Author: The Nation

• Why Southeast should support incoming govt, by Umahi

Vice President-elect Kashim Shettima at the weekend gave an insight into what to expect from the Bola Ahmed Tinubu presidency due to be inaugurated next week.

Shettima said: “The administration will be for all. Everyone would be carried along. 

“Everybody would be given a sense of belonging as there is going to be an inclusive government for all Nigerians. 

“Elections are over and we are going to run Nigeria in such a way that everybody will like it, whether you are a member of All Progressives Congress (APC) or not.”

Shettima spoke in Abuja during a book launch, award presentation and dinner organised for the president-elect, himself and governors-elect by ‘Arewa Women for Tinubu/Shettima’ and ‘100% Focus on Jagaban’.

The vice president-elect was represented by Mohammed Bulama.

The Chairman of 100% Focus on Jagaban, Dr Ibrahim Mohammed, appealed to the incoming administration to prioritise education and infrastructure. 

Read Also : Tinubu ‘ll be inaugurated in grand style, Natives tell NLC, others

He said the population should also be taken into consideration and stressed the need for a comprehensive database.

“There needs to be an e-government system, whereby when you go to the police, immigration, you can get the data of Nigerians to enable us to figure out who are the bad and good people. 

“We need to know ourselves, how we are, who we are, where we live and who are the bad and right people among us. So, we need the data of all and integration of various departments.

“The administration should be fast about solving problems. That will give the people confidence in the government.

“The people that are representing them should know how to talk to people publicly. That is our expectation. We must remain as one despite our differences,” he said.

Minister of Women Affairs, Mrs Pauline Tallen, said under Tinubu’s administration, women will take the lead.

While noting that women have set the pace already by organising an elaborate victory celebration for Tinubu, she called on Nigerians to unite and pray for the success of his administration.

The National President, Arewa Women for Tinubu/Shettima, Hajia Sa’adatu Dogon Bauchi said the group will continue to offer prayers for the administration of Tinubu to lead the country to greater heights.

“It is great pressure to celebrate our victory, the emergency of Sen Tinubu, and his Vice Kashim Shettima and we thank the Almighty Allah for this opportunity.

“We have come through tough times but we thank God we have come out victorious, we will continue to pray to Almighty Allah to grant the president-elect and the Vice President-elect the opportunity to lead this country to greater heights,” she said.

Umahi: why Southeast should support incoming govt

Also yesterday, the Chairman of the Southeast Governors Forum and Governor of Ebonyi State, David Umahi, urged people of the zone to support incoming President Tinubu as the baseline for its integration into mainstream politics and governance.

Umahi made the call during a thanksgiving/dedication of certificates of return for elected public officers on the platform of the ruling party in the state.

The church service was held at the Christian Ecumenical Centre, Abakaliki.

Umahi appealed to those who had different interests in the elections to put behind them the outcomes and embrace the will of God in the affairs of the nation.

He said: “The Southeast people, the elections have come and gone. If it has pleased God that the President-elect will not be, he wouldn’t have given him victory, but he has given him victory, so I tell our people, it is time to begin to do things to respect God.

“It is time for the Igbos to support the government in power. It is time for the Igbos to stop attacking the government in power.”

The governor appealed to Nigerians to close ranks with the incoming administration at the centre in order to rebuild the nation for peace and economic stability.

“The elections have come and gone. It is time to rebuild our nation. Before the election, I told you that Tinubu will win and now he has won, whom God has given victory, no man can stop.”

While appreciating God for the grace of the mammoth accomplishments of his administration in the state, Umahi thanked Ebonyians for their support of his administration.

“Every leader comes with his own God’s anointing, my attitude this afternoon is the attitude of David in the Bible, the attitude of Thanksgiving.

“I remain eternally grateful to God for what he has done for us in Ebonyi…

“The office of the governor is very challenging, it has always been very challenging, we had two recessions, we had COVID and #ENDSARS, but we survived all these, so we have to be grateful to God.”

