COVER
55 Political Parties Bicker PDP Over INEC Chairman
By Martin Paul, Abuja
Fifty-five of the 91 registered political parties in the country have jointly disowned the Peoples Democratic Party (PDP) who called on the Independent National Electoral Commission (INEC) Chairman, Professor Mahmood Yakubu, to resign his appointment.
The 55 party chairmen said they would not be part of action that would be detrimental to the growth and progress of democracy in the country, saying they rejected the PDP position on the credibility of the card readers used during the last national elections.
Recalled that PDP had asked the INEC chairman to resign over statements allegedly credited to two INEC Commissioners; Festus Okoye and Haruna Mohammed that the “card readers were circumvented”.
PDP National Publicity Secretary, Kola Ologbondiyan, said the statements were admissions that the November 16 governorship elections in Kogi and Bayelsa, as well as the Kogi West senatorial polls, were rigged.
In their reaction, the 55 party chairmen, under the umbrella of Forum of Chairmen of Nigeria Political Parties (FCNPP), yesterday disassociated from the call, insisting that the “PDP’s position was not only in bad faith, but did not also represent the forum.
“We disagreed with the PDP on the call and reject the party’s position on the efficacy of the smart card reader used at the polls”.
Chairman of the forum, Chief Perry Opara, in a statement on behalf of the group, insisted that the card reader efficacy was accepted largely by PDP.
“It is clear to even less political minds that the smart card reader’s efficacy has been politically and judicially neutralized and it must be mentioned that this was largely done by members of the PDP who argued before the Supreme Court against its relevance in relation to the voter register.
“The Supreme Court only agreed with the arguments of the PDP and therefore neutralized the smart card reader.
“The PDP should, therefore, not run with the hare and hunt with the hounds. The PDP cannot be crying wolf now when it earlier celebrated the judgments which nullified the Card Readers as a victory for democracy.
“The position of the Supreme Court which for now is the law makes the voter register the final proof of the accreditation of voters. Hence, making the record of the card reader inadmissible in court as proof of accreditation.”
Apparently to exonerate self from allegations, INEC has heaped the blames of political woes in the country on the judiciary and political actors, saying no amount of reforms would address “the challenges associated with elections unless the politicians change their ways”.
INEC National Commissioners, Festus Okoye and Haruna Mohammed, had during the Nigeria Civil Societies Situation Room (NCSSR)’s review of the Kogi and Bayelsa states governorship elections in Abuja, argued that the elections should have been cancelled as a result pervasive violence that characterized it.
The commissioner had also said the smart card reader had lost its relevance because even the courts do not recognise it as a means to prove over-voting.
“We must also find solution to the issue of smart card reader. The smart card reader has lost its efficacy. The smart card reader has lost its vibrancy in relation to the electoral process because the political elite have found a way around it.
“So, rather than use the smart card reader, they just ignore it, because ultimately, they know that when they get to the court, what the court will be saying is that ‘you want to prove over voting? We want to see the voter register and we want the INEC forms and not the smart card reader’.
“So, as far as I am concerned, the smart card reader has become a redundant instrument and inconsequential.
“My understanding of electoral reform is that electoral design alone cannot solve our electoral challenges unless we have a concomitant underpinning of the democratic spirit. “Unless the political elite in this country believes in democracy and democratic processes, even if you amend our laws 20 times, it will not solve the problem”, Okoye said.
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Federation Account Garners N7trn Revenue in Six Months – RMAFC
By Tony Obiechina, Abuja
Revenue Mobilization Allocation and Fiscal Commission (RMAFC) yesterday disclosed that a total sum of N7.31 trillion accrued to the Federation Account between July and Dec. 2023.This was captured in the monthly report to the Federation Account Allocation Committee (FAAC) by the Central Bank of Nigeria (CBN) under the caption “CBN Federation Account Component Statement”.
This amount is higher than the sum of N5. 244 trillion realised in the first half of year 2023, according to a statement signed by the RMAFC Chairman, Mr. Mohammed Bello Shehu and made available to the media in Abuja.The chairman disclosed that out of the total gross revenue inflows into the Federation Account, the sum of N1,692 trillion was transferred to the Exchange Gain Differential Account, thus leaving a balance of N5.475 billion for distribution.He added that from the amount stated above, the sum of N3.26 trillion was deducted as approved statutory deductions by the OAGF, leaving a net balance of N2.2 trillion for distribution to the three tiers of government within the period under review.The chairman explained that out of the N3.267 trillion statutory deduction indicated above, N2.251 trillion was transferred to the Non-Oil Excess Account as savings, thus leaving a net statutory deduction of N1.016 trillion with further augmentations for sharing among the three tiers of government received from some “reserve accounts.”The statement added that within the period under review, the net sum of N4 trillion was shared with the three tiers of government, an amount higher than the total sum of N3.06 trillion.In terms of percentages, the chairman stressed that “the statutory deduction in the second half of the year constituted 44.12 percent of the total gross inflow into the Federation Account in the six-month period, which was higher than the first half deductions of 42.31 percent (inclusive of transfer to the Non-Oil Excess Account).”On remittances by Revenue Generating Agencies (RGAs), the RMAFC chairman disclosed that out of the total gross revenue inflows into the Federation Account, the Nigerian National Petroleum Company Limited (NNPCL) remitted N874 64 billion in the second half of the year as against the zero-remittance made in the first half of the year.Similarly, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) remitted the sum of N1.56 trillion while the Federal Inland Revenue Service (FIRS) remitted N3.65 trillionCOVER
PDP NEC Meeting Ends with Damagum as Acting Chairman
By Johnson Eyiangho, Abuja
Peoples Democratic Party (PDP) 98th National Executive Committee (NEC) meeting yesterday ended without a word on the much talked-about replacement of the party’s Acting National Chairman, Amb. Iliya Damagum, an indication that he will continue to function in that position.
