NEWS
Group Urges NASS to Probe Spending of $3.4 Billion IMF Loan
The Tax Justice and Governance Platform (TJGP) has appealed to the National Assembly (NASS) to investigate the movement and spending of $3.4 billion loan obtained by the Federal Government through the International Monetary Fund (IMF).
The group made the appeal on Friday during a joint news briefing, along with the Christian Aid (CA) and the Civil Society Legislative Advocacy Center, in Port Harcourt.
The group’s Lead in Rivers, Mr Amaechi Justin, urged NASS to investigate the movement and spending of loans obtained by the Federal Government during the past and present administrations.
According to Justin, the loans are not limited to the $3.4 billion obtained from IMF as reported in the 2020 Annual Audited Report published by the Office of the Auditor-General of the Federation.
“As advocates of economic justice, the TJGP, with subnational platforms across 18 states in the country, ActionAid, CA, Centre for Democracy and Development, International Budget Partnership, the Nigeria Labour Congress and Oxfam, has the responsibility to lend our voice to the growing concern of Nigeria’s economic challenges and Public Debt Management,” the group said.
It also said that the trajectory of revenue from the Federal Government showed a continuous decline in the past five years, with a 45 per cent revenue shortfall in 2018, a 45 per cent in 2019, 31 per cent in 2020 and 45, 41 and 50 per cent in 2021, 2022 and 2023, respectively.
“These revenue shortfalls have created budget deficits that have precipitated our debt crisis that has grown our external debt by 1,333 per cent from the level it was after the Paris Debt buy-back-deal in 2005/2006.
“As of June 2023, Nigeria’s total debt portfolio stood at N87.9trillion ($114.3billion) and will climb to N107.38 trillion in 2024, following recent approvals by NASS.
“Worrisomely, 37 per cent of Nigeria’s total external debt figure is owed to private creditors, whose loans attract between six and nine per cent and shorter repayment period in comparison to loans from multilateral and bilateral sources with interest rates of between one and three per cent and longer repayment period of 10 to 30 years.
“The result is that debt servicing will cost 98 per cent of our budget, and the government will spend six times more on servicing debts than building new schools and hospitals in 2024,” the group further said.
It also said that the unsustainable level of public debt showed the need for a reassessment of government’s spending and revenue generation.
It argued that the escalating debt burden had profound implications for the wellbeing of Nigerians.
It contended that “failure to act quickly could result in an additional 23 million Nigerians living in poverty and 80 million working-age citizens without a full-time job by 2030”.
The group, therefore, expressed the need for NASS to urgently commit to reforms and balanced resource allocation that would pave the way for significant investment in critical sectors that would directly impact the lives of vulnerable Nigerians.
It also urged NASS to revise the legal and institutional frameworks relating to debt management, emphasising transparency and accountability.
“This includes accelerating the amendment of the Fiscal Responsibility Act 2007, redefining the purpose of incurring debts in clear terms of debts being for projects that will promote value chain development, improve the macro-economic framework, develop infrastructure and build strategic human capital.
“This will also imply a deletion of the amendment in the 2021 Finance Act, which introduced an omnibus new term, called ‘national interest,’ as a justification for borrowing,” it said.
The group, therefore, advocated a stop to borrowing for recurrent expenditure (personnel and overheads) and dilatory capital expenditure that adds no value to economic growth, wealth creation and development.
It recommended the harmonisation of tax laws and rates to reduce overlaps and inconsistencies, eliminate multiple taxation and improve tax revenue mobilisation.
It said: “Nigeria should adopt a comprehensive approach to taxation, which categorises taxes on income, consumption and property tax.
“Every tax should fall under these three categories rather than having all manners of taxes, which are set out to extort business owners rather than generate revenue for the government.
“NASS should establish a Tax Committee, empowered to approve Double Tax Agreements, rather than the general floor of the National Assembly.
“The committee should be empowered to monitor and evaluate existing tax treaties and agreements between jurisdictions to make data available for government decisions.”
The group also urged the lawmakers to prioritise spending on policies and programmes that will directly impact the general public, especially the low-income earners.
It specifically advocated investment in education, health care, agriculture and empowerment programmes in a transparent, accountable and sustainable manner.
It urged the government to prioritise fixing the power and transport sectors with the appropriation of revenue and re-allocation of subsidy savings.
It argued that the measure had become necessary, given that about 27 per cent of the country’s average household budgets were dedicated to fuel-related expenses (petrol-powered generators, vehicles and heavy reliance on the poor public transport system).
