Tinubu arrives for inauguration
Category: Lead
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PHOTOS: Tight security as presidential inauguration gets underway
All roads leading to the Eagle Square, venue of the swearing-in ceremony of the President-elect, Asiwaju Bola Ahmed Tinubu have been flooded with heavy security presence and multiple blockades.
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Tight security as presidential inauguration gets underway
All roads leading to the Eagle Square, venue of the swearing-in ceremony of the President-elect, Asiwaju Bola Ahmed Tinubu have been flooded with heavy security presence and multiple blockades.
Approaching the venue from the Wuse 2 axis of the Central Area, The Nation counted nothing less than five security spots, swarming with multiple security operatives, drawn from various arms, including the Armed Forces, police and men of the Department of State Service (DSS).
Read Also: ‘Tinubu will solve nation’s economic challenges’
The same formation has been placed around all entry points into the Central Business District (CBD), consisting of the major government buildings, including the Federal Secretariat, the National Assembly Complex and the access into the Presidential Villa. The Eagle Square is at the centre of the CBD.
As at 7:45am, entries into the vicinities of the event have become virtually inaccessible as stern looking security operatives will not admit any person, notwithstanding social status, who does not come with the official invitation to the ceremony.
As at 9am, telecommunication networks around the venue had been shut down.
Details Shortly…
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Shower of rain ahead of Tinubu’s inauguration
Early morning showers on Monday morning welcomed the inauguration of Asiwaju Bola Ahmed Tinubu as 16th President of Nigeria.
The rain began as early as 6.00am in some parts of the Federal Capital Territory, creating a cool atmosphere in readiness for the event.
However there was light traffic along the ever busy airport Road, with only few vehicles playing the road.
Inside the city centre, traffic was also light as many people observe the public holiday declared by the governneby, while heavy security was noticed in some part of the metropolis.
As at 8.00am, the traffic gridlock usually experienced around the National Judicial Institute and around MKO Abiola Stadium were absent.
Traffic was diverted at strategic locations leading to the Federal Secretariat where the Eagle Square, venue of the inauguration is located.
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It’s May 29 at last
• Efforts by five previous administrations to turn things round in the country have failed. Now, all eyes on Tinubu
May 29 takes a new form in election years, especially when the baton changes hands from one President to another, or even one political party to another. With the situation of things in the country, tomorrow should not be a day for so much pomp and pageantry, wining and dining. It should indeed be a day for sober reflection on the state of the nation and the way forward.
Few indices of development show that the country is making so much progress. Maternal mortality, infant mortality, multidimensional poverty, inflation, poor electricity supply and even social cohesion remain major challenges – in all, Nigeria has a poor record to the point of being rated the poverty capital of the world.
It is good that the new President, Bola Ahmed Tinubu, has promised to hit the ground running. He is not oblivious of this fact. He said he fully understood the position of things. Governance in a presidential system reflects so much on the personality of the President – how prepared is he; how disciplined is he; how firm could he be and his philosophy of life.
When the late Professor Chinua Achebe said the problem with Nigeria was leadership, he hit the nail on the head. The country has hardly been blessed with progressive, transformational leaders since independence. Most of the leaders have functioned more as dealers, and those who were not “fantastically corrupt” were unable to rein in their men.
Indeed, when Achebe wrote the “Man of the People” after the First Republic to depict all-round corruption by leaders of that era, he had no idea what was coming in years ahead, both under the military and the civilian governments. Yet, no one has been able to trace the loot in the government then to the Prime Minister, Sir Abubakar Tafawa-Balewa. The same could be said of President Shehu Shagari of the Second Republic.
The buck is now on the desk of President Tinubu, who has as first assignment the choice of men and women to assist him in running the ministries, departments and agencies of the Federal Government. He must locate people of unimpeachable character, who share his philosophy in setting the ship of state sailing. Then, having set his priorities, he has to once again sell his agenda to the people.
Then, he has a duty to tackle the insecurity that has almost done the state in. In the North East, insurgency subsists, even though tamed to a large extent. But in the North West states of Kaduna, Katsina, Zamfara and even Kebbi states, banditry is the order of the day. The bandits raid homes and communities at will. Schools are regularly violated and the traditional institution has been compromised to the point that one, in Zamfara, turbaned a prominent member of the ‘club’. Soldiers and military officers are said to be supplying information to the men of the underworld.
