Two Men Burnt To Death In Onitsha For Illegally Collecting Tax

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November 2, 2023

Under the hashtags #Onitsha and not surprisingly, #Aluu boys, two persons suspected to be brother’s were burnt to death in Onitsha, Anambra state, for alleged thuggery.

The deceased simply identified as Omaume and Monday, are allegedly known by traders and residents as members of an armed robbery gang whose leaders are currently in prison. According to residents, they hid under touting to rob residents and traders of their valuables.

The state police public relations officer (PPRO), Tochukwu Ikenga said, “The Commissioner of Police, CP Aderemi Adeoye, has condemned the act and reiterated his call for members of the public to always take criminal offenders to the nearest Police Station for necessary policing actions, particularly the conduct of appropriate investigations.

“The CP has, therefore, ordered a thorough investigation of the incident.

In a video that has gone viral, the voices of bystanders can be heard saying “These are touts collecting illegal levies around Bida area of Onitsha. They were being set ablaze for touting. This is not good.

“The punishment is too much for just touting. They are children to somebody. This is the return of Bakassi boys.”

Medicine Academy Condemns Policymakers’ Rejection of Recommendations

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Cleopatra Okohai

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November 1, 2023

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The Academy of Medicine Specialties of Nigeria has frowned against the reluctance of policymakers to accept and implement recommendations made by academic sources.

This stance was made known by Professor Akin Osibogun of the College of Medicine, University of Lagos, who was the Guest Lecturer at the 2023 Annual General Meeting & third induction ceremony of the Academy.

According to him, the academy was known for promoting the sharing of cutting-edge knowledge to advance different aspects of man’s existence.

“My only concern is the seeming reluctance of policy-makers to accept recommendations from academic sources for effective implementation. Globally, academies such as ours are known to promote the sharing of cutting-edge knowledge to advance different aspects of man’s existence and living conditions,” he said.

Osibogun in his lecture titled, ‘Mainstreaming of health in all sectors for achieving Universal Health Coverage,’ said more investments in health would bring massive development to the nation.

“The more out-of-pocket expenditure plays a dominant role in a country’s health financing mechanism, the poorer its health outcomes. Countries with poor health outcomes are also those that are underdeveloped,” he added.

President of the Academy, Professor Oladapo Ashiru, explained that the Academy of Medicine Specialties of Nigeria had been actively addressing various health and social issues.

He added, “We drafted a comprehensive position paper opposing the proposed bill aimed at restricting the travel of medical and dental graduates. This bill sought to enforce a mandatory five-year service commitment within Nigeria before granting full licenses for practice.”

Minister of Education, Professor Tahir Mamman, who was represented by the Vice-Chancellor, University of Lagos, Professor Folasade Ogunsola, said, “I am delighted to be here today, to participate in this induction ceremony that recognises some of the best brains in our country. We need your charge to use your intellect to work for our country’s development and to make sure that your impact is felt by the people of the country. We look forward to working with you with new creative mechanisms within the Education sector.”

Minister of Science and Technology, Mr. Uche Nnaji, who was represented by the Director General/Chief Executive, Nigeria Natural Medicine Development Agency, Martins Emeje, said, “Innovation has the potential to revolutionise our healthcare landscape.”

Mexico Announces $3.4b Recovery Plan For Acapulco After Hurricane

By

Angel Gimalo

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November 1, 2023

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Mexico Tropical Weather — A street is strewn with debris after Hurricane Otis ripped through Acapulco, Mexico, Wednesday, Oct. 25, 2023. Hurricane Otis ripped through Mexico's southern Pacific coast as a powerful Category 5 storm, unleashing massive flooding, ravaging roads and leaving large swaths of the southwestern state of Guerrero without power or cellphone service. (AP Photo/Marco Ugarte)

Mexico’s government on Wednesday unveiled a $3.4 billion recovery plan for the battered coastal resort of Acapulco, including tax breaks, humanitarian aid and reconstruction of infrastructure, and said it could spend more if necessary.

Hurricane Otis slammed into Acapulco last week, devastating homes, hotels and other businesses, severing communications and temporarily leaving the city of 900,000 people incommunicado.

The total investment needed for the recovery plan was estimated at 61.3 billion pesos ($3.42 billion), Finance Minister Rogelio Ramirez de la O told a press conference.

Otis left more than 100 people dead or missing, and the cost of damage could be as high as $15 billion, according to experts.

Widespread looting broke out in Acapulco after the hurricane. Mexico has sent thousands of armed forces members to keep order and help distribute food and supplies.

