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Ruthless Super Falcons Dispatch Cape Verde  5-0 In Women’s AFCON Qualifier

  

Uchenna Kanu and Esther Okoronkwo scored a brace each while Monday Gift got a goal as the Super Falcons recorded an emphatic win over the minnows.

Nigeria began their quest for a place in next year’s Women’s Africa Cup of Nations (WAFCON) with a 5-0 thumping of Cape Verde at the Moshood Abiola Stadium in Abuja on Thursday.

Uchenna Kanu and Esther Okoronkwo scored a brace each while Monday Gift got a goal as the Super Falcons recorded an emphatic win over the minnows.

As expected, the record WAFCON holders started the game on a sound note and did not take time before Kanu opened the score sheet. She tapped in from close range just seven minutes into the game.

Although Cape Verde rallied to balance the score, goalkeeper Chiamaka Nnadozie made a stunning 16th-minute save to deny them.

Nine minutes later, the Nigerian girls were the beneficiary of a goalmouth scramble with Gift bundling the ball home to double the Super Falcons’ lead. Rasheedat Ajibade shot inches wide in the 33rd minute.

But Kanu was not done yet. She converted a Toni Payne cross just at the 45-minute mark to make it three for the home side.

Super Sub

Nigeria continued to press the Cape Verdian ladies upon resumption of the second half. But it took a 66th-minute effort from substitute Esther Okoronkwo – who came in for Gift – for the Super Falcons to get their fourth goal on the night off Esther Akudo Ogbonna’s cross.

Okoronkwo bagged her brace for the evening eleven minutes later to give Nigeria a fifth goal.

With the job done, interim coach Madugu Justine brought in Tochukwu Oluehi for Nnadozie in goal while Chiamaka Okwuchukwu made her debut when she came on for Esther Akudo.

The second leg of the game will be played on Tuesday in the coastal city of Praia, the Cape Verdian capital. The winner of both fixtures will feature at the 2024 WAFCON in Morrocco.

Thursday’s game was Madugu’s third for the Super Falcons in the continued absence of Head Coach Randy Waldrum.

COP28 Opens With ‘Historic’ Launch Of Loss And Damage Fund

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COP28 Opens With ‘Historic’ Launch Of Loss And Damage Fund

The talks in Dubai come at a pivotal moment for the planet, with emissions still rising and the UN on Thursday declaring 2023 on track to become the hottest year in human history.

Nearly 200 nations agreed Thursday to launch a fund to support countries hit by global warming, in a “historic” moment at the start of UN climate talks in the oil-rich UAE.

The announcement came as the Emirati host of the COP28 talks declared that fossil fuels must be part of any climate deal negotiated over the next two weeks.

The talks in Dubai come at a pivotal moment for the planet, with emissions still rising and the UN on Thursday declaring 2023 on track to become the hottest year in human history.

The formal establishment of the “loss and damage” fund long sought by climate-vulnerable nations provided an early win at COP28, where sharp divisions over the phasing out of fossil fuels were immediately apparent.

“We have delivered history today,” said COP28 president Sultan Al Jaber as delegates embraced and cheered.

Jaber said it was “the first time a decision has been adopted on day one of any COP and the speed in which we have done so is also unique, phenomenal and historic.

“This is evidence that we can deliver. COP28 can and will deliver,” he said.

Leaders have been urged to move more quickly to a clean energy future and make deeper cuts to emissions, with the world off-track to keep global temperature rises below agreed levels.

A central focus of COP28 will be a stocktake of the world’s limited progress on curbing global warming, which requires an official response at these talks.

Help our People’ 

Double the size of last year’s COP27, the conference is billed as the largest ever with 97,000 people, including Britain’s King Charles III and some 180 other heads of state and government expected to attend.

The UN and hosts the UAE say the talks will be the most important since Paris in 2015, and climate finance for poorer nations has been a key agenda item.

The UAE sees itself as a bridge between the rich developed nations most responsible for historic emissions and the rest of the world, which has contributed less to global warming but suffers its worst consequences.

The UAE announced $100 million toward the loss and damage fund with the European Union following with $246 million.

More pledges are expected in coming days, but the amounts fall well short of the $100 billion developing nations say are needed.

“The progress we’ve made in establishing a loss and damage fund is hugely significant for climate justice, but an empty fund can’t help our people,” warned Madeleine Diouf Sarr, chair of the Group of the 46 Least Developed Countries.

The 50-year-old Jaber is both COP president and head of UAE’s national oil giant, raising concerns over a conflict of interest amid calls for a phasedown of fossil fuels to be negotiated in Dubai.

On the eve of COP, Jaber was forced to deny that he used the COP presidency to pursue new fossil fuel deals, allegations first reported by the BBC.

In his opening address, Jaber told delegates they must “ensure the inclusion of the role of fossil fuels” in any final climate agreement and praised oil companies for coming to the table.

“They can lead the way. And then leading the way will ensure that others follow and catch up,” he said.

But UN climate chief Simon Stiell told the meeting: “If we do not signal the terminal decline of the fossil fuel era as we know it, we welcome our own terminal decline.”

And Pope Francis, who cancelled his trip to COP28 due to illness, urged participants to reject “the vested interests of certain countries or businesses”, in a statement posted on X, formerly Twitter.

Silence for Gaza

Finding a common position on the future of fossil fuels will be difficult at COP where all nations — whether dependent on oil, sinking beneath rising seas or locked in geopolitical rivalry — must take decisions unanimously.

The UAE hopes to marshal an agreement on the tripling of renewable energy and doubling the annual rate of energy efficiency improvements by 2030.

Nations will navigate a range of thorny issues between November 30 and December 12, and experts say building trust could be a huge challenge.

At the opening of the conference, delegates paused for a minute’s silence for civilians killed in the Gaza conflict.

On the sidelines, Israeli President Isaac Herzog will hold talks with diplomats on the release of hostages held by Hamas, his office said.

Neither US President Joe Biden nor Chinese President Xi Jinping are attending, though Washington is sending Vice-President Kamala Harris.

But the US and China, the world’s two biggest polluters, did make a rare joint announcement on the climate this month that spurred optimism going into COP28.

Over 50 Bandits Killed In Taraba – Police

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Over 50 Bandits Killed In Taraba – Police

The bandits were neutralised by police operatives in collaboration with other security agencies.

No fewer than 50 suspected bandits terrorising communities across the Bali Local Government Area of Taraba State in what is a breakthrough in the fight against banditry. 

While the feat was achieved on Tuesday in the North-East state, the spokesman of the Taraba State Police Command Abdullahi Usman told Channels Television on Thursday that the bandits were killed by police operatives in collaboration with other security agencies.

He said the coordinated operation followed an outcry by locals which led to the ambush and killing of the bandits.

“Taraba State Police Command received information that some unknown gunmen suspected to be kidnappers in their hundreds invaded Tonti village under Maihula District Bali LGA Taraba State. The bandits invaded the village around 5:30hrs during the time that the Muslim faithful were saying their morning prayers, and started shooting sporadically".

“On receipt of information, the Commissioner of Police Taraba State Police Command Joseph Eribo ordered the deployment of a tactical team from Bali Division to the area in collaboration with the Army, vigilantes, and hunters. On arriving at the village, the bandits engaged the joint team in a gun duel.