The new President has given insight into what he would do, including mass recruitment of men into the armed forces, reform and beefing up the number in the Nigeria Police Force and equipping all the security forces adequately. He has promised to leverage technology in fighting the war that has turned many to refugees in their own country. The war against brigands has not been limited to the far North. In the North Central, Niger, Nasarawa, Benue, Plateau and Kogi states have been regularly raided by these men with the state appearing helpless.
In recent times, areas of the Federal Capital Territory bordering Niger State have not been spared. The criminals were so audacious that they sacked the Kuje Prison on July 5, 2022, to free their men awaiting trial for mass murder. Bloodletting in the land must stop if the confidence of the people in their government to secure their lives and property is to be restored.
As James Carville said while advising former United States President Bill Clinton in 1992, we could use the phrase: “it’s the economy, stupid”. To say that the Nigerian economy is in the doldrums is an understatement. With the National Bureau of Statistics (NBS), a state agency putting multidimensional poverty at about two-thirds of the people, the new President has his work cut out for him.
He may not have a magic wand. He is not expected to come up with a miracle. All jaded policies of the Buhari administration such as the Conditional Cash Transfer by which a pittance of N5,000 handout is given some of the most vulnerable in the society, the market money and similar policies should be recalibrated to stimulate rather than stagnate the economy. In their place, a better-thought-out programme meant to move the mass of the people out of the poverty bracket must be put in place.
It is good that he has already sounded the note that the subsidy on petroleum products, especially Premium Motor Spirit (petrol) would be removed very soon despite the implication for the people. But what has to be done must be done in view of the fact that about N7 trillion would have been expended on the subsidy. What informed people await are the palliatives that would cushion the effect on the people and the sincerity that would attend the implementation.
It has also been pointed out that the multiple windows of foreign exchange leave room for manipulation and round-tripping. In the interest of the economy, this must stop. Even the industrialists who are touted major beneficiaries of the Import and Export windows have decried the policy as they had to fall back on the parallel market to purchase their raw materials.
Then, there is the electricity supply. It is shameful that despite the promise by successive governments to ramp up generation, transmission and distribution, including the partial privatisation of the distribution and generation sectors, nothing positive has come out of it all; yet billions of dollars have been pumped into the sector. We still supply less than 5,000 megawatts to households of more than 200 million Nigerians, and industries. This, experts have said, must change if we are to give a boost to the economy, empower industries to employ the teeming unemployed youths who, of recent, have been finding their way out of the country in search of greener pastures.
It’s not only about the economy. The President must find a way of connecting with the people. He has to regularly communicate with them and sell his government’s policies and programmes to them. The government must be transparent in all its dealings.
The new president has projected a track record during his stewardship of Nigeria’s flagship state of Lagos. Many expect him to show his acumen in running the country.
We look forward to how long it would take him to make key appointments, restructure agencies of government and come up with a blueprint for general restructuring of the Nigerian federation to conform to the template adopted by other plural societies.
Arise, Nigerian compatriots. Obey the clarion call of the country. It is a call on all to rally round the government, give it a chance to prove itself, in the interest of all. It is a country of great potential, but these potentials in mineral and human resources must be converted into actuality. It is the only way forward.
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Anyaoku, 339 eminent Nigerians get national awards
• Sen. Tinubu upgraded to CON
• Edun, Alake, Ifijeh, Onanuga, Shehu honoured with OON
• Akande, Osoba, others get CFR
• CON for Uzodimma, Bello, AbdulRazaq, Oyetola
Former Commonwealth Secretary-General Emeka Anyaoku has been awarded the second highest national award of Grand Commander of Order of the Niger (GCON) by President Muhammadu Buhari.
He is the only Nigerian nominated for that category on the list of 340 awardees for the various categories by the Federal Government through its Ministry of Special Duties and Inter-Governmental Affairs.
The National Honours Award on the eve of President Buhari exit would be handed over to recipients without fanfare on Thursday at the ministry’s office in Abuja.
On the list of awardees are outgoing ministers, governors (serving and former), judges and justices, royal fathers, business magnates, media leaders, artistes, sports men and women, among other categories of eminent Nigerians.
In the category of the Commander of the Federal Republic of Nigeria (CFR) are former governors Chief Olusegun Osoba (Ogun) and Chief Bisi Akande (Osun).
First Lady and wife of President Asiwaju Bola Ahmed Tinubu, Senator Oluremi has been upgraded from the Officer of the Order of the Niger (OON) category to the Commander of the Order of the Niger (CON).