President Andres Manuel Lopez Obrador said the government would raise more money for Acapulco if needs be.

“Fortunately, we have healthy public finances and unlimited resources when it comes to benefiting the people,” he said.

Many residents are still struggling to get food and water, and some have been reduced to washing in local waterways.

The plan will bring forward social welfare payments by two months, waive electricity charges until February and provide household necessities for families whose houses were flooded.

It also foresees the weekly provision of basic foodstuffs to some 250,000 families for three months, the president said.

Major retailers including Walmart de Mexico and Soriana were working with the government on the plan, he said.

The plan also included 10 billion pesos for rebuilding the city’s shattered infrastructure.

Acapulco and nearby Coyuca de Benitez will be exempt from paying taxes through February 2024, Lopez Obrador said.

ACAPULO

Acapulco, a beach resort town on Mexico’s Pacific coast, is set on a large bay backed by high-rises and the Sierra Madre del Sur mountains.

Made famous by the jet set in the 1950s and ’60s, it’s known for its high-energy nightlife, beaches and golf.

From its iconic La Quebrada cliff, professional divers plunge 40m into a small ocean cove every day and night.

Tourism is the main economic activity of the municipality and most of this is centered on Acapulco Bay.

About seventy-three percent of the municipality’s population is involved in commerce, most of it related to tourism and the port.

Mining and manufacturing employ less than twenty percent and only about five percent is dedicated to agriculture.

Industrial production is limited mostly to bottling, milk products, cement products, and ice and energy production.

Agricultural products include tomatoes, corn, watermelon, beans, green chili peppers, and melons.

NGX Benchmark Index Sustains Upward Trend

By

Rhoda Onuzulike

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October 31, 2023

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Transactions at the Nigerian Exchange Group Limited, NGX remained upbeat for the second trading session of the week with gains in 40 equities amid bargain hunting profit-taking activities.

Investors witnessed an increase of 1.65 percent on the market capitalisation of listed equities which led to a N617 billion gain to close at N38.038 trillion higher than Monday’s N37.420 trillion.

Consequently, the All-Share Index appreciated by 1,124.48 basis points representing a 1.65 percent increase to close at 69,236.19 points compared to the 68,111.71 point of the previous day.

Investors At NGX End Week On Bearish Sentiment

At the end of day’s trading session, a total of 483.27 million shares valued at N6.04k billion exchange hands in 8,027 deals which got the market closing with 40 gainers relative to 25 losers.

AIRTELAFIR led the gainers table with a 10% profit on its share price to close at N1,540.10k followed by CADBURY and NNFM with 9.92% gain on their share prices to close at N13.85k and N19.95 respectively; then CHAMS made an 9.90% profit on its share price with a closing price of N2.22k.

On the flipside, BETAGLAS led the losers list with a 9.93% loss on its share price to close at N60.30k followed by UPL with a closing price of N2.12k after recording a 9.79% drop on its share price while ELLAHLAKES recorded a 9.56% loss on its share price to close at N3.50k.

JAPAUL Gold recorded the highest volume of trades with 155.57 million shares followed by UBA for the second day with 33.93 million and ACCESSCROP had 27.43 million shares.

Nigeria To Become G-20 Economy Before 2031- Minister

By

Rhoda Onuzulike

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October 31, 2023

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The Nigerian Minister of Steel Development, Shuaibu Audu says that Nigeria’s President Bola Tinubu “intends to make Nigeria a G-20 economy before the end of his second term in office in 2031.”

Prince Audu also said that his Ministry’s “commitment to developing the steel sector remains unwavering, with a focus on job creation, attracting investments, and contributing significantly to Nigeria’s Gross Domestic Product as outlined in the renewed hope agenda of President Bola Ahmed Tinubu.”

The Minister of Steel Development, who made at the African Natural Resource and Energy Investment Summit 2023 said he stands “committed to supporting initiatives that foster the local production of transition metals as he called for “commitment to sustainability, incorporating responsible mining practices, and embracing environmentally friendly production techniques to mitigate any adverse impact on our ecosystem.”

G-20 Summit: Tinubu In India to Bolster Economic Ties

Prince Audu reinstated his commitment to “a sustainable future that demands innovation and transformation in steel production, ensuring that the country’s advancements align with global environmental standards.”

It is based on this that a roadmap is being developed for the revitalization of the steel sector in Nigeria.

He noted that “with considerable attention to issues of insurance for government-owned steel plants, beneficial incentives for investors that are willing to put money in the sector, and designating the 24,000–hectare land in Ajaokuta as an Industrial Park.”