The governor also counselled leaders to deemphasise gossip in their affairs in order not to be led astray.

Umahi announced the outlawing of scrap businesses and markets in the state due to the unwholesome activities of marketers.

While clarifying that it has become a grievous offence to trade in scrap materials in any part of the state, Umahi charged development centre workers to evolve ways to clean up their centres to make them serene for work.

Earlier in a sermon, the Chairman of the Christian Association of Nigeria, Southeast zone, Reverend Father Abraham Nwali, enjoined the incoming administration to prioritise health.

He said no meaningful development can take place without affordable healthcare delivery.

He commended Umahi for insisting on justice, equity and fairness in the choice of his successor in the state.

From AbdulGafar Alabelewe, Kaduna

Outgoing Kaduna State Governor Nasir  El-Rufai says he did not steal a Kobo from the state’s treasury in his nearly eight years in office.

“I can swear I never stole a Kobo from the government coffers,” El-Rufai claimed during his valedictory media chat at the weekend in Kaduna.

He challenged his predecessors to come out and swear with Holy Qur’an that they never stole from the government during their tenures.

The governor was responding to criticisms of his performance in office and an allegation by former Governor   Ahmed   Makarfi that his (El-Rufai) government served nine of his companies with demolition notices.

But the outgoing governor said some of his predecessors used stolen public resources to build houses in Kaduna and Dubai, United Arab Emirates.

To justify his claim, that he did not enrich himself, El-rufai said that the only house he built before he became a governor was the same one he would retire to from next Monday, the day his tenure would elapse.

He alleged that a  former governor whose name he did not mention used public resources to build a mansion on Jabi Road in the ancient city. 

El-Rufai said, “I am happy with what we have seen. The work we have started and the quality of the work, we are going to spend years enjoying them. It is not the type of roads they did in the past that, after two rainy seasons, the roads will spoil. These works we are doing, we are doing them with quality.

“Am happy with what I have seen, but there is still more to be done because, to us, we want people to enter Kaduna and see no untarred road anywhere.

“We want to see tarred roads in every community of Kaduna with solar street lights, same for Kafanchan, Zaria and our local government areas. That was our wish, but the difficult circumstance our government met, we couldn’t do everything we planned to do, until we had to borrow before we could do what we did.

“But those that are the day we took loans, they should look, look at their money on the ground. We didn’t collect this loan and run away to Dubai to buy houses or go to Jabi Road to build a mansion so that we can sleep well, that is not how we are.

“I became governor of Kaduna with only one house on Danja Road at Ungwan Sarki, now am finishing to the glory of God, that is the only house I have. I didn’t build any mansion, I don’t need it.

“I didn’t steal anybody’s money and I am challenging everyone that governed this state to also come out and swear with the Qur’an that, when they governed the state, they didn’t steal a kobo of Kaduna resource that is not their entitlement.

“I swear to God, me I will do that swearing. So, I am challenging all of them, everyone should come out and face the people of Kaduna State and tell them he didn’t steal their money. Because we know them, they are children of Santa, they are not children of Dangote; we know them from school.

“Where did they get money to build those mansions? What type of business were they doing? We know.

“Our plans and antecedents are not like that.  Our own understanding is that leadership is a trust from God and to you will stand in front of God to give an account.

“As a result of that, every Naira and Kobo that we got, whether revenue or allocation from Abuja or loan, I swear by God, we have used it for the development of our people. We didn’t take and put in our pockets or take them to buy houses in Dubai, we don’t need that.” 

El-Rufai, however, advised persons whose primary motivation for entering politics is personal enrichment, to steer clear of the political arena. He stated that politics is meant for those who are content and genuinely committed to serving the people.

He also expressed concern over the practice of voters accepting money before casting their ballots.

His words: “What happened in the last election surprised me.  My hope is that in the next few years, those who do not understand will understand that politics is about leadership, not enrichment. Politics is about serving the people so if you are looking for personal enrichment do not go into politics.