“In the process, many of the bandits were subdued and neutralised due to the firing power of the operatives and others escaped with various degrees of injuries as a result of gunshots. Investigation revealed that over fifty of the bandits were neutralised.”

According to him, there is a manhunt in the area to arrest the fleeing bandits.

However, 12 locals were shot to death by the bandits before the arrival of the security personnel, the police spokesman added.

Already, police authorities in the state have deployed a special strike force to the area for robust patrol mainly to stem the tide of banditry in and around the place.

Taraba is among several states in northern and central Nigeria where bandit gangs operate, raiding villages, killing and abducting residents as well as burning and looting homes.

The criminals have been notorious for mass kidnappings of students from schools in recent years. Hundreds of thousands of people have also been displaced in rural areas in the northern and central parts of Nigeria, where bandit militias raid villages to loot and kidnap scores of residents to hold them for ransom in forest hideouts.

70-Year-Old Ugandan Woman Gives Birth To Twins

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70-Year-Old Ugandan Woman Gives Birth To Twins 

"At 70 years when I'm considered weak, unable to get pregnant and deliver, or look after a baby, and here is a miracle of the twins."

A Ugandan woman aged 70 has given birth to twins, her doctor said Thursday, in what the mother hailed as a miracle.

Safina Namukwaya described her joy at the arrival of the twins who were born on Wednesday at a medical facility in the capital Kampala, where she had received fertility treatment.

“This is extraordinary achievement, delivering twins to Africa’s oldest mother at 70 years,” Doctor Edward Tamale Sali, who supervised her pregnancy and delivery, told AFP.

He said mother and babies — a boy and a girl — were still in the care of the Women’s Hospital International and Fertility Centre that he founded, but were in good health.

“There is no way to express my joy at this moment,” said Namukwaya, who lives in the rural of Masaka about 120 kilometres (75 miles) west of Kampala.

“At 70 years when I’m considered weak, unable to get pregnant and deliver, or look after a baby, and here is a miracle of the twins,” she told AFP by phone.

Namukwaya said she previously gave birth to a girl in 2020, after being mocked as “cursed woman” who had previously failed to produce a child.

She said her first husband had died in 1992, leaving her without children, and she met her current partner in 1996.

But Namukwaya voiced dismay that her partner has not visited her since she came to the hospital for the delivery.

“Maybe he is not happy that I delivered twins because men don’t want to know you are carrying more than one child in a womb for fear of may be responsibilities that come with that.”

Source: Channel TV

Meet December Repair Deadline For Port Harcourt Refinery, Afenifere Urges FG

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Meet December Repair Deadline For Port Harcourt Refinery, Afenifere Urges FG 

Petroleum minister had in August pledged that the Port Harcourt refinery would be back on stream by December.

Pan-Yoruba socio-political group, Afenifere, has urged the Federal Government to meet the December deadline for the operationalisation of the Port Harcourt Refinery.

The Pa Reuben Fasoranti-led group, in a statement after its meeting in Akure, the Ondo State capital, this week, said meeting the December deadline will cushion the biting effect of the removal of subsidy on Premium Motor Spirit also known as petroleum on Nigerians.

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, had in August pledged that the Port Harcourt refinery would be back on stream by December

According to the minister, the measure was part of the government’s commitment to ending petroleum product importation.

With the removal of petrol subsidy in his inaugural speech on May 29, 2023, the price per litre of petrol rose from N184 to over N600 in most parts of the country.

With the December deadline already here, Afenifere, in a statement signed by its spokesman, Jare Ajayi, urged the administration of President Bola Tinubu to meet the deadline.

Afenifere “urged the government to ensure that the deadlines given are adhered to”.

“For instance, the December deadline given for Port Harcourt Refinery to resume production should be met. This is to bring the cost of petroleum products down as the high costs of these products are contributing to the soaring prices of commodities and services in the country,” the statement partly read.

Day-Long Extension Of Israel-Hamas Truce Agreed

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Day-Long Extension Of Israel-Hamas Truce Agreed

The prime minister's office confirmed the extension, saying it had received a new list of hostages.

 

A truce between Israel and Hamas was extended on Thursday just before it was due to expire, the two sides announced, with mediator Qatar reporting it would continue for one day under the same conditions that saw hostages released in exchange for prisoners.

Minutes before the halt in fighting was due to expire at 0500 GMT, Israel’s military said the truce would be prolonged.

“In light of the mediators’ efforts to continue the process of releasing the hostages and subject to the terms of the framework, the operational pause will continue,” it said.

The prime minister’s office subsequently confirmed the extension, saying it had received a new list of hostages.

“A short time ago, Israel was given a list of women and children in accordance with the terms of the agreement, and therefore the truce will continue,” it said, without specifying the number of captives to be freed.

Hamas said there was an agreement to “extend the truce for a seventh day,” without further details.

It had earlier said Israel initially refused to extend the truce after it offered to hand over seven hostages and the bodies of three more.

Qatar, which has led the truce negotiations supported by Egypt and the United States, confirmed the pause had been extended for a day “under the same previous conditions.”

Blinken in Israel

The announcement came hours after US Secretary of State Antony Blinken arrived in Israel on Wednesday night, and with growing pressure for an extension of the pause.

The truce agreement has brought a temporary halt to fighting that began on October 7 when Hamas militants broke through Gaza’s militarised border into Israel, killing 1,200 people, mostly civilians, and kidnapping about 240, according to Israeli authorities.

In response, Israel vowed to eliminate Hamas and unleashed a relentless air and ground military campaign that the Hamas government says has killed nearly 15,000 people in Gaza, also mostly civilians, and reduced large parts of the north of the territory to rubble.

The truce agreement allows for extensions if Hamas can release another 10 hostages a day, but earlier both sides warned they were ready to return to fighting.

Hamas’s armed wing told its fighters to “maintain high military readiness… in anticipation of a resumption of combat if it is not renewed,” according to a message posted on its Telegram channel.

And Israeli army spokesman Doron Spielman said troops would “move into operational mode very quickly and continue with our targets in Gaza” if the truce expired.

Late Wednesday, 10 more Israeli hostages were freed under the terms of the deal, with another four Thai hostages and two Israeli-Russian women released outside the framework of the arrangement.

Video released by Hamas showed masked gunmen handing hostages to the International Committee of the Red Cross.

Among those freed was Liat Beinin, who also holds American citizenship, and works as a guide at Israel’s Holocaust museum Yad Vashem.

US President Joe Biden said he was “deeply gratified” by the release.

“This deal has delivered meaningful results,” he said of the truce.

‘Sustained humanitarian truce’

Shortly after the hostages arrived in Israel, the country’s prison service said 30 Palestinian prisoners had been released, including well-known activist Ahed Tamimi.

Since the truce began on November 24, 70 Israeli hostages have been freed in return for 210 Palestinian prisoners.

A number of foreigners, most of them Thais living in Israel, have been freed outside the terms of the deal.

Israel has made clear it sees the truce as a temporary halt intended to free hostages, but there are growing calls for a more sustained pause in fighting.

