Nigerians are showing more confidence in domestic stocks as turnover in the stock market has risen by a quarter to more than N2.18 trillion in the past 11 months.
Amidst the decline in the global stock market and spiraling inflation, trading data at the Nigerian stock market showed improved momentum, with domestic investors buying more shares to fill up a slowdown in foreign transactions.
Trading data at the Nigerian Exchange (NGX) for the 11-month period ended November 30, 2022, showed that total turnover rose by 25 percent to N2.184 trillion in 2022 as against N1.741 trillion recorded in the corresponding period of 2021.
The improvement in market turnover was driven mainly by increased activities by domestic investors, especially institutional investors.
Total transactions by domestic investors in the past 11 months jumped by 35.6 percent from N1.34 trillion by November 2021 to N1.82 trillion by November 2022.
Retail domestic investors accounted for N607.45 billion in 2022 as against N540.38 billion in the comparable period of 2021, an increase of 12.4 percent. Retail institutional investors’ turnover rose by 51.3 percent from N801.4 billion in November 2021 to N1.21 trillion by November 2022.
Total transactions by foreign portfolio investors, however, declined from N399.2 billion by November 2021 to N364.02 billion by November 2022, thus reducing the proportion of foreign transactions to total market transactions from 22.93 percent in 2021 to 16.67 percent in 2022.
The Nigerian stock market has been a bright spot in the largely negative global stock markets. Investors in Nigerian equities rallied N2.08 trillion in net capital gains in November 2022, ranking among the best global performers for the month. The average return for November 2022 stood at 8.72 percent, the best monthly performance for the Nigerian market since May 2022.
With a year-to-date return of 12.73 percent, Nigeria closed the weekend fourth on the global returns chart of 22 leading advanced and emerging markets.
Most analysts were optimistic that Nigerian equities might post a positive return for the third consecutive year, citing recent buying trends and the traditional year-end positioning for earnings season.
The All Share Index (ASI)- the common value-based index that tracks all share prices at the Nigerian Exchange (NGX) closed the weekend at 48,154.65 points as against its 2022’s opening index of 42,716.44 points, representing an average increase of 12.73 percent.
The aggregate market value of all quoted equities has also risen from 2022’s opening value of N22.297 trillion to close weekend at N26.229 trillion, representing an increase of 17.63 percent or N3.93 trillion. The difference between the ASI and aggregate market value growth rate was due mainly to new primary listings during the year including large-cap listings by BUA Foods Plc and Geregu Power Plc.
Nigerian equities closed 2021 with an average return of 6.07 percent, equivalent to net capital gains of N1.278 trillion. The Nigerian market in the throes of the outbreak of the COVID-19 pandemic in 2020 recorded an average return of 50.03 percent, representing net capital gains of N6.483 trillion.
The ASI posted an average return of 8.72 percent in November 2022, equivalent to a net capital gain of N2.08 trillion. The Nigerian market ranked sixth on the global returns table in November 2022. The ASI closed November 2022 at 47,660.04 basis points as against the month’s opening index of 42,716.44 points. The aggregate market capitalisation of quoted equities also rose to N25.959 trillion as against the month’s opening value of N23.878 trillion.
Market analysts attributed the positive stock market performance despite rising inflation and interest rate hike by the Central Bank of Nigeria (CBN), to better-than-expected earnings results from quoted companies as investors intensified bargain-hunting for value stocks.
•IGP orders swift investigation •Sanwo-Olu, NBA seek justice •Sister shares deceased’s last words •Police detain officer over man’s killing
A female, lawyer identified as Mrs Omobolanle Raheem, has been shot dead allegedly by a police officer in the Ajah area of Lagos State.
Mrs Raheem, a member of the Lagos Branch of the Nigerian Bar Association (NBA), was reportedly shot in the chest at close range under Ajah Bridge on Christmas Day.
The lawyer and her husband were said to be returning home in the family car after church service when some policemen on stop-and-search duty under the bridge ordered them to park.
Mrs Raheem’s husband, who was driving, waited for the car in front of them to move so he could park, it was said.
Just then, one of the policemen fired at the car, hitting Mrs Raheem in the chest, The Nation learnt.
The incident took place in the Ajiwe area of Ajah community near the Ajiwe Police Station.
After the fatal shot, the policemen reportedly fled the scene.
The suspected killer officer now identified as ASP Drambi Vandi and two members of his team have been arrested and taken into custody, it was said yesterday.
ASP was also said to have been in the police force for 33 years.
The Inspector-General of Police (IGP), Alkali Usman, has ordered a swift and comprehensive investigation into the killing of the lady lawyer.
IGP Usman said the murder was unfortunate and sad, adding that it negated the Service’s Standard Operating Procedure and core values.
A colleague of the deceased lawyer wrote: “My boss Barr Omobolanle Raheem was shot dead today (Christmas Day), by a police officer on her way back from Christmas service at Ajah Under-bridge. Her family just called me now, saying they need a lawyer to stand in for them before the police change the narrative.
“They have taken the matter to Ajiwe Police Station. The police officer is from Ajiwe station. Her husband was the one driving, Barr. Omobolanle was seated in the front with her husband.
“The officer asked them to park and they needed the vehicle in front to move so they could park properly, and immediately, the police officer shot at close range right into her chest.
“After a while, some policemen came and moved her body to the mortuary in Yaba, without obtaining any consent from her family members.
“Currently her family has located where they moved her body to.”
Police spokesman, SP Benjamin Hundeyin, described the incident as unfortunate and avoidable.
He confirmed that the alleged shooter and two others were in detention and would be transferred to the State Criminal Investigation Department (SCID), Yaba, for further action.
“Unfortunate and avoidable incident that was. The ASP that shot and two others with him have since been taken into custody. They are to be moved to the SCID for further investigation,” he said.
One unconfirmed account said the deceased was an expectant mother when she was killed.
“Gbenga the bullet has gone through my body, it hit my chest. The policeman has shot me.”
Those were the last words Mrs. Omobolanle Raheem, 41, before she gave up the ghost.
Her last moments were relived to The Nation by her sister, Mrs. Enemah Titilayo Faliat, who was in the same car with her when the incident occurred at Ajiwe area of Ajah.
Faliat who described her sister as kind, loving and peaceful, said she was sitting behind her sister with five children between ages four and 15 when the ASP opened fire on her at close range without any provocation.
Narrating what happened that day, Faliat said they were already on their way home from church when her sister’s six-year-old daughter told her father, Gbenga Raheem, that he had promised to take them out.
She said the family worshipped at a farther branch of the Redeemed Christian Church of God (RCCG) but decided to go to a nearby branch which is their former church that Christmas Sunday since the children complained that going to Surulere was too far.