“If you need money to buy clothes avoid politics, Politics is for those with contentment;  politics is for those who want to serve the people. I hope people will understand that because what I saw scared me. I saw good people that contested but lost the election. They lost simply because a voter was given N5,000 on election day.

“Think about it whoever gives you money during an election to vote for him. You should remember that you have given him a key to the treasury for the next four years to return his N5,000. “

Central Bank of Nigeria (CBN) may increase the benchmark interest rate for the seventh time amid concerns about rising inflation and currency depreciation.

All leading finance and investment analysts surveyed yesterday by The Nation were unanimous that the Monetary Policy Committee (MPC), which begins its two-day crucial decision-making meeting tomorrow, would maintain its hawkish stance and raise the interest rate again.

The MPC of the CBN, headed by the Governor, provides monetary policies and benchmarks, which determine the direction of the financial services sector, and the economy to a large extent.

The CBN had announced that its third MPC meeting in 2023 will hold on May 23 and 24.

Finance and economic experts were unanimous that the MPC may increase the Monetary Policy Rate (MPR), currently at 18.0 per cent, for the seventh time.

Experts’ projections varied between an increase of 25 to 50 basis points. Most analysts favoured 50 basis points, with the MPR projected at 18.50 per cent. The apex bank is expected to retain all other ratios, with a Cash Reserve Ratio at 32.5 per cent, Liquidity Ratio at 30.0 per cent and Asymmetric Corridor of +100-700 basis points.

Nigeria’s headline inflation had risen by 18 basis points from 22.04 per cent in March 2023 to 22.22 per cent in April 2023. The naira depreciated by 0.1 per cent to N463.00 per dollar at the official Investors & Exporters Window (IEW). It trades around N740 per dollar at the parallel market, where most independent users source foreign exchange (forex).

Afrinvest West Africa said that based on a balanced analysis of the current dynamics in the global and domestic macroeconomic landscape, the CBN will not likely retain or lower the MPR but rather increase it.

“On the contrary, we project a modest 50 basis points hike in MPR to 18.5 per cent, which, other things being equal, should cause a nudge in market yield and savings rate.

“Hence, we anticipate a mild reduction in the general household propensity to consume in line with the CBN’s expectation. However, we hold that the MPR hike alone is short of being the silver bullet to tame the runaway domestic inflation rate.

“We reiterate that a combination of fiscal and monetary policy alignment, improved communication of the monetary policy to the market, and a holistic approach to structural challenges such as insecurity is the only way to tame the runaway inflation rate,” Afrinvest stated.

Cordros Capital noted that the CBN, as in the past meetings this year, remains faced with either maintaining its hiking cycle or keeping policy parameters unchanged, but it is expected to remain resolute on the path of smaller rate hikes, after taking the global and domestic events since its last policy meeting into account, more so that the CBN governor already hinted at such a path at the last policy meeting held in March.

Analysts argued that on the global scene, systemic central banks are signalling a peak in their interest rate hiking cycles although they are leaving the door open for more tightening if conditions warrant. In the domestic economy, headline inflation maintained its upward trajectory, currency pressures remain intact and there are signs the real GDP growth eased in the first quarter of 2023 primarily due to the CBN’s naira redesign drive.

“Overall, we expect the Committee to increase the MPR by 50 basis points and retain other policy parameters,” Cordros Capital stated.

Analysts said they expected the MPC to remain concerned about the persistent inflationary pressures, likely attributing it to supply shocks and the one-off elevated demand witnessed in the review month, as well as concerns over upward risks to inflationary pressures in the near term, including the prospect of subsidy removal.

Analysts noted that foreign investors remain on the sidelines given the lack of forex reforms, higher global interest rates and the absence of significant macro reforms, pointing out that CBN’s forex supply to the different forex market segments remains significantly below pre-pandemic levels. Meanwhile, the demand for the greenback remains high as market players continue to source for forex to fulfil and clear their outstanding obligations.