The group demanded accountability for petrol subsidy savings and sincerity of purpose in fulfilling President Bola Tinubu’s promise of “Renewed Hope” to Nigerians “who no longer have belts to tighten”.
“We call on the NASS members from Rivers to mobilise support for these recommendations as bastion of the people,” the group further said. (NAN)
NEWS
NDA Commandant Decorates Ombugadu, Others as Fellows of Solar Energy Society of Nigeria
From Abel Zwànke, Lafia
The 2023 gubernatorial candidate of the People’s Democratic Party (PDP) in Nasarawa State, His Excellency Rt. Hon. David Emmanuel Ombugadu, has been decorated as a Fellow of the Solar Energy Society of Nigeria (SESN). Ombugadu received the Fellowship Award of Excellence during the 41st National Solar Energy Forum (NASEF) 2024, held on December 10 at the Nigerian Defence Academy (NDA) Postgraduate School, Kaduna.
The award, presented by the NDA Commandant, Major General John Ochai, recognized Ombugadu’s exceptional contributions to renewable energy advocacy and sustainable development in Nigeria.
Speaking to journalist yesterday after receiving the award Ombugadu expressed gratitude for the honour.“I am deeply honourd to receive this prestigious Fellowship Award from the Solar Energy Society of Nigeria in collaboration with the Nigerian Defence Academy. This recognition highlights the importance of renewable energy in addressing our nation’s energy challenges and fostering sustainable development,” he said.
Ombugadu advocated for increased investments in renewable energy, noting that over 80 million Nigerians lack access to electricity. “This award is a call to action. Renewable energy is essential for our national development, and we must commit more resources to this transition to empower communities and combat climate change,” Ombugadu stated.
Reading Ombugadu’s citation, the organizers described him as a philanthropist, entrepreneur, and visionary leader. Known for his contributions to healthcare, education, and water supply in rural areas, Ombugadu has drilled over 1,500 boreholes and enrolled more than 12,000 people in the National Health Insurance Scheme (NHIS).
Themed “Advancing Solar Energy Solutions for Sustainable Development,” the forum brought together energy experts, policymakers, and industry stakeholders to strategize on enhancing Nigeria’s energy security through solar technology.
Major General Ochai, who was also conferred as a Fellow, highlighted the NDA’s strides in adopting renewable energy for sustainability. “Earlier this year, the NDA established the Biodiversity and Conservation Centre, targeted at conserving the environment. In a few days, we will inaugurate a 2.5-megawatt solar farm, which will take the NDA off the national grid, help decarbonize the environment, and cut energy costs,” Ochai said.
He emphasised the academy’s commitment to community support, adding, “Whatever energy we generate through solar power will also benefit the Afaka community as part of our corporate social responsibility. Solar energy is the future, and we are proud to champion this cause.”
The Minister of Housing and Urban Development, Ahmad Dangiwa, represented by Aishatu Yusha’u, emphasized the role of solar energy in urban development. “Solar energy can reduce greenhouse gas emissions, enhance energy efficiency, and promote sustainability in urban planning,” she said.
Prof. Magnus Onuoha, President of the Renewable Energy and Energy Efficiency Associations Alliance (REEEAA), praised the NDA’s bold step in constructing its solar power plant. “The NDA’s solar farm will serve as a shining example of what can be achieved when institutions prioritize sustainability and renewable energy,” Onuoha said.
He called for comprehensive policies to address Nigeria’s energy challenges. “Our alliance is committed to promoting the growth of renewable energy and transitioning from fossil fuels to cleaner, more sustainable sources,” he added.
The Rural Electrification Agency (REA), through its Managing Director, Abba Abubakar, represented by Timothy Shekari, reiterated its commitment to providing energy access to underserved communities, highlighting initiatives that have energized markets and impacted over 1.2 million people.
The forum concluded with renewed commitments from stakeholders to advance renewable energy initiatives across Nigeria, with solar energy taking center stage in the nation’s sustainable development goals.
Other distinguished recipients included Kaduna State Governor Senator Uba Sani, represented by the Managing Director of the Kaduna State Power Supply Company, Aminu Idris, and Mrs. Olanike Olugboji-Daramola, CEO of the Women Initiative for Sustainable Environment (WISE).
NEWS
Yuletide: Bode George Urges Tinubu to Reduce Petrol Price
Chief Bode George, a former Deputy National Chairman of the Peoples Democratic Party (PDP), has urged President Bola Tinubu to reduce the price of petrol to N300 per litre ,to make things easy for Nigerians during the festive season.