She said: “Just under the bridge, a policeman said stop and we were on the other side which means we cannot just stop abruptly.
“We needed to clear off the road and to do that, we have to give way to oncoming vehicles. So, another tricycle was coming at the back. While still trying to navigate this process, we heard stop and the next thing was gunshot.
“I thought the man just broke the windscreen on my sister’s side since she was in the front passenger seat and I was right behind her. My four children and her daughter were sitting at the back too.
“So, immediately my sister just said, Gbenga, the bullet of the gun has gone through my body. The bullet has passed through my chest. He has shot me.”
“I came down as soon as I heard those words. I looked at my sister and the policeman. I went straight to him and said you have shot my sister, you will not go.
“He was trying to run into their vehicle to escape with the others. When I told him you have shot my sister, he cocked his gun and wanted to shoot me too but those boys came and held him. He also tried to escape in a Korope but I grabbed him and those boys helped to push him down.”
“My sister was a loving, caring sister. She accommodated people even the people in the estate. She is not the type that always gets angry, even her workers can attest to this.”
The state governor Babajide Sanwo-Olu said the officer that killed Mrs Raheem will not go unpunished.
While condoling with the family, friends and associates of the deceased, the governor expressed “shock and sadness over the mindless shooting of a citizen by a police officer whose primary job function was to protect the same citizen.”
He said: “I am assuring everyone of the State Government’s full support and cooperation with the police authorities in their investigation to unravel the remote and immediate cause of the shooting that led to Bolanle’s untimely death, with a view to ensuring that justice is served.
“I have studied preliminary reports on the matter and have instructed the appropriate government officers to immediately get on it. We must ensure a speedy justice for the late Bolanle. Our government cannot sit back and watch our citizens killed by the same law enforcers that should ordinarily protect them.
“We will ensure that justice is done speedily because justice delayed is justice denied.” Representatives of the NBA in Lagos met with the Divisional Police Officer (DPO) Ajiwe as well as Commissioner of Police (CP) Lagos State, for effective handling of the case.
Confirming the meetings in a statement yesterday, NBA Lagos Chairman, Ikechukwu Uwanna, said they would ensure justice is neither delayed nor denied.
He said: “The police authorities have confirmed that the police officer who shot and killed our colleague has been arrested and is currently being detained.
“The NBA President, Mr. Y. C. Maikyau SAN, and his exco have also been monitoring the situation to ensure that the matter is given the serious attention it deserves.
“Members of our NBA Lagos Branch Human Rights Committee led by Mrs. Tam-George have met with the DPO of Ajiwe Police Station, and will meet with the Commissioner of Police…to emphasise our mandate of ensuring that justice is neither delayed nor denied.
“The committee members have also proceeded to visit the family of our slain member as at the time of releasing this statement,” he said.
Others have reacted to the attack.
Comedian Adebowale Adedaya alias Mr Macaroni, said: “This barbarism by the Nigerian Police must come to an end. These murderers must pay for their crimes!!!”
A Twitter user @Eunice’sDaughter said the station’s activities should be investigated and the DPO queried, suspended.
“This is no longer about one rogue officer. The murder of Mrs. Bolanle Raheem is the second in three weeks in that area by a police officer. The DPO has to go and the station’s activities investigated.”
Victor Israel said new recruits should be sent on a compulosry six-month rehabilitation in psychiatric hospitals to ascertain their mental health, emotional balance and anger management.
‘They must not be handed guns when dealing with civil issues. They are police, not hired killers,” he said.
Felix Enimini said: “Nigeria is a jungle, if you survive a day, thank God. Is this how we would keep losing our loved ones under police brutality?
Activist lawyer Inibehe Effiong said: “We were at the station and paid a condolence visit to the family…This is how terrible our country has become. The police that are supposed to protect citizens are killing Nigerians with impunity.”
Human rights lawyer Festus Ogun said: “Lawyer Omobolanle Raheem was fatally shot by men of the Nigerian Police attached to Ajiwe Police Station, Ajah, Lagos. One death, too many. These evil and despicable men in uniform are getting emboldened with their reckless lawlessness. And lawyers are always targeted.”
Journalist Bayo Olupohunda said: “I have been living at Ajah for a while, but I will tell you I dread Ajah Under-bridge. Since Ambode completed the bridge, it has been the den of rogue police officers from Ajiwe Police Station, Area Boys & criminals. You can’t even tell the difference”.
Popular #EndSARS activist, Rinu Oduala posted: “After surviving a tough year, a police officer in her country killed her while she was sitting in a car beside her husband on Christmas Day.”
In a statement, police spokesman Hundeyin said that “full-scale investigation” had commenced into the incident which he said occurred around 11.30 pm on Tuesday.
According to Hundeyin, the officer behind the shooting was “immediately disarmed and has been detained.”
While commiserating with the family of the deceased, Hundeyin assured the public that the investigation into the immediate and remote circumstances leading to the shooting would be brought to a “speedy and conclusive end.”
According to eyewitness accounts, the incident occurred on in front of Ajiwe police station, Ajah.
It was learnt that when a crowd gathered to question the police officers, taking pictures and making videos, the officers called for backup who shot tear gas canisters at panicked civilians.
Videos shared on social media show pedestrians scampering for safety along a busy expressway.
Nigeria’s foreign reserve has witnessed a steady increase from $36,944,921,325 on December 19 to $36,953,048,723 on December 22.
But the accumulation was below what the reserve received within the same period in November.
In November, the foreign reserve enjoyed fluctuating accretions around $37.1 billion till December 5 when it dropped to $36,998,943,788.
Figures gleaned from the Central Bank of Nigeria website showed that on December 19, $36,944,921,325 accrued into the foreign reserve; $36,945,587,514 on the 20th; $36,947,672,924 on the 21st and $36,953,048,723.
In November, the reserve stood at $37,193,436,291 on the 21st; $37,192,292,683 on the 22nd; $37,186,524,138 on the 23rd; $37,181,415,906 on the 24th and $37,172,503,981 on the 25th.
With the current state of Nigeria’s foreign reserve, the CBN can conveniently fund six to nine months of export credit depending on demand.
Accretions into the foreign reserve are mainly from increasing non-oil proceeds.
There are fears that the foreign reserve will suffer further decline after the Christmas and New Year holidays.
CBN governor Godwin Emefiele had said: “The official foreign exchange receipt from crude oil sales into our official reserves has dried up steadily from above $3 billion monthly in 2014 to an absolute zero dollars today.
“The bulk of the money in Nigeria’s foreign reserves comes from the export of gas and oil to other nations.
“But increasing instances of crude oil theft have hurt Nigeria’s ability to export enough crude oil. Consequently, its foreign exchange reserves are falling.”
