COVER
Nigerians Spend $30bn on Foreign Education, Medicals in 10 Years
By Tony Obiechina, Abuja
Minister of Budget and Economic Planning, Abubakar Bagudu, has said that citizens should expect discomfort as a result of the policies of the Bola Tinubu-led administration but he believes the policies would translate into shared prosperity.
Bagudu said this during the presentation made by the nation’s economic at the House of Representatives on Tuesday.
He said the National Assembly particularly the House of Representatives was right to be worried about complaints on Nigeria’s cost of living.
“One of the quickest wins and this challenge does not come unanticipated. We reckon with global challenges that are impacting us domestically, and we reckon with the transitional nature of some of the measures that we have taken.
“We know that they will have some impact but we have compensatory kindnesses, one of which is to support domestic production, particularly one that we are most familiar with 36 states of Nigeria plus the FCT and the agricultural production is a component as well as other infrastructural activities for which funding has been generously provided in the budget.
“What is happening in our country is akin to somebody visiting a reconstruction site. It might be inconvenient. Those living in it might be inconvenienced, especially when such a construction site involves people living in them.
“In improving the site, you have to discomfort those who are living there as well as those who are coming to help,” the minister explained.
He noted that the government’s plan is to prioritise projects that will stimulate economic activities as quickly as possible.
Bagudu said, “We are very clear that we are on the right track and the challenges of the moment are being dealt with.
“We are sure that we will overcome the challenge of the moment, and we build our path to sustain economic growth that includes everyone.”
In a related development, the Central Bank of Nigeria (CBN) has said that it approved $28.6bn on foreign education and another $11bn on foreign medical trips between 2010 and 2020.
The governor of the CBN, Olayemi Cardoso made the revelation on Tuesday during a presentation before the House of Representatives
Cardoso said the figures which summed to $40 billion have contributed to the country’s foreign exchange crisis which has dragged the naira to depreciate to over N1,400 at the official market.
The CBN made provisions for school fees and healthcare at a CBN-approved rate.
According to the CBN governor, recent data show there are significant changes in the demand for PTA for payment of school fees abroad compared to the early 1990s.
Cardoso quoted UNESCO Institute of Statistics data which show that the number of Nigerian students abroad increased from less than 15,000 in 1998 to over 71,000 in 2015.
He said that by 2018, the figure had reached 96,702 Nigerian students schooling around the world.
The CBN said Nigerian students schooling abroad will exceed 100,000.
The UK Higher Education Statistics Agency projected a 64 percent increase in Nigerian study in the country, rising from 1,320 in the 2009-2020 academic session to 21,305 by the 2020-2021 session.
Cardoso said, “Given these data, it is crucial to highlight that between 2010 and 2020, foreign educational expenses amounted to a substantial $28.65bn, as for the CBN publicly available balance of payment statistics.
“Similarly, medical treatment abroad has entered around $11bn in costs during the same period. Consequently, over the past decade, foreign exchange demand for education and healthcare has totaled nearly $40bn.
“Notably, this amount surpasses the total foreign exchange reserves of the CBN. Mitigating a significant portion of this demand could have resulted in a considerably stronger naira today.”Cardoso revealed plans to introduce a new foreign exchange operation mechanism for the operation of the Bureau de Change segment and fight currency hoarding.
COVER
Experts Raise the Alarm over 610,000 Unsafe Abortions in Nigeria
By Laide Akinboade, Abuja
Stakeholders in the health sector yesterday raised the alarm over the prevalence of unsafe abortions in Nigeria.
According to them, the country records over 610,000 unsafe abortions annually, prompting a call for women in the country to opt for contraceptives.
This and other health related concerns dominated discussions in Abuja at a summit to commemorate the World Contraception Day.
The summit, which raised awareness on women’s Sexual Reproductive Health and Rights was organised by an NGO – Media, Health and Rights Initiative of Nigeria.
The theme of the conference highlighted women’s freedom to plan and choose when to get pregnant.
The Country Director, IPAs Nigeria Health Foundation, Dr Lucky Palmer, in his opening address said it’s important for Nigerian women to be able to choose what they want.
According to him, most women are not able to express what they want and sometimes they can’t express their feelings when they get to hospital.
Dr Palmer highlighted the plight of women with disabilities, citing a case of a woman with hearing impairment who contracted sexually transmitted disease.
Dr Palmer said the doctor attending to her had to invite her son to interpret her sign language, which she found embarrassing.
“This is the reality most of our women go through, maybe because of disability or financial constraints or both.
“Unplanned pregnancies are a great challenge but these pregnancies are preventable. We shouldn’t be having unplanned pregnancies if contraceptives are free. Nigeria contributes about 28 percent of maternal deaths in the world,” the Country Director stated.
He charged stakeholders in the health sector not to relent in their efforts in addressing the challenges, saying, “Contraceptives should not only be for married women.
“They should also be for young people. Other animals have sex for procreation but human beings have sex for pleasure. If we are to prevent unnecessary deaths among our women, it is imperative we have this conversation.”
According to him, of the 610,000 unsafe abortions carried out in the country annually, about 285,000 of the women experience complications.
He added that of the 285,000 that develop complications, about 20,000 of them die annually.
Citing unsafe abortions as a major contributor to the country’s high maternal mortality rate, the experts listed Nigeria among the highest in the world with 1,5000 women in every 100,000 cases.
They noted that only 16 percent of women of reproductive age use any form of contraceptives, with even fewer using modern methods with success rates.
According to them, 28 out of every 100 pregnancies in Nigeria are unintended with 48 percent of these pregnancies ending in induced abortion.
They attributed 72 percent of deaths among girls below the age of 19 to complications arising from unsafe abortions.”Despite legal restrictions, cases of induced abortions are quite common with an estimated 1.25 million abortions performed in 2012 alone,” they said.