Immediate-past Osun Governor Adegboyega Oyetola also bagged a CON.
Mr. Wale Edun, a one-time Finance Commissioner in Lagos, is listed for the Order of the Federal Republic (OFR) category.
Other OFR awardees are: Dr. Awele Elumelu, Chairperson of Avon Medical Practice Limited and wife of the Heirs Holding Chairman Tony Elumelu; Air Vice Marshal Abubakar Abdullahi; Chief Timi Alaibe; Maj.Gen. Kamilu Olayinka Kadiri; Muazu Bawa Mohammed, among others.
Also listed in the OON category are former Lagos Information and Strategy Commissioner Dele Alake; Managing Director and Editor-in-Chief, Vintage Press Limited, publishers of The Nation, Sporting Life and Gbelegbo titles, Mr. Victor Ifijeh; Media Coordinator of the Presidential Transition Committee Mr. Bayo Onanuga; and President Muhammadu Buhari’s Senior Special Assistant on Media and Publicity, Mallam Garba Shehu.
A release signed by Ibiene Roberts, Permanent Secretary, Federal Ministry of Special Duties and Inter-Governmental Affairs listed in the CON category Babajide Sanwo-Olu (Lagos); Hope Uzodimma (Imo); Prince Dapo Abiodun (Ogun); Abdulrahman Abdulrazaq (Kwara); Yayaha Bello (Kogi); Muhammad Inuwa Yahaya (Gombe); Mohammed Badaru Abubakar (Jigawa); Udom Gabriel Emmanuel (Akwa Ibom) and Ahmadu Umaru Fintiri (Adamawa).
Among the former governors on the CON honour’s list are: Abdullahi Umar Ganduje (Kano); Muhammad Adamu Aliero (Kebbi); Aliyu Magatakarda Wamakko (Sokoto); Henry Seriake Dickson (Bayelsa); Ali Modu Sheriff (Borno) and Ibrahim Gaidam (Yobe).
Some of the immediate past ministers on the CON list are: Chris Ngige (Labour and Employment); George Akume (Special Duties); Hadi Sirika (Aviation); Rauf Aregbesola (Interior); Isa Ali Pantami (Communications and Digital Economy); Olamilekan Adegbite (Mines and Steel); Dame Paullen Tallen (Women Affairs and Social Development); Festus Keyamo (State for Labour and Employment) among others.
Several Supreme Court justices have been listed for recognition: They include: Chima Centus Nweze; Amina Adamu Augie; Uwani Musa Abba Aji; John Inyang Okoro; Lawal Garba; Helen Ogunwumiju; I.N.M. Saulawa; Adamu Jauro; Tijjani Abubakar and Emmanuel A. Agim.
Justices of the Court of Appeal R.C. Agbo; J.O. Bada; J.H.C Sankey; A.A.B. Gumel; H S.Tsamanni; I.G.Mbaba; U.I. Ndukwe-Anyanwu; H.S.Ikyegh; O.O.Daniel-Kalio; M.I. Shuaibu are listed to be conferred with the OFR awards.
Also to be conferred with the CFR are Maj.-Gen. Samuel A. Adebayo; Central Bank of Nigeria (CBN) Governor, Godwin Emefiele; a former Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), Mohammed Bakindo (posthumous); and Malalam Mamman Daura.
Also listed are royal fathers, including the Olubadan of Ibadanland, Oba Olalekan Ishola Balogun; his royal majesties Matthew Alaji Opaluwa Oguche Akpa; Mohammed Sani Haliru Dantoro Kitoro IV; Mohammed Hamim Nuhu Sanusi; Herbert Onyewumbu Wigwe; and Engineer Olumuyiwa Bernard Aliu.
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa; senior advocates Chief Adeniyi Akintola; Augustine Oyarekhua Alegeh; Rotimi Jacobs, among others are to get the CON awards.
Music star David Adeleke (a.k.a. Davido); Nollywood filmmaker Kunke Afolayan; spokesman to the outgoing vice president, Laolu Akande; Lanre Gbajabiamila; pop star Tiwatope Savage are also in the OON category.
Justice Titi Mabogunje and 51 others are to be conferred with Member of the Order of the Federal Republic (MFR) award, while 23 others will be honoured with the award of the Member of the Order of the Niger (MON).