Emefiele noted that due to the struggle of the naira as well as the increase in the demand for forex, there has been a huge decline in foreign reserves.
A policeman has allegedly shot and killed a lawyer, Mrs. Omobolanle Raheem, at the Ajiwe area of Ajah, Lagos State, on Christmas Day.
Mrs. Omobolanle Raheem is a member of the Lagos Branch of the Nigerian Bar Association (NBA).
She was shot at close range by the yet to be identified Assistant Superintendent of Police (ASP).
The Nation gathered that the family was on its way back from church when the incident happened under the Ajah bridge and near the police station.
The alleged killer cop and two other members of his team have been arrested.
It was learnt that the policemen were allegedly extorting motorists on the highway and had asked Raheem’s husband, who was driving to park their vehicle.
According to the deceased’s junior colleague, her husband slowed down and was waiting for the car Infront of them to move so he could park properly.
“My boss Barr Omobolanle Raheem was shot dead by a police officer on her way back from Christmas service at Ajah under bridge.
“Her family just called me now, that they need a lawyer to stand in for them before the police changes the narrative.
“They have taken the matter to Ajiwe Police Station. The police officer is from Ajiwe station.
“Her husband was the one driving, Barr. Omobolanle was seated in the front with her husband.
“The officer asked them to park and they needed the vehicle in front to move so they can park well, and immediately the police officer shot at a close range right into her chest.
“On seeing what happened, the remaining police officers on duty there absconded.
“After a while, some policemen came and moved her body to the mortuary in Yaba, without obtaining any consent from her family members.
“Currently her family has located where they moved her body to.
“I am currently not in Lagos. I thought of bringing this to you for your assistance and guidance,” she wrote.
Confirming the incident, spokesman for the command, SP Benjamin Hundeyin, described the incident as unfortunate and avoidable.
He confirmed that the alleged shooter and two other of his team members were in detention and would be transferred to the State Criminal Investigation Department (SCID), Yaba, for further action.
“Unfortunate and avoidable incident that was. The ASP that shot and two others with him have since been taken into custody.
“They are to be moved to the SCID for further investigation,” he said.
•Unified rate will support growth, says Rewane •‘Local refineries must work’
MULTIPLE exchange rates and the retention of petrol subsidy payment are unhelpful to the economy, finance and economic experts said yesterday.
They called for urgent policy reforms and redirection of key monetary and fiscal policies to halt economic decline and boost productivity.
The experts agreed with the presidential candidate of the All Progressives Congress (APC), Asiwaju Bola Tinubu’s position that multiple exchange rates and petrol subsidy must go for the economy to grow.
The experts called for proper foreign exchange (forex) management and removal of subsidy on Premium Motor Spirit (PMS) as major economic issues that need to be addressed.
They also prioritized forex and oil subsidy as main levers for other socio-economic reforms.
The naira depreciated further by 1.1 per cent to close at N456.50 per dollar at the official Investors and Exporters (I & E) Window.
At the parallel market, the naira closed at N758 per dollar. Decline in forex inflows have seen the country’s external reserves dropping to almost 10-year average at $36.95 billion at the weekend.
With about N5 trillion estimated as subsidy for PMS, otherwise known as petrol, in 2022 and expected to rise to some N7 trillion in 2023, queues were longer yesterday as the grueling petrol scarcity bite harder.
Motorists were forced by the queues at the major petrol stations dispensing at the official range of between N169 to N170 per litre, to the independent marketers and black market, where prices ranged between N250 to N270 per litre.
Experts pointed out that the forex crisis has two major dimensions-sharp depreciation in the exchange rate and volatility of the rate and illiquidity in the forex market.
Managing Director, Financial Derivatives Company (FDC) Limited, Bismarck Rewane, said a unified exchange rate regime supports economic development.
According to him, a unified exchange rate will impact the economy positively more than the current multiple exchange rates regime, which creates opportunity for arbitrage and a trigger for hyperinflation, as experienced by Venezuela.
He noted that the number of countries maintaining multiple exchange rates has been declining since 1990s because of the inherent gains in unified exchange rates.
Citing current data, Rewane said the more administrative controls in the forex market, the more the parallel market premium increases, ultimately leading to diversion of investment flows away from the market.
“In 2023, exchange rate adjustment is inevitable,” Rewane said.
Chief Executive Officer, Centre for the Promotion of Private Enterprise, (CPPE ), Mr. Muda Yusuf described a fixed exchange rate regime and administrative allocation of forex as “very dysfunctional”.
According to him, such policy stand has created a huge enterprise around forex- round tripping, speculation, over invoicing and capital flight among others.
“Evidently, the CBN does not believe in the market mechanism. But the truth is that market systems are time-tested frameworks for efficient resource allocation in most economies around the world. The course of market failures are recognised in economics and these are exceptions that can be identified and mitigated.
“But attempting to suppress the market as the CBN has been doing is like swimming against the tide. The current forex policy regime has created a flourishing subsidy enterprise. Managing a subsidy regime is typically a herculean task. We have seen this happened with fertiliser and petrol subsidy regimes. The story cannot be different with foreign exchange,” Yusuf said.
Suggesting the way out of forex conundrum, he said there was need to allow market-driven forex environment as well as de-emphasize demand management and focus on strategies to stimulate forex inflows.
According to him, a fixed exchange rate regime is a major disincentive to forex inflows and creates enormous pressure of demand for forex.
“A market driven forex framework will restore calmness and stability to the foreign exchange market and also boost forex supply. Although there may be a momentary spike in exchange rate, stability and gradual appreciation of the rate would follow soon after,” Yusuf said.
He lamented that the current approach would continue to deepen distortions in the economy, perpetuate round tripping, fuel speculation, suppress forex supply and boost underground economy.
He said the second fundamental issue to be dealt with is the structural constraint to productivity, urging policy makers to create an environment that incentivise exports as well as strengthen import substitution capacity.
“In normal circumstances, we have no business spending billions of dollars annually on importation of refined petroleum products, petrochemicals, fertiliser, iron and steel and food. We are sufficiently endowed to be self- sufficient in the production of these products. But for these to happen, there must be significant improvements in productivity and competitiveness. This would require significant investment in infrastructure and right policy choices. We also need to deal firmly and sustainably with the challenges of oil theft and the impunity associated with it,” Yusuf said.
Economic analyst and Professor at Nasarawa State University, Prof Uche Uwaleke agreed with Tinubu on the decision to do away with multiple exchange rates and fuel subsidy, if elected.
In a chat with The Nation, Uwaleke described multiple exchange rates and fuel subsidy as “undesirable and need to be phased out. It goes without saying that multiple exchange rates and fuel subsidy have created room for corruption”.