United Nations Secretary-General Antonio Guterres demanded a “true humanitarian ceasefire”, warning Gazans are “in the midst of an epic humanitarian catastrophe.”

And China, whose top diplomat Wang Yi was in New York for UN Security Council talks on the violence, urged an immediate “sustained humanitarian truce”, in a position paper released Thursday.

The hostage releases have brought joy tinged with agony, with families anxiously waiting each night to learn if their loved ones will be freed, and learning harrowing details from those who return.

Four-year-old Abigail was captured after crawling out from under the body of her father, killed by militants, covered in his blood, her great aunt Liz Hirsh Naftali said.

“It’s a miracle,” she said of the little girl’s survival and release.

Israel’s army, however, also said Wednesday it was investigating a claim by Hamas’s armed wing that a 10-month-old baby hostage, his four-year-old brother and their mother had all been killed in an Israeli bombing in Gaza.

‘Everything is gone’

Israel pounded the Gaza Strip relentlessly before the truce, forcing an estimated 1.7 million people — around 80 percent of Gaza’s population — to leave their homes and limiting the entry of food, water, medicine and fuel.

Conditions in the territory remain “catastrophic”, according to the World Food Programme, and the population faces a “high risk of famine”.

Israeli forces targeted several hospitals in northern Gaza during the fighting, accusing Hamas of using them for military purposes, a charge the militants denied.

The spokesman for the Hamas-ruled territory’s health ministry, Ashraf al-Qudra, told AFP Wednesday that doctors found five premature babies dead in Gaza City’s Al-Nasr hospital, which medical staff had been forced to abandon.

The truce has allowed those displaced to return to their homes, but for many there is little left.

“I discovered that my house had been completely destroyed — 27 years of my life to build it and everything is gone,” said Taghrid al-Najjar, 46, after returning to her home in southeastern Gaza.

The violence in Gaza has also raised tensions in the West Bank, where nearly 240 Palestinians have been killed by either Israeli soldiers or settlers since October 7, according to the Palestinian health ministry.

That figure exceeds the entire toll in the Israeli-Palestinian conflict for all of last year when 235 people died, mostly Palestinians.

An eight-year-old boy and a teenager were the latest deaths in the occupied territory, with Israel saying it “responded with live fire” after suspects hurled explosive devices towards troops.

On Thursday a shooting in Jerusalem killed two people and wounded eight others before the suspects were “neutralised,” police said.

Nigerians Uninterested In Budgetary Arithmetic If Bread, Rice Prices Don’t Decrease — Rewane

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Nigerians Uninterested In Budgetary Arithmetic If Bread, Rice Prices Don’t Decrease — Rewane

The economist said Nigerians are under intense economic pressure, adding that the rate of poverty in the country is increasing mental health cases.

Renowned economist, Bismarck Rewane, says Nigerians are not interested in budgetary figures if the prices of basic commodities like rice, bread, and garri don’t go down.

Rewane, the Managing Director of Financial Derivatives Company Limited, made this known on Thursday during a live appearance on Channels Television’s Business Morning show.

He said, “In the end, budgetary arithmetics, budgetary mathematics in economics is of no use to anybody except when by this time, six months’ time, if we are buying rice at N40,000 a bag rather than N60,000 a bag, if we are buying bread N900 a big loaf instead of N1,300 which we are doing today. If we are buying garri at lower prices.

“The people are not interested in whether the budget is balanced and what the debt is. How does it (the budget) affect their day-to-day livelihood? That is the key thing.”

At his maiden budget presentation before the National Assembly on Wednesday, President Bola Tinubu said the proposed N27.5trn 2024 budget will ensure micro-economic stability, poverty reduction, and greater access to social security, amongst others.

He highlighted priority areas such as security, local job creation, macro-economic stability, investment environment optimization, human capital development, poverty reduction, and social security.

Giving a breakdown of the budget estimates, the President fixed recurrent non-debit expenditure at N9.92trn, capital expenditure at N8.73trn, debt service at N8.25trn, revenue at N18.32trn, new borrowings at N7.83trn and deficit at N9.18trn.

‘Poverty Increasing Mental Health Issues’

Rewane, analysing the budget proposal, said in the final analysis, the people are not interested in figures but want to feel the impact of the government’s economic policies as many are under pressure.

“And as you know, prices are up and people are under tremendous pressure,” he said, adding that the rate of poverty in the country is driving people mad.

“You will notice that on the streets of Lagos in particular, the number of lunatics has increased and part of it is driven by poverty. Many mental health issues. People are pushed to the wall. Some of them walk across the road even in moving traffic.

“People need to feel the impact. the impact is not going to be felt because of 10 or 12% of GDP, that is N27trn; it has to be more. Where is the more going to come from? It’s going to come from investors and investors are going to come here when they are sure that their money is safe and the environment is clean, and they can look forward to a brighter future.”

The economist said the government must be honest with Nigerians on the economic realities, saying that “honesty is in short supply”.

According to him, people cannot start pretending to be happy. “You can fake news but you can’t fake prosperity,” he said.

FOR THE RECORD: President Bola Tinubu’s Maiden Budget Speech – Budget Of Renewed Hope

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FOR THE RECORD: President Bola Tinubu’s Maiden Budget Speech – Budget Of Renewed Hope

In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly.

Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion to economic development and to the greater welfare of our people. It also highlights your desire to work in close collaboration with the Executive branch. We do not serve ourselves. We must always strive to work together to serve and benefit the people of our beloved country.

I am confident that the National Assembly will continue to work closely with us to ensure that deliberations on the 2024 Budget are thorough but also concluded with reasonable dispatch. Our goal is for the Appropriation Act to come into effect on the 1st of January 2024.

It is, by now, a matter of recorded history that my very first fiscal intervention as President of this great nation was to end the fuel subsidy regime which had proven to be so harmful to the overall health of our national economy. The second was to negotiate and subsequently present a supplementary budget to enable my government to fund the items needed to restore macro-economic stability and mitigate the harsh impact of subsidy removal.

In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly.

Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion to economic development and to the greater welfare of our people. It also highlights your desire to work in close collaboration with the Executive branch. We do not serve ourselves. We must always strive to work together to serve and benefit the people of our beloved country.

I am confident that the National Assembly will continue to work closely with us to ensure that deliberations on the 2024 Budget are thorough but also concluded with reasonable dispatch. Our goal is for the Appropriation Act to come into effect on the 1st of January 2024.

It is, by now, a matter of recorded history that my very first fiscal intervention as President of this great nation was to end the fuel subsidy regime which had proven to be so harmful to the overall health of our national economy. The second was to negotiate and subsequently present a supplementary budget to enable my government to fund the items needed to restore macro-economic stability and mitigate the harsh impact of subsidy removal.

 

The third was to secure a second supplementary budget, this time to enable us to keep our promises to promote national security, invest in infrastructure and provide much needed support to the most vulnerable households in our society.

In swearing-in my cabinet and reflecting on the unique challenges facing us, I invited the Ministers to imagine that we are attempting to draw water from a dry well. Today, I stand before you to present our Budget of Renewed Hope; a budget which will go further than ever before in cementing macro-economic stability, reducing the deficit, increasing capital spending and allocation to reflect the eight priority areas of this Administration. The budget we now present constitutes the foundation upon which we shall erect the future of this great nation.

