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The Obafemi Awolowo University in Ile-Ife, Osun State, is mourning the loss of Dr. Ayo Ojediran, a lecturer in the Faculty of Education, who reportedly slumped in his office. Sources on the campus revealed that Ojediran was swiftly taken to the institution’s clinic after collapsing on Tuesday but unfortunately did not survive.

Victor Adesokan, the President of the Faculty of Education Students Association of Nigeria, shared details of the incident during an interview. Adesokan, who considered Ojediran a father figure, mentioned that the lecturer had complained of a headache and appeared extremely weak the night before his passing.

Expressing concerns about the faculty's current academic staff shortage, Adesokan highlighted that Ojediran's death marked the fourth among the faculty's lecturers in the outgoing year. He emphasized the need for additional recruitment to alleviate the workload on existing staff members.

Adesokan stated, “On Monday night, he complained of headache and stress. We told him to rest. They (lecturers) have too much workload on them. The school needs to recruit more lecturers, most especially in the Faculty of Education."

He further urged the government and school management to prioritize the well-being of lecturers and prevent further loss of lives among the academic staff.

The Saudi Arabian Embassy clarified on Wednesday that the visas of 177 Air Peace passengers from Nigeria were canceled upon arrival in Jeddah for violating the country's entry rules. The Federal Government, citing reports from the Nigerian Consulate in Jeddah, stated that Air Peace Flight No. P4-752 transported 264 passengers from Lagos and Kano to Jeddah on November 23, 2023.

Upon arrival at the Hajj terminal, Saudi Immigration authorities informed passengers that their visas were canceled. Subsequently, 177 passengers were returned to Nigeria, while 87 were allowed entry into Jeddah after clearance by immigration.

The Embassy's statement emphasized that the deported Nigerians had provided incorrect information to obtain a visa category that did not apply to them, a discovery made upon their arrival. It clarified that these individuals did not fulfill entry conditions in accordance with the Kingdom's rules and regulations.

The Royal Embassy stressed the importance of adhering to Saudi Arabia's procedures and laws, urging all passengers to review their documents for conformity before departing from their countries. The statement highlighted that this procedure applied not only to Nigerian citizens but also to citizens of other countries.

Debate Surrounds Government's Exchange Rate Target and Banking Sector Reorganization

Amid reports suggesting that the Federal Government is working on attaining an exchange rate target of N500-N600 per US dollar while contemplating banking sector reorganization, various private sector organizations and financial experts have voiced differing opinions on the viability and benefits of such objectives. Their recommendations to establish a stable macroeconomic environment addressing exchange rate volatility have been expressed to guide the government.

Dr. Tope Fasua, Special Adviser to the President on Economic Matters, revealed during a recent event that the government has plans to boost the value of the naira. He attributed the recent strengthening of the naira to policies being implemented by the government and warned individuals hoarding foreign currencies that these policies may come as a surprise to them.

In response, the Nigeria Employers Consultative Association (NECA) and economic experts commended the initiative but urged the government to clarify and disclose specific policy plans. They emphasized the importance of local production, tackling the nation's import dependence, and ensuring alignment between fiscal and monetary policy authorities before targeting a lower exchange rate.

NECA's Director-General, Mr. Adewale-Smatt Oyerinde, encouraged the government to engage with organized businesses to gain consensus and support for ongoing reforms. Olatunde Amolegbe, the immediate past President of the Chartered Institute of Stockbrokers, expressed uncertainty about the working paper to achieve the exchange rate goal, emphasizing the need for more information.

Nnamdi Nwizu, Co-Founder of Comercio Partners Limited, praised the alignment of fiscal and monetary policy authorities but called for more transparency regarding actions and their impact on strengthening the economy and promoting exports.

Mallam Garba Kurfi, Managing Director/CEO of APT Securities & Funds, saw the exchange rate target as a positive development that could lead to lower inflation rates and increased economic output. He anticipated that the central bank's actions, likely related to restructuring the banking system, could help achieve the goal.

Ambrose Omordion, an analyst at Invesdata Consulting Limited, believed that achieving the exchange rate target is feasible, primarily due to sustained high international oil prices. He suggested that funding from organizations like the World Bank and increased foreign investment could enhance foreign exchange earnings. Recommendations from NECA and financial experts included addressing the nation's import dependency, privatizing national refineries, maximizing crude production, and promoting local production to reduce pressure on the naira. Monitoring bank accounts for currency hoarding and encouraging production and exports were also recommended to increase the supply of foreign exchange.

The debate highlights the complexities and challenges associated with exchange rate stabilization and financial sector reform in Nigeria. While the government's intentions are commendable, the path to achieving these goals remains a topic of discussion and potential scrutiny.

