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  • Kidney traffickers to face sanctions, says Fed Govt

    Kidney traffickers to face sanctions, says Fed Govt

    Those involved in kidney trafficking will face the full wrath of the law, the Federal Government has warned.

    The government gave the warning yesterday in a statement issued in Abuja by the Director, Media and Public Relations, Ministry of Health and Social Welfare, Ms. Patricia Deworitshe.

    According to her, the warning came on the heels of reports on organ harvesting in the Federal Capital Territory (FCT).

    The statement reads: “The ministry condemns in totality such barbaric inhuman criminal practice of kidney trafficking.

    “We acknowledge the pain of those affected and wish to let the public know that the National Health Act (NHA) 2014 sections 51-56 prohibit such illegality.

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    “Persons who contravene or fail to comply with the provisions of the sections commit an offence and are liable on conviction or a fine of N1 million or imprisonment of not less than two years or both.

    “It is pertinent to note that both the sellers and buyers of this illegal trade, as well as the medical practitioners and facilities where this criminal act is being performed, will face the full wrath of the law.”

    She, however, said that the Medical and Dental Council of Nigeria (MDCN) was looking into allegations levelled against medical practitioners engaged in such activities.

    Ms. Deworitshe added that donation of kidneys should be on informed consent of the donor, done based on medical advice with privileged information about the process to save lives.

    She said: “While the Federal Ministry of Health remains committed to improving regulatory standards and practices to enhance effective and efficient healthcare system in line with the renewed hope agenda, the public is hereby advised not to engage in such illegal practice.

    “The public should contact the Federal Ministry of Health for any information that can lead to arrest of such perpetrators.” 

  • Nigerian equity market value hits N40tr  

    Nigerian equity market value hits N40tr  

    The total market value of all quoted equities at the Nigerian stock market crossed a  threshold of N40 trillion yesterday.

    On its way to the 10th consecutive weekly gain, the equities rallied N507 billion to close with a market value of N40.164 trillion, the highest point in the over 63 years of history of the stock market.

    The market had opened with a market value of N39.657 trillion.

     The rally pushed the average year-to-date return for Nigerian equities to 43.21 per cent, implying that investors had so far this year earned about N12.1 trillion in net capital gains.

    The aggregate market value of all quoted equities at the Nigerian Exchange (NGX) opened 2023 at N27.915 trillion. It had opened in 2022 at N22.297 trillion.

    The All Share Index (ASI)- the common value-based index that tracks all share prices at the NGX, rose by 1.28 per cent to close at 73,397.71 points. It opened in 2023 at 51,251.06 points. ASI had opened 2022 at 42,716.44 points.

    Market analysts said the N40 trillion mark was a psychologically important historical point for the market, referencing the tendency for a pullback that had stalled previous rallies from crossing such a threshold.

    Afrinvest Securities said yesterday’s closing was “a historical high”, underlining the general opinion among market pundits.

    Managing Director,  Arthur Steven Asset Management Limited, Mr Olatunde Amolegbe, said it was a significant moment for the 63-year-old market to hit the N40 trillion mark in equities’ valuation.

    “This is the first time”, Amolegbe, a former president of the Chartered Institute of Stockbrokers (CIS) and one of the most active traders at the market, said.

    Read Also: Be hopeful of better tomorrow, Abiodun urges Nigerians

    Managing Director, HighCap Securities, Mr. David Adonri, said the N40 trillion mark was a “remarkable record,” noting that “the market capitalisation of equities on the NGX has never crossed the N40 trillion” mark.

    Futureview Group stated that the market was at an “all-time high” at N40.164 trillion.

    Analysts at SCM Capital said they expected that the positive market sentiment will continue in the equities market in the remaining days of 2023.

    “The financial services sector is anticipated to maintain market liquidity, while fundamentally strong industrial goods stocks are projected to experience positive sentiments,” SCM Capital stated.

    A breakdown indicated that investors in several sectors have earned between 60 per cent and 125 per cent return in capital gains so far this year, underscoring the unique position of equities as the only positive inflation-hedging asset class in the highly inflationary economy.

    Average return, so far this year, in the banking sector stood at 111.3 per cent; insurance, 67.5 per cent;  and consumer goods, 93.5 per cent.  Investors in oil and gas stocks were leading with an average return of 124.8 per cent.

    With these, Nigerian equities, which rank within the world’s three best-performing markets in terms of returns, are set for their fourth consecutive year of positive return, and their biggest haul in recent years.