In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly.

Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion to economic development and to the greater welfare of our people. It also highlights your desire to work in close collaboration with the Executive branch. We do not serve ourselves. We must always strive to work together to serve and benefit the people of our beloved country.

I am confident that the National Assembly will continue to work closely with us to ensure that deliberations on the 2024 Budget are thorough but also concluded with reasonable dispatch. Our goal is for the Appropriation Act to come into effect on the 1st of January 2024.

It is, by now, a matter of recorded history that my very first fiscal intervention as President of this great nation was to end the fuel subsidy regime which had proven to be so harmful to the overall health of our national economy. The second was to negotiate and subsequently present a supplementary budget to enable my government to fund the items needed to restore macro-economic stability and mitigate the harsh impact of subsidy removal.

 

The third was to secure a second supplementary budget, this time to enable us to keep our promises to promote national security, invest in infrastructure and provide much needed support to the most vulnerable households in our society.

In swearing-in my cabinet and reflecting on the unique challenges facing us, I invited the Ministers to imagine that we are attempting to draw water from a dry well. Today, I stand before you to present our Budget of Renewed Hope; a budget which will go further than ever before in cementing macro-economic stability, reducing the deficit, increasing capital spending and allocation to reflect the eight priority areas of this Administration. The budget we now present constitutes the foundation upon which we shall erect the future of this great nation.

PREVAILING ECONOMIC ENVIRONMENT

Economic conditions remain challenging both abroad and at home. Despite lingering Post-Covid supply and production bottlenecks, armed conflict in various parts of the world and restrictive monetary policies in major economies, we expect global growth to hover around 3.0 percent in 2024. This relative low rate has significant implications for our economy due to our current reliance on importation.

Distinguished Senators, Honourable Members: despite the global headwinds, the Nigerian economy has proven resilient, maintaining modest but positive growth over the past twelve months.

Inflation has trended upward due to weak global conditions. To contain the rising domestic prices, we will ensure effective coordination of fiscal and monetary policy measures, and collaborate with sub-national governments to address structural factors driving inflation in Nigeria.

The Budget proposal meets our goal of completing critical infrastructure projects which will help address structural problems in the economy by lowering the costs of doing business for companies and the cost of living for the average person, The Honourable Minister of Budget and Economic Planning will provide full details of this proposal.

PERFORMANCE OF THE 2023 BUDGET

Distinguished Senators and Honourable Members, an aggregate revenue of 11.045 trillion naira was projected to fund the 2023 Budget of 24.82 trillion naira with a deficit of about 6.1 percent of GDP.

As of September 30, the Federal Government’s actual aggregate revenue inflow was 8.65 trillion naira, approximately 96 percent of the targeted 8.28 trillion naira.

Despite the challenges, we continue to meet our obligations.

THEME AND PRIORITIES OF THE 2024 BUDGET

Distinguished Senators, Honourable Members, permit me to highlight key issues relating to the budget proposals for the next fiscal year. The 2024 Appropriation has been themed the Budget of Renewed Hope. The proposed Budget seeks to achieve job-rich economic growth, macro-economic stability, a better investment environment, enhanced human capital development, as well as poverty reduction and greater access to social security.

Defence and internal security are accorded top priority. The internal security architecture will be overhauled to enhance law enforcement capabilities and safeguard lives, property and investments across the country.

Human capital is the most critical resource for national development. Accordingly, the budget prioritizes human development with particular attention to children, the foundation of our nation.

To improve the effectiveness of our budget performance, government will focus on ensuring value for money, greater transparency and accountability. In this regard, we will work more closely with development partners and the private sector.

To address long-standing issues in the education sector, a more sustainable model of funding tertiary education will be implemented, including the Student Loan Scheme scheduled to become operational by January 2024.

A stable macro-economic environment is important to catalyse private investment and accelerate economic growth. We have and shall continue to implement business and investment friendly measures for sustainable growth.

We expect the economy to grow by a minimum of 3.76 per cent, above the forecasted world average. Inflation is expected to moderate to 21.4 per cent in 2024.

In preparing the 2024 Budget, our primary objective has been to sustain our robust foundation for sustainable economic development. A critical focus of this budget and the medium term expenditure framework is Nigeria’s commitment to a greener future.

Emphasising public-private partnerships, we have strategically made provisions to leverage private capital for big-ticket infrastructure projects in energy, transportation and other sectors. This marks a critical step towards diversifying our energy mix, enhancing efficiency, and fostering the development of renewable energy sources. By allocating resources to support innovative and environmentally conscious initiatives, we aim to position Nigeria as a regional leader in the global movement towards clean and sustainable energy.

As we approach COP 28 climate summit, a pivotal moment for global climate action, I have directed relevant government agencies to diligently work towards securing substantial funding commitments that will bolster Nigeria’s energy transition.

It is imperative that we seize this opportunity to attract international partnerships and investments that align with our national goals. I call upon our representatives to engage proactively to showcase the strides we have made in the quest to create an enabling environment for sustainable energy projects.

Together, we will strive for Nigeria to emerge from COP 28 with tangible commitments, reinforcing our dedication to a future where energy is not only a catalyst for development but also a driver of environmental stewardship.

Distinguished members of the National Assembly, the revised 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) sets out the parameters for the 2024 Budget.

After a careful review of developments in the world oil market and domestic conditions, we have adopted a conservative oil price benchmark of 77.96 US Dollars per barrel and daily oil production estimate of 1.78 million barrels per day. We have also adopted a Naira to US Dollar exchange rate of 750 naira per US Dollar for 2024.

Accordingly, an aggregate expenditure of 27.5 trillion naira is proposed for the Federal Government in 2024, of which the non-debt recurrent expenditure is 9.92 trillion naira while debt service is projected to be 8.25 trillion naira and capital expenditure is 8.7 trillion naira.

Nigeria remains committed to meeting its debt obligations. Projected debt service is 45% of the expected total revenue.

Budget deficit is projected at 9.18 trillion naira in 2024 or 3.88 percent of GDP. This is lower than the 13.78 trillion naira deficit recorded in 2023 which represents 6.11 percent of GDP.

The deficit will be financed by new borrowings totalling 7.83 trillion naira, 298.49 billion naira from Privatization Proceeds and 1.05 trillion naira drawdown on multilateral and bilateral loans secured for specific development projects.

Our government remains committed to broad-based and shared economic prosperity. We are reviewing social investment programmes to enhance their implementation and effectiveness.

In particular, the National Social Safety Net project will be expanded to provide targeted cash transfers to poor and vulnerable households. In addition, efforts will made to graduate existing beneficiaries toward productive activities and employment.

We are currently reviewing our tax and fiscal policies. Our target is to increase the ratio of revenue to GDP from less than 10 percent currently to 18 percent within the term of this Administration. Government will make efforts to further contain financial leakages through effective implementation of key public financial management reforms.

Distinguished Senators and Honourable Members, in view of the limited resources available through the federal budget, we are also exploring Public Private Partnership arrangements to finance critical infrastructure.