Three individuals, Mrs. Jumoke Janet Awosigede; Alade Doris Pamella and Mohammed Hakeem Abiodun, are to be conferred with the award of Federal Republic Medal I (FRM I).
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World leaders for Tinubu’s inauguration
Many world leaders are in the country to witness Bola Ahmed Tinubu’s inauguration as the fifth President of Nigeria’s Fourth Republic and the 16th leader since independence.
Tinubu, a former governor of Nigeria’s economic capital, Lagos State, won the February 25 presidential election, defeating 17 other candidates.
He ran on the ticket of the All Progressives Congress (APC), the party that has ruled the country since 2015 led by President Muhammadu Buhari.
Tinubu reassured Nigerians and world leaders that he would deliver on his promises.
He spoke last night at the inauguration Dinner/Gala Night organised by the Presidential Transition Council (PTC) at the State House Conference Centre, Abuja.
The President-elect said: “To the many Heads of State present here, our brothers and sisters celebrating with us, I thank you.
“What lessons has Nigeria’s democracy taught the rest of Africa if not the whole world? Resilience, determination, courage, and love in diversity, though our tongues and tribes differ.
“By tomorrow (today’s) afternoon, my predecessor is heading to Daura, on the border with Niger, but I have told him not to worry, he will still get a knock on his door.
“No matter how short a man is, he will see the sky. I will still be able to find him when I need his help.
“Here is a country that has stumbled many times, but has never faltered. We can be squeaky like old mama’s car, but we will never break apart. We are just a unique country.
“We must fight corruption, poverty, inconsistencies in policies and many other problems confronting us.
“But don’t pity me. I asked for the job. I campaigned for it. No excuses. I will live up to the billing to deliver. I promise you.”
Buhari thanked the dignitaries, saying the electoral process has given power back to the Nigerians.
“I congratulate fellow Nigerians who have realised that their votes count.
“I’m looking forward to flying to my base and going back to my cows and sheep, which are much easier to control than fellow Nigerians.”
Some of the world leaders seen at the colourful event included the Presidents of South Africa, Sierra Leone, Ghana, Burundi, Liberia, the Republic of Congo, Ethiopia, the Central Africa Republic, Gabon, the Prime Minister of Morocco, the Vice President of Venezuela and many more.
Presidents and heads of governments who have arrived are Mahamat Idriss Déby (Republic of Chad), Samia Suluhu Hassan (Tanzania), Abdelmadjid Tebboune (Algeria), Nana Akufo Addo (Ghana), Macky Sall (Senegal), Julius Maada Bio (Sierra-Leone), Adama Barrow (Gambia), Denis Sassou Nguesso (Congo Brazzaville), Mohamed Bazoum (Niger), Paul Kagame (Rwanda) and Joseph Ngute (Cameroon Prime Minister).
The France delegation is led by Minister Delegate for Development, Francophonie and International Partnerships, Chrysoula Zacharopoulou.
The Japanese delegation is led by Special Envoy to Prime Minister of Japan, Tanaka Kazunori.
India’s Defence Minister Mr Rajinath, will lead the country’s delegation to the inauguration.
Prime Minister, Narendra Modi, said: “The visit of Mr Rajnath Singh reflects the growing bilateral relations between India and Nigeria and signifies India’s commitment to strengthening ties with Nigeria.”
Cote d’Ivoire’s Foreign Affairs Minister will represent the Prime Minister, Patrick Jerome Achi.
United States (U.S.) President Joe Biden will be represented by a nine-member delegation led Marcia Fudge, Secretary of the Department of Housing and Urban Development.
President Muhammadu Buhari will step down after eight years, giving way to a new Commander-in-Chief of the Armed Forces.
The main event of today will be the administration of the oath of office and allegiance on Tinubu and Vice President-elect Kashim Shettima by Chief Justice of Nigeria (CJN) Olukayode Ariwoola.
There will also be a colourful military parade by officers and men of the Army, Air Force and the Navy.
The new president will take the salute after becoming the Commander-in-Chief.
No fewer than 5,000 dignitaries will witness the ceremony at Eagle Square, which has hosted the swearing-in of presidents since the outset of the Fourth Republic in 1999.
Presidents Olusegun Obasanjo (1999-2007), Umaru Musa Yar’Adu (2007 -2010), Goodluck Ebele Jonathan (2010 -2015) and Muhammadu Buhari (2015 -2019) took the oath of office at the same venue.
