able to accommodate one another as a nation, I’m afraid that, we risked returning to those days again where Nigeria assumes a pariah nation and one that would have dire consequences for the average Nigerian. I pray that the future for us will be better than our past. We need goodwill at home and abroad.

    “I just want to reiterate the point that our domestic policy is intricately linked to our foreign policy. And it is a fact that a united, strong, vibrant and confident Nigeria will project the same qualities abroad. Conversely, if we are this united, we are weak, we are incoherent and inconsistence, without vitality and confidence, we will not be able to speak with any authority abroad.

    “So, it is important for the incoming government to do everything within its power and especially since they have promised to renew hope, we need a leadership that rejuvenates that thing that makes Nigeria known and Nigeria to be liked, wherein the citizens are proud, the citizens of Nigeria see themselves as each other’s keeper and you can travel the length and breadth of the country without fear that you would come to harm of any sort.

    “It will speak a great deal how we manage our diversity, ethnicity, religion, and also how we manage our politics. We must not allow ourselves to roll back the gains of democracy that we have had since 1999.

    “It is the duty of the incoming government to project Nigeria as a country in which democratic ethos has come to stay and that our electoral processes stand the test of credibility, the test of integrity, and the test of acceptance. Unless we are able to select our leaders in a manner that confers legitimacy on them from the start, we will be starting with a deficit and I hope this would not be the case.”

    Also, a Nigerian academic, author and the third Vice Chancellor of Federal University Oye Ekiti, Ekiti State, Prof. Kayode Soremekun, in his contribution, decried a situation where too many voices speak for the country on the world stage.

    “For instance, the recent attempts to repatriate our nationals from Sudan reflect this kind of situation. Too many agencies were involved in this exercise; whereas, the various agencies should have subordinated themselves to our Ministry of Foreign Affairs, which is the only entity that has the legitimate capacity to speak for Nigeria. The suspicion here is that since huge resources were involved in this Sudan episode, other state agencies attempted to elbow out the legitimate entity – the Ministry of Foreign Affairs,” he said.

    “In the light of the foregoing, the incoming government has its work cut out for it in the critical area of Nigeria’s Foreign Policy.

    “There should be recourse to an era, where Nigeria was seen and regarded as a major voice and force in international affairs. But this is easier said than done. This is because foreign policy anywhere should be anchored on domestic variables. At the moment, these variables are very inclement in Nigeria.

    “Consequently, for Nigeria to be taken seriously in world affairs, due and initial attention should be paid to the domestic scene. The BAT Presidency should seriously address critical areas like security and our appalling power situation. To these must be added the slaying of another dragon – the steel industry, which has tormented Nigeria and Nigerians since the First Republic.

    “If these variables – i.e. the steel industry, security, the petrochemical industry and power – are seriously addressed, then our Nigeria will be poised to play a major role in the World.”

    A research fellow with the Nigerian Institute of International Affairs (NIIA), Dr. Tola Ilesanmi, in her opinion, said the Tinubu administration has indeed been foisted with the rare opportunity of returning Nigeria to its place of pride among the comity of nations and achieving its national interest on the international sphere.

    Firstly, the incoming administration as a matter of urgency must systematically confront headlong the domestic challenges of insecurity and economic downturn. By so doing, Nigeria will regain the respect and trust of other countries in the international sphere. This is because foreign policy remains an extension of a country’s domestic policy and any government that wants to be taken seriously internationally must to a reasonable extent have a grip on its domestic situation.

    “Secondly, Nigeria must occupy its leading role in Africa and in the African Union by assertively speaking on issues that concern the continent, and work towards its integration. Thirdly, Nigeria must occupy its position as a middle power in the world. And to effectively achieve this, the incoming government must as a matter of urgency build its military-industrial complex. Nigeria can learn from Turkey under President Recep Tayyip Erdogan, who has become well-respected in the globe as a military power and has developed Turkey’s military-industrial complex,” Dr. Ilesanmi said.  

  • Buhari: Above average performance on infrastructure

    Buhari: Above average performance on infrastructure

    Although the outgoing administration’s roads construction and rails’ provisions have been criticised as being skewed in favour of the north, President Muhammadu Buhari, nevertheless, is leaving behind above average performance on the infrastructure flank, writes Group Business Editor, SIMEON EBULU.

    The place to look when in search of Buhari’s landmark achievements on the infrastructure segment is the Federal Ministry of works and Housing. The search is made easier when you listen to Babatunde Raji Fashola, who spares no efforts in telling you that this administration has done well, in fact very well, and in eight years has surpassed that of its predecessor, the Peoples Democratic Party in its 16 years sojourn in the saddle.

    You may not agree with his submission, but Fashola would leave you in no doubt that his narration is correct because he would back it up with facts and figures.

    And if you push him, may be out of mischief, or  to counter his argument, with a view to disparaging him on his submission, you will see the red of his eyes. He never ends such tauntings with laughter, even if they were meant to lighten the tone of the discussion. He carried that trait, I think all through his years as Lagos State Governor. It may just well be that, that’s what earned him his appointment, and may jolly well be his selling point going forward.

    Back to the issues. Buhari can count on his earning a good mark on infrastructure rating in his eight years rule as President. Here are some facts to validate that. “President Buhari,” Fashola said, “clearly understands the necessity for investing in infrastructure to support, not only the population but also as an economic driver.”

    The minister said under his administration, the Federal Ministry of Works managed 850 contracts covering 796 projects including roads and bridges. “For instance, the Kano-Maiduguri highway is one project with five contracts,” Fashola  said, adding that the Emir of Dutse, Nuhu Muhammad-Sanusi, in Jigawa State was among the people who testified on the impact.

    “The importance of this road to socio-economic activities cannot be overemphasised. This road covers about five states and is the heart of their economic activities. Our gratitude to the federal government is deep for making this possible,” Fashola quoted the monarch as saying.

    He said all the feats were achieved because of the good collaboration between the National Assembly and the Executive Arm. In his view, critics misunderstand the National Assembly by calling it a rubber stamp.

    “That is another area we are also different,” he said, accusing the opposition Peoples Democratic Party of not being able to achieve that cooperation in their 16 years in office. “We only heard the news of money-bags going in to buy cooperation,” the minister said.

    Fashola spoke of the Infrastructure Development and Refurbishment Investment Tax Credit Scheme aimed at attracting Private Public Partnership (PPP) financing for road construction across Nigeria, saying it was through this laudable scheme that infrastructure funding is sourced from the Sukuk Bond.

    The outgoing administration also put in place the Presidential Infrastructure Development Fund (PIDF) that is dedicated to funding the construction of some critical road projects, including the Second Niger Bridge. The construction of this vital gateway into the South-South and South East regions started in 2018, and is among the projects scheduled for inauguration by the president.

    There is also the reconstruction of the 375km Abuja-Kaduna-Zaria-Kano Expressway and its transformation to a six-lane superhighway. Others include the reconstruction of the Benin – Ofosu– Ore – Ajebandele – Shagamu Expressway; the Enugu-Port Harcourt Expressway, and the Kano-Maiduguri Expressway, and the Loko-Oweto Bridge, linking Benue and Nasarawa states, an important inter-state project started by the Goodluck Jonathan administration.

    In 2017, the Buhari Administration identified and marked out 63 roads across the country, including 44 federal highways. These roads which linked up trade, commerce, port, and agricultural centres across the six geopolitical zones of the country, were classified under Critical Economic Routes and Agricultural Routes, and accorded budgetary priority. Among them are the Apapa/Tincan Port; NNPC Depot (Atlas Cove) to Mile 2 Accessed Road; Apapa-Oshodi Road, terminating at the Lagos – Ibadan toll gate, and Onitsha-Enugu Expressway (Amansea-Enugu State Border); Yenagoa Road Junction-Kolo-Otueke-Bayelsa Palm; and, Bodo-Bonny Road with Bridge.