    Nigerian equities had broken their known cycle of decline in the pre-election year to record their third consecutive positive performance in 2022, with a full-year average return of 19.98 per cent, equivalent to a net capital gain of N4.455 trillion.

    The equities market closed 2021 with an average return of 6.07 per cent, equivalent to net capital gains of N1.278 trillion. In the throes of the outbreak of the COVID-19 pandemic in 2020, it had recorded an average return of 50.03 per cent, representing net capital gains of N6.483 trillion.

    Market analysts and stakeholders were unanimous that the continuing rally in the stock market was boosted by renewed optimism over the economic direction of President Bola Tinubu’s administration. The average return in the first four months of the year was 2.25 per cent or N628.1 billion.

    The overall performance of the equities market this year has largely been influenced by what the market described as a “post-inauguration rally”, referencing the positive sentiments that have trailed the pro-market reforms of the Tinubu administration, since May 2023.

    The NGX had stated that expert opinions on the strong performance of the market were that the bullish trend was due to “a combination of factors, including investor sentiment influenced by macroeconomic developments such as the formation and swearing-in of the economic cabinet by President Bola Tinubu.” 

  • Two APC Senate seats declared vacant

    Two APC Senate seats declared vacant

    Akpabio declares Umahi, Giadam’s seats vacant

    Senate President  Godswill Akpabio yesterday declared  Ebonyi-South and Yobe-East districts’ seats vacant.

    The two seats were vacated by Senators Dave Umahi and Ibrahim Geidam, following their appointments by President Bola Tinubu as ministers.

    Akpabio said the declaration was in line with Section 68, sub-section (1)(d) of the 1999 Constitution (as amended).

    He, therefore, called on the  Independent National Electoral Commission (INEC) to commence the process of by-elections in the two senatorial districts immediately.

    Akpabio also swore in former Governor of Plateau State and Minister of Labour and Employment, Simon Lalong as the  Senator representing Plateau South.

    Lalong had resigned from the Federal Executive Council last week as minister to become a Senator. His action followed a November 7  Court of Appeal judgment declaring him as the authentic winner of the March 2023 National Assembly election in Plateau South . ..

    The Senate Clerk, Chinedu Akubueze, administered the oath of office and oath of allegiance on Lalong on the directives of the Senate President.

    The immediate past Plateau State governor, who was also the now disbanded Director-General of the APC Presidential Campaign  Council,  took the oath of office at about 11.57 am.

    Akpabio immediately congratulated and shook hands with him.

    Read Also: Be hopeful of better tomorrow, Abiodun urges Nigerians

    After his inauguration, Lalong said he longed to be a Senator after his tenure as governor on May 29, 2023.

    “This was my first choice, to be candid,”  he stated.

    He explained that he opted to hold the position of a minister in the interim and at the invitation of President Tinubu because of the case he had in court.

    APC  National Chairman   Abdullahi Ganduje, who was at the Senate Chamber described the event as a moment of happiness.

    “This is a moment of happiness. We are so happy that he won at the Court of Appeal.

    “What Nigerians will expect is good legislation. As we know the APC has the majority and will work for the prosperity of all Nigerians”,  Ganduje told reporters.

    *How the Senate now stands

    With Lalong’s swearing-in as the lawmaker representing Plateau South Senatorial District,  the  All Progressives Congress (APC) now has 57 Senators as against opposition’s 49.

    APC originally had  59  Senators before   Ifeanyi Ubah of the Young Progressives Congress (YPP) took the number to 60 via his defection.

    However, the number(60) dropped to 56  when Senators  Umahi and  Geidam vacated their seats and two others lost at the Court of Appeal to the candidates of the  Peoples Democratic Party(PDP). 

    The two seats lost by the ruling APC  are those of   Adamawa North which had earlier been occupied by Elisha Abbo and Kogi Central. by  Amos Yohanna.

    Three seats – Ebonyi South, Yobe East and Plateau North – are currently vacant pending bye-election to be conducted by the Independent National Electoral Commission (INEC) to determine the party/parties to occupy them  

    Out of the 49 opposition seats, the PDP has 37;   Labour Party (LP), seven;   New Nigeria Peoples Party (NNPP), two; Social Democratic Party (SDP), two and All Progressives Grand Alliance (APGA), one.

    LP had lost one of its initial eight seats to the PDP when the Court of Appeal declared   Augustine Akobundu winner of the Abia Central Senatorial District. The position was initially occupied by  Darlington Nwokocha.