It will also be a new dawn in 18 states which will have new governors from today.
In 10 other states, governors will take the oath of office for their second terms.
Ahead of today’s inauguration, President Buhari handed the transition documents and a baton of service to Tinubu on Thursday.
He also conferred on him the highest national award of the Grand Commander of the Federal Republic (GCFR) and Shettima, the Grand Commander of the Order of the Niger (GCON).
Yesterday morning, there was an interdenominational service at the National Ecumenical Centre in Abuja, attended by outgoing Vice President Yemi Osinbajo, former Head of State General Yakubu Gowon and Senator Oluremi Tinubu, wife of the incoming president, who represented her husband.
Also at the church service were the Secretary to the Government of the Federation, Mr. Boss Mustapha, Senator-elect Godswill Akpabio, and leaders of various Christian blocks in the Christian Association of Nigeria (CAN).
Head of Transport and Logistics Sub-Committee of the Presidential Transition Council (PTC), Mrs Hadiza Kabir, said 395 vehicles were deployed for the inauguration.
“We have vehicles at the airport and other strategic locations for ease of movement for our guests.
“We have 395 vehicles including SUVs, buses and Sedans. We also have some vehicles from the Ministry of Foreign Affairs, which will convey dignitaries,” she said.
Senator Tinubu: Nigeria’s wealth belongs to all
Senator Tinubu assured Nigerians that the incoming administration would ensure equitable distribution of the commonwealth.
The former Lagos State First Lady, who stood in for the President-elect at the interdenominational service, promised that her husband would make a difference.
“God has blessed my family. We don’t need the wealth of Nigeria to survive but to do the right thing. And I promise you on this altar, that with your help, with the help of God, who will set this nation on the right path.
“God has been merciful to us. I can tell you on my own that we never believed this could happen. But thank God for giving us hope, for giving us the resilience to continue in the race of life.
“Asiwaju is 71 and I will be 63. I bet I will be one of the oldest First Ladies Nigeria would have. We need the grace of God and we need everyone to do what Nigerians are expecting.
“Today, God has proved himself as he did on the night of the primaries and put his seal on it. Because, when I saw the votes count to be 1,271, I said God it means you are here.
“I was humbled to my rock bottom. And to believe that this is the seventh consecutive democratic transition Nigeria will be experiencing shows that this is a time of perfection for Nigeria; perfection in the sense that, in the word of God, I remember for over two years we have been praying in our churches, according to Isaiah 43:18-19, that we should not remember the former things, that God is going to do a new thing.
“A new thing came and we still kept arguing with God. Who can argue with his maker? No one.”
She stressed the need for unity to enable the incoming administration to deliver on the promises.
She also appealed to Nigerians to pray for the new government to create the much-desired impact.
“We need your prayers. We need the prayers of the church. We need the prayers of the mosque.
“We need everybody to pray to that one God who we just read in Ephesians that he is one God of all. He is a God of all flesh. He is sovereign and He sits in heaven and He does as He pleases.”
Osinbajo urged the people, regardless of party affiliation, to continue to pray and work for peace and prosperity.
He also prayed for the incoming administration to grow in stature, wisdom and favour.
“I pray for the President-elect Senator Bola Tinubu and the Vice President-elect Senator Kashim Shetima and the new government that as their days in office so shall they grow in stature, in wisdom and favour with the almighty God.
“I pray for our nation, I pray that the Lord will prosper this land, that our land and its people will live in peace and security.”
Deputy President of the Pentecostal Fellowship of Nigeria (PFN), Archbishop John Praise Daniel, urged Tinubu’s rivals to join hands with him for the good of the country.
He also set an agenda for the new President, saying: “I enjoin our incoming president to reinvigorate the war against corruption in all segments of our national life, to accomplish the much-desired security, peace and unity which constitute the enabling factors for Nigerians to realize their full potentials for meaningful development of the country.
“Indeed, our quest to develop and explore the vast potentials of agriculture as the mainstay of the economy with enormous multiplier effect along the value chain can only be realized in a secure atmosphere devoid of banditry, terrorism and civil unrest…
“It is time to awaken the sleeping giant in us with deliberate efforts made to enthrone accountability, transparency, justice and the rule of law, which essentially constitute a veritable panacea for peaceful co-existence and sustainable growth and development which we all yearn for.
“To those who might have had other political and electoral preferences, which is not unusual and unexpected, may I remind them that election has come and gone and a winner is set to be sworn in.