Uwaleke said “it encourages round tripping and sharp practices in the forex market while in the case of the fuel subsidy, it has fueled opacity in the operations of the National oil company, the NNPC as well as contributed significantly to worsening government fiscal position through increased borrowing”.
“The 2023 federal budget has already made provision for ending the fuel subsidy by June next year. To this end, scrapping fuel subsidy on assumption of office by any new administration would be in line with the budget implementation.
“The immediate impact of the twin measures of floating the naira in pursuit of a single official exchange rate and removing subsidy on petroleum products would be a spike in inflation rate and poverty levels especially given the fact that market-determined exchange rate is not envisaged in the 2023 budget proposal now before the National Assembly.
“Against this backdrop, while I support that fuel subsidy should go next year after the government must have made provision for compensation schemes to mitigate its negative impact on the economy, I suggest that the CBN should have a plan to gradually unify multiple rates across all forex windows in a manner that will not cause significant distortions in the economy,” Uwaleke said.
Chief Executive Officer, Marble Capital, Mr. Akeem Oyewale, underscored the need to as much as possible, prevent the dollarisation of the economy.
“The need to have a market-determined, single exchange rate and prevent or minimise arbitrage would be expedient. The implementation of the PIA and efforts to encourage enhanced investments in the upstream sector would be important. Blocking leakages and removing subsidy on petrol is also critical as it is a massive drain pipe to the economy stability of the country. All of the above would require significant political will to ensure implementation. There will be resistance and some wouldn’t go smoothly but they’re critical policy decisions we need to make in the near term for the longer term vibrancy of our economy,” Oyewale said, when asked to outline policy priorities as economic adviser to a new government.
Director General, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Olusola Obadimu, decried disparity in forex rates, where government’s preferential forex window is not even available to manufacturers with export potential, but available “people going on pilgrimages; people that are not paying taxes, people that are not employing anybody.”
He also outlined that infrastructure and security are critical issues confronting private sector operators which the incoming government must tackle as soon as it hits the ground running.
“If infrastructure is not good, you spend more. That’s why we have this cost-push inflation. The costs of inputs are rising. If you produce your power (diesel is now expensive), your roads are not good, you have to spend more money to maintain your generator, vehicles etc.
“All these costs will be built into your cost of production and nobody will sell below his production cost,” Obadimu told The Nation.
The NACCIMA DG also advocated a drastic reduction in cost of governance and the need to exercise more fiscal discipline by government at all levels. He pointed out that the situation eats into resources that should have been channeled to more economically productive areas.
Deputy President, Lagos Chamber of Commerce & Industry (LCCI), Gabriel Idahosa said halting the depreciation of the naira cannot be a quick fix.
He argued that the causes of the depreciation have built up over several decades starting with the first spike by the 1986 Structural Adjustment Programme, SAP.
Idahosa noted that about 30 per cent of our annual import bill is for refined petroleum products.
According to him, as far back as 30 years ago oil companies that wanted to invest in refineries asked for removal of fuel subsidy so that they can produce refined petroleum products locally and sell at prices that cover their costs plus reasonable profit margin to give returns to their shareholders.
His words: “If we had consented, by now Nigeria would have become not just self-sufficient but also a major exporter of refined petroleum products. We would be talking of a strong currency comparable to those of Saudi Arabia, United Arab Emirates, Qatar and Kuwait. We also lost a similar opportunity to be a major exporter of rice since about the same thirty years ago when we had a lot of oil money to build very large rice farms and rice mills all over the country,” Idahosa said.
Analysts at Cordros Capital Group at the weekend said further adjustments of the forex rate to its fair value and flexibility in the exchange rate remain major levers in attracting foreign inflows into the country.
Member of CBN-led Monetary Policy Committee (MPC), Prof. Adeola Adenikinju warned that the naira faces immense challenge ahead unless certain conditions were addressed.
Adenikinju, a Professor of Research at the Centre for Econometrics and Allied Research, University of Ibadan, said the fall in foreign reserves and deterioration of current account balances were red signals.
He further explained that although the foreign exchange rate markets remain relatively stable at official market, the weak performance of the current account balances, fall in foreign reserves and the small margin between oil price and the budget benchmark price for oil, imply that there could be increasing pressure on the naira in the medium term if the existing conditions subsist.
Managing Director, Cowry Asset Management Limited, Johnson Chukwu, said that to save the naira, Nigeria needs to build an economy that is net exporter of valuable goods and services to earn more dollars.
He said when the production capacity of the country is boosted, forex will be saved for other things that are critical.
He also called for greater reassurance on forex and other policy reforms for Nigeria to attract foreign investor participation.
Monetary Policy Committee (MPC) and Board member of the CBN Professor Mike Obadan explained that there is notable imbalance between supply of foreign exchange and the demand for it.
“Demand far exceeds the supply of forex, hence the notable depreciation of the naira in all the markets, official and unofficial,” Obadan said.
He noted that “the scarcity of foreign exchange is visible every where. There is the issue of desperate demand by some economic agents in recent times, notably the political class for obvious reasons and education seekers abroad.They have been buying forex at any price in the parallel market”.
Proferring solutions on what can be done in the short-term to strengthen the naira, Prof. Obadan insisted that forex supply must be boosted “by quickly resolving the problem of oil theft in the Niger Delta. This will enable more production and export of crude oil to match the country’s OPEC quota. For many months now, the country has not earned one naira or one dollar from crude oil export.
“In addition, the continued implementation of the CBN’s forex enhancing policies, e. g, naira for dollar policy and RT 200 FX Policy should be sustained. “They are working, especially the naira for dollar policy which has encouraged significant remittances from the diaspora”.
The CBN Board member also advocated for a “reduction in forex demand for importation of petroleum products, provide necessary support to the Dangote Refinery to expedite its take-off early 2023. It will save a large amount of forex being used for petroleum product importation”.
Also, the International Monetary Fund (IMF) said countries with multiple exchange rates on average also experience higher inflation. With lowering inflation and boosting growth as focal points for Nigeria, unification of the exchange rate can bring major gains.
The IMF called for a removal of foreign exchange restrictions, including recently introduced ones, and a full exchange rate unification, in line with the authorities Economic Recovery and Growth Plan (ERGP), will help keep the parallel market premium low in a more sustained manner. It will help Nigeria move towards a more diversified economy.
Surreptitious moves for the inclusion of fresh sub-heads/projects in the 2023 Appropriation Bill are responsible for the delay of its passage by the National Assembly(NASS), findings by The Nation have revealed.
It was gathered that top officials of Ministries, Agencies and Departments (MDAs) and some National Assembly members had since President Muhammadu Buhari presented the budget proposal on October 7, 2022 inundated the NASS Appropriation Committees with new subheads/projects.