  • Yuletide: Fed Govt offers free train ride to travellers

    Yuletide: Fed Govt offers free train ride to travellers

    • Bus passengers get 50% rebate

    The Federal Government and transport unions are negotiating the implementation of a 50 per cent discount for inter-state travel.

    President Bola Tinubu yesterday approved the rebate.

    He also okayed free train rides during the Yuletide.

    Minister of Solid Minerals, Dr Dele Alake, told reporters at the State House that the gesture was part of the President’s efforts to make life easier for citizens.

    Alake chairs the Inter-ministerial Committee on Presidential Intervention.

    He was accompanied by Minister of Information and National Orientation, Alhaji Mohammed Idris; Minister of Transportation, Saidu Alkali; and Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga.

    Also at the briefing was the Senior Special Assistant to the President on Media and Publicity, Temitope Ajayi.

    According to Alake, the approved rebate will last from today to January 4.

    Alake said: “In the spirit of Christmas and demonstration of his love for Nigerians as proof, the President feels the Federal Government should intervene to bring down the costs of public transportation to allow persons who want to travel to visit their loved ones.

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    “The President is well aware of the recent increase in the cost of interstate transportation.

    “It is in this wise that the Federal Government is announcing, beginning from tomorrow (today), a special discounted holiday season fare on road transport and zero-fare by rail across Nigeria.

    “What this means is that from tomorrow (today), Nigerians willing to travel can board public transport via minibuses and luxury buses at a 50 per cent discount of current cost.

    “All our train services on the routes the trains currently serve will operate at zero cost to and fro this holiday season.

    “This special presidential intervention will commence Thursday, December 21. It will end on January 4, 2024.

    “The Federal Government through the Ministry of Transportation will be working with transporters, road transport unions, and Nigerian Railway Corporation (NRC) to seamlessly deliver on this special presidential initiative.

    “Nigerians wishing to embark on inter-state travel to any part of the country from Abuja, Lagos, Kano, Kaduna, Enugu, Port Harcourt, Owerri, Ibadan, Akure, Maiduguri, Sokoto and other major inter-state transportation hubs will be able to do so at half the cost.

    “The Federal Government under the leadership of President Tinubu is working very hard to make sure Nigerians have a memorable and happy holiday season.

    “The President has already directed the Police, Department of State Services, the Military and other security agencies to work collaboratively to ensure the holiday period is safe without any security breach in any part of the country.”

    Alake said all the relevant stakeholders in the industry have been engaged and the parameters laid out.

    “We have met the presidents of the various transport unions. We have had to haggle and negotiate and everything is in top shape in terms of execution. It has been in the works.”

    NRC Managing Director, Fidet Okhiria, in a statement, urged passengers to obtain tickets via e-ticketing platforms.

    “Passengers are advised to obtain their free tickets via the online e-ticketing platforms only. 

    “Tickets will not be issued at any of the Corporation’s Train Stations,” the statement said.

    No commuter will be allowed to board the train without a ticket.

    “We enjoin commuters to be orderly, obey security personnel and the laid down boarding instructions of the NRC and those of its officials while at the station and on-board the trains.”

    It means the government will cover about N228.35 million the NRC would have earned for the 15 days the Presidential Seasonal Intervention (PSI) will last.

    According to the National Bureau of Statistics (NBS), 1.37 million persons used the train system in the fourth quarter, with N1.15 billion generated.

    Altogether, 3.21 million passengers used the trains in 2022, and a total of N4. 55 billion was generated.

    NRC said the train ride will be on four designated routes: Lagos-Ibadan, Abuja-Kaduna, Warri-Itakpe and Ido-Ijoko.

    The NRC runs passenger train services on three national networks namely: Abuja-Kaduna Train Service (AKTS), Itakpe-Warri Train Service (IWTS) and Lagos-Ibadan Train Service (LITS).

    It also runs a Mass Train Transit Service (MTTS) between Iddo-Ijoko on the Narrow Gauge and between Lagos-Abeokuta or Lagos-Papalanto on the Standard Gauge.

  • Amosun, Oshiomhole exchange salvos over APC tussle

    Amosun, Oshiomhole exchange salvos over APC tussle

    Former National Chairman of All Progressives Congress (APC) Senator Adams Oshiomhole and ex-Ogun State Governor Ibikunle Amosun yesterday exchanged salvos over the circumstances that led to Oshiomhole’s removal from the top party office in 2020. 

    Amosun, a two-term governor of the Gateway State, said the two-term Edo State governor was the architect of his own misfortune.