“I, therefore, enjoin every citizen of our great country to put issues relating to elections behind us and come together to support the incoming government to deliver the dividends of democracy, bearing in mind that this country belongs to all of us.
“Let us remember that a house divided against itself cannot stand, but together, we can make a remarkable impact and leave our imprints in the sand of the history of mankind.”
‘Nigerians expect a lot from Tinubu’
The Senate said much was expected of Tinubu while congratulating him and Shettima on their oath-taking.
The ninth Senate hailed Nigerians who participated in the elections.
Senate spokesman, Ajibola Basiru, said in a statement: “While the Senate rejoices with your Excellency, we are not oblivious of the arduous task of state before your incoming administration.
“We pray it will be your Excellency that God will use to move this nation to where it should be among the comity of nations and take the nation to greater heights in all spheres.
“Nigerians will hold your Excellency responsible for your promises of food security, power generation and supply, massive job creation and youth employment, among the myriads of needs confronting our nation.
“Nigerians will not be bothered about ethnicity, religiosity or any other sentimental colouration, of any kind if they see genuine hope of transformation.
“Nigerians are hungry and crying, as never before for hope, and we pray, they may see hope in your slogan: Renewed hope.”
Labour Party (LP) candidate in the presidential poll, Peter Obi, speaking on the sidelines of an event in Kaduna, said the unity, peace and security of the country were paramount.
“We must continue to live on the path of peace, religious harmony, ethnic harmony and coexistence. That is the most important thing for now.
“Let’s have a peaceful, quiet Nigeria where the government will concentrate on caring for the sufferings of the people,” Obi said.
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My family doesn’t need Nigeria’s wealth to survive – Remi Tinubu
Wife of the President-elect, Senator Remi Tinubu, has said her family does not need the wealth of Nigeria to survive.
She said the family has been blessed and can survive without Nigeria’s wealth.
She spoke at the presidential inauguration interdenominational church service at the National Christian Centre, Abuja, on Sunday.
Tinubu said the wealth of Nigeria belongs to all and would be used for the right thing.
The outgoing Lagos Central Senator asked Nigerians for prayers as they would need the grace of God to live up to the expectations of Nigerians.
She said: “God has been merciful to us. I can tell you on my own that we never believed this could happen. But thank God for giving us hope, for giving us the resilience to continue in the race of life.
Read Also: Tinubu: I dedicate myself to service of Nigeria, Africa
“Ashiwaju is 71 and I will be 63. I bet I will be one of the oldest first ladies Nigeria would have. We need the grace of God and we need everyone to do what Nigerians are expecting.
“Today, God has really proved himself as he did on the night of the primaries and put his seal on it. Because, when I saw the votes count to be 1,271, I said God it means you are here.
“I was humbled to my rock bottom. And to believe that this is the seventh consecutive democratic transition Nigeria will be experiencing shows that this is a time of perfection for Nigeria.
“Perfection in the sense that, in the word of God, I remember for over two years we have been praying in our churches, according to Isaiah 43:18-19, that we should not remember the former things, that God is going to do a new thing. A new thing came and we still kept arguing with God. Who can argue with his maker? No one.
“Today we have heard in Psalm 133:1-3. Except there is unity, lessons cannot flow down. This is the time for Nigerians to come together, for us to be renewed in our hope again. To hope in Nigeria as our young children have sung here today. They are expecting the best for Nigeria.
“Nigeria’s wealth is the commonwealth of all. It belongs to everyone. God has blessed my family. We don’t need the wealth of Nigeria to survive but to do the right thing. And I promise you on this altar, that with your help, with the help of God, who will set this nation on the right path.”
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Reps amend CBN Act to increase FG’s access to loans from 5 percent to 15 percent
The House of Representatives on Sunday approved the upward review of access to the Ways and Means as it passed the amendment of the Central Bank of Nigeria (CBN) Act 2007 during an emergency plenary session on Sunday.
Under the CBN Act, the Ways and Means provision allows the government to borrow from the apex bank if it needs short-term or emergency finance to fund delayed government expected cash receipt of fiscal deficit.
By this development the House approved the raising of the total advances the bank can make to the federal government from five per cent to 15 per cent.
The Senate had on Saturday done same during an emergency session also.
The Bill was introduced in the House on Thursday by the Chairman of the House Committee on Banking and Finance, Victor Nwokolo and was passed for second reading.