We, therefore, invite the private sector to partner with us to ensure that our fiscal, trade and monetary policies, as well as our developmental programs and projects succeed in unlocking the latent potential of our people and other natural endowments, in line with our national aspirations.

Distinguished Senators and Honourable Members, this Budget presentation would be incomplete without commending the patriotic resolve of the 10th National Assembly to collaborate with the Executive on our mission to renew hope and deliver on our promises to the Nigerian people. I assure you of the strong commitment of the Executive to sustain and deepen the relationship with the National Assembly.

As you consider the 2024 Budget estimates, we trust that the legislative review process will be conducted with a view to sustaining our desired return to a predictable January-December fiscal year.

I have no doubt that you will be guided by the interest of all Nigerians. We must ensure that only projects and programs with equitable benefits are allowed into the 2024 Budget. Additionally, only projects and programs which are in line with the sectoral mandates of MDAs and which are capable of realizing the vision of our Government should be included in the budget.

As a Government, we are committed to improving the lot of our people and delivering on our promises to them. The 2024 Budget has the potential to boost performance, promote the development of Micro, Small and Medium-sized Enterprises, enhance security and public safety, and improve the general living conditions of our people.

In closing, I am confident that these budgetary allocations and directives will set Nigeria on a transformative path towards a sustainable and resilient energy future, fostering economic growth, job creation, and environmental preservation.

It is with great pleasure, therefore, that I lay before this distinguished Joint Session of the National Assembly, the 2024 Budget Proposals of the Federal Government of Nigeria, titled The Renewed Hope Budget.

I thank you most sincerely for your attention. May we collectively chart the course towards a brighter and cleaner future for our great nation.

May God bless the Federal Republic of Nigeria.

Old, New Naira Notes To Co-Exist Till Further Notice, Supreme Court Rules

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Old, New Naira Notes To Co-Exist Till Further Notice, Supreme Court Rules

The Attorney-General of the Federation, Lateef Fagbemi, had asked the apex court to lift its December 31, 2023 deadline.

 

The Supreme Court on Wednesday ordered that the old N200, N500, N1000 notes should continue to co-exist with the new notes till further notice.

The apex court ruled that both old and new notes should continue to remain legal tender until the Federal Government put a process in place for its replacement or redesign after due consultation with relevant stakeholders.

The seven-man panel led by Justice Inyang Okoro gave the ruling following an application by the Federal Government seeking asking the court to grant an extension of time for old naira notes to remain in circulation as a legal tender.

The Federal Government also prayed the court to lift its March 3 order noting that the extension of time is necessary as it has not been able to print the volume of new notes that would enable a phase out of the old currency before the December 31 order.

In the fresh application by the Attorney-General of the Federation (AGF), Lateef Fagbemi, the Federal Government further explained that should the Supreme Court decline its request to extend the period of circulation of old notes, the country stands the risk of descending into another national, economic and financial crisis as witnessed in the first quarter of the year when the naira redesign policy was being implemented under the former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.

It asked the court to allow the old notes to be in use with the new notes until after it consults with stakeholders, pointing out that the economy may be in jeopardy once again because some Nigerians have started hoarding the old and new naira notes ahead of the December 31st timeline.

In a unanimous decision the seven man panel allowed Fagbemi’s application.

Mid-November, the Central Bank of Nigeria (CBN) had said the old N200, N500, and N1,000 notes would remain legal tender indefinitely.

Tinubu Presents N27.5trn 2024 Budget To NASS Today

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Tinubu Presents N27.5trn 2024 Budget To NASS Today

The 2024 budget estimates is 26% higher than the 2023 budget presented by ex-President Muhammadu Buhari in 2022.

President Bola Tinubu will present the 2024 budget estimates of N27.5trn to a joint session of the National Assembly (NASS) today (Wednesday).

It’s the President’s first budget presentation before the lawmakers since he assumed office on May 29, 2023.

The upper chamber had on Tuesday granted the President’s request to present the budget to a joint session of the Senate and the House of Representatives.

Also, NASS’ Secretary of Research and Information, Ali Umoru, in a letter dated November 27, 2023, had announced that the President will address the parliament today.

About three weeks ago, the President forwarded to both chambers of the National Assembly the 2024-2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper where the sum of N26.1trn was proposed as the total expenditure profile for the 2024 fiscal year.

On Monday, the budget on Monday was revised upwards by N1.5 trillion to N27.5trn after the oil price benchmark was increased and the naira exchange rate lowered.

The Minister of Budget and Economic Planning, Abubakar Bagudu, told reporters at the State House on Monday that the Federal Executive Council (FEC) revised the MTEF and the Fiscal Policy to use an exchange rate of N750 to $1 and also a benchmark crude oil reference price of $77.96 per barrel.

According to Bagudu, the FEC also approved an Appropriation Bill for 2024 with an aggregate expenditure of N27.5 trillion, an increase of over N1.5 trillion from the previously estimated.

The budget of N27.5 trillion is 26% higher than the 2023 budget presented by ex-President Muhammadu Buhari in 2022.

Meanwhile, the President also wrote NASS, seeking the approval of $8.6bn and €100m external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health.

Source: Channel TV

Ten Hag Urges Man Utd To Keep Calm In Galatasaray Cauldron

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Ten Hag Urges Man Utd To Keep Calm In Galatasaray Cauldron

United are bottom of Group A and will be eliminated if they lose in Turkey in their penultimate group fixture on Wednesday.

Erik ten Hag has urged his Manchester United players to keep calm in the Galatasaray cauldron as they fight for their lives in the Champions League.

United are bottom of Group A and will be eliminated if they lose in Turkey in their penultimate group fixture on Wednesday.

Even if they beat Galatasaray and defeat group winners Bayern Munich at Old Trafford in their final game, two wins for Copenhagen would send the Danish side through instead of Ten Hag’s team.

United, three-time European champions, have never won at Galatasaray — drawing twice and losing once.

They were famously greeted by Turkish fans in 1993 holding a banner that read “Welcome to Hell”, while others threw missiles and menacingly drew their fingers across their throats.

That game finished in a 0-0 draw, which sent United crashing out of Europe on the away goals rule after a 3-3 draw in the first leg.

Speaking at a pre-match press conference on Tuesday, Ten Hag insisted his men would travel with confidence despite their predicament and the hostile reception awaiting them in Istanbul.

“We know how to deal with it and I’m sure tomorrow it will be a confident team on the pitch,” said the Dutch manager.

“You have to stay calm in your head and don’t get too emotional. You need emotion but you have to control it. Don’t give them anything, or the referee as well.

“You have to stay away from such moments. We know how to deal with it. You have to play confident and you have to make it your game so it’s not that important how the opponent is playing, it’s important how we are playing.”

Escape from Hell 

Ten Hag was asked what his plans were “to get out of hell”.

“We have to make it our game and it’s the history,” he said.

“Obviously Manchester United has a great history, but you can’t take any guarantee from it in the future, so we have to make our own future.

“It’s the past, so tomorrow, it’s about the future. It’s on us.”

The United boss said his side had improved since their shock 3-2 defeat to Galatasaray at Old Trafford early last month despite their inconsistent results.

