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FCT Faces Economic Instability Amidst Fluctuations in Oil Prices— Perm. Sec.

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Alhaji Adamu Wanki, the Permanent Secretary, Treasury and Budget, Federal Capital Territory (FCT) administration, says Nigeria, particularly the FCT, faces significant economic volatility, occasioned by fluctuations in oil prices.

Wanki stated this at the Chartered Institute of Treasury Management (CITM) mandatory continuous training programme/induction in Abuja on Thursday.

The programme was entitled: “Challenges of Managing the Treasury and funding critical infrastructure in a volatile economy: The FCT Administration experience.

Wanki, who described oil as a major source of government revenue in Nigeria, said that others, such as inflation, currency devaluation and external debt pressures were main contributory factors.

He said that FCT, as the seat of Nigerian government, was affected by revenue fluctuations, adding that a large proportion of revenue in the FCT came from the federal government’s allocation.

The permanent secretary said that this was tied to oil revenues, adding: “When oil prices fall, the federal allocation reduces, which puts pressure on the FCT’s treasury and hampers infrastructure development.”

On inflation and currency depreciation, he said that the devaluation of the naira had escalated costs of imported materials, construction projects and maintenance of infrastructure.

This, Wanki said, could lead to delays in projects and reduced purchasing power for government initiatives, adding that critical infrastructure were needed in the FCT.

According to him, FCT is home to several essential government buildings, administrative offices and services that require constant funding for maintenance, expansion and modernisation.

The permanent secretary listed key infrastructure needed in the FCT to include: transport, roads, railways and airports, which, he said, required significant investments for expansion, maintenance and modernisation.

Though he said that FCT had witnessed major road infrastructure projects like the Abuja light rail, he, however, said that they required continuous funding.

Also speaking, the Registrar of CITM, Dr Olumide Adedoyin, said that the training was about the evolving landscape of treasury management, sustainability, excellence and financial probity.

Adedoyin stated that sustainability was about building management functions and its success where there was not much success.

“Every sector of the economy does not have enough money to run the processes. So how do you manage effectively the processes? How do you manage the debt?” he queried.

The registrar stressed the need to encompass the Environment, the Social and the Governance (ESG) into financial planning in the country.

“How do you go green, making sure that whatever you are doing is sustainable in terms of finance and in carrying other elements in realising your goal, whether in government projects, organisations or manufacturing?” he asked.

Adedoyin said that the Federal Government was doing its best by prioritising lots of issues, even as urged the government to support the CITM training.

This, he said, would assist lots of processes, bring specialised knowledge and be impactful to who needed it. (NAN)

NEWS

‎FG Imposes 7-year Ban on New Federal Tertiary Institutions 

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The Federal Executive Council (FEC) has approved a seven-year moratorium on the establishment of new federal tertiary institutions.

‎Dr Tunji Alausa, Minister of Education  announced the approval, after Wednesday’s FEC meeting, presided over by President Bola Tinubu at the Presidential Villa, Abuja.

‎He explained the ban applies to all federal universities, polytechnics, and colleges of education.

According to Alausa, the decision aims to address systemic decay caused by unregulated expansion.

‎”What we are witnessing today is duplication of new federal tertiary institutions, a significant reduction in the current capacity of each institution, and degradation of both physical infrastructure and manpower.

‎“If we do not act decisively, it will lead to marked declines in educational quality and undermine the international respect that Nigerian graduates command.”

‎“We are doing this to further halt decays in tertiary institutions which may in future affect the quality of education and consequently cause unemployment of graduates from some of these institutions.”

‎Alausa noted Nigeria currently has 72 federal universities, 108 state universities, and 159 private universities with similar trends in polytechnics and colleges of education.

‎He pointed to a growing mismatch between the number of institutions and available student enrollment.

‎He cited a northern university with fewer than 800 students but over 1,200 staff, calling it unsustainable.

‎The minister described the moratorium as a bold corrective measure by the Tinubu administration.

‎He said the government would now focus on upgrading existing institutions, improving infrastructure, boosting manpower, and increasing capacity.

‎“We need to improve the quality of our education system and increase the carrying capacity of our current institutions so that Nigerian graduates can maintain and enhance the respect they enjoy globally.”

‎The minister however announced that the Council approved 9 new private universities out of the 79 active requests pending applications.

‎”Several of these applications have been in the pipeline for over six years, with investors having already built campuses and invested billions of Naira,” he explained.