According to the CBN Act, the Ways and Means must not exceed five per cent of the previous year’s revenue.
The CBN Act Section 38(2) & (3) states, “that Ways and Means shall not exceed 5% of the previous year’s revenue of the Federal Government.”
However, Chairman, House Committee on Water Resources, Hon. Sada Soli, kicked against the approval.
He said: “Mr. Chairman does it mean with this amendment that the CBN somehow advances to Government at 10 percent or is it a wake up call at the twilight of this government we are changing this from five percent to 15 percent?
“Can the Chairman, Banking and Currency kindly explain this not only to the National Assembly but to Nigerians. Does it mean the CBN granted this advances at 15 percent or what is going on? This is what we don’t know Chairman.
“I’m a member of the Committee on Banking and Currency. I didn’t know when this discussion took place. I can stand on privilege Order 6 to call for an explanation as a member of this Committee, how we reached at this amendment, please?”
However responding to him, the Deputy Speaker, Hon Ahmed Wase, who presided over the Committee of the Whole said: “Hon. Sada the only explanation I may attempt to give if I listened to you very carefully is this, the Chair has the right to commit after second reading any bill to the Committee of the Whole.
“It is there contained in our Standing Order. It depends on the importance and the exigency of the moment. And in light of this I want to beg our Colleagues to please consider this amendment and we pass it so that we have the right thing done.”
The House of Representatives on May 4, 2023 approved an additional N1 trillion Ways and Means advances for the implementation of the 2022 Supplementary Appropriation Act as passed by the National Assembly as the loans hit N23.7 trillion
Read Also: CBN: Achieving $200b non-oil export earnings
The House also approved the Securitization of the total outstanding Ways and Means amount under the following terms: Amount (N23,719,703,774,306.90), Tenure (40 years) , Moratorium on Principal Repayment (3 years), and Pricing/Interest Rate (9 percent per annum)
Also, the House passed a bill seeking to extend the implementation of the Capital Aspect of the 2022 Supplementary Appropriation Act from 30th June, 2023 to 31st December, 2023.
The bill which seeks to approve the sum of N819 billion for capital expenditure and for related matters was considered at the Committee of Supply, thereby raising the budget deficit for 2022 to N8.17 trillion and deficit GDP ratio to 4.43 percent.
The House also passed a Bill seeking to repeal the Produce (Enforcement of Export Standards) Act, 2004.
The bill also seeks to enact the Federal Produce Inspection Service (Enforcement of Export Standards) (Establishment) Bill, 2023 to provide for the Inspection and enforcement of Grades and Quality Standards of Produce and Commodities intended for Export from Nigeria at Ports of Shipment.
The bill was passed after the adoption of the recommendations at the Committee of the Whole, chaired by the Speaker, Hon. Femi Gbajabiamila.
During the emergency session, the House deferred the consideration of a bill seeking to repeal the Revenue Mobilization, Allocation and Fiscal Commission Act, 2004 and enact the Revenue Mobilization, Allocation and Fiscal Commission Bill to grant the Commission enforcement powers in the monitoring of accruals to and disbursement of revenue from the Federation Account and to bring the Act in conformity with the provisions of the 1999 Constitution (as amended).
Also during the session, the Speaker Femi Gbajabiamila read the defection letter of a member from Kwara State, Hon Olododo Cook from the Social Democratic Party (SDP) to the All Progressives Congress (APC).
The House adjourned plenary to Tuesday, May 30, 2023.
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Suspected Yoruba Nation agitators hijack Oyo radio station
Suspected Yoruba Nation agitators on Sunday hijacked Amuludun 99.1 FM in Ibadan, the Oyo state capital
According to a staff, the station, owned by the Federal Radio Corporation of Nigeria (FRCN), was hijacked around 6am by the suspect with various forms of charms.
“That is what we witnessed this morning. They hijacked the station around 6 am. But they had been at the station before that time.
“They came with various forms of charms. They woke our staff, who were sleeping. Some of our staff have fled. We are yet to see some of our staff. But the security personnel are on ground now,” the staff said.
Another source said that the station has gone off the air.
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Its General Manager (GM) Stephen Agbaje confirmed the development but said the situation has been brought under control by security agencies.
He added that some arrests have also been made.
“Some group of agitators came around in the night, and took over the station but the situation has been brought under control by the security agents. They were able to recover the station, and some arrests have been made,” he said.