    He said Oshiomhole was fond making reckless allegations against people. 

    Amosun was reacting to Oshiomhole’s comments at the presentation of a book on Tuesday in Abuja that APC governors, including him, plotted his removal as party chairman. 

    The book  was written by former APC National Vice Chairman (Northwest) Salihu Lukman.

    The book presentation was well attended by top party leaders, including National Chairman Abdullahi Ganduje, former governors, ex-party leaders and former public officials.

    Oshimhole explained that the governors constituted themselves as Generals, who the party should defer to, during the moment of critical decision making. 

    He accused Amosun of disloyalty, saying that he abandoned his leader, Gen. Muhammadu Buhari, in the defunct All Nigeria Peoples Party (ANPP) and defected to the Action Congress of Nigeria (ACN).

    Oshiomhole also accused the former Ogun governor of saying that he would have left the APC if Buhari had not deterred him.

    Read Also: Be hopeful of better tomorrow, Abiodun urges Nigerians

    Following the protracted conflicts between Oshiomhole and the governors, three of them-Amosu, Rotimi Akeredolu (Ondo) and Rochas Okorocha (Imo) were suspended from the ruling party. 

    Later, the heat was turned on Oshiomhole,  who was unceremoniously during the National Executive Committee (NEC) meeting of the party in June, 2020 to pave the way for a national caretaker committee headed by Governor Mai Mala Buni of Yobe State. 

    Rejecting Oshiomhole’s allegations, Amosun said Oshiomhole was responsible for his exit as chairman. 

    Amosun, in a statement titled: “Amuse Yourself, Not the Public,” accused the former chairman of conducting “one of the worst primaries in the history of Nigeria’s contemporary politics and ended up shopping his enemies, leading to his eventual removal as Chairman of our party.”

    He reminded the former labour leader of his invitation by the Department of State Services  “to clarify certain grave allegations.”

    Amosun advised Oshiohmole to soberly take stock of his past to serve as a guide for him in his future public utterances rather than dragging the names of innocent people into a needless controversy.

    The statement reads: “It’s been a struggle since yesterday (Tuesday)  on what to make of the ‘tales by moonlight’ that Senator Adams Oshiomhole treated the audience of Dr Salihu Lukman to at his book launch, “APC and Transition Politics”, in Abuja.

    “This apparent struggle was not for lack of a proportional response to his deliberate drivel, but because not only was his story fraught with lies but also because he did not boast the requisite integrity to say the truth.

    “Besides, it is not in my character to join issues with people I consider qualified enough to be referred to as both leaders of our party, the APC, and of this great country, Nigeria, to which I believe Senator Oshiomhole belongs.

    “However, given his antecedents and penchant for careless and, most times, baseless and unverified public statements, and also considering my duty to the country and the public in particular, it will be uncharitable if I fail to put the records straight.

    “What Senator Oshiomhole was alleged to have said, apart from being far from the truth, is a calculated attempt to present water while drinking wine.

    The Yoruba adage says, “If you let a madman bury his mom the way it pleases him, he could roast her for a meal.” At that point, the community is to blame for his choice.

    “Indeed, listening to him yesterday, his utterances represent some inherent inadequacy, which he vented not just at inauspicious times but without basis and predicated only on lies to hoodwink the unsuspecting.

    “It is not in doubt that I have participated fully in the formation and sustenance of our party, the APC, and I can boldly say that the party under

    “Nigerians should not be in a hurry to forget the allegations that preceded the conduct of those primaries and his eventual invitation by the Department of State Service, DSS, to clarify certain grave allegations.

    “If anyone was in doubt that Senator Oshiomhole posed the biggest and most destructive threat to the existence of the APC at that time, and the party’s best bet was to dispose of the canon folder that he was and unfortunately still is, his utterances and grandstanding yesterday at an occasion to find solutions to our democratic and party challenges would have cleared such a mindset.

    “If he wanted to insult our leader, President Muhammadu Buhari, he could have come out boldly to do so. But his subtle attempt to pass snide remarks at him failed the simple test of loyalty because the former president also his party to merge with other like-minded people to form the APC.

    “Also, if he is seeking favour from the presidency, why not come out and do so? But to tell barefaced lies like, “You are working for your paymaster in Lagos, your paymaster in Bourdillon,” is cheap but typical of an individual who suddenly found himself where he never dreamt of, despite his obvious limitations—education and exposure.

    “If the public will remember, soon after Senator Oshiomhole was sworn in as a Senator, he allegedly said members of the 9th Senate had vandalised their offices before leaving, only for him to eat the humble pie and made to apologise later when it was obvious that the allegations were baseless.