    The Abuja-Lokoja Road Sections i&iv; Suleja-Minna Road Section 11; Kaduna Eastern Bypass; Kano-Maiduguri Road Section 1-1V; Hadejia-Nguru-Gashua-Bayamari Road and Kano Western Bypass; Odukpani-Itu-(Spur Ididep-Itam)-Ikot Ekpene Federal Highway Sections 1&11; Ikom Bridge; Enugu-Port Harcourt Dual Carriageway Sections i-iv; Calabar-Ugep-Katsina-Ala Road; Vandeikya-Obudu-Obudu Cattle Ranch Road; Oshegbudu-Oweto Road; Oju/Loko-Oweto Bridge with approach roads; and the Nassarawa-Loko Road.

    Others are the Kano-Katsina Road (Phase 1: Kano Town at Dawanau Roundabout to Katsina State Border); Sokoto-Tambuwal-Jega-Yauri Road; Ilorin-Jebba-Mokwa-Bokani Road;Ilorin-Kabba-Obajana Road (Sections 1&11); Ibadan-Ilorin Road, Section11(Oyo-Ogbomosho); Lagos-Shagamu-Ibadan Dual Carriageway, Sections 1&11, and Lagos-Otta Road, and  the Zaria-Kano Road, as well as Abuja-Lokoja Road (Sections i-iv).

    The Buhari administration’s massive road drive escapade, is also complemented with a network of railway infrastructure including a revamp of the three major rail projects inherited from previous administrations, some of which have been completed and inaugurated.

    The Abuja Metro Rail and the Abuja-Kaduna Rail, and the 327km Itakpe-Ajaokuta-Warri Rail, started in 1987, have been completed. Also, the 156km Lagos-Ibadan Standard Gauge Railway with an extension to Lagos Port, funded by the Export-Import Bank of China are now nearing completion.

     The administration also commenced a $2billion internationally-funded rail line connecting the country’s north to neighbouring Niger Republic, a project that has drawn the ire of some critics who question the rational for its construction at a time many parts of Nigeria are crying for rail connectivity.

    The erstwhile Minister of Transport, Chief Rotimi Amaechi, said work would soon start on a $3billion railway line that would link the country’s east side, from oil-rich Port Harcourt in the south to Maiduguri in the north, stating that the president is trying to grow all the sectors of the economy that would improve and increase production, by focusing on power, roads, transportation, rail networks and maritime.

    The Buhari administration has also put in place, InfraCo, a public-private infrastructure fund with N1trillion ($2.6billion) in seed capital from the Central Bank of Nigeria (CBN), Nigeria Sovereign Investment Authority (NSIA) and the Africa Finance Corporation (AFC), a mostly privately owned pan-African project finance firm.

    InfraCo’s mandate is to finance public asset development, rehabilitate old assets and construct new ones. It is chaired by the CBN Governor with the managing director of NSIA, the president of AFC, and representatives of the Nigerian Governors’ Forum (NGF), and Ministry of Finance on its board.

    Buhari has often been accused of prioritising development in the Northern part of the country where of course he hails from, although Chief Amaechi, while he was still in the saddle, had pointed to significant projects located in other parts of the South.

    Nonetheless, the country’s infrastructure development story is gradually changing.

  • Infrastructure: Can FERMA make a difference?

    Infrastructure: Can FERMA make a difference?

    The Federal Roads Maintenance Agency (FERMA), a quasi- parastatal under the Federal Ministry of Works and Housing, was established in 2002 by then President Olusegun Obasanjo, with responsibility for roads rehabilitation and maintenance. The agency which has received over N600 billion budget allocations 21 years down the line, has performed below expectations, reports Ibrahim Apekhade Yusuf.

    In the court of public opinion, words like inept, lukewarm, unimpressive and unsatisfactory become apposite in describing the performance of FERMA thus far. Asides from inept leadership, the agency has also been accused of corruption and rent-seeking by officials who collude with contractors during awards of contracts.

    A cursory review of its activities of in the last eight years, especially, have attracted nothing but scorn in view of its poor showing performance-wise. This is in spite of the over N610 billion budget allocations for roads maintenance over the last 20 years.

    FERMA in the eyes of the public

    In a typical case of a firm suffering from a crisis of confidence, FERMA is being passed off as a failed project by experts who should know better.

    Mogbolahan Ajala, CEO, Iga Nigeria Limited, an architect and planner, currently handling heritage and legacy projects in Lagos State, said the agency has had a rather dismal performance thus far.

    “With regards to the performance of FERMA in the last couple of years, they have not lived up to expectations at all,” he said. “Take Lagos State for instance, their impact has not been very significant per se because we have a very vibrant public works corporation delivering efficiency and performing effectively in the area of infrastructural development.

    “One would have expected that given the fact that Lagos is the largest city in Nigeria and which requires an array of infrastructure, their impact would have been felt over these past years.”

    On the issue of paucity of funding which may have negatively impacted on the agency’s ability to perform, he said such excuses were not tenable given the fact that the problem of wastage and corrupt tendencies of officials in the past.

    “In the past they spent a lot on infrastructure with little or nothing to show for it. So funding was never an issue but performance and delivery. Even in other states, their performance has also not been felt. So they have been a total mess.”

    According to him, if not scrapped completely, he would rather the agency be transformed to a regional agency existing to assist the states and not as a behemoth operating independently.

    If Ajala’s submissions were not positive, the views expressed by Afolabi Adedeji, a building engineer are not any more pleasant too.

    Adedeji, who had a stint at the Federal Ministry of Works and Housing, said the agency is as bad as it is being painted out there.

    Adedeji, an engineer, who is Chief Executive Officer, Ethical Business & Management Associates [EBAM], says FERMA’s problems are legion; as such a one-size fit-all solution may not salvage the already bad situation.

    “FERMA’s main handicap has been funding. Once we address the issue, I believe they can do better. The concept is good and has been copied elsewhere like Ogun, with OGOROMA, and in Lagos which has Lagos State Public Works Corporation. There should be sustainability through funding and not borrowing.” 

    While noting that the initiative is a good one he, however, said there are actually some Public Works Department (PWD) approaches that can still be brought to the nation’s current circumstances.

    “For instance, we used to have road camps, at say 15 or 20 kilometres intervals to care for the grafting of boulders of the roads; even that is very important so that you don’t have erosion on the shoulders of the roads. So we had road camps at every 20 kilometres intervals. But then, our roads infrastructure has increased to a great extent from the colonial era when we had the PWD. The question of security of lives is also an issue. The question is how do you protect your workers who are in a camp by the side of the road? Certain elements of the PWD can be revived. Then, there is the question of rehabilitation materials like bitumen. Ondo State has one of the largest reserves of bitumen and asphalt; I think second or third after Trinidad and Tobago.”

    As to why civil servants collude with contractors to undercut the government, he would rather the government properly incentivises its workers to guard against graft.

    “We need to pay public servants a living wage. Prices have skyrocketed, especially food and the essentials of life. When you don’t pay your staff the minimum wage you are exposing them to temptation of any kind.”

    No value for money despite huge budget allocations

    Investigation by The Nation revealed that of the 36, 000 kilometers of federal roads, 5,118 kilometers representing 15 per cent were fairly tolerable, 8,530 kilometers representing 25 per cent are poor and intolerable while 10,236 kilometers representing 30 per cent are totally failed roads.

    However, during an interactive session with journalists recently the agency’s head, Nurudeen Rafindadi, argued that FERMA was being called a bad name in order to hang it.

    “The situation we are in today is that 80 percent of 36,000-kilometer federal roads need complete repairs because they were built on or before 1999 and have exceeded their life cycles.”

    On why it takes the agency time to fix bad roads, he said: “It is generally understood that there was a backlog of damage and this was the reason why the agency was created in 2002. We started with a backlog of repairs and the early years were to clear the backlog and we have never gotten out of that situation. As long as you are dealing with majority of roads that are expired, you can’t get out of that situation.”

    According to him, FERMA got N25billion for capital in the 2023 budget, which is said to be just two days of the value of petrol our roads carry every day. “If roads were a person, I would say that person is being maltreated. The agencies and ministry overseeing this are not being treated fairly in budget allocation even though it is clear the federal budget can’t adequately provide for all our needs.”

    “It is funny when people become scandalous with the cost of constructing roads. To properly sustain our roads, an equivalent of N2 trillion or N3 trillion is needed every year. It is time to be realistic.”

