It’s madness to think Nigeria will work – Soyinka

 

Nobel laureate, Prof. Wole Soyinka, on Saturday, restated his position on restructuring Nigeria, stating that the country cannot work under the current system of government.

The Nigerian author made the assertion at the 2021 Obafemi Awolowo Lecture titled, ‘Whither Nigeria?’ which was organised by the Obafemi Awolowo Foundation.

Soyinka, who emphasised decentralisation of power and governance, cited the current security challenges as one of the reasons Nigeria needed to be restructured.

“There is a consensus that this country whether in terms of governance, economic relations, security, educational policy, cultural policy, etc, requires restructuring. Even the word ‘restructuring’ has been restructured in many directions, in cogent expression which will mean the same thing for everybody.

“For me, for instance, I emphasised decentralisation, reconfiguration…We all know what we have now is not working, it’s obvious and we can’t continue along the same line and say that it will work, it is sign of madness,” he said.

Recall that the elder statesman had in January 2021, urged the National Assembly to listen to calls for the restructuring of Nigeria, while lamenting the state of corruption in the country.

According to him, the lawmakers had the powers and moral authority to respond to the calls if the Presidency is not doing so.

- DAILY POST

Emefiele: N5 for $1 policy will make remittances cheaper for Nigerians abroad

 

 Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the new diaspora policy — “Naira 4 Dollar Scheme” — will make remittance transfer cheaper for Nigerians in the diaspora.

Emefiele said this during Fidelity Bank’s inaugural diaspora webinar on Saturday.

The apex bank had announced that all recipients of diaspora remittances through CBN-licensed international money transfer operators (IMTOs) will get paid N5 for every $1 received as remittance inflow.

The scheme, announced on Saturday, will take effect on March 8 and end two months later.

“As we are all aware, remittances from Nigerians living abroad has had significant benefit on domestic income, social welfare and economic growth in Nigeria,” Emefiele said during the webinar.

“Nigeria aspires to ensure that remittance flows and diaspora investments become a significant source of external financing.

“In an effort to reduce the cost burden of remitting funds to Nigeria by working Nigerians in the diaspora, the Central Bank of Nigeria has introduced a rebate of N5 for every $1 of fund remitted to Nigeria, through IMTOs licensed by the Central Bank.

“We believe this new measure will help to make the process of sending remittance through formal bank channels cheaper and more convenient for Nigerians in the diaspora.”

Emefiele said the policy is expected to encourage banks and financial institutions to develop products and investment vehicles geared at attracting investments from Nigerians in the diaspora.

He said countries such as Bangladesh and Pakistan have adopted the use of reimbursement schemes to support remittance inflows.

“In general, the new policy is expected to enlarge the scope and scale of foreign exchange inflows into the country with a view to stabilising the exchange rate and supporting accretion to external reserves,” the CBN governor said.

“More importantly, it will provide an opportunity for Nigerians living abroad to make investments in their home country.”

Emefiele added that remittance flows to Nigeria are underreported by several money transfer operators.

- THECABLE

Married woman dies during alleged sex romp with secret lover in Adamawa

 

A 37-year-old married woman and a mother of two children has died during an alleged sex romp with her secret lover identified as Lekan Agboola in Yola, the capital of Adamawa State.

The state Police Public Relations Officer, DSP Suleiman Nguroje who confirmed the incident to reporters in the state, said the command had arrested the suspect (the lover).

According to the PPRO, Agboola who is currently being detained at the command’s criminal investigation Department, also has a wife and two children, living in Lagos.

While confessing to the crime, Agboola said, “On February 24, 2021, around 9am, I called her on the phone and asked her to see me because we had not seen each other for some time.”

According to him, the woman collapsed while they were both having fun in his apartment.

‘’When I realised she was not breathing, I then called one of my female friends and told her what happened. She advised me to take her to a hospital where she was confirmed dead,” he added.

DSP Nguroje, however, said investigation into the case is currently ongoing, adding that the actual cause of death would soon be unveiled.

- DAILY POST

Israel Adesanya loses first title fight out of comfort zone

 

Nigeria-born Israel Adesanya remains the UFC middleweight champion of the world. But early today he lost his bid for the light heavyweight crown to Polish man Jan Blachowicz, to suffer the first loss of his career.

Jan Blachowicz retained the light heavyweight title after five rounds, and won a unanimous decision (49-46, 49-45, 49-45) at UFC Apex in Las Vegas.

The light heavyweight title bout was the UFC 259 main event, and it aired on pay-per-view following prelims on ESPN and early prelims on ESPN+.

