NLC Rejects Proposed Privatisation of TCN

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December 15, 2023

The Nigeria Labour Congress has kicked against the proposed plans by the Federal Government to restructure the Transmission Company of Nigeria.

In a communiqué signed by the President of NLC, Joe Ajaero, said that the proposed privatisation plan of TCN would portend great danger to the power sector and hold great fear and trepidation for major stakeholders within the sector.

Ajaero said, “The intended power sector policies would create the same mistakes past administrations made and it would create deeper consequences if power sector policies were not reversed by the Federal Government.

“It imperils the ability of the state to control, always regulate and guarantee the safety of the nation’s grid system.”

The Federal Government through the Bureau of Public Enterprises announced plans to sell off 40 per cent shares of the government in electricity distribution companies on the capital market in 2024.

Power Minister Tasks TCN Board On Quality Service To Nigerians

Similarly, the government also noted that it was unbundling the TCN in line with the Electricity Act.

According to the NLC president, these same stories that Nigerians have heard over the years have largely yielded no significant results except the increased suffering that the exercise caused for Nigerian people and the economy.

He further explained that the motive behind the plans for the proposed restructuring was to prepare the TCN for eventual takeover by the cronies and lackeys of the ruling elite.

“NLC believes that the President is making the same mistake previous administrations have made with the policy direction his Minister of power is trying to follow in seeking to unbundle TCN for privatisation,” he stated.

Ajaero stated that NLC had thought that the President would have convened a genuine national stakeholders’ forum to critically review the privatisation exercise in the sector which the government itself agreed had failed to attain any of its major objectives.

He asserted that the disaster that would befall the nation’s power sector would be multidimensional.

“The quest to ultimately hand over the transmission infrastructure would expose the nation to blackmails and weaken the ability of the sector to transmit and distribute power around the country. Privatising it will create the same crisis prevailing within the Discos and Gencos and will impact the quality-of-service deliverance by the Power sector to Nigerians.

“We protested against a nation that was hell-bent on committing suicide in the power sector 10 years ago, alongside the consequences that privatisation exercise was going to be for the power sector and for Nigerians, but it was not heeded,” he noted.

According to Ajaero, Nigerians have witnessed a 500 per cent tariff increase yet; there is no improvement in services to Nigerians.

“The power sector remains stagnant as no significant investment was made by those who bought the GENCOs and DISCOs through proxies. What we are reaping today are the unfortunate outcomes of the errors of yesterday and it is obvious that we are bent on going the same route,” he claimed.

According to the NLC President, the power sector has been handed over to banks due to proxy

“The government’s plans, especially given Nigeria’s current status as a power poverty leader, will worsen the nation’s power sector and have significant negative effects on the overall economy and socio-economic condition,” he explained.

Tinubu Sacks Aviation Directors, After CEOs’ Removal

By

Rhoda Onuzulike

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December 14, 2023

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The Federal Government of Nigeria has sacked all directors of Aviation less than 24 hours after the removal of all heads of aviation agencies from their offices.

The government said this in a statement signed by Odutayo Oluseyi, the spokesperson for the Minister of Aviation and Aerospace Development, Festus Keyamo, on Thursday in Abuja.

The government directed the affected directors to hand over to the most senior officers in their various directorates immediately.

Tinubu Sacks FAAN, NAMA MDs, Four Others

The statement partly read, “Following the change in the leadership of the Aviation and Aerospace Development Agencies’ CEOs and MDs aimed to reposition the Aviation industry and ensure safety and efficient air travel experience by Nigerians in line with the Renewed Hope agenda of President, I am directed to inform all DIRECTORS of the following agencies that they have been relieved of their appointments forthwith and should hand over to the most senior officer in their various directorates with immediate effect”.

The directors of the affected agencies, which include the Federal Airport Authority of Nigeria, Nigeria Metrological Agency, Nigeria Airspace Management Agency, Nigeria Civil Aviation Authority, and Nigeria Safety and Investigation Bureau have been instructed to hand over their duties to the most senior personnel in their respective directorates without further delay.