    “My honest advice to him is to carefully and soberly sit down to take stock of his past so that it will continue to serve as a guide for him in his future public utterances rather than dragging the names of innocent people into a needless controversy because in Africa, age and leadership are associated with wisdom.

    “This is also why I have consistently brushed aside and intentionally scoffed at his tongue-in-cheek apology, which he had extended to me several times. I am now convinced it was not genuine. In the final analysis, background matters.”

    Amosun is down, says Oshiomhole 

    Oshiomhole yesterday reacted to Amosun’s statement.

    The former labour leader said the former governor is a pathological liar.

    He recalled that Amosun supported a governorship candidate on the platform of an opposition party when he was Ogun APC leader. 

    However, he denied disrespecting former President Buhari, saying that he supported him as party chairman.

    In a statement in Abuja, Oshiomhole who took exception to Amosun’s remark that he found himself in too public positions, saying: “I don’t think I need to comment on that because you can’t fight with pigs in the mud water.”

    The statement reads: “The first thing is that I did not in any way say anything that was meant or that can be interpreted to mean an attack on the person of (former) President Muhammadu Buhari. Not at all. On the contrary, he is one of those who made it possible for me to be National chairman of APC.

    “He contributed a lot for me to be chairman, so I have no reason to say anything against him.

    “For over a period of a year, they were planning the removal but they were not able to get it and not once or twice did the President (Buhari) warn them that those who want to take any decision, that was the way he put it, who want to remove anybody, they should follow the constitution.

    “The President said so on record and net. So I have no grievance whatsoever for my removal. However, the problem is, people like Amosun  who believed personal relationship keeps boasting. People like Amosun were the ones who dropped  the name of the president as cover for them not to follow the party’s constitution and there is no secret about it.

    “Number one, that he defied the rules of the party and floated another party and encouraged his loyalist to contest governorship election on another party platform called the APM.

    “We queried him and subsequently we suspended him as a member of the party. Again, this is not a secret.

    “Why he hypocritically sponsored people on APM’s platform is because he knew he didn’t have the political weight and he contested his own Senatorial election on APC’s platform. So, what is not true about this?

    “Number two, that he contested governorship on the ANPP platform and lost. On the primary election we conducted in Ogun State, he went to the Federal High Court and the court of appeal and his objection was dismissed because it is on record that he disobeyed the rules of the party. He did not participate in a lawful primary and therefore he had no Locus Standi to question what happened in those primaries.

    “He relied heavily on his closeness to power to disobey the rules of the party and God gave me the courage and we suspended him.

    “He also knew he told me that but for the president, he will not conduct primary. He said had no right to ask to supervise his primary.

    “He did not behave like Senator Tejuoso also from Ogun State who contested for senatorial election like Amosun and lost but he did not leave the ANPP to join us in ACN like Amosun and it is on record.

    “He also lobbied Tinubu to give him ACN’s ticket. By then I was a governor. So I was part of this process and we supported him financially and logistically for him to win the election. So I was also his pay master.

    “We keep records including any other presidential election. But the whole story is both that because he had an ambition which like other ambitions died in his womb,  to contest for presidential election which form he obtained. This is not a secret.

    “I am grateful to ex-President Buhari because he stood by me, it is just that at the point when he was about to work, he allowed the governors, not all the governors, to have their way.  Majority of the governors were on my side.

    “The result was that those of them who were against me, who were holding meetings, plotting and calculating tried to use the judiciary.

    “If they had the power, they didn’t need to use the court. They should have used the democratic means. That is ridiculous. But the fact is that I have no bitterness whatsoever, but we must record history.

    “We need to document history and not  allow people to get away from certain behaviour. It is important that whatever we do is recorded for or against us.

    “That was the only thing I mentioned. It makes no difference. In any case, if they claim that my people didn’t like me, I have since won a senatorial election.

    “Well, I don’t think I need to comment on that because you can’t fight with pigs in the mud water.

    “Whatever he says, today I am a sitting Senator. I led the entire workforce of Nigeria as NLC President. So he has nothing about his credentials, powers or position that he can compare himself to me.

    “So, he is entitled to his opinion. But I didn’t get any of those positions through godfatherism. I fought my way to where I am.

    “So,  I think the conclusion is don’t forget how he vowed that I would not leave the stadium alive when we went to campaign there.

    “He arranged boys who went to the rally who were throwing stones and sticks at us. It was also on national television, it was covered live.