He further said that “in line with the 8-point agenda of Mr President and the proposed roadmap for the ministry of steel development, the following are some suggested pathways transition metals can be produced locally with requisite value addition, though not exhaustive, it includes;

1. Enforcing the Processing of Raw Materials Locally: Government will ensure a conducive environment for investments in mineral processing plants across the country. This will ensure forex proliferation and creation of jobs for both skilled and unskilled workers in the mining sector.

2. We must Improve Promotional Activities for Specific Minerals: We must build on the several ongoing initiatives to grow Nigeria’s mining sector; local and global promotion needs to be intensified on Lithium, Gold, Limestone etc. to attract investments into the sector.

3. We must Invest in exploration of Bankable data for Mining: Government will encourage investments in the determination of large volumes and deposits of transition metals.

4. We need to Secure the Mining Environment: Ensuring a secure environment through enhanced security initiatives for mining operations remains one of the matters that requires urgent attention.

5. We need to establish Host Communities Mineral Development Fund: This will address the challenges investors usually encounter with local communities on ownership of mineral deposits.”

Tinubu on N2tn Discos’ Recapitalisation, Tariff Review

By

Rhoda Onuzulike

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October 31, 2023

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President Bola Tinubu, on Monday, said Nigeria’s power sector privatisation had failed to meet its objectives, as the national grid was serving only about 15 per cent of the country’s electricity demand despite being privatised 10 years ago.

Tinubu, who spoke during the Nigeria Electricity Supply Industry market participants and stakeholder roundtable that focused on privatisation, also called for the recapitalisation of power distribution companies.

He said preliminary analysis showed that the Discos were currently under-capitalised to close to N2tn, adding that Nigeria’s power tariffs should be rebased.

FG Disconnects Discos From National Grid Over Debt

Represented by the Special Adviser, Energy and Infrastructure, Office of the Vice President, Sodiq Wanka, the President said, “10 years on, I believe it is fair to say that the objectives of sector privatisation have, by and large, not been met. Over 90 million Nigerians lack access to electricity.

“The national grid only serves about 15 per cent of the country’s demand. This has left households and factories relying on expensive self-generation, which supplies 40 per cent of the country’s demand.

“What is worse is that the total amount of electricity that can be wheeled through the national grid has remained relatively flat in the last 10 years. The grid capacity has increased from just over 3,000MW to roughly 4,000MW today. Versus a 40,000MW target by 2020 that the Federal Government had set pre-privatisation.”

The President stated that the reasons for the sector’s underperformance in the last decade were well known, including deep commercial, governance and operational issues that had beleaguered the sector.

“As of Q2 2023, for every kWh (kilowatt-hour) of electricity sent to the grid, only 60 per cent is paid for. But as we know, even the tariff paid for that unit of electricity is far from being cost-reflective, especially in light of the recent devaluation of the naira.

“The sector has suffered chronic underinvestment, especially in transmission and distribution. Many of the successor utilities of the PHCN have failed to meet their performance improvement targets due to technical and financial capacity issues.

“We are in a vicious cycle of under-performance and under-investment, and everyone has a different view of which value chain player should be blamed for continued sector malaise.

“But we are where we are! And the real question we should ask ourselves in our engagements in the next three days is, how do we move forward from here?” Tinubu stated.

He noted that in the short term, stakeholders in the sector must intensify efforts to address commercial issues and improve the investment attractiveness of the sector.

He said the sector should have a clear plan to rebase tariffs to recognise the actual costs and loss levels of the entire value chain and allow for adequate investment cost recovery.

“We must be clear on shortfalls and how we will finance them. And there must be a clear path to extinguishing historic sector debts to various value chain stakeholders. A reconciliation exercise in this regard is already underway,” the President stated.

In terms of sector governance, Tinubu said it was vital to create an environment where the worst performers would not continue to drag the sector down.

“All licensees must have the technical capacity to deliver on their license and the financial muscle to invest and grow their operations. Preliminary analysis shows that DISCOS today are under-capitalised to the tune of close to N2tn.

“We must facilitate a reorganisation and a recapitalisation process that brings in new partners and new capital to jumpstart performance in this critical section of the value chain,” he stated.

Investments In Oil Sector Uncertain Despite PIA

By

Rhoda Onuzulike

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October 31, 2023

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Operators in Nigeria’s oil and gas sector, on Monday, said there was still uncertainty with respect to investments in the industry despite the enactment of the Petroleum Industry Bill about two years ago.

