News
Obi to FG: Provide Details Of N1.1trn Given To Governors To Alleviate Economic Hardship
Peter Obi, presidential candidate of the Labour Party (LP) in the 2023 elections, has asked the federal government to provide details of the N1.1 trillion allegedly disbursed to governors to alleviate the economic hardship in the country.
There have been pockets of protests in different parts of the country in recent weeks over the pervading economic hardship.
Inflation has spiralled in Nigeria since President Bola Tinubu ended the subsidy on petrol and unified the exchange rate in 2023.
Speaking during plenary on Tuesday, Godswill Akpabio, president of the senate, said the protesters are not aware of the efforts made by the senate and the federal government to tackle the situation.
He said the protests were being sponsored, adding that unverified reports suggest that governors were given N30 billion by the federal government to ease the hardship on people in their states.
“You can see a lot of sponsored protests here and there but those people are not aware — most of those sponsored protesters are not aware of the kind of efforts made by this senate to tackle the situation together with the management team of the federal government,” he said.
“Unverified reports have it that state governments in the last few months have received additional N30 billion from the Federal Inland Revenue Service (FIRS), outside their normal allocations from the federation account, to assist them in ameliorating the food situation.”
Reacting, Obi in a post on his X page on Friday, said in the interest of good governance and transparency, the federal government should make details of the support public.
He said the details will enable the masses follow up and ensure that the funds are utilised appropriately.
“Recently, the Senate President, Senator Godswill Akpabio announced that a staggering financial support of N1.1 trillion, amounting to a sum of N30 billion each was doled out to the State Governors to help ameliorate the present hardship in the country,” Obi said.
“While the Federal Government is to be commended for offering such a huge support, considering the difficult times people are going through, it is pertinent, for the interest of good governance and transparency, that the details of the disbursement of such support be explained further.
“So that the public, the masses for whom the support is meant, can follow through and ensure that it is utilized appropriately to the benefit of the people.
“While waiting for such details, I appeal that concerted efforts should be made to ensure that the resources are genuinely and transparently invested in productive ventures to alleviate present hardship and help the future growth of the country.
“We must stop this unproductive habit of throwing scarce and borrowed money at immediate problems, and consumption, but rather through an articulated plan, invest aggressively in production, in a clear, visible, and transparent manner, in which people can see the future benefits.
“Now more than ever, our nation needs a clear and urgent move from consumption to production by prioritizing and investing in human development which will go towards providing a sure and lasting solution to many of our challenges of today.
“That is the surest way to put us on a path of developmental growth. This is the spirit of the New Nigeria we are clamouring for.”
Speaking on Thursday during the inauguration of the renovated Iseyin Central Mosque, Seyi Makinde, governor of Oyo, said his state did not receive the sum from the federal government as stated by Akpabio.
Makinde also said other state governors did not receive the sums as alleged, because he would have been privy to the development as vice-chair of the Nigeria Governors Forum (NGF).
Makinde said his administration is doing its best to mitigate the hardship being faced by residents of the state.
The Oyo governor urged leaders in the nation to instill confidence and hope in the citizenry in these trying times, rather than play politics.
Joseph Tegbe, director-general (DG) of the Nigeria-China Strategic Partnership (NCSP), says Nigeria will soon sign a deal on ‘Digital RMB’ with China to enable a direct conversion of naira to Chinese Yuan.
The digital renminbi (RMB) is a central bank digital currency issued by China’s central bank, the People’s Bank of China.
Speaking at the digital asset markets strategy masterclass series held recently in Lagos, Tegbe said the agreement is expected to reduce Nigeria’s dependence on the United States dollar.
He described the pact as a major step in Nigeria’s transition from a trade relationship with China to a mutually-beneficial development partnership.
The NCSP DG also said Nigeria has secured over $30 billion in investment commitments and 300 expressions of interest from Chinese companies within the last five months.
Tegbe also noted the importance of leveraging Chinese technology, particularly in the digital asset market and knowledge transfer, adding that the NCSP remains committed to supporting the globalisation of Nigeria’s capital market.