A source in Federal Ministry of Finance, Budget and National Planning told our correspondent at the weekend that the officials and the federal lawmakers claimed that funds for the subheads/projects were not captured in the 2023 financial appropriation.
The source, who absolved the Executive of any blame in the passage of the bill, said the lawmakers predicated their request s on the grounds that the “omitted’’ items were a part of their constituency projects.
He added that the MDAs’ top officials argued that their ‘omitted’ projects were to cover areas earlier left out in the proposed N20.51trillion budget.
The source, who did not want his name in print, also dismissed last Thursday’s claim by Senate President Ahmad Lawan that the budget was laden with errors.
His words: ”The only plausible explanation known to the Ministry is the need for more time by the Appropriations Committees of both chambers of the National Assembly to reflect additional inputs to the budget by both the Executive and Legislative arms of government.
“Some of them claim that some items or projects are not captured in the budget for funding. Some National Assembly members, we have learnt, argued that such items or sub-heads are a part of their constituency projects.
“All these, we know, affect the work of the NASS committees on Appropriation and are, therefore, largely responsible for the delay in the passage of the bill.”
Efforts to pass the budget suffered a setback last Thursday, following what Senate President Lawan described as challenges encountered during its clause-by –clause consideration by relevant Appropriation committees.
Lawan, who blamed the Executive for the failure to pass on the budget on schedule, said the proposal was not only submitted late but it came with errors. He, however, assured that the Appropriation bill would be passed on Wednesday in keeping with the January – December budget cycle.
Lawan said: “We are not able to pass the 2023 Appropriations Bill due to some challenges.
“We are not able to receive the report of the Appropriations Committee and the main reason for this is because the Appropriation Bill came to the National Assembly with some problems.
“When our Committees on Appropriation in the Senate and the House of Representatives started to reconcile the figures of what was presented, the problems became very obvious and they were not easy to deal with.
“Therefore, our committees had to start the process of cleaning the bill first. That process also engaged the executive arm because the problem came from there.
“It was concluded only yesterday (Wednesday) and our committee secretariat was not able to finish processing the budget for us to take today nor tomorrow, Saturday or Sunday because these are periods that are for festivities, the Christmas period. Monday and Tuesday are public holidays.
“Consequently we can only receive the report and consider it on Wednesday, the 28th, that’s the earliest. “All the appropriations since 2019 till date had been passed before the end of the year. I believe this will be one of the legacies of the 9th National Assembly.
“By the grace of God on the 28th of this month, the Senate and the House of Representatives will all come back to receive and consider the budget report from our committees.
“But Let me advise the Executive. The bills that have come to us, the Ways and Means, the Supplementary Appropriation, whoever is invited to come and explain, give information or any detail for the National Assembly to understand must do so, because its is not our work alone.
“We want to do our work thoroughly, we want to understand whatever we are going to deal with and to base our decisions on information, and time is of essence.
“Just like we are going to sacrifice part of our festive period to be back here, nobody should tell us that they are in their places because it is Christmas. They should be available with every necessary information.”
•VP seeks God’s mercy, grace on Nigeria in sermon •Muslims join Christians at Kaduna Church service, present gifts •Pope seeks end to Russia-Ukraine war •My plans after leaving office, by Buhari
Vice President Yemi Osinbajo yesterday said Christmas reminds mankind of the grace of God and the birth of Jesus Christ as the beginning of a new covenant of God’s mercy.
Prof. Osinbajo delivered the sermon at a hybrid Christmas Service at the Aso Villa Chapel in Abuja, which was attended by his wife, Dolapo Osinbajo, senior government officials and others. He had a chat with State House correspondents after the service.
The vice president said his message to Nigeria is ‘the message of Christmas which is the birth of the new covenant, the birth of grace. God’s grace and mercy are what we celebrate today’.
He added: “The birth of Jesus Christ is the birth of the grace of God. From the moment Christ was born, God said He wasn’t going to hold us to account for sin so long as we believed in what He did – the sacrifice of Jesus Christ.
“Before, we had to pay for our sins and we had to bear the consequence of sin. We would always continue to sin, but with the coming of the Lord Jesus, He has come to replace us and substitute all our unrighteousness and replace it with His own righteousness, as long as we believe in him.”
The Christmas Service, an annual event at the Aso Villa Chapel, featured a bible study session moderated by the Chaplain, Pastor Joseph Malomo, celebration, singing and dancing.
2022 year of prosperity for Lagosians, says Sanwo-Olu
Lagos State Governor Babajide Sanwo-Olu urged Nigerians, especially Lagosians, to continue to live in peace and harmony. He also appealed to Lagosians to celebrate the season with moderation.
He said: “2022 has been a year of several things for us, but it has also been a year of prosperity for Lagos; a year in which we have broken all barriers that hinder us before now and you can see purposeful development.
“I want to implore our people to be law-abiding. We will continue to live in peace and harmony among ourselves, and even as we go into this yuletide let us celebrate with moderation and know that the season is for us to also reflect and ensure that as New Year comes in, it is for bigger and greater things to happen.”
He also urged Lagosians to perform their civic responsibilities in the 2023 general elections as well as the Population and Housing Census.
Lalong urges compassion, love and hope
Plateau State Governor Simon Lalong said the birth of Jesus Christ is significant because of the message of hope, love and compassion it carries.
According to him, the coming of Jesus Christ gave hope to mankind and restored humanity from destruction. He said Christmas celebrations should therefore be a period where Christians live up to the teachings of Christ by their conduct.
Lalong stressed that the celebrations should not be overshadowed by challenges facing the country ‘because there is light at the end of the tunnel’. He advised Christians to extend their love to the underprivileged and persons of different faiths just as Jesus did during his earthy ministry which earned him reverence and honour that is still being celebrated today.
Vote credible leaders,Ortom urges people
Benue State Governor Samuel Ortom urged Nigerians to get their Permanent Voters Cards (PVC) and vote credible and trusted leaders in next year’s elections.
Ortom, who attended the Christmas service at the Redeemed Christian Church of God (RCCG), Gboko Road, said the country was going through pains, hardship, economic and security woes because leaders at various levels have failed to live up to their responsibility.
He said: “The 2023 elections is the only opportunity we have. So those who are yet to collect their PVCs should do so because that is the only way you can exercise your franchise, restore hope and dignity to our country, by electing leaders who have been tested and trusted.”
Ortom enjoined the people to remain firm and strong as they enter into 2023, saying with prayers, faith and works, saying Nigerians would experience the good life they desire.
Ugwuanyi seeks peace, renewal of faith in God
Enugu State Governor Ifeanyi Ugwuanyi has urged the people to renew their faith in God by remaining steadfast in prayers.