Nigeria’s low oil production and the plunge in its revenue were attributed to this investor uncertainty by the industry players, as they urged the National Assembly to consider a review of the PIA 2021.

The PIA was passed into law in August 2021 by former President Muhammadu Buhari, after it dragged as a bill at the National Assembly for about two decades.

Regulatory, Fiscal Incentives in PIA will be Seamless

Speaking at the Oil and Gas Industry Policy Roundtable organised by the Independent Petroleum Producers Group and Oil Producers Trade Section for members of the National Assembly, the Chairman, IPPG, Abdulrazaq Isa, said the challenges in the sector were stifling its growth despite the PIA.

He said, “As you are aware, it has been two years since the enactment of the Petroleum Industry Act and this landmark legislation continues to transform the Nigerian oil and gas industry and has laid a solid foundation for its growth and development.

“However, investor uncertainty, a core element of the ongoing reforms, persists and this is further exacerbated by the global energy transition drive and the insecurity in the Niger Delta with the resultant effect being a significant drop in the nation’s production output.

“Consequently, Nigeria suffers untold collapse in revenue accruable from its vast hydrocarbon resources. It has therefore become imperative for us as an industry to ensure the immediate ramping up of oil and gas production to shore up the nation’s revenue base and generate the much-needed foreign exchange for the attainment of macroeconomic stability.”

Making this happen in the short to medium term, according to Isa, would require focusing on some priority areas.

The first, he said, included the “amendment of critical aspects of the PIA primarily aimed at establishing a strong regulatory and governance framework to guide the effective implementation of the PIA and ensure that the intended benefits of the industry-wide reforms are realised.

“Enhancing the competitiveness of the industry in order to attract the level of funding required to fully optimise our vast hydrocarbon resources for today and future generations,” among others.”

No Plans To Redenominate Naira — CBN

By

Rhoda Onuzulike

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October 31, 2023

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The Central Bank of Nigeria has said that it has no plan to redenominate or restructure the naira notes in 2024.

The apex bank said this on Tuesday in a statement signed by its Director, Corporate Communications, Isa AbdulMumin, and shared on its X handle.

The CBN urged Nigerians to disregard the wide circulation of a text message suggesting that the Bank plans to redenominate the country’s legal tender next year, noting that the contents of the message are misleading.

CBN Bans Banks From Utilising Naira Devaluation Gains

“We are concerned that this narrative, which we had refuted before now, appears to be gaining traction with several debates on the implication of

such a policy for the Nigerian economy.

“We wish to reiterate that the contents of the message are misleading. The authors of the message, in their mischief, modified text eked from an old policy move by a previous CBN Governor in 2007 to make it appear recent.

“For the avoidance of doubt, there is currently no plan by the Bank to restructure and redenominate the naira.”

However, it added that while the bank may be considering reforms, “such are subject to laid down procedures in line with the provisions of the CBN Act, 2007.

“The public is hereby advised to ignore the news report, as it is speculative and calculated to cause panic in the polity,” AbdulMumin added.

The bank had in 2022 redesigned the N200, N500 and N1000 notes.

Cabinet Okays N2.1Tn Supplementary Budget For 2023

By

Rhoda Onuzulike

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October 31, 2023

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The Federal Executive Council has okayed the sum of N2.1 trillion as supplementary budget for the year 2023.

Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this while briefing State House Correspondents at the end of Monday’s cabinet meeting chaired by President Bola Ahmed Tinubu.

Gov. Otu Presents ₦250bn Budget For 2024 Fiscal Year

bagudu said the main items on the supplementary budget are issues of security and the payment of wage awards to workers in the public sector.

He said: “Today, the council considered a request for supplementary appropriation, which is the second for 2023 and graciously approved the sum of N2, 176, 791, 286. 33 as a supplementary budget and this is to fund urgent issues including N605 billion for national defence and security to sustain the gains made in security, as these are funds needed by the military and other security agencies for the year 2023.

“Equally, the sum of N300 billion was provided to repair bridges including Eko and 3rd Mainland bridges as well as construction, rehabilitation and maintenance of many roads nationwide before the return of the rainy season. Equally, the sum of N200 billion was provided for seed and agricultural input supplies as well as agricultural implements and infrastructure to support the expansion of food production.

“The sum of N210 billion is also provided for in the supplementary budget for the payment of wage awards to workers. While negotiating with the Nigeria Labour Congress, the Nigerian government agreed to pay N35,000 each to about 1.5 million employees and that amount for September, October, November and December 2023 is what has been captured in the supplementary budget.”