    “They were throwing water and stones at us at the podium and they nearly stoned the President who had to jump to prevent one of the missiles from hitting the president.

    “Again, this was on national television. And like I told him the day he called me with the president from the villa, he is just a pathological liar. And I’m happy that he has or I hope that he has learnt his lesson. All these things I have said, I can say them on oath.”

  • Bonds, promisory notes, contractors’ bills push debt profile to N87.91tr

    Bonds, promisory notes, contractors’ bills push debt profile to N87.91tr

    • External debt falls from $43.16b to $41.59b

    FGN Bonds, promisory notes and local contractors’ bills have pushed up the Federal Government’s debt burden. The portfolio stood at N87.91 trillion as of September 30, it was learnt yesterday.

    A report from the Debt Management Office (DMO) described the 0.61 per cent increase as modest and marginal when compared to June’s N87.3 trillion figure.

    The report reveals contrasting movements within the overall debt makeup.

    It, however, highlighted a decrease in external debt, falling from $43.16 billion in June to $41.59 billion in September.

    “This decrease is attributed to the redemption of a $500 million Eurobond and the maiden principal payment of $413.86 million on the $3.4 billion International Monetary Fund loan acquired during the COVID-19 pandemic”, the DMO document said.

    However, a moderate increase of N1.8 trillion in domestic debt counterbalanced the external decrease, keeping the overall debt figure on an upward trajectory.

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    The provisional breakdown of the domestic debt instruments responsible for the rise as released by the DMO gave reasons for the rise in the debt portfolio.

    The FGN Bonds took the lead, ballooning by a staggering N43.18 trillion. This surge suggests significant government borrowing through issuing long-term securities.

    Treasury Bills also witnessed a moderate increase of N4.72 trillion, indicating short-term borrowing to manage immediate financing needs.

    Additionally, Promissory Notes rose by N1.48 trillion, possibly related to government obligations to specific entities.

    Other instruments saw mixed trends. For example, Nigerian Treasury Bonds and FGN Savings Bonds saw smaller increases, while FGN Sukuk and the Green Bond remained relatively stable. This mix suggests diversified funding sources within the domestic debt landscape.

    The DMO described debts servicing as a testament to the Federal Government’s dedication to fiscal responsibility, amidst concerns about Nigeria’s growing debt burden, which currently tops 35 per cent of the country’s Gross Domestic Product (GDP).

    While the overall increase remained marginal, the continued rise in domestic debt, coupled with the ongoing economic challenges, underscores the need for careful debt management strategies and sustained efforts to diversify revenue streams.

    Reacting to the development, Dr. Wahab Balogun of Ambosit Capital Managers noted that “the slight increase in Nigeria’s total public debt, despite a positive decrease in external debt, has complex implications for the Nigerian economy”.

    The DMO’s emphasis on servicing debts, he said, “demonstrates fiscal responsibility and could maintain investor confidence, potentially attracting further investments while the decrease in external debt exposure, particularly through Eurobond redemption and IMF loan repayment, makes the economy less susceptible to currency fluctuations and international financial shocks”.

    However, the continuous increase in domestic debt, he said, “raises concerns about fiscal sustainability as domestic interest payments eat into government revenue, potentially limiting resources for vital sectors like education and healthcare.

    He added: “High domestic borrowing can crowd out private sector access to credit, hindering business growth and job creation and rising global interest rates could increase the cost of servicing domestic debt, further straining the fiscal budget”.

    The current situation represents a mixed bag with both positives and negatives. While the reduced external debt exposure is encouraging, the rising domestic debt burden and potential crowding-out effects raise concerns about long-term sustainability and economic growth.

    A careful debt management strategies, diversified revenue streams and robust economic growth are crucial to mitigate these risks and ensure the government can manage its debt obligations without hindering the economy’s overall progress.

  • Oyetola sets up committee to review e-call system

    Oyetola sets up committee to review e-call system

    The Minister of Marine and Blue Economy, Adegboyega Oyetola has set up a committee to review the e-call up system for better performance.

     The system was introduced by the Nigerian Ports Authority (NPA) in February 2021 for trucks at the Lagos ports.

    Under the system,  truck owners or drivers were expected to book turns to enter the ports. However, recent reports suggest that it has been compromised.

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    In a statement in Abuja yesterday, the minister’s spokesman, Ismail Omipidan, said the committee was expected to meet with other critical stakeholders in Lagos today.