    In addition, he said most Nigerian roads and highways considered death traps over the years have expired and need constant maintenance.

    On the way forward, Rafindadi said: “The most effective way to maintain the operational capacity of a roadway is to ensure preventive maintenance to nip failures in the bud, and sustain pavement surface maintenance to keep the carriageway in serviceable condition.

    “This is only possible with enough funding alongside adequate and well-trained manpower, as well as creating awareness and adequate education of drivers, especially commercial on road discipline.”

    FERMA under probe

    It may be recalled that last year, the House of Representatives set up an ad-hoc committee to investigate the activities of the agency from 2019 till date.

    The resolution followed the adoption of a motion moved by Ndudi Elemelu (PDP-Aniocha/Oshimili), the Minority Leader of the House, at the plenary in Abuja.

    Elumelu said there was a need to investigate the alleged monumental fraud and illegalities going on in FERMA.

    He said that while billions of naira were voted to FERMA yearly for purposes of road maintenance, federal roads across the country had remained so bad that most had become death traps.

    The lawmaker said that hundreds of Nigerians had died yearly on the roads as a result of their poor condition.

    He stated that FERMA which was set up to ameliorate the suffering of Nigeria road users was allegedly enmeshed in serious corrupt practices.

    He said such practices included high handedness by the leadership of the agency, inflation of contracts and award of non-existent contracts.

    Others are massive splitting of jobs and flagrant disregard for procurement laws in the award of contracts and, in most cases, refusal to implement the budget in full.

    Elumelu said there were allegations of intentional delay in awarding contracts for road repairs and construction several months after bidding had been completed and successful bidders emerged.

    He added that this had compounded problems for Nigeria road users and sabotaged the efforts of the government.

    The lawmaker alleged that most of the contracts were ‘cornered’ by management members and their cronies who abandoned sites after collecting a reasonable percentage of advance payment of contract sums.

    He expressed worry that if the stealing by top government officials was allowed to fester it would drain the nation’s purse.

    He added that it would also discredit the fight against corruption by the present administration in the eyes of the international community, hence the need for the motion.

    With gross ineptitude and allegations of malfeasance against FERMA, analysts have argued that the agency may not remain relevant in the scheme of things, given the paucity of funds on the one hand and the need to operate a more prudent, cost-efficient service in the incoming administration.  

  • Focus on CBN’s monetary policy, exchange rate, price stability targets

    Focus on CBN’s monetary policy, exchange rate, price stability targets

    The financial sector remains a game changer in nation building. Its ability to provide credit to private and public enterprises keeps it ahead of other sectors of the economy. Regulators, operators and analysts in the industry have set agenda for President-elect Bola Ahmed Tinubu on how best to explore the financial sector potential to stimulate economic growth. They expect the new administration to rein in inflation in line with statutory price stability mandate and end multiple exchange rate regime through sound monetary policy directives. Assistant Business Editor, Collins Nweze writes that entrenching fiscal discipline in the management of the economy will also speedup the realisation of these targets.

    Nigeria, like its counterparts in Sub-Saharan Africa faces important monetary policy challenges. Persistent rise in inflation rate and tighter monetary policy have placed greater pressure on the Central Bank of Nigeria (CBN’s) quest for price and exchange rate stability.

    The bank recently admitted that its previous tools for price and exchange stability are failing, and will be implementing inflation targeting monetary policy plan to rein it in and strengthen the naira.

    These are some of the key issues that the Tinubu administration will be confronting as he takes over the leadership of Africa’s biggest economy with $504.2 billion Gross Domestic Product (GDP) size. 

    The domestic monetary policy framework and policy direction of global economies will also have a part to play on what lies ahead for Nigeria’s economy.

    At its latest meeting in May 2023, the US Fed raised the benchmark interest rate by 25 basis points from five per cent per annum to 5.25 per cent per annum, the highest level in 16 years. This is the 10th consecutive rate hike and the slowest since the beginning of its tightening cycle last year.

    While the higher interest rates will make the US a safer bet for investors compared to other emerging markets, improving the dollar’s strength against other currencies, will derail capital inflows to Nigeria and other emerging markets and make achieving monetary policy objectives cumbersome.

    A member of the CBN’s Monetary Policy Committee, Mike Obadan, said forex pressures continue to pose challenges as supply-demand imbalances remain unrelenting.

    Already, at 22.22 per cent inflation rate in April, inflationary pressures have remained high due largely to rising energy prices, high prices of grains and exchange rate pressures associated with capital flows to high yield US dollar-denominated assets.

    The external reserves position has weakened against the backdrop of the limited capacity of the country to earn foreign exchange (forex) from non-oil and oil exports.

    Consequently, the official exchange rate has continued to depreciate. At the Investors and Exporters (I&E) window of the forex market, the naira exchanges at N461/$1  and N740/$1 at the parallel market.

    Equally significant is that the CBN operates a multiple  exchange rates regime with separate figures adopted by different segments of the economy.

    The Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX), also called I&E forex window, parallel market rate, International Air Transport Association (IATA) rate, Interbank Exchange Rate and Bureaux De Change (BDC) rate are few examples.

    Obadan suggested that a good handle on oil theft and other challenges along with commencement of local refining of oil by the Dangote Refinery and Petrochemicals Company, coupled with elimination of the petrol subsidy regime, should help to achieve stability in the forex market and exchange rate.

    He said CBN’s primary mandate of monetary and price stability is under threat, adding that efforts aimed at taming inflation need to go beyond focusing solely on monetary aggregates to other key non-monetary factors.

    They include low productivity, fiscal deficit and the structure of government expenditure, infrastructure deficit, insecurity in farming areas, un-diversified foreign exchange base, foreign exchange bottleneck, un-conducive investment and business environment.

    Obadan, described the naira redesign as a very well-intended policy aimed essentially at achieving economic objectives, in particular, ensuring the integrity of the national legal tender, ensuring effectiveness of monetary policy, promoting the cashless policy and financial inclusion, and checking currency hoarding and counterfeiting.

    Unfortunately, various vested interests have worked assiduously to undermine the implementation for their private gains. Their activities compounded the unintended consequences of the implementation of the policy – hoarding of the new naira notes, shortages of the new notes and the attendant suffering of Nigerians at all levels, breakdown of online payments infrastructure, among others.

    Going forward, he said such policies like the naira redesign require a political economy analysis to identify its benefits, costs and social consequences with a view to also identifying various mitigation measures for the consequences – intended and unintended.

    Former Executive Director, Keystone Bank Limited, Richard Obire, said the CBN’s policies post May 29, 2023 should rein in inflation in line with its statutory price stability mandate.

    “With inflation reined in, interest rate should also find  its way down which will see expansion in investments in production. This would be followed by the creation of more jobs to bring down the current high unemployment rate,” he said.

    Obire also said the CBN policy should promote transparency in the foreign exchange market through a unification of the multiple exchange rates to boost forex supply and exchange rate stability.

    A case for exchange rate harmonisation 

    For his part, President, Association of Bureaux De Change Operators of Nigeria (ABCON), Dr. Aminu Gwadabe, said a volatile naira has underpinned the slow economic growth recorded by Nigeria for many years.

    He said the high premium between the official and parallel market rates has continued to spur hoarding, currency substitution, round tripping, policy inconsistencies and loss of investors’ confidence.

    In repositioning the naira for growth in the midst of dwindling buffers and narrowing supply sides, Gwadabe called for harmonisation of multiple exchange rates to achieve exchange rate stability.

    “ABCON as a group and as the potent transmission mechanism of forex liquidity in the retail market, aligns with incoming Government position of harmonising multiple exchange rates and discovery of a true market price for the naira,” he stated.

    Gwadabe  also called for reforms to break the monopoly in forex market and engender competition, transparency and accountability.

    “The incoming government should ensure there is a paradigm shift from forex demand pressure to supply pressure through securitisation of Diaspora remittances as done in other climes. This will inject the needed forex liquidity in the economy and enhance internally-generated revenue. They should leverage on the BDC sub-sector to achieve these objectives,” he said.

    Call for higher value banknotes

    CEO, Economic Associates,  Dr. Ayo Teriba called for higher value notes to reduce the cost of printing low denomination notes.