Financial Derivatives Company (FDC) believes the CBN will hike the MPR by 25 basis points.

Citing the trends by most other central banks, FDC argued that the “CBN will remain committed to rate hikes”.

FDC noted that the International Monetary Fund (IMF) has also urged the CBN to maintain a hawkish monetary policy stance to rein in inflation. 

Nigeria’s profile in the global oil industry will be boosted today as President Muhammadu Buhari leads five other African Presidents to inaugurate  Dangote Petroleum Refinery & Petrochemicals.

The  Presidents  are   Faure Gnassingbé  (Togo), Nana Akufo-Addo(Ghana);   Macky Sall (Senegal),   Mohamed Bazoum (Niger Republic) and   Mahamat Déby(Chad). Also expected is President-elect Bola Ahmed Tinubu.

Rwanda President Paul Kagame will send a goodwill message virtually.

Prominent Nigerian economic and political  players are also expected to attend the historic event.

After the event, Buhari will head to Ogun State for the inauguration of another landmark project, the Kajola Rail Wagon Assembly Plant. 

The Dangote refinery is a 650,000 barrels per day (bpd) capacity facility that is sitting on 2,635 hectares in the  Dangote Industries Free Zone, Ibeju Lekki, Lagos State. It is the world’s largest single-train refinery expected to provide direct and indirect employment to more than 100,000 persons.

The refinery is expected to become the flagship of the Dangote Group, a conglomerate of Africa’s richest man, Alhaji Aliko Dangote.

Read Also : ‘Dangote Refinery will have transformative impact’

Experts and stakeholders are unanimous that the coming onstream of the project would have a transformative impact on the global profile of Nigeria and the national economy.

Nigeria is expected to exit the league of oil-rich nations that are heavy importers of petroleum products. Experts agree this alone would have positive multiplier effects on the country’s foreign exchange (forex) and currency stability.

The refinery is expected to meet the needs of Nigerian consumers and those in neighbouring countries while allowing for exports beyond the African continent. It is also believed that the refinery will drive the promotion of the African Continental Free Trade Area (AfCFTA) as over 50 countries in the trade bloc depend on imported refined petroleum products.

According to   fact sheet, the refinery can meet 100 per cent of the Nigerian requirement for all refined products-Gasoline, 53 million litres per day; Diesel, 34 million litres per day; Kerosene, 10 million litres per day, and Aviation Jet, 2 million litres per day. 

All major Nigerian stakeholders have hailed the inauguration as a new dawn for the Nigerian economy. In separate statements, the Manufacturers Association of Nigeria (MAN), Nigeria Employers’ Consultative Association (NECA), Lagos Chamber of Commerce and Industries (LCCI) and Major Oil Marketers Association of Nigeria (MOMAN)   said the refinery marks a major breakthrough for the Nigerian economy.

MOMAN said it would reset the Nigerian oil and gas industry and enable Nigeria to optimise the benefits of its natural resources.

To MAN, stated the refinery will end long queues at petrol filling stations and the disruption of social and economic activities that come with it.

NECA stated that the inauguration would be a succour to a nation in dire need of an industrial renaissance as the country would make huge savings and stave off frequent disruptions.

LCCI said the refinery’s impact on the economy would be significant as it would save and generate foreign exchange, create jobs and positively affect the value of the Naira.

* $2.4m Kajola rail wagon  plant for inauguration too

The $2.4 million Kajola rail wagon plant which Buhari will also inaugurate today is one of the two projects donated to Nigeria by the Chinese Government.

It was donated through the China Civil Engineering Construction Corporation (CCECC) to help grow the railway industry not only in Nigeria but in other African countries.

The second is the University of Transportation in President Buhari’s country home, Daura, Katsina State.

Buhari signed the legal instrument establishing the specialist university in February 2023.