George, the Atona Oodua of Yorubaland, made this plea at an interactive session with newsmen on Wednesday in Lagos.
The price of Premium Motor Spirit, popularly known as petrol, is currently above N1,000 per litre.
According to the elder statesman,Nigerians are going through hardship, the President should give an order to reduce fuel price, specifying time frame the people will enjoy such window of relief.
He said that the federal government as well as well- meaning individuals and businesses could bear the cost of such price slash , to bring happiness to all Nigerians.
The PDP leader, who noted that December and January are special months , said that such gesture could start from the middle of December and run through January.
“I have been thinking, as a Nigerian, what can we do because the anger and the hunger are almost equal on the streets of Nigeria.
“What am I suggesting is that Mr President should sit down with his managers and give an order that from the middle of December to the end of January, the cost of petrol will be N300 per litre.
“The government can absorb the losses in the interest of the suffering people.
“If they (government) want others to contribute, let us know how much that is going to cost and ask people to donate, to bear the cost.
“We will be sending a lot of messages of happiness across the tribes and homes.
“Everybody in Nigeria will be happy because it will positively impact on this period of the year. It is a challenge and he (Tinubu) can do it.
“We need this in this December and January to put smiles on the faces of Nigerians, ” George, a PDP Board of Trustees (BOT) life member, said.
Advising the President to take further measures to bring relief to the people, he said that the gesture would crash prices of essential commodities and services for the benefit of all .
He said that government’s efforts should be concentrated on reducing high inflation rate, unemployment, poverty and youth restlessness in order to create a better future for Nigerians
Speaking on the recent presidential election in Ghana, George noted that Nigeria’s electoral system needed reforms to guard against electoral frauds and manipulations.
According to him, the nation will continue to grope for development if the system fails to encourage best candidates to emerge.
Stating that election must reflect the wishes of the people and be devoid of religious and tribal sentiments, George said that Ghana election should be a wake up call for Nigeria.
“INEC performance must improve. The commission must make sure that the voice of the people is heard in elections.
“Electoral offenders should be made to face the music and sent to jail. We must be very firm about due process, credibility and transparency in elections,” he said.
Urging the President to revisit resolutions in the 2014 Constitutional Conference, George said that the current constitution was not federal in principle and practice.
“We should not deceive ourselves, the constitution is a problem. It is a military constitution, it is not democratic,” he said.
George called on the National Assembly to ensure devolution of powers and electoral reforms that would do away with manual collation of election results and mandate electronic transmission of election results from polling units.
George disagreed with political watchers saying no vacancy in presidency in 2027.
On the dwindling strength of the former ruling party, George, who noted that all organisations had its ups and downs, said that selfish interests and disregard for party rules remained PDP’s major challenge.
He said that PDP could bounce back and win presidential election if the leadership decided to elevate national interest above selfish interests and adhere to the party’s constitution.
“We will tell ourselves some serious old truth. We messed ourselves up. ” he said.
Stating, however, that the PDP was not dead, George said that lack of justice, equity, fairness and the inability to adhere to the party’s zoning and rotational principle cost the party victory in 2023.
Calling on the party’s founding fathers alive to wake up and rescue the party, George said that Nigerians were still waiting for the former ruling party to take over power and put things right. (NAN)
NEWS
Tinubu Set for Groundbreaking of Renewed Hope City in Lagos
President Bola Tinubu, is set to perform the groundbreaking of 2,000 housing units of the Renewed Hope City in Ibeju Lekki, Lagos, in the next few weeks.
Mr Ahmed Dangiwa, Minister of Housing and Urban Development, announced this during an official assessment visit, on Wednesday in Lagos
Dangiwa said Lagos would represent the South-west, while the president would do that of the North-West in Kano, before doing that of the four other regions.
“Arrangements is already on ground, we have gotten sites, and work has commenced for 2000 houses in the Renewed Hope City that we intend to build in Ibeju-Lekki,” he said.
Towards achieving the set goal, the minister said the visiting team also paid a courtesy visit to Gov.
Babajide Sanwo-Olu to discuss area of collaboration between the federal and state governments.He disclosed that the federal and Lagos state governments had agreed to set up a Tripartite committee and ensure all the issues of concerns between the parties were resolved amicably for the benefit of all.
Earlier, the Minister embarked on an assessment visit of deplorable Federal Government buildings and assets across Lagos state in a bid to commence rehabilitation on them in a few months.
Dangiwa said the rehabilitation was necessary as the deplorable buildings posed a challenge and security concerns to the Lagos state government. (NAN)