They beat Everton 3-0 on Sunday to record their fifth Premier League win in six games.

“It’s good progress,” he said. “We are stepping up, we are more stable, we are winning games, so definitely there is a big difference from the first time we played them.”

United captain Bruno Fernandes said he was looking forward to playing in Galatasaray’s “intense” atmosphere.

“The atmosphere will be intense but I think everyone, as a kid, you enjoy and you want to be in these big stadiums with a big atmosphere so you just have to enjoy the challenge,” he said.

Well aware of the prestige that comes from playing in Europe’s elite club competition, Fernandes acknowledged the importance of United avoiding elimination on Wednesday.

“It’s really important to be in the competition, we want to be in the middle of the best clubs in Europe,” the Portugal midfielder said.

“It’s disappointing if we don’t go through but I’m not thinking about that at the moment.

“I’m just focused on the game against Galatasaray because the only way we can go through is winning against Galatasaray and going to the last game with a chance to go through.”

Rasmus Hojlund and Antony are in the squad after recovering from injuries, providing attacking options for a United side that will be without Marcus Rashford due to suspension.

Barclays To Cut 900 Jobs In The UK – Union

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Barclays To Cut 900 Jobs In The UK – Union

The union said the cuts are mostly in back-office jobs such as compliance, finance, legal, policy, IT and risk.

Barclays is to cut 900 jobs in its UK business, trade union Unite said Tuesday, branding the bank’s move as “disgraceful” in the run-up to Christmas.

The union said the cuts are mostly in back-office jobs such as compliance, finance, legal, policy, IT and risk.

Barclays said it was restructuring “to simplify and reshape the business, improve service, and deliver higher returns,” but would not confirm numbers.

“This includes changes to our headcount as management layers are reduced and the group improves its technology and automation capabilities,” a spokesperson said.

“We are committed to supporting impacted colleagues through these changes.”

The move comes as British banks, including Barclays, close high-street branches as more customers move online and payments go increasingly cashless.

Consumer groups have warned that the closures hit those who predominantly still use cash, particularly the elderly.

Unite general secretary Sharon Graham said: “Barclays is disgracefully cutting jobs to further boost its massive profits.”

“This is a mega-rich bank that is already on course to make eye-watering profits this year.”

Barclays flagged last month that more cutbacks were on the cards, as it unveiled a 16-percent drop in net profit for the third quarter.

Profit after tax slid to £1.3 billion ($1.65 billion) from June to September, down from £1.5 billion in the same period the previous year.

Pretax profit dipped four percent to £1.9 billion but revenues climbed five percent to £6.3 billion on higher interest rates.

 

Trillion-Dollar Economy Possible For Nigeria – President Tinubu

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Trillion-Dollar Economy Possible For Nigeria – President Tinubu  

The trillion-dollar economy can be further facilitated by ongoing efforts on job creation, Tinubu said.

President Bola Tinubu is confident that his administration’s Renewed Hope Agenda can build a trillion-dollar economy within the next decade.

He however noted that this can be achieved by leveraging the nation’s population and resources, with the main focus on unleashing Nigeria’s full economic potential, a statement by presidential media aide, Stanley Nkwocha, said on Tuesday.

According to the President, the trillion-dollar economy can be further facilitated by ongoing efforts on job creation, access to capital for small and large businesses, inclusiveness, the rule of law, and the fight against hunger, poverty, and corruption.

He stated this on Tuesday in Abuja during the opening session of the 2023 National Engineering Conference, Exhibition, and Annual General Meeting of the Nigerian Society of Engineers (NSE).

Represented at the event by Vice President, Kashim Shettima, the President maintained that with its rich population and resources, Nigeria can become a trillion-dollar economy within the next ten years.

He expressed disbelief that the ambitious target could be achievable without taking into account the importance of the key elements encapsulated in the theme of the NSE Conference, “Manufacturing, Competitiveness, and Economic Growth”.

“The Renewed Hope Agenda of my administration is defined by our commitment to unleashing our country’s full economic potential, by focusing on job creation, access to capital for small and large businesses, inclusiveness, the rule of law, and the fight against hunger, poverty, and corruption,” Tinubu said.

The President said that he was not unmindful of the hardships most Nigerians are enmeshed in, noting however that “the difficult times are indeed temporary, but the benefits will be permanent”.

He also reeled out his administration’s efforts in transforming the economy and creating opportunities for citizens.

“I have had engagements with stakeholders across Nigeria’s manufacturing sector. I am very much aware of the problems and challenges that are uppermost in your minds: access to low-cost capital, multiple taxation, infrastructure issues, foreign exchange, and export obstacles, among others.

“I am happy to let you know that we are tackling, with unprecedented boldness and decisiveness, each and every one of these issues,” he said.

On taxation, President Tinubu explained that his administration’s goal is to increase the country’s tax revenues and reduce the burden on individuals and businesses at the same time.

“It may sound like a contradiction, but it is not: by streamlining the number of taxes, introducing greater efficiency, and blocking the loopholes through which leakages occur, we can and will deliver less burdensome tax regimes to businesses and employers of labour.

“The government’s focus in foreign exchange has been to abolish an unwieldy and much-abused rate regime, setting the foundation for transparent price discovery and all the other elements required to attract substantial inflows into a properly run official market,” the President added.

Source: Channel TV

All 41 Indian Workers Trapped In Tunnel For 17 Days Rescued

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All 41 Indian Workers Trapped In Tunnel For 17 Days Rescued

Relatives outside celebrated, after previous hopes of reaching the men were repeatedly dashed by falling debris and the breakdown of multiple drilling machines, in a rescue operation the government said took place in "challenging Himalayan terrain".

Indian workers were greeted with wild cheers and flower garlands Tuesday as rescuers safely brought out all 41 from the collapsed Himalayan road tunnel where they were trapped after a marathon 17-day engineering operation.

With beaming smiles, the rescued men were welcomed as heroes after being hauled through 57 metres (187 feet) of steel pipe on stretchers specially fitted with wheels, where they were greeted by state officials before embracing their families.

“Hail mother India!” crowds outside the tunnel cheered, as news spread that all had made it safely out of the under-construction tunnel in the Himalayan state of Uttarakhand, where they had been incarcerated since a partial collapse on November 12.

Relatives outside celebrated, after previous hopes of reaching the men were repeatedly dashed by falling debris and the breakdown of multiple drilling machines, in a rescue operation the government said took place in “challenging Himalayan terrain”.

“We are thankful to God and the rescuers who worked hard to save them,” Naiyer Ahmad told AFP, whose younger brother Sabah Ahmad was among the trapped workers, and who had been camping out in bitterly cold temperatures at the site for over two weeks.

“We are extremely happy, no words can explain it,” said Musarrat Jahan, the wife of one rescued worker Sabah Ahmad told AFP by phone from Bihar state, where she had been waiting desperately for news.

“Not only my husband got a new life, we also got a new life. We will never forget it”.

 ‘Now to Celebrate’ 

Prime Minister Narendra Modi told the workers in a statement that their “courage and patience is inspiring everyone”.