    He quoted the minister as saying: “Every possible abuse of the system by humans should be x-rayed and solutions provided to ensure that it is abuse-free.

    “I have a number of suggestions on how I believe the system can be strengthened. But I want input from the stakeholders. This is why I have set up this committee to interface with the service provider and other stakeholders in the industry to come up with a best way of dealing decisively with the saboteurs.”

  • Tsado wins first house in Glo Festival of Joy promo

    Tsado wins first house in Glo Festival of Joy promo

    An oil and gas engineer, Moses Tsado, has become the first winner of a premium house in Globacom’s on-going Festival of Joy consumer-reward promotion targeted at its high networth customers across the country.

    Tsado, who is a director of Antan Producing Limited, had emerged winner from the first draw held in Lagos on Tuesday. He was presented the keys to the house yesterday by Oba Ojomu of Lakowe, Oba Abdulhakkem Olusegun Ojomu, brand influencer, Nnenna Ekere, and Glo officials.

    Speaking about his fortune, the 57-year-old father of two Niger State born, said he was very so excited when he got a call from Glo officials but was initially skeptical if it was indeed true, given the spate of scams that abound.

    He said: “I got a call from a staff member of Globacom telling me that I won a house in the ongoing promo and I was very excited about it, but my instinct prompted me to cross check so that I will not fall into the hand of scammers. Immediately I called a good friend who works in Globaom and he assured me that all was well. It was after the confirmation that I drove down to meet the officials of the company and the rest is history. To God be the glory.”

    Read Also: Be hopeful of better tomorrow, Abiodun urges Nigerians

    Tsado, who has not made up his mind on what use to put the house, commended Globacom for its total commitment to the welfare of Nigerians through numerous promotions in the last 20 years that had helped millions of Nigerians.

    Mr. Lawrence Odediran, Globacom’s Retail Chief, Lagos, said the presentation was in fulfillment of the company’s commitment to Nigerians when the promo was unveiled. He added that it was also a confirmation of the company’s resolve to constantly add value to the lives of its subscribers.

    He disclosed that the promo is open to all new and existing (prepaid and post-paid) subscribers, adding that they can qualify for the draw by recharging N50,000 or more in a month to stand a chance to win a Business Class ticket or a recharge of N100,000 or more to stand a chance of winning a Premium Bungalow in  Nigeria. “The more you recharge, the more your chances of winning”, he concluded.

    The Coordinator, National Lottery Regulatory Commission (NLRC), Lagos Office, Mrs. Priscilla Onuzulu, said at the event that giving back to subscribers has always been in the DNA of Globacom and that this event is not an exception. Said she: “Over the years Glo has kept to its promises and the company is always doing the right things as agreed with NLRC. Kudos to Globacom and congratulations to the winner”.

    On her part, the representative of the Nigeria Communications Commission (NCC), Mrs Ijeoma Bassey, said the Festival of Joy promo is adding value to the life of Glo subscribers as seen in the presentation of first house prize to the winner. She expressed satisfaction that Globacom has been following the rules and that the regulatory body is satisfied with the promo.

    Some of the guests at the presentation of the house included His Royal Highness, Oba Ojomu of Lakowe, Abdulhakeem Olusegun  Ojomu, Iyaloja of  Lakowe Market, Chief ( Mrs) Bolanle Owoseni, Chairman of CDC, Ajah, Hon. Sabita Adeboye and the Nollywood trio of Tope Olowoniyan, Tobi Bakre and Nnenna Ekere.

  • Shettima reiterates Tinubu’s commitment to poverty reduction

    Shettima reiterates Tinubu’s commitment to poverty reduction

    Vice-President Kashim Shettima yesterday reiterated the commitment of the President Bola Tinubu’s administration to poverty reduction and economic revitalisation.

    Shettima stated this while inaugurating the corporate headquarters of the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) in Abuja.

    According to him, the Tinubu’s administration is  focusing on job creation, capital accessibility,  growth, and poverty eradication to revamp the economy.

    Shettima said the Federal Government would never shift ground in its determination to protect businesses.

    The vice president noted that enterprises are not only the bedrock of a society but also reflect the direction the government is heading to and the speed with which it is doing so.

    “Allow me to emphasise the importance of this moment: there is no more fitting time than now to reinforce the protection of enterprises in Nigeria.

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    “These enterprises not only stand as the very bedrock of our society but also reflect the direction the government is headed and the velocity with which we do so.

    “This moment solidifies President Bola Tinubu’s assurance to protect our enterprises. It resonates deeply within our economic revitalisation plan.