‎“Due to inefficiencies within the NUC, approvals were delayed. We have since introduced reforms to streamline these processes, and today’s approvals are a result of clearing this backlog.”

‎(NAN)

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Foreign News

CAF Sanctions Kenya Again over Crowd Trouble

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The Confederation of African Football (CAF) has sanctioned African Nations Championship (CHAN) co-host, Kenya, for the second time in as many weeks over security breaches.

In a statement made available on Monday evening, the continental governing body said that it has limited entry to the 48,000-seat Moi International Sports Centre.

It also said that, known as Kasarani Stadium, can accommodate 27,000 fans for Sunday’s Group A match between Kenya and Zambia.

CAF said only electronic ticket holders would be allowed into the stadium, with thermal tickets prohibited.

The governing body warned that Kenya’s matches could be relocated from Kasarani Stadium if organisers fail to prevent further breaches.

“We trust these measures will be applied swiftly to protect competition’s integrity, ensure fan safety, and uphold confidence in Kenya’s commitment to the tournament,” CAF said.

The sanctions follow incidents on Aug. 10 when Kenya defeated two-time winner Morocco 1-0 in spite of playing the entire second half with 10 men.

The win put Kenya top of Group A with seven points.

The debutants would reach the quarterfinals with at least a draw against winless Zambia.

Last week, Kenya’s football federation was fined nearly 20,000 U.S. dollars for security lapses during the team’s 1-0 win over DR Congo in the tournament opener on Aug. 3.

In the latest case, CAF cited major lapses, including stadium gates and restricted service areas being overrun by ticketless spectators and holders of government-distributed physical tickets.

It also accused security personnel of losing control at exit points and allowing breaches of the perimeter fence that enabled thousands of ticketless fans to enter.

CAF had expressed alarm over the use of tear gas and flash grenades, reports of live ammunition fired near spectators and staff, and violent incidents such as stone-throwing at security personnel.

It also cited unsafe vehicle movement in spectator areas, inadequate police response, and the lack of medical incident reports in spite of injuries being reported.

Organisers were further criticised for insufficient communication tools and the absence of CCTV coverage at critical entry points.

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Education

Varsity Don Advocates Establishment of National Bureau for Ethnic Relations, Inter-Group Unity

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By David Torough, Abuja

A university scholar, Prof. Uji Wilfred of the Department of History and International Studies, Federal University of Lafia, has called on the Federal Government to establish a National Bureau for Ethnic Relations to strengthen inter-group unity and address the deep-seated ethnic tensions in Nigeria, particularly in the North Central region.

Prof.

Wilfred, in a paper drawing from years of research, argued that the six states of the North Central—Kwara, Niger, Kogi, Benue, Plateau, and Nasarawa share long-standing historical, cultural, and economic ties that have been eroded by arbitrary state boundaries and ethnic politics.

According to him, pre-colonial North Central Nigeria was home to a rich mix of ethnic groups—including Nupe, Gwari, Gbagi, Eggon, Igala, Idoma, Jukun, Alago, Tiv, Birom, Tarok, Angas, among others, who coexisted through indigenous peace mechanisms.

These communities, he noted, were amalgamated by British colonial authorities under the Northern Region, first headquartered in Lokoja before being moved to Kaduna.

He stressed that state creation, which was intended to promote minority inclusion, has in some cases fueled exclusionary politics and ethnic tensions. “It is historically misleading,” Wilfred stated, “to regard certain ethnic nationalities as mere tenant settlers in states where they have deep indigenous roots.”

The don warned that such narratives have been exploited by political elites for land grabbing, ethnic cleansing, and violent conflicts, undermining security in the sub-region.

He likened Nigeria’s ethnic question to America’s historic “race question” and urged the adoption of structures similar to the Freedmen’s Bureau, which addressed racial inequality in post-emancipation America through affirmative action and equitable representation.

Wilfred acknowledged the recent creation of the North Central Development Commission by President Bola Tinubu as a step in the right direction, but said its mandate may not be sufficient to address ethnic relations.

He urged the federal government to either expand the commission’s role or create a dedicated Bureau for Ethnic Relations in all six geo-political zones to foster reconciliation, equality, and sustainable development.

Quoting African-American scholar W.E.B. Du Bois, Prof. Wilfred concluded that the challenge of Nigeria in the 21st century is fundamentally one of ethnic relations, which must be addressed with deliberate policies for unity and integration.

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