The statement clarified that the agencies’ board secretaries and legal advisers remain unaffected by this directive.

“All affected directors have been urged to adhere strictly to the instructions provided,” Oluseyi said.

The LN247 reports that President Bola Tinubu on Wednesday sacked the heads of various agencies in the aviation sector, replacing them with acting and substantive heads.

They include Kabir Mohammed of the Federal Airports Authority of Nigeria; Tayib Odunowo of the Nigerian Airspace Management Agency; Akinola Olateru of the Nigerian Safety Investigation Bureau; Prof. Mansur Matazu of the Nigerian Meteorological Agency; and Alkali Modibbo, the Rector of the Nigerian College of Aviation Technology.

He also suspended the Director-General of the Nigeria Civil Aviation Authority, Captain Musa Nuhu.

Sanwo-Olu Budgets N2.246trn for 2024 Fiscal Year

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Rhoda Onuzulike

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December 14, 2023

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Lagos State Governor, Babajide Sanwo-Olu on Wednesday presented a budget proposal of N2.246 trillion to the State House of Assembly for approval for the 2024 fiscal year.

The 2024 budget is N478 billion higher than the 2023 budget which stood at N1.768 trillion.

The proposal, tagged “The Budget of Renewal,” has a Recurrent Expenditure of N1.021 trillion and a Capital Expenditure of N1.224 trillion.

Gov Sanwo-Olu Takes Oath of Office for 2nd Term

Presenting the budget before the State House of Assembly on Wednesday, Sanwo-Olu said the proposal comprising a Total Revenue of N1.847 trillion and Deficit Financing of N398.283 billion.

“Total Revenue comprises our Internally Generated Revenue and Total Federal Transfers as follows: Total IGR (N1.251,322 Trillion), and Total Federal Transfer (N596.629 Billion).

“We equally propose a recurrent expenditure of N1.021 Trillion, comprising total overhead, total personnel cost and recurrent debt service,” he said.

A breakdown of the recurrent expenditure shows that Total Overhead Cost is put at N527.782 billion, comprising Overhead (N304.753 billion), Subventions (N123.010 billion); dedicated Funds amounting to N100.02 billion; Total Personnel Cost of N319.230 billion and Recurrent Debt Service of N174.94 billion.

The capital expenditure of N1.224 trillion is broken down into Capital expenditure, N856.387 billion and Repayments of N367.893 billion.

The sectoral allocation shows that Economic Affairs has the largest share of N535 billion, followed by Education, which has N199 billion and Health, which has N156 billion.

Others are Environment, N94 billion, social protection, Public Order and Safety, N84 billion and Social Protection, N50 billion.

“The budget size is made up of recurrent expenditure of N1.021,954trn (45%) and capital expenditure of N1.224,280 (55%). The deficit financing shall consist of external and internal loan and bonds which are well within our fiscal sustainability parameters,” Sanwo-Olu stated.

The governor said better times are coming for Lagosians, saying that the people had gone through some very difficult times, “but while the pain is temporary, the dividends of the necessary investments we are making will be here to stay.

“We are working closely with the Federal Government to ramp up relief measures to help the people of Lagos State alleviate the pains of the subsidy removal and the impact of high inflation.

“We are especially concerned about transportation and food costs, and in 2024 we will be keying into the targeted Food Security initiatives of the Federal Government.

“For transportation, we are fully on board with the Federal Government’s CNG-powered buses initiative, which will deliver sizable numbers of these buses to each State, for public transportation,” he said.

Recall that the Federal Government, in the Appropriation Bill, gave an average crude oil production benchmark of 1.78 mb/d, and a crude oil price benchmark of 77.96 dollars.