    “His focus on job creation, capital accessibility, economic growth, and poverty eradication forms the very skeleton of our strategy to invigorate the economy. Inevitably, this path demands tough decisions, yet ones essential to our success,” he said.

    Shettima also recalled that he had inaugurated the National MSME Council ten days ago, addinv that it was just the beginning that sets the stage for what is up ahead.

    He said that President Tinubu intends to make sure businesses and other economic enterprises prosper in the country.

    “Our partnership with the Bank of Industry to unveil a N75 billion, nine per cent interest loan accessible to Nigerian MSMEs as of January 2024 is a pivotal stride.

    “This initiative is geared towards fostering a more conducive and enabling business environment.

    “This government doesn’t just boast some of the nation’s finest talents; it champions those invested in ensuring our business owners have front-row seats in our journey towards progress.

    The goal, he said, would cultivate an ecosystem where Nigerian businesses become regular features in globally recognized publications such as Forbes, Bloomberg, and the Financial Times for the right reasons.

    “We are all well aware that Mr. President’s readiness to take action has never faltered, and what we are witnessing here is just a component of the strategies in place to create a future brimming with endless opportunities.”

    Shettima lauded the Minister of Industry, Trade, and Investment, Dr Doris Uzoka-Anite, and the leadership of SMEDAN for the project, adding they had proven that they are ready to transform “concepts into tangible actions.

    “This initiative renews hope for a critical segment of our entrepreneurial community, and highlights our sensitivity to the economic clock of the nation,” he added.

    In her remarks, Uzoka-Anite, thanked the vice president for his unwavering support to MSMEs in the country.

    She said the completion and commissioning of the new SMEDAN Complex was a clear demonstration of the commitment of the Tinubu administration to the development of the MSME space.

    She also outlined other initiatives of the federal government targeted at building capacity and linking MSMEs to markets at home and abroad.

    The Director-General of SMEDAN, Mr Charles Odii, also thanked Shettima for his support and guidance in the actualisation of the project and leadership in the MSME space.

    He said the agency and the entire MSME community in Nigeria had recorded significant achievements within a short period of time under his stewardship.

    Odii assured that the agency will continue to collaborate with sister organisations to ensure sustainable growth in the sector.

    Also, Mr Temitola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation and MSMEs, Office of the Vice-President, said the federal government would continue collaboration with stakeholders across the public and private sectors to support MSMEs both in grants and loans.

  • Diesel price rises by 30.50% in one year

    Diesel price rises by 30.50% in one year

    The National Bureau of Statistics (NBS) has said the average price of the Automotive Gas Oil (AGO) or diesel rose by 30.50 per cent in 12 months.

    This was contained in its document tagged: “Automotive Gas Oil (Diesel) Price Watch (November 2023).”

    NBS said: “The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 30.50 per cent yearly from a lower cost of N808.87 per liter recorded in the corresponding month of last year to a higher cost of N1055.57 per liter in November 2023.”

    The document noted that  monthly, an increase of 5.03per cent was recorded from N1004.98 in October  to an average of N1055.57 in November 2023.

    According to NBS, looking at the variations in the state prices, the top three state with the highest average price of the product in November 2023 include Benue State (N1280), Kaduna State (N1183.45) and Sokoto State (N1183.33).

    NBS also stated that the top three lowest prices were recorded in the following states: Rivers  (N875), Abia (N900.77) and Bayelsa State (N920). The Zonal representation of average price of Automotive Gas Oil (Diesel) shows that Northcentral Zone has the highest price of N1123.75 while Southeast Zone has the lowest price N959.69 when compared with other zones.

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    In a similar document entitled: “Premium Motor Spirit (Petrol) Price Watch (November 2023), the NBS said the average retail price paid by consumers for Premium Motor Spirit (Petrol) for the month of November 2023 was N648.93, indicating a 220.49per cent increase when compared to the value recorded in November 2022 (N202.48).

    The data noted that likewise, comparing the average price value with the previous month (.i.e. October 2023), the average retail price increased by 2.90per cent from N630.63. On State profile analysis, Kebbi State had the highest average retail price for Premium Motor Spirit (Petrol), at N691.00, Jigawa and Akwa Ibom States were next, with N677.67 and N675.00, respectively.

    On the other side, according to the Bureau, Taraba, Kaduna and Lagos States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N618.00, N620.29 and N623.12 respectively. Lastly, on Zonal profile, the South-South Zone had the highest average retail price of N663.59, while the North East Zone had the lowest price of N632.75.