COVER
CBN Releases New Forex Codes to Check Exchange Rate Manipulation
By Tony Obiechina, Abuja
Central Bank of Nigeria (CBN) has released the Nigeria Foreign Exchange Code (FX Code) to strengthen the country’s FX market.The document which was released yesterday aims at facilitating better functioning of the market and reinforcing a flexible exchange rate regime.
The CBN said, “The FX Code requires Market Participants to ensure that illegal financial transfers are avoided, and appropriate money laundering policies put in place to protect the integrity of the domestic markets and the global financial framework as a whole. ”CBN said Nigeria pursues a floating exchange rate regime, and the value of the naira is determined by the market forces according to the demand and supply of foreign exchange.The apex bank said all market participants are required to submit to the CBN a detailed compliance implementation plan that is approved by its Board by Dec. 31, 2024.“The FX Code should be fully implemented, and each Market Participant be in full compliance by December 31, 2024,” the bank said.Based on the document, the CBN banned operators from buying or selling a larger amount around the period rates are referenced for computation with the intent of manipulating the market price.It banned dealers from, “Buying or selling a larger amount than the client’s interest within seconds of the fixing calculation window with the intent of inflating or deflating the price against the client.“Buying or selling an amount shortly before a fixing calculation window such that there is an intentionally negative impact on the market price and outcome to the client.“Showing large interest in the market during the fixing calculation window with the intent of manipulating the fixing price against the client.“Informing others of a specific client dealing at a fixing rate; and acting with other market participants to inflate or deflate a fixing rate against the interests of a client.”COVER
Corruption: Court Summons Bello, Grants Ishaku N150m Bail
By David Torough, Abuja
A High Court of the Federal Capital Territory (FCT) sitting in Maitama, Abuja yesterday issued a public summon against embattled immediate past governor of Kogi State, Yahaya Bello.Justice Maryanne Anenih ordered Bello, alongside two other defendants to appear in court on Oct.
24 to answer a fresh 16-count charge pending against them. The other two defendants in the charge are Umar Oricha and Abdulsalami Hudu. The court issued the order for public summons in a ruling following an application by the Economic and Financial Crimes Commission (EFCC).Justice Anenih ordered EFCC to publish the public summons in a widely circulating newspaperShe ordered EFCC to paste copies of the public summons on Bello’s last known address and in conspicuous places on the court premises.EFCC claimed that it had been unable to serve Bello with the charge filed on Sept. 24, in which the ex-governor and two others were charged with criminal breach of trust to the tune of N110.4 billion.Bello’s absence stalled the arraignment earlier scheduled for yesterday.In a related development, a former governor of Taraba State, Darius Ishaku was yesterday admitted to bail in the sum of N150 million by an FCT High Court in the alleged N27 billion fraud charges brought against him by the Federal Government.The former governor was granted bail by Justice Sylvanus Oriji with two sureties in same amount.One of the two sureties must be a Federal Government employee of the rank of Director.Similarly, the two sureties must be residents in the FCT with their house addresses to be verified by the Registrar of the court.Besides, Justice Oriji barred the former governor and his co-defendant, Bello Hero from traveling out of the country except with the permission of the court.EFCC, through its counsel, Rotimi Jacobs did not oppose the bail.Jacobs noted that EFCC had on its own granted Ishaku administrative bail and he did not jump bail.Justice Oriji after granting the bail fixed Nov. 4, 5 and 13 for commencement of trial.Ishaku, who left office in 2023 after serving as governor for eight years was slammed with 15-count charge by EFCC but pleaded not guilty when he was arraigned on Monday.According to the charge sheet dated Sept. 27, the former governor and the former Permanent Secretary of Bureau for Local Government and Chieftaincy Affairs, Bello Yero are the two defendants in the case.In the charge marked CR/792/24, EFCC accused the defendants of diverting over N1 billion to their personal use between Aug. 25, 2015 and March 21, 2016 in Abuja.The agency said the amount formed part of the 2.5 percent contingency funds belonging to the Bureau of Local Government and Chieftaincy Affairs.EFCC noted that the duo committed an offence contrary to Section 315 of the Penal Code A, Cap 532, Laws of the Federal Capital Territory of Nigeria 2007 and punishable under same section.Ishaku and Yero were also accused of diverting an aggregate sum of N1,138,082, 097.71 which formed part of the 2.5 percent contingency fund belonging to the Bureau of Local Government and Chieftaincy Affairs between July 2015 and May 2019.Also, between Sept. 3, 2015 and Jan. 29, 2018 in Abuja, the defendants were accused of diverting the sum of N761,301,000 to defray the loan of N1 billion granted by Zenith Bank Plc. to your company, Worthy Construction Limited.“That you Ishaku whilst being the Governor of Taraba State and Bello Yero whilst being the Permanent Secretary, Bureau for Local Government and Chieftaincy Affairs, Taraba State between July 19, 2019 and February 5, 2021 in Abuja, within the jurisdiction of this Honourable Court, and in such capacity entrusted with dominion over certain property, to wit: an aggregate sum of N3,348,942,411.15, which sum formed part of the funds belonging to Bureau of Local Government and Chieftaincy Affairs, Taraba State and Local Government Councils in Taraba State, and you thereby committed criminal breach of trust in respect of the said property, when you dishonestly diverted the said sum to your own use,” the charge sheet partly read.Other sums of money that formed part of the contingency fund allegedly diverted by the defendants include N650,686,369.99 between Jan. 6, 2019 and April 29, 2021; N193,030,000 between Jan. 2019 and April 29, 2021; and N170,549,842.00 between Jan. 6, 2019 and April 29, 2021, among others.