Ugwuanyi stressed that the significance of Christmas and its symbolism in reaffirming God’s timeless love was by sending His only begotten son to the world, to bear humanity’s sins, and be sacrificed for the salvation of mankind.
He urge Nigerians to remain resolute in their prayers for the state in particular and the country in general.
Akeredolu: only the best good for Nigeria
Ondo State Governor Oluwarotimi Akeredolu called on Christians to embrace goals and ideals that would promote common societal good for national stability.
A statement by his media aide, Richard Olatunde, admonished the people to imbibe the lessons of the birth and life of Jesus Christ.
The governor also urged Nigerians to understand that only the best was good for the country.
“We must shun religious profiling and embrace quality minds whose track records are alluring to lead our country. There is need for us all to be dispassionate about the choice of leadership.
“Let us all join hands to pray that God will continue to strengthen our resolve to do our best to transform our land and the people of this state.”
Soludo: we must imbibe God’s love, hope and redemption
Anambra State Governor Chukwuma Soludo, in a statement by his Chief Press Secretary Christian Aburime, said Christmas was a time for hope and a season for a renewed inspiration from the Lord and Saviour, Jesus Christ.
Soludo called on the people to embrace the timeless message of God’s love, hope and redemption of mankind which were the cardinal significance of the celebration.
“As we join our families and friends to celebrate Christmas, let us share the gift of God’s love with one another.”
Zulum urges prayer for elections
Borno State Governor Babagana Zulum has appealed for prayers for a peaceful 2023 elections.
Zulum, in a statement by his media aide, Mallam Isa Gusau, urged Nigerians to use the occasion for special prayers for hitch-free elections nationwide.
“In our shared creed of hospitality for which Borno has been known for, I urge celebrants, especially those with means, to extend compassionate support to relatives, neighbours and friends, with less means to enjoy the festival.
“I also humbly urge Nigerians to pray for peaceful elections and transition especially at the presidential level, pray for all parts of our country to fully regain peace and stability, pray for our continued unity, our economy and our overall prosperity,” he said.
Makinde: Christians should emulate Christ
Oyo State Governor Seyi Makinde, who said Christmas presents a golden opportunity to celebrate Christ, his humble beginning and the lessons his life taught, urged Christians to emulate Jesus Christ in all ways.
A statement by his Chief Press Secretary, Taiwo Adisa, admonished the people to be security-wise during the Yuletide.
Makinde, who maintained that crime has reduced drastically in Oyo following efforts of his government’s investments in security, said: “It is another opportunity to celebrate Jesus Christ and the lessons his life taught humanity; lessons of humility, selflessness, godliness and service. I encourage everyone to use the opportunity of the occasion to remember the life of Christ and emulate him.”
Adebule fetes thousands during Christmas
•Eshinlokun-Sanni, monarch felicitate Christians
Senatorial candidate of the All Progressives Congress (APC) for Lagos West Dr. Idiat Adebule distributed food items to thousands of Nigerians to celebrate Christmas.
She rejoiced with Christian faithful, and urged them to celebrate moderately in line with the teachings of the Christian faith.
The former Lagos State Deputy Governor added that the season offers a unique opportunity for Nigerians to renew their hope and faith in God, and to make life more abundant for us as a nation.
“No nation develops without peaceful coexistence and harmony. I therefore call on Nigerians to work and pray for our country to overcome its security and other challenges.
“Nigeria can be greater than the imagination of Nigerians and the world if everyone played positive roles. I therefore urge Nigerians to start by electing credible people which the APC has presented from the president, governors as well as national and state assembly members”.
Candidate for Lagos Central Wasiu Eshinlokun-Sanni urged Nigerians to show and share love, shun all acts of violence and embrace peace as the country moves towards another general election.
Eshilokun-Sanni enjoined Nigerians to pray for peace to reign in the country, while seeking the face of God in ensuring a peaceful election and a smooth transition of power.
The Osolo of Isolo in Akure South Local Government Area of Ondo State, Oba Kolawole Adewole, thanked God for sparing the faithful to witness this year’s celebration, and admonished Christian faithful to imbibe and exhibit the qualities of Jesus.
He urged Nigerians to shun unlawful activities, while also hailing Governor Oluwarotimi Akeredolu for ensuring peace across the state.
Muslims join Christians at Kaduna Church service, present gifts
Muslim faithful in Kaduna State joined Christian faithful in their Christmas service. The Shiites attended service at the Church of Brethren in Nigeria (Ekkelisiyar `Yan Uwa Ta Nigeria (EYN), Samaru, Sabon Gari, Zaria, Kaduna State, one of the largest denominations in Zaria.
Leader of the team Prof. Isah Mshelgaru said attending the service was to rejoice with Christians on the celebration as well as to rekindle and cement the relationship between the two faiths.
He said: “Islam says if someone is not your brother in faith, he is your brother in humanity, and we share this humanity with everybody, either Muslim, Christian or whatever.
“We decided to attend this church service today (yesterday) because it is a day that the birth of Jesus Christ is celebrated over the globe, and so we feel to share with them the joy. The coming of Jesus to this world is a blessing to everybody, so we wish that we should celebrate this glorious day with them.
“We came today to clear all the imaginary boundaries that have been created between Muslims and Christians.”
Resident Pastor of EYN Rev. Tijjani Chindo said the Muslim faithful were received joyfully, and so appealed that the gesture be replicated across the country.
He added that the coming of Jesus Christ was to salvage humanity (without segregation) from the bondage of sin.
The group also presented a gift to the church to boost religious tolerance.
Some Muslim youths and Islamic scholars also attended the Christmas service and gave gifts to the Evangelical and Life Intervention Ministry.
General Overseer of the Church, Pastor Yohanna Buru, said hundreds of Muslims from 19 northern states join them yearly to celebrate the birth of Jesus Christ and to promote peace and unity.
According to him, more than 1,000 Muslims attended the Christmas service last year, and gave gifts as well. He, therefore, called on Islamic and Christian clergies to embark on ceaseless prayers towards the conduct of peaceful elections in 2023.
Sheik Salisu Giwa, who led a team from Katsina, Kano and Zamfara states, said they were in Kaduna to join their brothers, the Christians, to celebrate the birth of Jesus.
He said that as Muslims, they considered Christians as their fellow brothers and sisters in humanity, stressing that they were at the service to join them in celebrating and sharing the joy of the day.
After the service, they shared gifts and some economic trees with the Church.
Abia State Governor Okezie Ikpeazu has said the demands by the group of five Peoples Democratic Party (PDP) governors was beyond the call for Dr Iyorchia Ayu’s resignation as national chairman.