Adesanya, now also a New Zealander has believed all along he could be the greatest in the sport, aiming to become the fifth fighter in UFC history to become a two-weight champion simultaneously.

The Nigerian born fighter had steppre into the octagon against Jan Blachowicz, the light-heavyweight title-holder, who is bigger, more experienced, and older, but Adesanya had said none of these qualities trouble him.

Adesanya has made a career of trashing reputations, his speed, power, and movement combining to build an unbeaten 20-0 record.

If the “Stylebender” won, he would have joined Conor McGregor, Daniel Cormier, Amanda Nunes and Henry Cejudo as one of just five fighters in UFC history to hold titles in two divisions simultaneously.

With the win, Blachowicz continues his winning ways. Not only did Blachowicz pick up his first career UFC title defense, but he also extended his winning streak to five. In his most recent 10 outings, Blachowicz has gone 9-1 with victories over Adesanya, Dominick Reyes, Corey Anderson, Ronaldo Souza, Luke Rockhold, and more.

As for Adesanya, the loss is the first of his professional MMA career. Though he lost his UFC light heavyweight title challenge, Adesanya remains the UFC middleweight champion, a division he has twice defended his title in.

- PM NEWS

#JUNGLEREPUBLIC !! Yahaya Bello: Some powerful people challenged me for intervening in food blockade

 

Yahaya Bello, governor of Kogi state, says some leaders “close to the seat of power” were not happy that he intervened in the blockade of food supply to the south.

In a meeting held on Thursday in Abuja, Bello had helped facilitate an agreement to end the blockade by northern traders.

The move by the Amalgamated Union of Foodstuffs and Cattle Dealers of Nigeria (AUFCDN) had resulted in scarcity and an increase in the prices of food items in the south — while a supply glut crashed prices in the north.

According to The Nation, the governor said he helped end the blockade because it was leading the country into a catastrophe.

“It will interest you that after the resolution and taking the report to Mr. President yesterday, two uninformed — one of them is my colleague and the second one is an uninformed person but unfortunately in the seat of power or close to the seat of power — challenged me that why did I resolve the issue,” Bello said.

“Why did I resolve the matter? That I should have allowed it so that whatever belongs to the youths of the south, let it suffer, not minding the resultant effects on the country. This is what we have been facing in Nigeria. I am just telling you one of all over 100 million things I know which you even in Abuja don’t know.

“And this is what is holding us back. So, if we are having such persons as leaders in this country, then we are doomed. The traders had protested and written from the lowest authority to the highest, no action was taken. And the next action was to go on strike from #EndSARS time up till this moment. Before #EndSARS, there were a lot of extortions on both sides while transporting these goods by law enforcement agents or touts.

“No response was coming from the villa. The law enforcement agencies were not responding; the traditional rulers were not saying anything and even we governors were not saying anything. Even at our forum, local governments, religious bodies, national assembly and everywhere, they turned to seemed to show less concern. These guys had downed tools. Excess foods in the north were getting rotten but none in the south. The situation got to the extent that a cow that should cost N150,000 to N200,000 was going for as much as N700,000, N800,000 and N1 million within six days. Tomatoes of just about N20 rose to N100 and above.

“Somebody just quickly drew my attention to it that Nigeria was heading towards catastrophe and I should do something. While I invited them and we were interacting, I received a call from the presidential villa that I should quickly go into the matter. As the youngest governor, as a gateway state, they said I should do everything to move into the matter. Then I moved into the matter and, God willing, the strike was called off.”

Bello said some people wanted to use the blockade as a means of starting a crisis between the north and south and destabilise the administration of President Muhammadu Buhari.

- THECABLE

Govt is supplying us with AK-47, cows don’t give birth to guns – Herdsmen [VIDEO]

 Fulani herdsmen have claimed that the government supplies them with weapons.

In a viral video recorded during one of the several meetings between popular Islamic cleric, Sheikh Ahmad Gumi, one of the herdsmen, addressing the crowd, pointed out that cows don’t give birth to guns.

He said that they were only herdsmen and did not know what guns were until the government started supplying them with AK-47.

“I swear to the Almighty Allah that it’s the government that is giving arms to us. Fulani don’t know what gun is,” he said in Fulani to the applause of others.

“We are only herdsmen. Cows don’t give birth to guns. I swear to Allah, we are on our own and the government supplies AK47 to us. I am not afraid to say the truth.”

Sheikh Gumi has been visiting forests across the North where he is meeting with armed Fulani bandits.

The Islamic teacher is also calling on the government to grant the bandits amnesty, a move he believes will end the kidnappings and killings in the region.

- DAILY POST

Buhari govt overdraws CBN account by $25 billion

 

The Buhari administration has borrowed $25billion from the Central Bank of Nigeria via overdrafts and loans since 2015 and a group is now asking the government to give an account.

