Nigeria To Become G-20 Economy Before 2031- Minister

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October 31, 2023

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.”

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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

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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.

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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

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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.

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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

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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.

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“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.

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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

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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.

Concerns Over HPV Vaccine Roll Out In Nigeria

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Olasunbo Okoromi

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October 31, 2023

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Human papilloma virus (HPV) is the cause of common dermatologic diseases as well as of various other types of cancers. Globally, it represents the most common sexually transmitted infection (STI).

The infection is often naturally cleared by the host immune system within one or two years, otherwise it can persist silently in infected individuals, with varying pathological effects, such as cancer onset and progression.

HPV infections are often transmitted through micro-wounds incurred during sexual intercourse or through other types of skin-to-skin contact, making transmission possible through penetrative and non-penetrative sexual contact.

Human Papilloma Virus (HPV) which causes different types of cancers, including Cervical Cancer (cc), has been said to be the leading cause of cancer deaths among women warranting the recommendation of vaccination.

Thus, vaccines against hpv became first available in 2006. Currently there are six licensed hpv vaccines: Three bivalent, two quadrivalent, and one nonavalent. Four of these vaccines are who prequalified

The hpv vaccine was approved for females in 2006 and for males in 2009.

Nigeria recently introduced the Human Papillomavirus (HPV) Vaccine into its routine immunization system, aiming to reach 7.7 million girls – the largest number in a single round of HPV vaccination in the African region. Girls aged 9–14 years will receive a single dose of the vaccine.

As part of the immunization process, a five-day mass vaccination campaign in schools and communities will be carried out during the inaugural rollout in 16 states and the federal capital territory. The vaccine will then be incorporated in routine immunization schedules within health facilities, with the second phase of the vaccination introduction set to start in may 2024 in 21 states.

Meanwhile parents and expert are however worried about potential vaccine side effects which have been seen to be life threatening, persistently leading to significant disability or incapacitation and even worse of all, in some cases leading to death.

The vaccine is being provided for free by the federal ministry of health through the national primary health care development agency with support from gavi – the vaccine alliance, united nations children’s fund (unicef), world health organization (who) and other partners.

Some parents have already cited concerns about safety for declining to get the HPV vaccine for their kids. With the percentage of parents who declined the HPV Vaccine for their kids due to safety concerns doubling by the day as a result of reports of serious health issues after HPV vaccination consistently surfacing.

Expert have also raised concern about the vaccines, (gardasil 4) being able to only prevent 4 variants of the hpv, with 2 being high risk and other 2 being low risk. Also the manufacturers gavi clearly stated that “we do not protect you from all cervical cancers” Meaning protection is not guaranteed from other hpvs that can cause cervical cancer, even after getting vaccinated, further raising concerns as to why the vaccine is necessary or made compulsory.

Now another concern that has been raised by parents and stakeholder include question as to if getting the hpv vaccine is the best solution or prevention method from getting infected.

In addition to these concerns are the reports of severe and life threating side effects from those who have recieved the vaccination in other countries, so much so that victims of these adverse vaccine effects have sued the manufacturers and the cases are still in court.

The above concerns then begs the question of why government is pushing for vaccination as opposed to other safer means of preventing HPV, such as sponsoring regular cervical screening exercises and early detection programmes, as in the case of Breast Cancer and other Cancers.

Written by Cleopatra Okohai.

100 Dead Or Missing In Mexico After Hurricane Otis

By

Angel Gimalo

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October 31, 2023

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The number of people dead and missing due to Hurricane Otis, a Category 5 storm which hammered the Mexican Pacific resort city of Acapulco last week, has risen to 100, the government of the southern state of Guerrero said on Monday.

Otis battered Acapulco with winds of 165 miles per hour (266 km per hour) on Wednesday, flooding the city, tearing roofs from homes, hotels and other businesses, submerging vehicles, and severing communications as well as road and air connections.

Looting broke out as the city’s population of nearly 900,000 became increasingly desperate for food and water.

The government of Guerrero, Acapulco’s home state, said in a statement 46 people were dead and 54 others were missing.

On Sunday, Mexico’s federal civil protection authorities said there were 48 dead, comprising 43 in Acapulco and five in nearby Coyuca de Benitez. Among the dead are a U.S. citizen, a Briton and a Canadian, according to Guerrero’s government.