The director-general outlined the objectives of the partnership, which include driving infrastructure development, scaling up Chinese investments, strengthening trade and economic ties, promoting transparency, and advancing cultural exchange between both countries.
Also speaking at the event, Babajide Sanwo-Olu, governor of Lagos, said the state is developing a securitisation policy to monetise idle assets and raise green bonds to fund infrastructure needs.
Sanwo-Olu, who was represented by Abayomi Oluyomi, the commissioner for finance, said Lagos will become the first sub-national in the country to implement such a policy.
In his remarks, Nicholas Okoye, convener of the masterclass and a global investment advisor, said the digital transformation ushered in by the fourth industrial revolution has impacted all sectors and will open new frontiers of wealth for investors, institutions, nations, and sub-nationals.
“The most strategic ecosystem of this digital transformation has got to be ‘Digital Asset Markets’, which includes investment in cryptocurrencies as well as the tokenisation (digitisation) of traditional asset classes,” Okoye said.
“The proposed full adoption of ‘Digital Asset Markets’ in Nigeria’s capital markets and subsequently across Africa is going to be a game changer for wealth creation and economic growth sustainability.
“In addition, it will completely redefine the future of African finance, investment and capital market industries.”
Okoye said the digital assets present a unique opportunity for Africans to build wealth regardless of location or profession, providing for the first time, an accurate reflection of Nigeria and Africa’s true wealth position.
By Nahum Sule, Jalingo
Making the event that marked the Nigeria Union of Journalists at 70, the Taraba State chapter of the NUJ Honour chief David Sabo Kente as the philanthropist man of the year
The award presentation was held in Jalingo, the state capital, at the grand finale of the NUJ Press Week celebration.
Speaking at the ceremony, the state chairman of NUJ, Mr Eliud Jen, noted that the awards were carefully chosen base on concrete evidence of performance in various categories and meant to spur the awardees to do more.
Chief Kente, who was the governorship aspirants of the All Progressives Congress APC, in 2023, has used his foundation, The DSK foundation, to help thousands of Taraban through scholarship, Small Medium Enterprises and lot more.
While congratulating the union for attaining 70 years, Kente called on government investors and everyone to give the union a support hand to enable its members to continue discharging their duties effectively.
Others who were awarded for outstanding performance are His Excellency Dr, Agbu Kefas the governor of Taraba State, Alhaji Yakubu Jafaru Chiroma, member representing Bali/Gassol Federal constituency, Dr Aisha Adamu, the CMD of Federal Medical Centre Jalingo, Hon. Aminu Hassan, ALGON chairman in the State, Professor Joseph Albasu Kunini, former Speaker of Taraba State and Professor Sunday Bako, Vice Chancellor Taraba State University Jalingo, the state Commissioner of Women Affairs and Child Development Mrs Mary Sinjen, Commandant 6 Brigade Jalingo Gen. Kinsley Uwa and several others were also given recognition as friends of the press.
Kente further appreciated journalists for finding him worthy to be honour, emphasizing that the award will spur him to do more.
The Concerned Christian Youth Forum has strongly denounced the ongoing violence in Nigeria’s Plateau and Benue states, describing the attacks by bandits as an “affront to natural justice” and a violation of human dignity.
In a statement issued on Thursday by the group’s convener, James Paul Adama, the forum called for an immediate end to the “relentless onslaught” against innocent civilians.
“This human carnage must stop,” Adama said, urging the government to take swift action to halt the attacks and support affected communities in their recovery and rebuilding efforts.
The group demanded that the perpetrators of these “atrocious acts” be brought to justice, stressing that all Nigerians deserve safety and security.
“The time for action is now,” the statement added.
While commending the efforts of Nigeria’s security agencies, the forum called for intensified measures to curb the violence.
“We ask that they redouble their efforts to nip this menace in the bud,” Adama said, acknowledging the sacrifices of security personnel.
“Your courage and commitment to safeguarding the lives and properties of our citizens are an inspiration to us all.”
The statement also highlighted the constitutional duty of the government and security forces to ensure the safety and well-being of Nigerians, describing the violence as a threat not only to the affected communities but to the nation’s survival.