G-5 governors, also known as the Intergrity Group, comprise Nyesom Wike (Rivers), Samuel Ortom (Benue), Ifeanyi Ugwuanyi (Enugu), Seyi Makinde (Oyo), and Ikpeazu.
They have been locked in a protracted feud with the party leadership over Dr Ayu’s refusal to step down, contrary to his promise to quit if the presidential candidate was picked from the North.
They have insisted that Ayu’s resignation is a condition for supporting PDP presidential candidate Alhaji Atiku Abubakar in next year’s election.
Ikpeazu said the philosophy of the G5 governors was beyond the 2023 general election.
In an interview at the Government House Lodge in Aba, the governor said the agitation for inclusiveness was aimed at strengthening fairness and mutual trust in the country.
According to Ikpeazu, the group’s agitation hinges around integrity, which he said was lacking in the current political configuration.
He believes a united Nigeria would be realised if there is political, economic and social harmony.
“There are issues of integrity, keeping promises, making sure that if we say ‘after me, it’s you’, when that time comes, it happens.
“It will stabilise us as a country and engender social mobilisation sufficient to tackle our security problems, tackle the economic problems, and tackle other problems that confront us in this country.
“G-5 speaks to a new paradigm. It is beyond 2023. It speaks about a new paradigm.
“In 2027, I will still want a system that will include everybody irrespective of what the outcome of the 2023 elections may be.
“We are saying we want a strong North that respects the South, just as we want a strong South that has respect for the North.
“That way, our full capacities can be deployed to solve our problems.”
Urges Nigerians to vote for ‘those who’ll maintain momentum we’ve created’
Why I won’t miss Aso Rock after leaving office – President
Osinbajo, family members, govs, associates eulogise him
Your place in history guaranteed, Tinubu tells Buhari
It was reflection time for President Muhammadu Buhari as he sat down on Friday night in Abuja with his family, other close relatives, friends and associates who gathered to celebrate him on his 80th birthday.
Buhari who reminisced about his life, particularly his involvement in politics, dwelt on the pressure of being president, his family and life after office.
He said he was pained by the rumour sparked by his prolonged hospitalisation in London in 2017 when some people claimed he had died and a Jubril from Sudan had been procured as a body double to replace him.
He described the brains behind the rumour as cheeky and mischievous.
He spoke in a documentary which was one of the highlights of the birthday event.
Responding to a question in the documentary about whether he was bothered by the rumour, he said he also heard it but chose not to be distracted by it.
But he said he did not find it funny.
“Yes. People said I am somebody from Sudan. I didn’t bother with the name. Some Nigerians have mischievous ways of explaining themselves,” he said.
He added: “No. It’s not funny because those who made those statements, they just want to be cheeky. They want to distract attention from the main issue.
“Our main issue is to do the infrastructure, make people aware that they need to work hard to live well; they just enjoy life without earning the respect of their community and so on.”
He promised to continue to do his best in service to Nigeria, despite criticisms from some quarters that he has not done enough.
Asked what he would miss most when he leaves office in May next year, the President said he would not miss much.
“I wonder if I am going to miss much. I think I’m being harassed. I believe I’m trying my best but still my best is not good enough because there are people around that think that they can intimidate me to get what they want, instead of going through certain systems to earn whatever they want to earn and they are same people who want to be clever by half.”
On his family, Buhari recalled how he lost two of his children to sickle cell.
The children were born by his late wife Safinatu.
He said the loss of the two kids informed his decision to insist that his second wife, Aisha, must be AA genotype so that the family might not experience again what befell the late children.
Vice President Professor Yemi Osinbajo, proposing a toast to the President, described him as a forthright, good and kind man.
He praised President Buhari for leading the nation with great courage, determination and commitment.
He cited an instance when the President stopped the Economic and Financial Crimes Commission (EFCC) from investigating fraud allegations against him (Osinbajo).
Osinbajo said he had taken it upon himself to write the EFCC to institute the probe in 2018 after the House of Representatives Ad hoc Committee on Emergency and Disaster Preparedness indicted the governing board of the National Emergency Management Agency (NEMA) headed by him for illegal approval of the N5.8 billion North-East intervention fund.
The VP had dismissed the claim as baseless and invited the police to investigate the allegations against him.
His words: “One day, I went to him because there were some allegations that were made against me.
“And I was so angry; so I went to him to show him the letter I had written to the EFCC to investigate.
“He looked at it and looked at me because he calls me VP or professor depending on his mood.
“This time he said, ‘VP, why do you worry yourself about all these people? These people just make all sorts of allegations, they make all sorts of stories up, even they are saying that I am about to get married again. And even some foolish people were waiting at the National Mosque, waiting for me to come and marry again.”
Tinubu: Buhari’s place in history is guaranteed
The All Progressives Congress (APC) presidential candidate, Asiwaju Bola Tinubu, who was one of the close associates of the President at the event, said Buhari’s place in history was assured for integrity, transparency and transformative leadership.
He said the president would be remembered like Charles de Gaulle of France, Winston Churchill of Britain and Franklin Roosevelt of America when he leaves office.
Tinubu said Buhari had carefully influenced Nigeria’s history with a unique leadership style that is selfless, sacrificial and responsive to the needs of the people.
He said:“You have been at the helm of affairs at a critical time in Nigeria’s history. We have seen a life of commitment, dedication, patriotism and honesty. You have done well.
“Our nation has seen the difference. The leadership style you demonstrated while reading your speech during inauguration, when you said dollars or pounds you had not, and even if you had it, you will not pay.
“You are a man of integrity, great commitment and exceptional humility.
”The nation may not at this stage appreciate who you are, as we know, but there is one thing, you belong to the ranks of generals who came at challenging periods to serve like Winston Churchill of Britain, Charles De Gaulle of France and Franklin Roosevelt of America.”
The presidential candidate said Buhari would continue to stand out among leaders for the courage he brought to democracy in Nigeria, demonstrating and supporting transparency and honesty in electoral processes.
Tinubu, who was in attendance, along with his running mate, Senator Kashim Shettima, said “the leadership you have demonstrated reminded me of the speech you gave at the Primary Convention when you won the nomination. You thanked the people with all humility and said even if you had the money, you would not have paid, but that is because they know who you are, a man of integrity, great commitment, transparent and exceptional humility.”
Tinubu prayed that “God will continue to spare you to see the history as you want it for the country, the ship of this nation will be on the right course. You will live long to enjoy a nice evening of democracy that you brought about.
“When you talk of PVC, card reader, transparency and honesty in the electoral process, like you did, we can only promise not to let you down. Enjoy 80 till you celebrate other birthdays.”
Also eulogizing the President, former Ogun State governor, Senator Ibikunle Amosun, described the President as a man with an impeccable character and a lover of Nigeria.
