COVER
Obi Withdraws from Presidential Race, Resigns from PDP
.Cites Disturbing Developments in the Party
.All Hopes not Lost, he may Still Feature in the Ballot-Okupe
. Party Likely to have Settled for a Consensus Candidate
.APC Appoints Oyegun Convention Chairman, May Reject Offer
By Jude Opara, Abuja
Presidential aspirant of the Peoples Democratic Party (PDP), Peter Obi, has resigned from the party and also withdraws from the presidential race on the platform of the party.
Obi announced his resignation in a letter titled “Resignation From PDP and Withdrawal from the Presidential Contest” addressed to the PDP National Chairman, dated May 24.
Obi, in the letter made available to newsmen on Wednesday in Abuja, attributed the decision to recent developments within PDP.
The letter read: “I am writing to intimate you of my resignation from the PDP, which was conveyed to the Chairman of Agulu Ward 2. Anaocha LGA Anambra, effective Friday 20 May, 2022.
“Consequently, am by this letter Informing you of my withdrawal for the PDP Presidential Primaries.
“It has been a great honour to contribute to nation-building efforts through our party.
“Unfortunately, recent developments within our party make it practically impossible to continue participating and making such constructive contributions.
“Our national challenges are deep-seated and require that we each make profound sacrifices towards rescuing our country.
“My commitment to rescuing Nigeria remains firm, even if the route differs.
“I wish to thank you personally for your graciousness and leadership. I wish you well and best of luck in the service of country,” Obi said.
The Director General of of Obi Campaign Organisation, Dr Doyin Okupe, said that Obi was not desperate in becoming president of Nigeria, but to offer solutions to problems bedeviling the country.
Okupe, who was Special Assistant on Media and Publicity to former President Olusegun Obasanjo and Senior Special Assistant on Public Affairs to President Goodluck Jonathan, said that all hopes were still opened for Obi to be on the 2023 ballot paper.
“You will recall that consistently former Governor Peter Obi has repeatedly stated that he’s not desperate to be President,
“He is desperate to cause a change, to cause a redirection, to change the way the government of Nigeria is being run. It is for this reason and to offer solution to the various problems of Nigeria.
“It was for these reasons that he entered into the race. According to what he said in his letter, various development in the PDP, makes it virtually impossible for him to find full expression of his desire on the platform of the PDP.
“This is not to say that all hopes are lost. I can say on his behalf that Nigerians must not give up, we must never give up. Hope is on its way and help is coming.
“All options are on the table, by the grace of God Obi name will be on the ballot in 2023,” he said.
Obi, who was a former governor of Anambra State, was also the party’s running mate to PDP presidential candidate, Atiku Abubakar in 2015 presidential election.
Until his resignation, he was one of the 15 aspirants vying for the presidential ticket of the PDP, of which the party’s primary is expected to hold on May 28 and May 29 in Abuja.
Some observers had before now urged Obi to leave the PDP, claiming that he will not be able to match some of the “desperate aspirants” whom they alleged are ready to buy the delegates.
Obi’s sudden resignation from the party and withdrawal from the race may not be unconnected with the decision of the PDP not to allot its presidential ticket to any zone in the country, a development that many leaders in the country has described as injustice to the South-east, where Obi hails from, which has not been leveraged like other zones to produce a president from the Igbo ethnicity since the return of democracy un the country in 1999.
Yesterday, there was a strong rumour that the party has finally settled for a consensus candidate; the identity of the preferred aspirant is yet to be made public.
APC Appoints Oyegun Convention Chairman
. May Reject Appointment
Meanwhile strong indications emerged late yesterday evening that the ruling All Progressives Congress (APC) has appointed the former National Chairman of the party, Chief John Oyegun as chairman, APC screening committee and for the party’s National Convention.
The ruling party is slated to hold its convention between Mat 29 and 30 in Abuja.
However, there are feelers that the former governor of Edo state may have turned down the offer.
A source at the National Secretariat of the party told DAILY ASSET that Oyegun may want to distance himself from the exercise having informed the party that he has a vested interest in a particular aspirant.
More worrisome is that the party despite the closeness of the date for the presidential primaries is yet to conduct the statutory screening of the 25 aspirants who obtained its nomination forms despite the high cost of N100 million.
The party which appears to be at a crossroads over the development is said to be trying without much success to settle for a consensus candidate. Most of the aspirants were said to have vehemently rejected the consensus proposal.
Our source who pleaded anonymity further said Oyegun may eventually accept the offer if he gets the confirmation that the party has succeeded in convincing the aspirants to be on the same page concerning the mode of the primary.
Many observers have noted that the party from the onset was not ready to conduct a primary election where delegates will decide who actually becomes the candidate; they buttress their argument with the controversial withdrawal consent attached to nomination forms.
But it is left to be seen how the drama will pan out as the Independent National Electoral Commission (INEC) drawing from the Amended 2022 Electoral Act has insisted that there will be no consensus unless all the affected aspirants personally write to state so.
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 trillion
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.
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.
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