    According to him, it is difficult for Nigeria to print the 9.75 billion pieces of naira notes in circulation before the redesign implementation.

    He said: “The currency redesign policy was a needless exercise that turned out to be a chaotic wild goose chase, until the Supreme Court suspended it on legal grounds. The Supreme Court ruling has, however, not completely taken the issue off the table as the N200, N500, and N1,000 currency old notes may cease to be legal tender by December 31,  2023”.

    He suggested the introduction of N2,000, N5,000, N10,000, and N20,000 notes that would be equivalent to US$4 to US$50. This, he said, would reduce the pieces of naira notes in circulation to between half a billion and a billion pieces before the end of 2023.

    Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr. Muda Yusuf, said the trend of CBN monetary policy over the last few years has been that of policy tightening aimed at taming inflation. 

    He said the policy choice has failed to reckon with domestic peculiarities driving inflation. “The key drivers of Nigeria inflation are supply side variables, not demand driven.  The several hikes over the years have not had any significant impact on the inflation. If anything, the general price level became even more elevated.”

    Yusuf acknowledged that the primary mandate of the CBN is price stability, but numerous headwinds had posed significant risks to this critical objective. He added that some of these include the surge in commodity prices and impact on energy cost, disruptive effects of insecurity on agricultural output, and global supply chain disruptions, which the hike in monetary policy rate would not change.

    He explained that already, bank lending has been constrained by the high Cash Reserve Ratio (CRR), with many operators in the sector claim that effective CRR is as high as 50 per cent or more for many banks, the discretionary debits by the apex bank and liquidity ratio of 30 per cent. Lending situation in the economy is already very tight.

    “The Nigerian economy is not a credit-driven or interest rate-sensitive, unlike what obtains in many advanced economies which have much higher levels of financial inclusion, robust consumer credit framework and strong correlation between interest rate and aggregate demand.”

    “The level of financial inclusion in the Nigerian economy is still quite low, access to credit by households and micro small and medium enterprises is still very challenging, and the informal sector accounts for close to 50 per cent of the economy,” he said.

    He explained that private sector bank credit as a percentage of GDP is less than 20 per cent in Nigeria. It is over 100 per cent in South Africa and over 200 per cent in the United States which underscores the variabilities across economies; hence, policy responses have to be different.

    According to Yusuf, the transmission effects of monetary policy on the economy are therefore still very weak. “In the Nigerian context, price levels are not interest-sensitive. Supply side issues are much more profound drivers of inflation. Persistent hike in Monetary Policy Rate only means that the cost of credit to the few beneficiaries of the bank credits had continued to increase with impact on their operating costs, prices of their products and profit margins,” he argues. 

    Monetary policy direction

    With monetary policy implementation setbacks, the CBN says it has found a new direction to turn the table round with its adoption of  inflation targeting framework to price stability.

    CBN Director, Monetary Policy Department, Mahmud Hassan, claims moving from exchange rate targeting framework to inflation targeting framework, which aligns with the bank’s price stability mandate, will help bring inflation upsurge under control.

    He said: “Ultimately, the Central Bank will need to interrogate the continued relevance of the monetary targeting framework to address the series of new and developing shocks impacting the Nigerian economy, as well as the advantages the inflation targeting framework may hold for us as a central bank”.

    CBN Deputy Governor, Economic Policy Directorate, Dr. Kingsley Obiora, said  rapidly changing macroeconomic environment has meant that the continued reliance on money supply growth as a guide to price development has become questionable, not just among central bankers but also among academics.

    Obiora suggests  the relationship between money supply growth and the money multiplier has become increasingly blurred due to the observed instability in the money multiplier, making it difficult to set appropriate targets for money supply growth.

    “We are dealing with slow growth but high inflation. Aggressive monetary policy tightening is happening but it is having adverse effects on banks at the global arena. The three banks that collapsed in the US are phenomenal,” he said.

    Obadan believes there is need for the CBN to be conscious of the danger of aggressive monetary tightening because of its negative impact on macro-economy like financial sector instability, weakened economic growth, and, public and private sector debt servicing challenges.

    He said the macroeconomic consequences of monetary tightening for key variables need to take cognisance of investment, output and consumption, banking sector performance, among others.

    “It is not helpful to argue that monetary policy should operate in a cocoon, that is, that it should be insensitive to the negative impact of its stance on the rest of the economy. A macroeconomic perspective is required for monetary policy making. Yes, and very importantly, price stability is the primary mandate of the CBN. But the achievement of this objective assumes good fiscal behaviour in the management of the economy,” Obadan said.

    He advised that  the fiscal authority needs to be mindful of the implications of its actions for monetary policy effectiveness. “Importantly, fiscal policy actions must complement the monetary policy actions to effectively address the raging inflation in the country. A conscious combined effort by both the government and the Central Bank is indispensable,” he said.

    Overall, CBN Governor, Godwin Emefiele insisted that monetary policy measures need accompanying support from non-oil sector to lift the economy.

    He said that unfolding global economic development suggests that monetary policy was reaching its limit and would need complementary help from other spheres of the economy to propel for sustainable growth.

    For the CBN boss, countries all over the world are turning to export earnings and proceeds repatriation as a veritable means of bolstering foreign reserves, maintaining a robust balance of payments position, and a stable source of forex inflows and Nigeria cannot be an exception.

  • Ending the vicious circle in oil and gas

    Ending the vicious circle in oil and gas

    The Nigerian oil and gas sector remains the livewire of the economy, accounting for over 80 percent of the country’s revenue. But the parlous state of the industry has set it back. For over two years, the country has not been able to meet its production quota. Oil theft and pipeline vandalism remain huge problems weighing operational activities down. Refineries have failed to function since June 2019, leading to 100 percent dependence on fuel importation for domestic consumption. Stakeholders and experts are, however, pointing out what President-Elect Bola Ahmed Tinubu can do to revamp the troubled sector. Energy Editor, Muyiwa Lucas, reports.

    Ending the petrol subsidy regime in the country has been a hydra-headed problem for past administrations despite becoming a drain pipe on the nation’s revenue.  As the eight-year reign of President Muhammadu Buhari comes to an end tomorrow, his administration, based on available statistics, would have spent about N11 trillion on subsidy payments.

    A breakdown of the N11 trillion spent on subsidy by the outgoing administration indicates that in 2015, it gulped N316.7 billion; N99 billion in 2016; N141.63 billion in 2017; N722.3 billion in 2018; N578.07 billion in 2019 and N134 billion in 2020.

    In 2021, NNPCL said subsidy on petrol hit N1.43 trillion and by end of 2022, it had hit over N6 trillion. In the Medium Term Expenditure Framework, the government proposed to spend N3.3 trillion on the payments between January and June 2023.

    While stakeholders have at various times called for the stoppage of the subsidy regime, yet, efforts at jettisoning this has remained elusive. Economic experts and operators in the oil and gas sector, including international bodies have argued that for the country to attain economic growth and to ensure infrastructural development, an end must be put to subsidy regime.

    Arguments for and against the stoppage have, however, presented a “Catch 22” situation for the incoming administration. Still, the consensus is there must be an end to the payments.

    Way to go

    An economist and Chief Executive Officer, Center for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, enumerates the benefits that will accrue to the nation if petrol subsidy is removed.

    He said: “First, there is the revenue effect.  The removal would unlock about N7 trillion into the federation account.  This would reduce fiscal deficit and ultimately ease the burden of mounting debt.

    “Second is the investment effect. It is extremely difficult to attract private investment into our petroleum downstream sector because of the unsustainable subsidy regime; subsidy stoppage will remove the distortions and stimulate investment. We would see more private investments in petroleum refineries, petrochemicals and fertiliser plants.  Post subsidy regime would also unlock investments in pipelines, storage facilities, transportation and retail outlets. We would see the export of refined petroleum products petrochemicals and fertiliser as private capital comes into the space.

    “There is a foreign exchange effect.  This would result from the import substitution as petroleum products importation progressively decline. The result is that it would conserve foreign exchange and boost our external reserves. Increase in investment would translate into more jobs in the petroleum downstream sector. Smuggling of petroleum products across the borders will come to an end with a market pricing of refined products,” Yusuf said.