Many residents of Acapulco were still struggling to pick up the pieces of their shattered lives on Monday afternoon.

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Sixty-two-year-old Rumualda Hernandez from the Renacimiento neighborhood a few miles back from the shore, urged the government to send help after walking 10 blocks from her wrecked home to get water from a cistern to wash clothes caked in mud.

Fishermen and workers on tourism yachts gathered at Acapulco’s Playa Honda on Sunday afternoon to look for missing colleagues and friends, worried officials were not doing enough.

Luis Alberto Medina, a fisherman, said he was searching for six people who worked in the harbor.

During a regular government press conference President Andres Manuel Lopez Obrador urged local authorities to ensure that basic goods were being delivered to Acapulco’s population.

The cost of damage from the hurricane could climb as high as $15 billion according to estimates, and Mexico has sent some 17,000 members of the armed forces to keep order and help distribute tons of food and supplies in Acapulco.

Kwara poly Trains Staff on Leadership, Ethics

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Nzubechukwu Anodo

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October 31, 2023

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The management of the Kwara State Polytechnic (Kwarapoly), under the leadership of Engineer Abdul Jimoh Muhammed, has recently organised a two-day specialised leadership and professional ethics training for both academic and non-academic staff of the polytechnic.

Speaking at the training programme, the Rector, Engineer Muhammed, said that his experience during his training at the institute in Kuru informed his decision to bring them down to Kwarapoly.

He said one of the mandates of the institute is to train people towards becoming better leaders in their various fields of endeavour.

Engineer Mohammed added that the workshop was organised to enhance leadership qualities in the Polytechnic staff with the aim of meaningfully impacting the development of the institution.

The Rector also expressed gratitude to Governor Abdulrahman Abdulrasaq for his support in elevating the polytechnic and the entire education sector in the state.

The workshop with the theme “Strategic Leadership, Ethics, and Policy Making Training” is organised for staff on CONTEDISS 7 and above.

The Director General, National Institute for Policy and Strategic Studies (NIPSS), Kuru, Jos, Professor Ayo Omotayo described the management of the institution as leaders who are interested in the progress and development of the staff of the Polytechnic.

The DG NIPSS, represented by Professor Shola Adeyanju, said that it is the first time the institute would be moving out of its base in Kuru, Jos, to organise training for people since its inception.

He lauded the initiative of the Rector and urged all participants to make judicious use of the opportunity, adding that seasoned facilitators were selected to train them.

FUL Presents N1M Cheque Each To Best Graduating Students

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Nzubechukwu Anodo

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October 31, 2023

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The Federal University Lokoja has presented checks of one million naira each to the two top graduating students who excelled at the 6th and 7th convocations.

The two outstanding students are Zafirah Eneyamire Isah, the best graduating student in the 2020/2021 Accounting Department, and Mariam Oiza Ibrahim from the 2021/2022 set of the Chemistry Department.

The funds presented to these outstanding students were a pledge made by Rt. Hon. Dr. James Faleke during the recently concluded 6th and 7th convocations.

During the check presentation, the Vice-Chancellor of Federal University Lokoja, Prof. Akinwunmi Olayemi, expressed his gratitude to Hon. Faleke for honouring his commitment.

He emphasized that this reward would serve as a motivation for other students to work diligently.

The Vice-Chancellor while encouraging all students to remain focused and work hard, he commended the two female beneficiaries, urging them to continue pursuing academic excellence.

Prof. Olayemi also advised the recipients to utilize the money wisely, suggesting they consider using it to pursue their postgraduate degrees.

He disclosed that the university’s policy is to offer employment opportunities to the best postgraduate students when needed and if they continue to excel.

Prof Olayemi further explained that in the future, the university would consider graduates of the institution for employment within the university system and urged Hon. James Faleke to make this reward an annual event to enhance academic competitiveness.

Both beneficiaries, Zafirah Eneyamire Isah, the best graduating student in 2020/2021, and Mariam Oiza Ibrahim, the best graduating student in 2021/2022, expressed their gratitude to Hon. Faleke for his generous gesture.

Zafirah Eneyamire Isah, overwhelmed with joy, offered prayers for Hon. Faleke and assured that she would make judicious use of the funds.

Mariam Oiza Ibrahim expressed her happiness, stating that the money would enable her to continue her studies and she thanked the donor for his support.