“Patience, hard work and faith won”, said Uttarakhand state chief minister Pushkar Singh Dhami, praising the “prayers of tens of millions of countrymen and the tireless work of all the rescue teams.”

The health of the workers was “fine”, with a team of medics in a field hospital assessing them as soon as they were brought out, Dhami added.

Guriya Devi, wife of rescued worker Sushil Kumar, said she had been praying ever since the tunnel collapsed.

“We passed through horrible times, and sometimes we lost hope — but ultimately the time has come to now celebrate”.

Munnilal Kishku, father of freed worker Birendar Kishku, said they had not celebrated Diwali, the Hindu festival of lights, because it had happened the same time as the tunnel collapsed. “We will celebrate it when he reaches the village,” he said.

After repeated setbacks in the operation, military engineers and skilled miners dug the final section by hand using a so-called “rat-hole” technique, a three-person team working at the rock face inside a metal pipe, just wide enough for someone to squeeze through.

 ‘Effort and Sacrifice’

Indian billionaire Anand Mahindra paid tribute to the men at the rock face who squeezed into the narrow pipe to clear the rocks by hand.

“After all the sophisticated drilling equipment, it’s the humble ‘rathole miners’ who make the vital breakthrough,” Mahindra said on X, formerly Twitter.

“It’s a heartwarming reminder that at the end of the day, heroism is most often a case of individual effort and sacrifice.”

Last week, engineers working to drive a metal pipe horizontally through the earth ran into metal girders and construction vehicles buried in the rubble, snapping a giant earth-boring machine.

A separate vertical shaft was also started from the forested hill above the tunnel, as well as from the far side of the road tunnel, a much longer route estimated to be around 480 metres.

Before Tuesday, the workers were seen alive for the first time last week, peering into the lens of an endoscopic camera sent by rescuers down a thin pipe through which air, food, water and electricity were delivered.

Arnold Dix, president of the International Tunnelling and Underground Space Association, who had been advising the engineers, told reporters ahead of the rescue that the men were in good spirits, and that he had heard they had been “playing cricket”.

Ronaldo Tells Ref To Overturn Penalty He Won In AFC Champions League

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Ronaldo Tells Ref To Overturn Penalty He Won In AFC Champions League

Ronaldo leapt to his feet and approached the referee, wagging his finger, shaking his head and telling him there had been no foul.

Cristiano Ronaldo convinced the referee to change his mind after awarding him a penalty in Al Nassr’s AFC Champions League 0-0 draw with Iran’s Persepolis.

The 38-year-old former Manchester United and Real Madrid great appeared to have been brought down by Soroush Rafiei inside the box and Chinese referee Ma Ning pointed to the spot.

Ronaldo leapt to his feet and approached the referee, wagging his finger, shaking his head and telling him there had been no foul.

After consulting VAR, the referee was sent to the pitch-side monitor and reversed his decision in the Group E clash in Riyadh.

The Saudi Pro League side had to play most of the match with 10 men after Ali Lajami was given a straight red card for a shin-raking challenge in the 17th minute.

They also lost Ronaldo to a neck injury with 13 minutes remaining, caused by Persepolis goalkeeper Alireza Beiranvand landing on the Portuguese star when claiming a high ball.

But the 2018 and 2020 Champions League runners-up from Iran were unable to capitalise, the point proving enough for Al Nassr to seal their place in the knockout stages as group winners.

Ronaldo has little time to recover with Al Nassr facing Al Hilal on Friday in a top-of-the-table league clash.

Al Ittihad On Course

Saudi Arabian champions Al Ittihad are two points clear at the top of Group C after a 2-1 win at Uzbekistan’s AGMK FC.

Moroccan Abderrazak Hamdallah scored twice in four first-half minutes before Martin Boakye pulled one back for the hosts with 12 minutes remaining.

Two-time winners Al Ittihad, under new manager Marcelo Gallardo, need to avoid defeat at home to second-placed Sepahan in the final round of matches next week to go through as group winners.

The Iranian side defeated Iraq’s Air Force Club 1-0 at the Azadi Stadium in Tehran, despite having two players sent off.

Sepahan’s Farshad Ahmadzadeh scored the only goal from close range in the fourth minute before Mohammad Hosseinnezhad was sent off just before half-time.

Hadi Mohammadi was then red-carded on 90 minutes forcing Sepahan to hold out with nine men for 12 minutes of added time under an Air Force bombardment to secure the three points.

Uzbekistan’s Nasaf Qarshi moved top of Group B with a 3-1 win at home to Jordan’s Al Faisaly, and Qatari side Al Sadd kept their hopes alive by beating Sharjah 2-0 in the UAE.

Nasaf are top on 10 points ahead of their final match against Al Sadd, who are third on seven points with Sharjah, who face a trip to Al Faisaly, second on eight.

The group stage this year returned to a home-and-away group format for the first time since 2020 and expanded to 40 teams.

It rounds off in the West Zone next week with the five winners from Groups A to E and three best runners-up going through to the last 16 in February.

On Tuesday and Wednesday the final two rounds of East Zone matches kick off to decide the other eight teams in the last 16 from Groups F to J.

The quarter-finals will be played in March, the semi-finals in April, with the two-legged final in May.

 

Tinubu Seeks for Reps' Endorsement For $8.6bn, €100m External Borrowing

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Tinubu Seeks for Reps' Endorsement For $8.6bn, €100m External Borrowing 

The President additionally sent the Federal Capital Territory Strengthening Budget to House for Consideration.

  

President Bola Tinubu has written the House of Representatives seeking the approval of the green chamber for $8.6bn and €100m external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health.

The President also forwarded the Federal Capital Territory Supplementary Budget to House for consideration.

Meanwhile, the President will present the 2024 budget to the National Assembly on Wednesday. This was after the Federal Executive Council (FEC) approved a 2024 budget of N27.5 trillion.

The approval followed the review of the Medium-Term Expenditure Framework (MTEF) earlier passed by the National Assembly which benchmarked the exchange rate at N700 to $1 and crude oil price at $73.96 cent per barrel.

The Minister of Budget and Economic Planning, Abubakar Bagudu, told reporters at the State House on Monday that FEC revised the MTEF and the Fiscal Policy to use an exchange rate of N750 to $1 and also a benchmark crude oil reference price of $77.96 per barrel.

According to Bagudu, the FEC also approved an Appropriation Bill for 2024 with an aggregate expenditure of N27.5 trillion, an increase of over N1.5 trillion from the previously estimated.

Appeal Court Affirms Fubara As Rivers Gov, Dismisses Cole, Others’ Suit

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Appeal Court Affirms Fubara As Rivers Gov, Dismisses Cole, Others’ Suit

The court held that Cole and the other appellants failed to prove the allegation of non-compliance with the Electoral Act.

An Appeal court sitting in Lagos has affirmed the election of Rivers State Governor, Siminalayi Fubara.

The Court, in a unanimous decision, affirmed the judgment of the election tribunal, dismissing four separate appeals filed by Tonye Cole of All Progressives Congress (APC), Beatrice Itubo of the Labour Party (LP), Innocent Ekwu of the Allied People’s Movement (APM), and Lulu Briggs Dumo of the Accord Party.