    Besides, Yusuf wants the incoming administration to demonstrate unmistakable commitment to implementation of the Petroleum Industry Act (PIA), as this would attract more investment into the oil and gas sector.

    According to him, the administration has to take make a change in the sector by appointing a substantive Minister of Petroleum Resources to promote professionalism and transparency in the sector. The practice of the president assuming the role of Minister of Petroleum, he warned, should be discontinued, adding that the current impressive momentum to tackle oil theft should be sustained in order to boost oil production.

    While experts agree that ending subsidy is extremely difficult, they maintain that in the light of the current economic realities, there is no option for the incoming government other than to implement same – especially since it is provided for in the PIA. 

    The Major Oil Marketers Association of Nigeria (MOMAN) agrees with this position. The body calls for massive investment by the government in various sectors such as mass transportation, healthcare and education to successfully cushion the effect on the people and also to show the gains from such policy as the PIA.

    MOMAN’s Chairman, Olumide Adeosun, noted that while it would be difficult to wean Nigerians off cheap petrol, yet, it is something that must be done as there are no more viable options. “We are told that last year the subsidy bill to the Federal Government stood at between N5 trillion and N6 trillion. Clearly, Nigeria cannot afford this,” he said.

    Yet, while these stakeholders conform with the subsidy removal option, they all agree that this should be done with minimum shocks to the economy and the citizens. MOMAN’s Executive Secretary, Clement Isong, wants government invest a lot to sensitise Nigerians and find alternatives that will reduce the pains of such inevitable actions. “We need to begin to remove the subsidy and mitigate the pains Nigerians will feel when petroleum prices begin to manifest their true value,” he said.

    But the burden of implementing a generally acceptable palliative measure remains a major challenge. With the organised private sector (OPS) and the labour movement not likely to be favourably disposed to subsidy removal, what then must the new administration do?

    According Yusuf, there are policy dimensions to the delivery of palliatives. The new government, he explained, needs to explore fiscal and monetary policy options to incentivise investment in sectors that could mitigate the pains of subsidy removal. He lists these to include investments in refineries, pipelines, petrochemicals, marketing, fertiliser plants, among others.

    He would like government to put in place genuine palliatives that will truly and positively reduce the effect of subsidy removal on the people. Such palliatives, he explained, should be segmented in order to have the desired effect.

    “Palliatives should be segmented into immediate, short term and medium term deliverables. The immediate and short-term options include wage review in public service, electronic cash transfers to the vulnerable groups in our society, designation of few retail outlets (maybe 10 percent of the outlets) as subsidy stations, while all others will sell at deregulated prices  for a transition period of one year; introduction of subsidised public transportation schemes across the country and reduction in import duties on intermediate products for food related production  to moderate food inflation.

    “In the medium to long-term,  there should be accelerated efforts to upscale domestic refining capacity,  driven by private investments; accelerated investments in rail transportation by government to ease logistics of fuel distribution across the country  as well as domestic freight costs,” Yusuf submitted.

    PIA

    A major agenda that Tinubu must explore is the 2021 PIA, which was signed into law by President Buhari last year. The Act indicates that the property and ownership of petroleum within Nigeria and its territorial waters, continental shelf, and exclusive economic zone is vested in the Government of Nigeria.

    While its provisions has given the Nigerian petroleum industry a new impetus with the improved fiscal framework, transparent governance, enhanced regulation and the creation of a commercially-driven and independent national oil company that will operate without relying on government funding and free from institutional regulations such as the treasury single account (TSA), public requirement and fiscal responsibility act (FRA), ensuring compliance by the incoming government will revamp greatly the oil and gas sector.

    Stakeholders like the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), have not failed to indicate the direction to follow. The union wants the Tinubu administration to ensure it takes immediate action to comprehensively implement the PIA, including ensuring that the ongoing rehabilitation of refineries and associated pipelines are concluded in the interest of the country’s economy.

    National President of the Union, Festus Osifo, implored the incoming government to fast track implementation of different sections of the Act for the benefit of Nigerians.

    “The provision of the Act that will further deepen the development of the midstream sector of the Nigeria oil and gas industry should be aggressively implemented. This will lead to the provision of gas infrastructure that will in turn aid gas development and help in harnessing the vast gas reserves in the country. We warn that the implementation of the PIA must not be made to pass through arm-twisting tactical bureaucratic monsters that bedeviled the PIB. The Host Community Development fund and trust should be immediately constituted,” Osifo said.

    On the refineries’ rehabilitation and associated pipelines, he advised that the government must do all within its reach to see to the conclusion of the current rehabilitation effort and initiatives that are currently in place so that the nation’s refinery will come up in no time.

    Oil theft

    Perhaps what the President-elect will have to tackle frontally as he assumes office is oil theft and pipeline vandalism. An attempt to handle this with kid gloves will be tantamount to toying with much-needed revenue by the country.

    This development has been blamed as the main reason why Nigeria has not been able to meet the oil production quota set by Organisation of Petroleum Exporting Countries (OPEC), in the past two years – impacting negatively on the nation’s revenue and operations of companies in the sector.

    Presently, crude oil, which accounts for over 80 percent of the country’s revenue, is fluctuating in the international market, as its price has fallen twice this year below the $75 per barrel benchmark of the country’s 2023 budget. Therefore, if the theft menace is not handled squarely, the economy will suffer.

    The Chairman of Shell Companies in Nigeria, Mr Osagie Okunbor, while expressing concerns over the state of insecurity in the oil industry, says there is need to tackle the scourge. “If you ask me what the number one issue for the incoming administration is, it has to be the security of our oil and gas infrastructure. I think it is so existential to us that if we don’t fix it, we have a huge problem on our hands”, he said.

    For Okunbor, the country is not short of frameworks and written documentations. However, there is the need for the implementation of laws and policies governing the sector.

    Industry position

    Eggheads who gathered at the recently concluded Nigeria International Energy Summit (NIES) in Abuja, warned the incoming administration that the constant attacks on pipelines have reduced oil and gas supply to just 60 per cent capacity in the past few years.

    Managing Director, Nigeria NLNG, Dr Phillip Mshelbila, urged the in-coming government to take urgent actions to improve the business environment in the industry as such challenges made the NLNG to operate at 60 per cent capacity utilisation. He advised that fixing the electricity supply sector must be a priority for the new administration as it remains the core of every energy effort.

    He said: “The starting point is that we have the resources underground and the second point is we have the demand. They are starved of energy yet live directly above the reservoirs. It is really about that connection. How do we connect the two in a sustainable manner? And that has been our biggest challenge.

    “For example, we are a global business, six trains. In 2022, we operated roughly about 62 per cent. Why? We couldn’t get that connection to work… coming into the domestic market roughly four gigawatts of electricity for a population of 200 million people.

    “So while the PIA has done a great job, there are many things that remain to be dealt with. How do you make the gas-to-power sector work? For me, whatever we want to discuss energy for Nigerians in Nigeria if we don’t fix that value chain, you can pass 10 PIAs and all the other acts in the world it is not going to solve that problem.

    “How do you ensure that the person investing upstream in gas development, the person who is transporting it, the person who is building the power plant, the transmission and distribution systems, can all get paid at the end of the day?”

    For Mshelbila and other stakeholders, the priority given to these issues by the incoming government would determine the success or failure of whatever energy policy that they have, going forward.  

  • State of the economy : An overview

    State of the economy : An overview

    For a regime that fought its way to power on the premise that its predecessor failed to provide the good things of life for its citizenry, the performance of the outgoing Buhari administration, eight years after, could well be described as woeful. There were areas that beckoned to this administration on assumption of office, where if it had taken the initiative and followed through with the goodwill that ushered it into office, it would have left behind its footprints on the sand of time, but as things stand, there appears a general sense of urgency among Nigerians that they can’t wait to see this regime come to an end, and exit the scene. President Muhammadu Buhari himself appears more determined to leave now, but for the sanctity of the May 29, 2023 exit date, writes Group Business Editor, SIMEON EBULU

    One area this government undermined its responsibility to the Nigerian people and created the most hardship for the citizenry, is in the management of the nation’s economy. If the economy was given the requisite attention it deserved and manned with qualified persons of cognate experience and expertise, jobs would have been created, power and electricity supply would have been stable, the nation’s burgeoning debt overhang would have been curtailed, agriculture would have blossomed and food security assured, inflation would never be were it is today at above 22 per cent, youth restiveness and unemployment would have been addressed, kidnapping for ransom, banditry, herdsmen malaise, growing insecurity, injustice and  transforming politics as a medium for getting rich quickly, as against a platform for recruiting credible democratic leadership would have become history.