Crude Oil Production, Price Benchmark, Possible–NNPC

By

Rhoda Onuzulike

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December 14, 2023

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The Nigerian National Petroleum Company Ltd. (NNPCL) has assured that projections on crude oil production and price benchmark for the 2024 Budget were realistic and realisable.

The Group Chief Executive Officer (GCEO) of the Company, Mele Kyari, gave the assurance during an interactive session with the Senate Committee on Finance at the National Assembly, Abuja, on Wednesday.

A statement by the Chief Corporate Communications Officer, NNPCL, Olufemi Soneye noted that Kyari made the remarks while speaking on the dynamics of the market in relation to the projected budget benchmark price of 77.96 dollars per barrel.

“With what we see in the market today and potentially in the year 2024 and even beyond the next two years, it is very unlikely to see 70 dollars per barrel oil in the market.

“The oscillation we are seeing, sometimes you do see prices coming down to 75 dollars to the barrel and sometimes it goes above it, overall, benchmarks are averages.

“We think that the proposal by Mr President around the 77.96 dollars is still realisable in 2024,” he said.

On the crude oil production projection, he said Nigeria had 1.785 million barrels per day (bpd) as the cumulative of all oil produced in the country.

The GCEO said the figure was inclusive of all production activities, including crude oil and condensate.

“I need to make this clarification because of the reports in the media that our Organisation of the Petroleum Exporting Countries (OPEC) quota is 1.5 million barrels per day.

“The OPEC quota is related only to crude oil. We also do between 250,000 to 300,000 barrels per day of condensate in our production. When you combine the two, the 1.78mbpd is realistic and realisable,” he said.

He expressed optimism that though there were challenges such as security and force majeure, the measures being deployed by the Federal Government would be able to take care of them to guarantee the projected level of production.

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The GCEO also assured that NNPCL would maintain the level of dividends remittance to the Federation Account as stated in the Medium-Term Expenditure Framework.

He added that the projected dividends from the Nigeria Liquefied Natural Gas Ltd. was also realisable and would flow directly into the Federation Account as stipulated by the law.

On the Company’s Road Tax Credit Scheme, Kyari explained that all the roads being undertaken under the scheme would be duly completed.

He explained that the scheme was anchored by the Ministry of Works while the Federal Inland Revenue Service and NNPCL were only playing supervisory roles to ensure that value was delivered for every kobo paid.

Earlier, Chairman, Senate Committee on Finance, Sen. Mohammed Musa, said the interactive session was to deepen conversations on the projections in the 2024 Appropriation Bill to help the lawmakers determine adjustments.

He expressed satisfaction with the explanations offered by the NNPCL’s helmsman.

Scarcity: CBN Assures of Adequate Cash Supply

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Rhoda Onuzulike

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December 14, 2023

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The Central Bank of Nigeria (CBN) has reassured Nigerians of enough Naira notes in circulation to cater for their cash needs.

CBN’s Acting Director, Corporate Communications, Hakama Ali gave the assurance in a statement on Wednesday, December 13 2023, following the complaints of a perennial shortage of Naira notes by bank customers across the country.

Ali said that Naira notes in circulation had increased from one trillion Naira in February to N3.4 trillion in December.

This, according to her, indicates that there is sufficient cash in circulation, except that the cash is in the hands of individuals who are apprehensive due to their previous experiences.

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She said that the apex bank was addressing the reported cases of cash scarcity in some major cities across the country.

Ali attributed the situation to the hoarding of the Naira by some persons due to challenges experienced during the Naira redesign project.

She said that the CBN was monitoring the situation and had released sufficient cash to its branches across the country for onward distribution to Deposit Money Banks (DMBs).

“The CBN has adequate cash to meet the day-to-day transaction needs of Nigerians.

“We appeal to Nigerians to be patient while the CBN does the needful to ensure the availability of cash, particularly during the yuletide and beyond,” she said.

She urged Nigerians to continue to accept all Naira banknotes for their daily transactions, while urging the public to embrace alternative modes of payment, e-channels, to reduce pressure on the use of physical cash.