Socio-Economic Rights and Accountability Project (SERAP) in a statement urged President Muhammadu to “provide spending details of the overdrafts and loans obtained from the Central Bank of Nigeria (CBN).

SERAP requested for details of the total overdrafts, the projects on which the overdrafts have been spent; repayment of all overdrafts to date, as well as to clarify whether the $25bn (N9.7trn) overdraft reportedly obtained from the CBN is within the five-percent limit of the actual revenue of the government for 2020.”

The organization is also urging President Buhari to “provide details of spending of overdrafts and loans obtained from the CBN by successive governments between 1999 and 2015.”

In the Freedom of Information request dated 6 March, 2021 and signed by SERAP deputy director Kolawole Oluwadare, the organization said: “Ensuring transparency and accountability in the spending of CBN overdrafts and loans would promote prudence in debt management, reduce any risks of corruption and mismanagement, and help the government to avoid the pitfalls of excessive debt.”

“Disclosing details of CBN overdrafts and repayments would enable Nigerians to hold the government to account for its fiscal management and ensure that public funds are not diverted, thereby improving the ability of your government to effectively respond to the COVID-19 crisis. This means that the government would not have to choose between saving lives or making debt payments.”

According to SERAP, “The increasing level of public debt would threaten the ability of the government to invest in essential public goods and services, such as quality education, healthcare, and clean water. It is the primary responsibility of the government to ensure public access to these services in order to lift millions of Nigerians out of poverty and to achieve the Sustainable Development Goals by 2030.”

The FoI, read in part: “The growing level of public debt would increase debt-servicing costs, which would mean that your government has less resources to spend on these critical public services.”

“We would be grateful if the requested information is provided to us within 14 days of the receipt and/or publication of this letter. If we have not heard from you by then, the Incorporated Trustees of SERAP shall take all appropriate legal actions to compel your government to comply with our request.”

“SERAP is concerned about the growing level of debts by the Federal Government, and the apparent lack of transparency and accountability in the spending of overdrafts and loans so far obtained from the CBN, as well as the repayments to date.”

“Also, the recent overdraft of $25.6bn (about N9.7trn) obtained from the CBN would appear to be above the five-percent limit of the actual revenue of the Federal Government for 2020, that is, N3.9trn, prescribed by Section 38(2) of the CBN Act 2007.

“SERAP notes that five-percent of N3.9trn is N197bn.”

“While section 38(1) of the CBN Act allows the Bank to grant overdrafts to the Federal Government to address any temporary deficiency of budget revenue, sub-section 2 provides that any outstanding overdraft ‘shall not exceed five-percent of the previous year’s actual revenue of the Federal Government.’ Similarly, Section 38(3) requires all overdrafts to ‘be repaid as soon as possible and by the end of the financial year in which the overdrafts are granted.’”

“The CBN is prohibited from granting any further overdrafts until all outstanding overdrafts have been fully repaid.

“Under the CBN Act, ‘no repayment shall take the form of a promisory note or such other promise to pay at a future date, treasury bills, bonds or other forms of security which is required to be underwritten by the Bank.’”

“Similarly, the Fiscal Responsibility Act provides in section 41 that government ‘shall only borrow for capital expenditure and human development.’ Under the Act, the government ‘shall ensure that the level of public debt as a proportion of national income is held at a sustainable level.’”

“Section 44 of the Act requires the government to specify the purpose of any borrowing, which must be applied towards capital expenditures, and to carry out cost-benefit analysis, including the economic and social benefits of any borrowing. Any borrowing should serve the public good, and be guided by human rights principles.”

“By the combined reading of the provisions of the Constitution of Nigeria 1999 (as amended), the Freedom of Information Act, UN Convention against Corruption, the International Covenant on Economic, Social and Cultural Rights, and the African Charter on Human and Peoples’ Rights, there are transparency obligations imposed on your government to disclose information to the public concerning spending of CBN overdrafts, loans and repayments to date.”

“According to our information, your government has reportedly recently obtained $25 billion from the CBN as overdrafts. The Federal Government has also reportedly decided to convert the overdrafts to long-term debt. This latest borrowing from the CBN is in addition to over $20 billion external debt, and N7 trillion domestic debt.”

A copy of the letter was sent to Mr Abukabar Malami, SAN, Attorney General of the Federation and Minister of Justice; Mrs Zainab Ahmed, Minister of Finance, Budget and National Planning; Godwin Emefiele, the Governor of CBN; and Ms Patience Oniha, Director-General of the Debt Management Office.

- PM NEWS