     The absence of a structured, enduring and well defined formal economic architecture, has led to mushroom, fractured and informal economic centers being run by self- appointed goons, so-to-say, for the sole purpose of self aggrandisement. Period.

    The Organised Private Sector (OPS) is hard pressed to hold its own and run profitable businesses. Only last week, the Manufacturers Association of Nigeria (MAN), sounded the alarm that its members were in the throes of extinction. The manufacturing sector has been struggling with crashing sales, mainly attributable to the naira scarcity.  A continuing decline in sale volumes will necessitate production cuts and a re-evaluation of investments in the sector. Specifically, if sales proceeds can no longer sustain business overheads and operating expenses, businesses will be forced to scale down their operations which would result in factory closures, job losses, a decline in exports and much more. Data from the National Bureau of Statistics (NBS) showed that inflow of foreign direct investment (FDI) into Nigeria fell by 33 per cent in 2022, while unemployment rate stands at 33.3 per cent and rising. These indices will worsen if the increase in the 2023 Fiscal Policy Measure is applied,” MAN’s Director-General, Segun Ajayi-Kabir, said.

    One promise  Buhari made in 2015 on assumption of office, was to tackle unemployment, especially among the youth. The reality, as it is today appears to be a far cry from expectation, going by the last unemployment data and poverty level in the country, in addition to the current wave of brain drain, codenamed Jappa experienced across many sectors. As a matter of fact, Nigeria has now assumed the poverty capital of the world, succeeding India in this unenviable position.

    President Buhari and Vice President Yemi Osinbajo, had, in 2015, made campaign promises committing to creating three million jobs, yearly if elected into office, to tackle the high rate of unemployment in the country and lift the masses out of poverty.

    But a recent report by Jobberman, in collaboration with Young Africa Works and Mastercard Foundation, revealed that the number of unemployed individuals in the country has hit 23 million. As election campaigns heighten, there are concerns by stakeholders and the electorate that the narrative and promises by presidential candidates remain the same, even as unfolding challenges portend dire times for Nigerians.

    Though COVID-19 pandemic pushed many economies to the brink, leading to huge job losses and recession, Nigeria’s lingering challenges of insecurity, currency devaluation, poor accessibility to foreign exchange by the productive sector, high inflation, difficult operating environment, among others, compounded the country’s woes and outlook.

    There’s also the added danger of a behemoth debt overhang hovering over the country. As Buhari exits the realm of office in a few hours,  a frightful N77 trillion in debts ( local and foreign) stare the nation in the face, worse still, nearly 85 per cent of the nation’s revenue is being expended to service these debts. What would be left to account for other numerous government engagements, is entirely left to anybody’s conjecture.

    At the inception of the administration in 2015, Buhari in his inauguration speech, said he will tackle unemployment, notably youth unemployment. In his words: “We intend to attack the problem frontally through the revival of agriculture, solid minerals and mining, as well as granting credits to small and medium-size businesses to kick-start these enterprises. We shall quickly examine the best way to revive major industries and accelerate the revival and development of our railways, roads and general infrastructure.”

    Considering the stack reality of jobless youths and others today, this promise is better imagined than to think otherwise. Over the life span of the administration, and despite its lofty promises to grow the economy, major industries and manufacturing entities are barely surviving, many are struggling to maintain decent production with unemployment rate in the country on the rise, compared to when President Buhari assumed office eight years ago.

    To say the least, industrial activity is shrinking and the hope of revival for the nation’s economy, is now shifted to the incoming government.

  • Full text of Buhari’s farewell speech

    Full text of Buhari’s farewell speech

    FAREWELL SPEECH BY HIS EXCELLENCY, MUHAMMADU BUHARI, PRESIDENT AND COMMANDER-IN-CHIEF, FEDERAL REPUBLIC OF NIGERIA

    My fellow Nigerian brothers, sisters and friends of Nigeria.

    1. I address you today, in my last assignment as a democratically elected President of our great and well-endowed nation, with a deep sense of gratitude to God, a great deal of appreciation to the Nigerian people and a modest sense of fulfilment.
    2. Today we mark and celebrate another peaceful transition of power from one elected government to another in our steady march to improve and sustain Nigeria’s democracy.
    3. This year we witnessed the most keenly contested Presidential Elections since the first Republic and this demonstrates that our democracy is getting better and more entrenched with each election.
    4. We must as a nation improve and sustain gains we make in the electoral process, on an incremental basis for Nigeria to take its rightful place among Nations.
    5. Our democracy provides for, allows and encourages seeking redress for perceived injustices, enabling some candidates and political parties that did not agree with the results to go to court.
    6. Irrespective of the outcome of the various cases, I urge all parties involved to accept the decision of our courts and join hands to build a better Nigeria.
    7. I salute the doggedness and resilience of all the Presidential Candidates and their political parties for believing in our judicial system by taking their grievances with the election results to court.
    8. In the course of the campaigns, we had argued and disagreed on how to make Nigeria better but we never disagreed or had any doubts that Nigeria has to be better.
    9. As your President, I call on all of us to bring to bear the strength of our individualism, the power of our unity, the convictions of our beliefs to make Nigeria work better and together with one spirit and one purpose.
    10. To my brother, friend and fellow worker in the political terrain for the past ten years – Asiwaju Bola Ahmed Tinubu -, I congratulate you on the realisation of your dream, which was propelled by a burning passion to put Nigeria amongst the leading nations of the world.
    11. You have indeed worked for this day and God has crowned your efforts. I have no doubt that your passion for excellence, reliance on competence, fairness in relationships, commitment to equity, loyalty to the country and desire for Nigeria to be globally relevant would come through for you, under God’s guidance, as you lead our country to levels higher that I am leaving.
    12. You are the best candidate among all the contestants and Nigerians have chosen well.
    13. The last eight years have been an exciting experience in my desire and commitment to see a Nigeria in which public goods and services are available, and accessible within a united, peaceful and secure nation.
    14. Fellow Nigerians, on the strength of your overwhelming support for me and my political party, I started this journey with a great deal of promise and expectation from you. I never intended to be just politically correct but to do the correct things that will make meaningful impact on the lives of the common Nigerian.
    15. This high expectation was not misplaced because, like the ordinary Nigerian, I had grown tired of watching the country progressively moving away from the path of correctness.
    16. To ensure that our democracy remains resilient and our elected representatives remain accountable to the people, I am leaving behind an electoral process which guarantees that votes count, results are credible, elections are fair and transparent and the influence of money in politics reduced to the barest minimum. And Nigerians can elect leaders of their choice.
    17. We are already seeing the outcome of this process as it provided an even playing field where persons without any political God-Father or access to money defeated other well-resourced candidates.
    18. The Nigerian economy has become more resilient due to the various strategies put in place to ensure that our economy remained afloat during cases of global economic downturns.
    19. You would all recall the supply chain disruptions and economic downturn that the world witnessed between 2020 and 2022 as a result of the COVID-19 pandemic. The deftness of our response to the pandemic still remains a global best practice.
    20. Furthermore, we increased the ability of the poor and rural Nigerians to earn a living, provided more food for millions in our villages and gave our women opportunities to earn a living.
    21. Young men and women in urban centres were also supported to put their skills into productive use. Our administration also provided an enabling environment for the private sector to engage in businesses for which their return on investments is guaranteed.
    22. The private sector proved a strong partner in our drive to build a resilient and sustainable economy as evidenced by the growing number of turn-key projects in various sectors of the economy.
    23. In the course of revamping the economy, we made some difficult choices, most of which yielded the desired results. Some of the measures led to temporary pain and suffering for which I sincerely apologised to my fellow countrymen, but the measures were taken for the over-all good of the country.
    24. Mindful of the need to ensure adequate infrastructure to drive economic growth, we completed age-long projects and processes notably amongst which are the Petroleum Industry Act, completion of some power projects, completion of the second Niger bridge and various important roads linking cities and states.
    25. Our battle to ensure that all Nigerians live in a safe and secure environment has achieved considerable results. As I complete my term in office, we have been able to reduce the incidences of banditry, terrorism, armed robbery and other criminal activities considerably.
    26. To sustain the gains made so far, I call on all Nigerians to be more vigilant and support the security agencies by ensuring that our values defined by being your brothers’ keeper govern our actions.
    27. Up-till now, I still grieve for our children still in captivity, mourn with parents, friends and relatives of all those that lost loved ones in the days of the senseless brigandage and carnage. For all those under unlawful captivity our Security Agencies are working round the clock to secure their release unharmed.
    28. Fellow Nigerians, you know how dear the desire in my heart is, to rid the country of corrupt practices that had consistently diminished our efforts to be a great country.
    29. I did pursue this commitment relentlessly, in spite of the expected push back. I am happy that considerable progress had been made in repatriating huge sums of money back to the country and also taken over properties illegally acquired from our common wealth.
    30. To improve service delivery, we began the implementation of a number of reforms aimed at producing an Efficient, Productive, Incorruptible and Citizen-oriented (EPIC) Federal Civil Service and the results are beginning to show.
    31. On the international scene, Nigeria’s influence continues to grow as exemplified by notable Nigerians occupying headship and leadership positions in renowned global bodies.
    32. Our democracy is built on and continues to thrive on the principles of separation of powers. The leadership and members of the National Assembly deserve my appreciation for their patriotism which did not detract from their roles as a check to the executive arm.
    33. I also want to use this opportunity to express my appreciation to a good number of Nigerians who provided their support and encouragement to help me navigate the exciting journey in moving Nigeria forward.
    34. I cannot and will not forget the millions who prayed for me during my illness in my first term of office. I am constantly praying for you and for Nigeria to thrive in peace.
    35. As I retire home to Daura, Katsina State, I feel fulfilled that we have started the Nigeria Re-Birth by taking the initial critical steps and I am convinced the in-coming administration will quicken the pace of this walk to see a Nigeria that fulfils its destiny to be a great nation.
    36. I am confident that I am leaving office with Nigeria better in 2023 than in 2015.
    37. I thank you all. And may God Bless the Federal Republic of Nigeria.
  • Betking’s New Casino: A Fresh Approach to Online betting