NNPCL Generates N4.5trn Revenue in 10 Months

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Rhoda Onuzulike

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December 14, 2023

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The Nigerian National Petroleum Company Limited (NNPCL) has generated N4.5 trillion as revenue for the federation for 2023 as at October, its Group Chief Executive Officer, Mele Kyari has said.

Kyari, said this in Abuja on Wednesday at an interactive session with the Senate Committee on Finance.

The NNPCL Boss further assured that better days were ahead, as reforms contained in the Petroleum Industry Act (PIA) for the oil sector, had placed the company at par with its peers, across the globe.

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“The NNPC Limited that is a creation of the National Assembly, requires that we conduct business transparently and provitably in line with provisions of the law.

“And to create value for shareholders, and not to lose money, and also to continue to add value and pay dividends to shareholders.

“I’m glad to inform you Mr Chairman and Distinguished Senators, that as at October, we are able to deliver N4.5 trillion into the federation account as a company to this country in 2023.

“Every national oil company has a trading company. We have always had one which . never worked prior to PIA Implementation.

“Currently, NNPC Ltd is delivering on its mandate through the PIA reforms that has brought us to be at par with our peers, across the globe, and not to lose money anymore,” he said.

Kyari said the company had been expanding in business like most National Oil Companies in Africa.

Tinubu Sacks FAAN, NAMA MDs, Four Others

By

Rhoda Onuzulike

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December 14, 2023

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President Bola Tinubu has sacked the Managing Directors (MDs) of two key aviation agency and the heads of four other agencies as he appoints their replacements.

Those sacked included the Managing Director of the Federal Airports Authority of Nigeria (FAAN), Kabir Yusuf Mohammed; Managing Director of the Nigerian Airspace Management Agency (NAMA), Tayib Adetunji Odunowo; Director-General of the Nigerian Safety Investigation Bureau (NSIB), Akinola Olateru; Director-General of the Nigerian Meteorological Agency (NIMET), Prof. Mansur Bako Matazu and the Rector of the Nigerian College of Aviation Technology (NCAT), Capt. Alkali Mahmud Modibbo.

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A statement issued by presidential spokesman Ajuri Ngelale said Tinubu also suspended the Director-General of the Nigeria Civil Aviation Authority (NCAA), Capt. Musa Shuaibu Nuhu and appointed Capt. Chris Najomo as the Acting Director-General of the Nigeria Civil Aviation Authority immediately.

Nuhu was suspended from office to enable the Economic and Financial Crimes Commission (EFCC) to conduct an unfettered investigation into the activities of the suspended Director-General and other senior officials in the Nigeria Civil Aviation Authority.

The president appointed Olubunmi Oluwaseun Kuku as the substantive Managing Director of the Federal Airports Authority of Nigeria, Umar Ahmed Farouk as the substantive Managing Director of the Nigerian Airspace Management Agency, Alex Badeh Jr., appointed as the substantive Director-General of the Nigerian Safety Investigation Bureau, while Prof. Charles Anosike has been appointed the substantive Director-General of the Nigerian Meteorological Agency.

Tinubu also appointed Joseph Shaka Imalighwe as the Acting Rector of the Nigerian College of Aviation Technology (NCAT), pending the appointment of a substantive Rector, in accordance with Section 13(2) of the Nigerian College of Aviation Technology Act, 2022.

The President approved the commencement of a diligent process to be conducted by the Minister of Aviation and Aerospace Development to recruit a substantive Vice-Chancellor and other principal officers of the African Aviation and Aerospace University (AAAU).

According to Ajuri, the President anticipated that the new leadership across this critical sector would uphold the safety, convenience, and comfort of the Nigerian people as primary and sacrosanct in all of their administrative activities.

“Due to the high cost of underperformance in the sector, the President demands the immediate establishment of world-class policy design, implementation, and regulatory frameworks to reposition the sector in alignment with his Renewed Hope Agenda.