“He is a man who all of us; even his adversaries will agree that this is a man with a flawless character, a man with a good heart, very compassionate, very committed and a good listener.
“Somebody that loves his family, Nigeria; he is a nationalist. President Muhammadu Buhari will always think about others. In his own little way and even in his humorous way, he will always not just think about himself. He is somebody that is not bothered about all these worldly things. He is already a contented human being”, he said.
Ebonyi State Governor David Umahi described President Buhari as a detribalised person that means well for Nigeria.
“Let me say here that the President is a very highly detribalised personality. He is a man that loves this nation. Every time you meet him, he laments about the level of patriotism of our people. You will see a man that has passion for the people of this country, a man that loves every section of this country,” he said.
The governor used the occasion to thank President Buhari for completing the Second Niger Bridge, which is now facilitating the movement of people and goods to the eastern part of the country this yuletide season.
The President’s eldest daughter, Fatima Buhari, who spoke on behalf of her siblings and the entire family, thanked him for investing in their future by giving them the needed training and caring for their wellbeing.
“We are deeply honoured to be here celebrating the 80th birthday of our beloved father. I thank almighty Allah for his mercy and grace, for giving our beloved father long life and good health.
“Baba is someone who money cannot buy. That is one thing we know and he taught us that. He taught us humility, loyalty, integrity, dignity and honesty and he has a very good sense of humour. He gave us everything a parent will give his child; love, care, good education, shelter and many more,” she said.
There were good will messages from traditional rulers, who all eulogised President Buhari as a man of integrity and a huge sense of humour.
Information and Culture Minister Lai Mohammed, led other members of the President’s cabinet as they presented a giant birthday card, as they rejoiced with him on his 80th birthday.
Governors who also graced the occasion were Aminu Masari of Katsina State and Atiku Bagudu of Kebbi.
Buhari became an octogenarian on December 17 but was in Washington DC, attending the US-African Summit.
The documentary, produced and directed by US-based film maker, Ose Oyemadan, showcased the President’s early life, school days, military career, rise as Head of State in 1984, coup and imprisonment, release, PTF days and return to democracy.
The President contested elections in 2003, 2007, 2011, 2015, when he won and his re-election in 2019.
The narrative was driven by the President, and supported with deep and authoritative insights by his nephew, Mamman Daura, classmate, Sen. Abba Ali, close family members, friends, aides and political associates, including Vice President Osinbajo, and FCT Minister of State, Dr Ramatu Aliyu.
Others were the President’s spokesman, Femi Adesina,his former running mate in CPC, Pastor Tunde Bakare, Minister of Works and Housing, Babatunde Fashola, Special Envoy to Chad, Amb, Babagana Kingibe, State Chief of Protocol, Lawal Kazaure, SGF, Boss Mustapha, Chief of Staff to the President, Prof Ibrahim Gambari and publisher/biographer, John Paden.
Speakers in the documentary underscored the President’s integrity, loyalty and commitment to national development, and his distaste for tribalism, laziness, insincerity and corruption.
At the event, which was compered by Minister of Aviation, Hadi Sirika, tributes poured from the Vice President, President Buhari’s eldest daughter, Fatima Abba, Sen. Ibikunle Amosun, Gov. David Umahi of Ebonyi, Oni of Ife, Adeyeye Ogunwusi, Oba of Benin, Oba Ewuare II and Emir of Kazaure, Alhaji Hajeeb Adamu.
Umahi and Amosun, who were in opposition party, PDP, told the gathering how the President’s warmth, friendliness and empathy attracted them to the APC.
The royal fathers on their parts, recounted personal experiences, and how infrastructural development had touched the lives of Nigerians, like Lagos-Ibadan expressway and the Second Niger Bridge.
The night of tribute on the President’s 80th birthday was also witnessed by National Chairman of the APC, Abdullahi Adamu, Gov. Aminu Masari of Katsina State, Gov. Atiku Bagudu of Kebbi, former Governors, Rotimi Amaechi and Adams Oshiomhole, service chiefs, ministers, political associates of the president, and family members.
The business community was represented by Aliko Dangote, Abdulsamad Rabi’u, Tope Shonubi, Faruk Aliyu, Nasiru Danu and others.
Vote for those who’ll maintain momentum for Nigeria’s good
In a separate message yesterday on the occasion of Christmas, Buhari stressed the need for Nigerians to be circumspect and vote for those who have the capacity to “maintain the momentum we have created for the greater good of the country.”
He also assured Nigerians that those who sought to violently disrupt the peace of Nigeria had lost the battle, saying better dawn awaited Nigeria in 2023 and beyond.
He described his 2022 Christmas message as his last as president and the celebration unique.
He said:“It is my last Christmas message as president. Twenty-two weeks from now, this administration will hand over to another.’’
“It is another opportunity to show the rest of the world that Nigeria is indeed ready to consolidate its democratic credentials as has been noted in international circles.
“Let the peace and joy that pervade this period continue well into the new year up to the elections in February and beyond.
“I want to assure Nigerians that those who seek to violently disrupt the peace of our nation have lost the battle.
“Our country is blessed with a wealth of human and material resources. Let’s celebrate our blessings this season with the trust that a better dawn awaits Nigeria,’’ he said.
While wishing all citizens a Merry Christmas, Buhari enjoined Nigerians to continue to celebrate Christmas as united people, showing genuine love, care, compassion and empathy for one another.
“I heartily rejoice with our Christian brothers and sisters on the occasion of this year’s Christmas.
“Many of us look forward to this festive season as a time to travel, share gifts, spend quality time with family and friends, attend special carols and events, and generally relive the good moments of the year.
“In whatever circumstance we find ourselves, Christmas is a period when we come together to rejoice and set aside our differences.
“We must never lose sight of the symbiotic relationship between Christmas and hope; between Jesus Christ and humility and between Christianity and grace,’’ he said.
According to him, in this season of love, joy and peace, privileged citizens must not fail to remember those who really wish to celebrate, but are constrained in one way or the other by reaching out to them.
“Together we can make this celebration a spectacular one by renewing our pledge and common resolve to work for the unity and prosperity of our dear country,’’ the president stressed.
The president reiterated the determination of his administration to continue to provide political and material support to sub-national governments, the Armed Forces, institutions and individuals working wholeheartedly for the peace, unity, stability and progress of the country.
“The advances we have made so far on the economic front, especially in infrastructure, food security, anti-corruption, security, energy sufficiency, among others, will need to be built upon,’’ he added.
Buhari also urged Nigerians to be circumspect and vote for those that would maintain the momentum created by the ruling government for the greater good of the country.
“This joyous season has coincided with the period of campaigns to usher in a new administration.
“I urge you to be circumspect and vote for those that will maintain the momentum we have created for the greater good of the country.”