    Betking’s New Casino: A Fresh Approach to Online betting

    If you’re a punter in Nigeria, then you’re already familiar with sportsbook betting. From Football, Basketball, Tennis and even indoor sports like table tennis and darts, BetKing, like other gaming platforms in the country, has you covered with an extensive array of sportsbook markets.  

    Variety is the spice of life, however and while sportsbook betting still mints newly-made millionaires daily, punters will always welcome additional betting options.

    BetKing’s new online Casino addresses this demand by not only providing an entertaining alternative to older betting methods, but also adding toiheir options to win BIG.

    Curious to find out more about how you can maximize your wins with BetKing’s new Casino? Read on below!

    How to play the new Casino games with BetKing

    On the BetKing mobile homepage, select the “Casino” tab from one of the four tabs prominently displayed at the top of the page. Pick the game(s) you’d like to play from any of the several available categories like “Slots”, “Crash Games”, or “Live Casinos”, or “Table Games” or “Aviator” to proceed.

    Learning opportunities

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    Technology has gotten so sophisticated that money being stolen from your bank/betting account is just one of the many ways that online hackers can harm you.

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    Change to “demo play”. Free bets implies that a win can be of actual monetary value without spending anything, and this is not the case. these are all demo games for players to familiarize themselves with the mechanics of that game. All stakes, winnings and losses are virtual [LV1] [LV1]

  • I’m leaving Nigeria better, says Buhari in farewell broadcast

    I’m leaving Nigeria better, says Buhari in farewell broadcast

    • Apologises for ‘difficult decisions’ taken by govt
    • Calls Tinubu best of 2023 presidential candidates

    President Muhammadu Buhari, who is bowing out of office tomorrow, has apologised to Nigerians for the hardship caused by some of the decisions taken by his administration over the last eight years.

    He, however, insists that he is leaving the nation better than he met it.

    Buhari, in a broadcast this morning, his last as president, says he feels fulfilled that “we have started the Nigeria Re-Birth by taking the initial critical steps,” and believes the in-coming administration will “quicken the pace of this walk to see a Nigeria that fulfils its destiny to be a great nation.”

    He paid tributes to incoming President Bola Tinubu who he called “my brother, friend and fellow worker in the political terrain for the past 10 years,” and congratulated him for “the realisation of your dream, which was propelled by a burning passion to put Nigeria amongst the leading nations of the world.” 

    He added: “You have indeed worked for this day and God has crowned your efforts. I have no doubt that your passion for excellence, reliance on competence, fairness in relationships, commitment to equity, loyalty to the country and desire for Nigeria to be globally relevant would come through for you, under God’s guidance, as you lead our country to levels higher that I am leaving.”

    Following is the text of the address:

    “My fellow Nigerian brothers, sisters and friends of Nigeria.

    “I address you today, in my last assignment as a democratically elected President of our great and well-endowed nation, with a deep sense of gratitude to God, a great deal of appreciation to the Nigerian people and a modest sense of fulfillment.

    “Today we mark and celebrate another peaceful transition of power from one elected government to another in our steady march to improve and sustain Nigeria’s democracy.

    Read Also : Buhari delivers farewell message Sunday

    “This year we witnessed the most keenly contested Presidential Elections since the first Republic and this demonstrates that our democracy is getting better and more entrenched with each election.

    “We must as a nation improve and sustain gains we make in the electoral process, on an incremental basis for Nigeria to take its rightful place among Nations.

    “Our democracy provides for, allows and encourages seeking redress for perceived injustices, enabling some candidates and political parties that did not agree with the results to go to court.

    “Irrespective of the outcome of the various cases, I urge all parties involved to accept the decision of our courts and join hands to build a better Nigeria.

    “I salute the doggedness and resilience of all the Presidential Candidates and their political parties for believing in our judicial system by taking their grievances with the election results to court.

    “In the course of the campaigns, we had argued and disagreed on how to make Nigeria better but we never disagreed or had any doubts that Nigeria has to be better.

    “As your President, I call on all of us to bring to bear the strength of our individualism, the power of our unity, the convictions of our beliefs to make Nigeria work better and together with one spirit and one purpose.

    “To my brother, friend and fellow worker in the political terrain for the past ten years – Asiwaju Bola Ahmed Tinubu -, I congratulate you on the realisation of your dream, which was propelled by a burning passion to put Nigeria amongst the leading nations of the world. 

    “You have indeed worked for this day and God has crowned your efforts. I have no doubt that your passion for excellence, reliance on competence, fairness in relationships, commitment to equity, loyalty to the country and desire for Nigeria to be globally relevant would come through for you, under God’s guidance, as you lead our country to levels higher that I am leaving.  

    “You are the best candidate among all the contestants and Nigerians have chosen well.

    “The last eight years have been an exciting experience in my desire and commitment to see a Nigeria in which public goods and services are available, and accessible within a united, peaceful and secure nation.

    “Fellow Nigerians, on the strength of your overwhelming support for me and my political party, I started this journey with a great deal of promise and expectation from you. I never intended to be just politically correct but to do the correct things that will make meaningful impact on the lives of the common Nigerian.

    “This high expectation was not misplaced because, like the ordinary Nigerian, I had grown tired of watching the country progressively moving away from the path of correctness.

    “To ensure that our democracy remains resilient and our elected representatives remain accountable to the people, I am leaving behind an electoral process which guarantees that votes count, results are credible, elections are fair and transparent and the influence of money in politics reduced to the barest minimum. And Nigerians can elect leaders of their choice.

    “We are already seeing the outcome of this process as it provided an even playing field where persons without any political God-Father or access to money defeated other well-resourced candidates.

    “The Nigerian economy has become more resilient due to the various strategies put in place to ensure that our economy remained afloat during cases of global economic downturns.