Giving clarification on the wage award, the Minister said the component of the wage award for the year 2024 has also been captured in the 2024 budget.

The Budget Minister further disclosed that N400 has also been provided for in the auxiliary budget for cash transfer payment.

“You may recall that the Nigerian government secured a $800 million loan from the World Bank to pay cash transfers of N25, 000 each to 15 million households. The $800 million is for two months of October and November, 2023 and the President has graciously approved that an additional month be funded by the government and that is what this N400 billion is for,” he explained.

Bagudu revealed that N100 billion was provided for in the extra budget as support to the Federal Capital Territory in order to enable the territory to execute urgent or immediate capital expenditure works.

He added that N5.5 billion was also okayed for the take-off of the Students Loan Board adding that newly established Ministries also got eight billion for their own take-off.

He also said N18 billion has been provided for the nation’s Independent National Electoral Commission for the smooth conduct of the off-season elections in Kogi, Bayelsa and Imo States next month.

The supplementary budget is expected to be forwarded to the National Assembly without delay, for speedy approval, in order to address the urgent needs of government, especially the payment of wage awards, which workers have since been anticipating.

Supplementary Appropriation Bill Passes 2nd Reading

By

Rhoda Onuzulike

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October 31, 2023

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The House of Representatives has passed through second reading for the 2023 fiscal year supplementary appropriation bill of N2.18 trillion.

The passage followed the debate on the general principle of a bill (budget) at plenary on Tuesday, shortly after receiving a communication from the President, Bola Tinubu.

President Tinubu, in a letter read on the floor of the House by Speaker Abbas Tajudeen, requested the speedy passage of the supplementary budget to enable the federal government to finance welfare packages such as wages and conditional cash transfers agreed with the organised labour.

Consequently, the executive bill was slated for second reading in a supplementary order paper, and after the debate and passage, it was referred to the Committee on Appropriations for further legislative action.

Out of the total of N2.18 trillion, N18 billion is for statutory transfers, N992.802 billion is for recurrent (non-debt) expenditure, and the sum of N1.165 trillion, one hundred and sixty-five billion, is for contribution to the Development Fund for Capital Expenditure.

The proposed legislation read: “Bill for an Act to authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of N2,176,791,286,033 (two trillion, one hundred and seventy-six billion, seven hundred and ninety-one million, two hundred and eighty-six thousand, thirty-three naira) only, of which N18,0000,000,000 (eighteen billion naira) only is for Statutory Transfers, N992,802,015,985 (nine hundred and ninety-two billion, eight hundred and two million, fifteen thousand, nine hundred and eighty-five naira) only is for Recurrent (non-debt) expenditure.

“While the sum of N1,165,989,270,049 (one trillion, one hundred and sixty-five billion, nine hundred and eighty-nine million, two hundred and seventy thousand, forty-nine naira) only is for contribution to the Development Fund for Capital Expenditure for the year ending on December 31, 2023.”

Meanwhile, Tinubu, in another letter read by Speaker Abbas, requested the House to consider the Medium Term Expenditure Framework & Fiscal Strategy Paper (MTEF/FSP), 2024–2026.

He said with the submission of the MTEF/FSP, 2024-2026, the preparation of the 2024 budget was in advanced stage.

While contributing to the debate, the Deputy Speaker, Hon. Benjamin Kalu, said that President Tinubu’s administration is proactive.

“Your Excellency, how you know a proactive government is when such government has policies that are as dynamic as the changing times and tide in the nation. If you may recall, not too long ago, government took some serious critical economic policy. That policy created gaps but the government didn’t close their ears to the yearning, the tears of the citizens. What they did was to run to the parliament for supplementary budget of about N819 billion to cushion the effects. That was excellent,” Hon. Kalu said.

On his part, the Majority Leader, Julius Ihonbvere said that the proposed supplementary budget will provide funds for additional palliative measures.

“This is worthy of our support especially when you consider that the civil servants have been considered. The President, the executives they are working their talk. Recently, they increased the wages for the civil servants. Now, they are making budgets to be able to put their mouth where it matters most and put their pockets where it matters most. I’m standing to ask that this House considers the passion, desire, the intention of the executive in providing this supplementary budget especially when it comes to housing. The idea and intention of the federal government is to make sure we have 2000 housing unit in all the six geopolitical zones. This is a budget for all of us, for Nigeria. I urge you to support it with everything you hold dear”. Ihonbvere said.