“All of the above-mentioned directives of the President take immediate effect,” he said.

Kenyan Govt Increases School Bursaries

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Nzubechukwu Anodo

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December 13, 2023

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The Kenyan Government has increased bursaries under the Constituencies Development Fund to ensure smooth learning.

This follows the signing into law of The National Government Constituencies Development Fund (Amendment) Bill by President William Ruto.

The law increases the allocation from 35 per cent to 40 per cent, a move that will facilitate continuity and completion of education by students.

The additional funds will also cater for school feeding programmes, especially in drought-stricken areas.

The Act also increases CDF allocation on environmental activities from two per cent to five per cent to fund for climate crisis.

The act also introduces a three per cent allocation of the Fund for Constituencies’ digital hubs.

The hubs, the Government observes, are key in enabling the youth to acquire skills to boost their employability.

Meanwhile, President Ruto also assented to the National Lottery Bill (National Assembly Bill No. 69 of 2023).

This paves the way for the establishment of the National Lottery Board that will administer the newly-established National Lottery.

The Board will be tasked with the supervision, control and monitoring of the operations of the National Lottery.

It will also be mandated to erect measures to prevent fraud in the conduct of the National Lottery.

The sponsor of the Bill, Ichungw’ah said the goal of the conduct of the National Lottery is to fund social development in the country.

Deputy President, Rigathi Gachagua, Speaker of the National Assembly, Moses Wetang’ula, Attorney General, Justin Muturi, Solicitor General, Shadrack Mose, among others, were present. – Presidential Communication Service.

TVET Programme Graduates 15,000 Students

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Nzubechukwu Anodo

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December 13, 2023

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About 15,000 Nigerians will be graduating from the first phase of Project Technical and Vocational Education and Training, TVET Maximization.

TVET Maximization, a Federal Government-funded initiative, is a programme aimed at equipping young Nigerians with the needed skills necessary for economic independence.

Director, Technical and Vocational Skills Training Department, Industrial Training Fund (ITF), James Abimbola, in a statement made available to newsmen, said about 15,000 individuals drawn from seven states have been trained since the programme started in August.

Abimbola listed the states to include Lagos (3,000); Enugu (2,000), Gombe (2,000), Edo (2,000), Nasarawa (2,000), Ogun (2,000), and Kaduna (2,000).

He said the participants were trained in their areas of interest, as available within the programme.

These areas include tailoring/fashion designing, beauty care and cosmetology, graphics design, solar installation, Information and Communication Technology, among others.

He added that a selected number of successful and top-performing participants would receive their certificates and starter packs during these events.

AFED Harps On Teachers’ Training At Buckingham Varsity Graduation

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Nzubechukwu Anodo

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December 13, 2023

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National President, Association for Formidable Educational Development (AFED), Emmanuel Orji Kanu, has emphasized the need for continuous teachers’ training programmes to position them for 21st century challenges.

Kanu, who spoke with journalists on the sideline of the convocation ceremony for 124 graduates of Buckingham University, United Kingdom, Diploma programme, said educators must be constantly trained on effective teaching practices to make them fully equipped.

He said to build capacity and competence among teachers, especially in low-cost schools, AFED had partnered Buckingham University, to start International Diploma in Education programme in Nigeria, which would hold virtually for nine months.

Programme Director, Reuben Nyikwagh stressed the importance of the school in helping to solve the numerous problems teachers face in the classroom.

At the event, held at Zaneta Hub, Lagos, about 137 new students also took the matriculation oath.

Board Director, Godwin Nyikwagh urged the fresh students to be curious, open-minded and prepared for the challenges ahead, as they will be fully equipped with current teaching skills.

He noted that their decision to embark on the programme reflected their commitment to learning.

In his remarks, the best graduating student, Damilola Ajayi, attributed his success to the practicality of the programme, which he said, has impacted positively on his teaching skills.