The APC candidate, who was present in the courtroom on Tuesday, wanted the court to direct the Independent National Electoral Commission (INEC) to declare him the winner of the March governorship election in Rivers.

The Rivers State Governorship Election Petition Tribunal had in October dismissed the petition of Cole challenging the election of Fubara as the governor of the state.

The tribunal had dismissed the petition saying that the APC that sponsored Cole had withdrawn the petition against Fubara’s victory.

Not satisfied with the Tribunal’s victory, the APC candidate approached the appellate court. However, the court on Tuesday affirmed the Tribunal ruling which earlier upheld Fubara’s electoral victory in October.

Justice Ridwan Maiwada Abdullahi (absent), Justice Olabode Adegbehingbe

and Justice Bature Isa Gafa, held that the fact that APC seized to be a party to the case did not make Cole’s petition invalid. The judges concluded that the Tribunal was in error to have struck out that item of the petition.

“A political party cannot compel a candidate to withdraw a petition neither can a candidate compel the party to withdraw.” Justice Adegbehingbe ruled.

However, on the other grounds, the court held that the appellants’ evidence were inadequate in proving the allegations of over-voting, disenfranchisement and other alleged irregularities.

The grounds bordering on fraud and whether Fubara was qualified to have contested the election were struck out based on unconvincing evidence. Cole cited allegations of irregularities and Fubara’s continued signing of documents as the State’s Accountant-General after his PDP nomination.

The court held that all the appellants failed to prove the allegation of non-compliance with the Electoral Act.

In his immediate reaction, Cole said the appellate court’s judgment has given him and his legal team a greenlight, and that will determine their next line of action.

Source: Channel TV

Accessprenuer: Over 50 Corps members win Access Bank Business Empowerment Grants across Nigeria

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Accessprenuer: Over 50 Corps members win Access Bank Business Empowerment Grants across Nigeria

Access Bank Plc has rewarded and empowered corps members through the Access Bank Accessprenuer competition in collaboration with the NYSC.  

A total of 54 corps members emerged as beneficiaries on Thursday, at the FCT Permanent Orientation Camp, Kubwa, Ebony, Enugu, Benue and Rivers states where the competition took place simultaneously. 

A total of N15,250,000 was given out to corps members with exceptional entrepreneurial ideas across the country.

The overall winners were awarded N1 million each while the first runner-ups and second runner-ups were rewarded with N700,000 and N400,000 respectively.

Other Corp members who participated in the competition were also rewarded with consolation prizes ranging from N200,000 to N50,000. 

Adaeze Ume, Unit Head, Consumer Banking, Access Bank Plc, who spoke at the event said the Accessprenuer initiative was  introduced to encourage and reward National Youth Service Corps (NYSC) members who were young entrepreneurs with feasible dreams and business goals.  

“At Access Bank, in line with our sustainability ethos, we are committed to improving the lives of people, and supporting the growth and development of our host communities, as such we have partnered with the scheme’s Skills Acquisition and Entrepreneurship Department (NYSC-SAED) to encourage young and emerging entrepreneurs. 

“Our partnership with the NYSC-SAED, would help facilitate the training and mentoring of Nigerian youths in skill acquisition and entrepreneurship development for self-reliance.  

“As an institution, we understand the role that young people play in the community and the nation, and we are committed to supporting their aspirations. We believe that the youths represent the future and hope of our nation, and we will do all we can to support their innovative ideas. 

” Research has shown that lack of access to finance is one of the major reasons why businesses fail, particularly start-ups. We have decided to solve this problem by supporting some young entrepreneurs here today with finance to fund their business ideas through the Access Bank All4One scheme. 

“We hope that through this financial support and mentorship program, the winners and beneficiaries of Accessprenuer competition can run profitable businesses and through the implementation of their innovative ideas, positively impact lives and ultimately the economy, she said. 

 

Obasi Favour Onyinyechi emerged as the winner of the grand prize of N1,000,000 at the FCT Permanent Orientation Camp, Kubwa. Meanwhile, Awe Rebecca emerged as the first runner clinching the second prize of N700,000  

Obasi who was visibly excited noted that with the grant her business dream was on its way to becoming a palpable reality, and she thanked Access Bank Plc for changing her life on the go via the initiative. She noted that the grant would expedite the growth process of her fish farming business by getting a good number of healthy fingerlings, feeds, and treatments for them.  

The Accessprenuer empowerment scheme by Access Bank Plc has over the years empowered thousands of Nigeria corps members, granting impetus and vitality to kickstart business dreams in the embryo and expand those that have already begun operations.  

So far, the Accessprenuer competition has impacted over 400 corps members with over N200 million in seed capital.

They also created a Facebook community for all Accessprenuer winners to be able to interact freely amongst themselves and inspire other young people with similar aspirations. The Facebook community has about 5,000 members. 

 

NERC: Halting estimated billing in Nigeria is possible when customers are absent

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NERC: Halting estimated billing in Nigeria is possible when customers are absent 

Estimated billing can be halted if customers are not around. This was said by NERC officials during the November 27 capacity strengthening session for distribution companies (DisCos) on communication and responsiveness to customers, which was organized by the Nigerian Electricity Regulatory Commission (NERC). 

According to NERC, many estimated billing customers are not aware that there is a regulation that requires them to inform their DisCo when they will not be around so that their billing can be halted during that period of their absence as their electricity is not in use.  

Although many estimated billing customers may not be aware of the regulation highlighted, there are some customers’ rights highlighted by NERC via their official website, which point to sensible billing by DisCos on estimated billing customers across the country.  

According to NERC, all new electricity connections must have meters installed before being connected.

They are entitled to a safe and reliable electricity supply and the installation of a properly functioning meter.  

The Commission also insists that customers should be informed and educated about their electricity service, with transparent billing applied to all and un-metered customers should receive bills based on NERC’s estimated billing methodology.  

According to NERC, written notice is mandatory before any disconnection, and customers have the right to refunds if overbilled, meanwhile, complaints about electricity supply or billing can be directed to the nearest DisCo business unit for prompt investigation.  

If unsatisfied, customers can escalate issues to the NERC Forum Office or appeal decisions by petitioning the Commission.

NERC says that customers can contest incorrect electricity bills and in disputes over bills, un-metered customers are not obliged to pay the disputed amount but only the last undisputed bill while the issue undergoes NERC’s dispute resolution process.  

The Commission also points out that customers or communities are not responsible for purchasing, replacing, or repairing electricity infrastructure like transformers or poles used in the supply process. 

However, it is important to note that several customers who spoke to Nairametrics reveal that settling complaints regarding estimated billing charges and payments is a herculean task as DisCos are putting a lot of customers under undue pressure by refusing to resolve complaints or implement regulatory directives as stipulated by NERC yet face no consequences.  

Imoh Heavens, a resident of Akwa Ibom state, shared his experience as a customer with the Port Harcourt Distribution Company (DisCo). He expressed to Nairametrics that DisCo charges un-metered customer rates exceeding the price cap, regardless of the circumstances.  

This situation has caused considerable concern among residents who are already grappling with challenging economic conditions.

Despite their complaints, there hasn’t been any relief or resolution to alleviate their financial burdens.