    “You would all recall the supply chain disruptions and economic downturn that the world witnessed between 2020 and 2022 as a result of the COVID-19 pandemic. The deftness of our response to the pandemic still remains a global best practice.

    “Furthermore, we increased the ability of the poor and rural Nigerians to earn a living, provided more food for millions in our villages and gave our women opportunities to earn a living.

    “Young men and women in urban centres were also supported to put their skills into productive use. Our administration also provided an enabling environment for the private sector to engage in businesses for which their return on investments is guaranteed.

    “The private sector proved a strong partner in our drive to build a resilient and sustainable economy as evidenced by the growing number of turn-key projects in various sectors of the economy.

    “In the course of revamping the economy, we made some difficult choices, most of which yielded the desired results. Some of the measures led to temporary pain and suffering for which I sincerely apologised to my fellow countrymen, but the measures were taken for the over-all good of the country.

    “Mindful of the need to ensure adequate infrastructure to drive economic growth, we completed age-long projects and processes notably amongst which are the Petroleum Industry Act, completion of some power projects, completion of the Second Niger Bridge and various important roads linking cities and states.

    “Our battle to ensure that all Nigerians live in a safe and secure environment has achieved considerable results. As I complete my term in office, we have been able to reduce the incidences of banditry, terrorism, armed robbery and other criminal activities considerably.

    “To sustain the gains made so far, I call on all Nigerians to be more vigilant and support the security agencies by ensuring that our values defined by being your brothers’ keeper govern our actions.

    “Up-till now, I still grieve for our children still in captivity, mourn with parents, friends and relatives of all those that lost loved ones in the days of the senseless brigandage and carnage. For all those under unlawful captivity our Security Agencies are working round the clock to secure their release unharmed.

    “Fellow Nigerians, you know how dear the desire in my heart is, to rid the country of corrupt practices that had consistently diminished our efforts to be a great country.

    “I did pursue this commitment relentlessly, in spite of the expected push back. I am happy that considerable progress had been made in repatriating huge sums of money back to the country and also taken over properties illegally acquired from our common wealth.

    “To improve service delivery, we began the implementation of a number of reforms aimed at producing an Efficient, Productive, Incorruptible and Citizen-oriented (EPIC) Federal Civil Service and the results are beginning to show.

    “On the international scene, Nigeria’s influence continues to grow as exemplified by notable Nigerians occupying headship and leadership positions in renowned global bodies.

    “Our democracy is built on and continues to thrive on the principles of separation of powers. The leadership and members of the National Assembly deserve my appreciation for their patriotism which did not detract from their roles as a check to the executive arm.

    “I also want to use this opportunity to express my appreciation to a good number of Nigerians who provided their support and encouragement to help me navigate the exciting journey in moving Nigeria forward.

    “I cannot and will not forget the millions who prayed for me during my illness in my first term of office. I am constantly praying for you and for Nigeria to thrive in peace.

    “As I retire home to Daura, Katsina State, I feel fulfilled that we have started the Nigeria Re-Birth by taking the initial critical steps and I am convinced the in-coming administration will quicken the pace of this walk to see a Nigeria that fulfils its destiny to be a great nation.

    “I am confident that I am leaving office with Nigeria better in 2023 than in 2015.

    “I thank you all. And may God Bless the Federal Republic of Nigeria.”

  • What May 29 means to Nigerians, Americans

    What May 29 means to Nigerians, Americans

    May 29 is a public holiday in Nigeria and America for two different reasons, writes United States Bureau Chief OLUKOREDE YISHAU

    Nigeria and America are two nations that have enjoyed a cordial relationship for years. America is home to estimated millions of Nigerians. A sizeable number of Americans also earn their livelihoods in Nigeria as expatriates, especially in the oil and gas sector.

    These two countries will on Monday, May 29 be observing public holidays.

    Nigeria’s holiday is unconnected with the inauguration of Asiwaju Bola Ahmed Tinubu as President. Already, President Joe Biden has announced his delegation to Tinubu’s inauguration. The delegation will be led by Marcia Fudge, Secretary of the United States Department of Housing and Urban Development.

     A statement from the White House on Monday lists other members of the delegation as Mr. David Greene, Chargé d’Affaires, a.i., U.S. Embassy Abuja, Sydney Kamlager-Dove, United States Representative (D), California, Marisa Lago, Under Secretary of Commerce for International Trade, U.S. Department of Commerce, General Michael E. Langley, Commander of U.S. Africa Command, Enoh T. Ebong, Director, U.S. Trade and Development Agency, Mary Catherine Phee, Assistant Secretary of State for the Bureau of African Affairs, U.S. Department of State, Judd Devermont, Special Assistant to the President and Senior Director for African Affairs, National Security Council and Monde Muyangwa, Assistant Administrator for the Bureau for Africa, U.S. Agency for International Development.

    Read Also : BREAKING: FG declares Monday May 29 public holiday

    Fudge said she is honoured to lead President Joe Biden’s delegation to the inauguration ceremony of Asiwaju Bola Tinubu as Nigeria’s president.

    Fudge heads a nine-member delegation to attend the May 29 inauguration.

    In a tweet on Wednesday, she said: “I am honored to lead the presidential delegation to Nigeria to attend the inauguration of His Excellency Bola Ahmed Tinubu.”

    The Monday holiday in America is called the Memorial Day.

    On Friday, Biden signed the proclamation on prayer for peace.

    “On Memorial Day, we honor America’s beloved daughters and sons who gave their last full measure of devotion to this Nation.  We can never fully repay the debt we owe these fallen heroes.  But today, we vow to rededicate ourselves to the work for which they gave their lives, and we recommit to supporting the families, caregivers, and survivors they left behind,” Biden said in the proclamation.

    He added that for generations, its courageous people fought for its Independence. 

    “They defended our democracy.  They sacrificed for our freedom.  And today, as they lie in eternal peace, we continue to live by the light of liberty that they so bravely kept burning bright around the world.

    “This is always a day where pain and pride are mixed together.  To all those who are mourning the loss of a service member — including America’s Gold Star Families — we see you and grieve with you.  And we know that on this day especially, the pain of their absence can feel overwhelming.  But for so many of you, that pain is wrapped around the knowledge that your loved one was part of something bigger than any of us; that they chose a life of mission and purpose; and that they dared all, risked all, and gave all to preserve and defend an idea unlike any other in human history:  the United States of America.

    “These brave service members are not only the heart and soul of our country — they are the very spine.  Today — and every day — we remember their service and ultimate sacrifice to our Nation.  We reflect on our sacred and enduring vow to care for their families.  And together, as we pause and pray, we pledge to continue defending freedom and democracy in their honor.  May God bless our fallen heroes, and may God protect our troops.”

    Biden said in honour and recognition of all of the fallen service members, the Congress, by a joint resolution approved May 11, 1950, as amended (36 U.S.C. 116), requested that “the President issue a proclamation calling on the people of the United States to observe each Memorial Day as a day of prayer for permanent peace and designating a period on that day when the people of the United States might unite in prayer and reflection”. 

    The Congress designated 3p.m. local time on that day as a time for all Americans to observe the National Moment of Remembrance.

    Biden said: ” I designate the hour beginning in each locality at 11:00 a.m. of that day as a time when people might unite in prayer and reflection.  I urge the press, radio, television, and all other information media to cooperate in this observance.  I further ask all Americans to observe the National Moment of Remembrance beginning at 3:00 p.m. local time on Memorial Day.

    “I request the Governors of the United States and its Commonwealths and Territories, and the appropriate officials of all units of government, to direct that the flag be flown at half-staff until noon on this Memorial Day on all buildings, grounds, and naval vessels throughout the United States and in all areas under its jurisdiction and control.  I encourage families, friends, and neighbors to post tributes to our fallen service members through the Veterans Legacy Memorial at vlm.cem.va.gov so that we may learn more about the lives and contributions of those buried in National, State, and Tribal veteran cemeteries.  I also request the people of the United States to display the flag at half-staff from their homes for the customary forenoon period.”

    So, while Nigerians home and abroad will be glued to the television and internet on Monday to get firsthand details of the new dawn, Americans will be remembering the men and women who died for their country to be the super power it is.