In an interview with newsmen after the meeting, the PDP spokesman, Hon. Debo Ologunagba said for now, the party is focusing on issues of reconciliation and its stability, adding that the issue of the Acting National Chairmanship had been “deferred to the next NEC meeting, which is tentatively scheduled for August 15, 2024″. Also speaking, the Governor of Bauchi State and Chairman of the PDP Governors’ Forum, Bala Mohammed said the party is united as there was no dissension and rancour.In his words, “It was planned that the party would have an implosion. PDP is more than that. We have gone beyond all that. This party is united, guided by experience and constitutionality.”There were a lot of permutations and mischievous thinking outside there. But we looked at all the issues and we worked along our guidelines and constitution.“There is no problem or dissension and problem among members,” Mohammed said.The well attended NEC meeting was held amid tight security as police and personnel of the Department of State Services (DSS) condoned off roads leading to the PDP Secretariat, Abuja and diverted vehicular traffic.It will be recalled that the PDP National Working Committee (NWC) had passed a vote of confidence on Damagum during its meeting on Tuesday.A communique issued at the end of the three hours meeting commended all the organs of the party for their collective resilience, steadfastness and commitment towards the unity, stability and sustenance the party despite daunting challenges.The communique commended the efforts of the NWC in its effort towards rebranding the party and urged all party members to continue to work together for the success of the PDP for the benefit of Nigerians and sustenance of democracy in our country.The document which was read by the PDP National Publicity Secretary, Ologunagba, however, expressed concern over what it described as the ill-implemented policies of the APC administration, leading to worsening insecurity, harrowing economic hardship, soaring unemployment rate, high cost of food and other necessities of life with pervading misery and despondency across the country.”NEC expresses serious apprehension over the spate of acts of terrorism and violence including the escalated cases of mindless killings, mass abduction of innocent Nigerians and marauding of communities in various parts of the country.”NEC condemns the insensitivity, nonchalance, incompetence and arrogance in failure of the APC administration which continues to conduct itself in a manner that shows that it has no iota of interest or commitment towards the wellbeing of Nigerians.”NEC also condemns the creeping totalitarianism and tendencies towards a One-Party State which is inimical to the peace, stability and corporate existence of our nation as well as the development of Democracy and good governance in the country,” it said.The communique demanded that President Bola Tinubu should urgently convene a special National Security Council meeting to proffer a holistic solution and measures to curb the disturbing insecurity with its attendant negative consequences on the nation.It also called on the president to “immediately rejig his Economic Team to bring in persons of proven integrity and competence without bias and vested interest to assist in repositioning the economy.”NEC further demands that the Federal Government should review all policies and programmes which are stifling the economy with suffocating effect on the lives of citizens; including the increase in price of fuel without cushioning measures, hike in electricity tariff, increased taxation and implementation of adverse fiscal policies,” the communique added.Present at the meeting were FCT Minister Nyesom Wike, former Vice President Atiku Abubakar and many other past and presently elected members of the PDP.
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CBN Reduces Banks’ Lending Rate to 50 Percent
By Tony Obiechina, Abuja
Central Bank of Nigeria (CBN) yesterday announced a review of the loan-to-deposit ratio (LDR) for banks from 65 percent to 50 percent to align with the current monetary tightening.
LDR is used to assess a bank’s liquidity by comparing its total loans to its total deposits.
An increase in the loan-to-deposit ratio allows banks to expand their credits to businesses and individuals, however, a decline in LDR reduces their ability to loan customers from depositors’ funds.
CBN disclosed the increase in a circular titled “Re: Regulatory Measures to Improve Lending to the Sector of the Nigerian Economy”, signed by Adetona Adedeji, CBN Acting Director, Banking Supervision Department.
“Following a shift in the b ank’s policy stance towards a more contractionary approach, it is imperative to review the loan-to-deposit ratio (LDR) policy to align with the current monetary tightening by the CBN,” the apex bank said.
“Accordingly, the CBN has decided to reduce the LDR by 15 percentage points to 50%, in a similar proportion to the increase in the CRR rate for banks.
“All DMBs are required to maintain this level and are further advised that average daily figures shall continue to be applied to assess compliance.”At the last monetary policy committee (MPC) meeting on March 26, the CBN retained the CRR at 45 percent and the liquidity rate at 30 percent.