President Bola Tinubu has officially signed into law the 2023 Supplementary Budget, which amounts to N2.17 trillion. The National Assembly recently passed this supplementary appropriation act.

The signing ceremony took place at the Presidential Villa in Abuja and was attended by prominent figures, including the President of the Senate, Senator Godswill Akpabio, and the Speaker of the House of Representatives, Tajudeen Abass. Also present were the Secretary to the Government of the Federation (SGF), Senator George Akume; Minister of Budget and Economic Planning, Atiku Bagudu; and Chairman of the Federal Inland Revenue Services (FIRS), Zacch Adedeji. Senators Opeyemi Bamidele and Olamilakan Adeola, Senate Leader and Chairman of the Senate Committee on Finance, respectively, also attended the event.

Peter Obi, the presidential candidate of the Labour Party in the last presidential election, has criticized the 2023 supplementary budget, claiming it highlights the Federal Government's insensitivity to the needs of the masses and the nation's urgent emergencies.

Obi expressed his disappointment that the supplementary budget did not adequately address the pressing national needs and emergencies facing the country. President Bola Tinubu recently signed the 2023 supplementary appropriation bill, totaling N2.17 trillion.

The supplementary budget allocation of N605 billion for security was emphasized, intended to enhance the capabilities of the armed forces and security agencies to address current and emerging security challenges. Other provisions included N5.5 billion for a student loan scheme and over N616 billion in wage awards for civil servants to mitigate the increased cost of living post-subsidy.

In response, the Senate has announced its intention to investigate the purchase of a N5 billion presidential yacht and the circumstances surrounding it.

Peter Obi expressed his concerns on Twitter, emphasizing that a supplementary budget should prioritize national welfare needs not initially addressed in the main budget. He pointed out that the supplementary budget came late in the financial year and should primarily focus on urgent national welfare items.

Obi referred to a report from the United Nations and the World Food Programme, projecting that about 6.5 million Nigerians would suffer from hunger in 2024, primarily in Sokoto, Adamawa, Borno, Yobe, and Zamfara States. He suggested that the supplementary budget could have addressed this impending catastrophe by providing provisions to mitigate the threat.

He further criticized the fact that the supplementary budget included extravagant expenditures such as a presidential yacht, presidential jets, and the furnishing of lavishly furnished presidential quarters and offices, rather than focusing on urgent social welfare issues.

Obi's tweets highlighted the government's lack of awareness of the country's crisis and the government's disconnection from the suffering of the general population. He concluded that the majority of the funding for these lavish expenses would be borrowed, emphasizing the need for empathy and realism from the government during these challenging times, rather than extravagant indulgence.

Recently, President Bola Tinubu intervened to halt the proposed increase in electricity tariffs and emphasized the importance of maintaining power subsidies, according to the Minister of Power, Adebayo Adelabu. He disclosed this at a press briefing in Abuja, where he further revealed that the government would scrutinize the legality of the five-year license extension granted to privatized power distribution and generation companies, as their licenses would have normally expired on October 31, 2023.

Minister Adelabu also expressed his commitment to taking action against underperforming chief executives within the power ministry and its agencies, especially if their poor performance jeopardizes his position as the minister. In his statement, he emphasized that the power sector's sensitivity to leadership changes requires a balanced and well-thought-out approach.

Addressing the issue of cost-reflective tariffs, which could result in higher power charges for consumers, Adelabu explained the government's ongoing subsidy of power costs. Although tariff adjustments should have been implemented previously, President Tinubu refrained from raising the tariffs until consistent and incremental power supply is achieved. The substantial gap between cost-reflective tariffs and the approved tariffs is still being bridged by the government through subsidies.

Adelabu stressed that tariff adjustments would occur when the timing is appropriate and would follow extensive public communication and awareness campaigns, in addition to ensuring sustained and regular power supply.

The minister also highlighted the unsatisfactory level of power generation in Nigeria, which currently stands at around 4,000 megawatts. Efforts are being made to enhance this figure, but the current status is considered unacceptable and an issue of national concern.

Furthermore, Adelabu emphasized that only those who perform efficiently in their positions will remain, as the President has conveyed the necessity for ministers to deliver on their mandates. He emphasized the importance of the power sector's role in national development and urged all stakeholders to support his vision.

The minister also questioned the decision to privatize the power sector in 2013, suggesting that a better approach might have been commercialization. He hinted that the government might reassume control of the power distribution companies (Discos), especially those handling excessively large territories below expected standards. Adelabu also confirmed that he has initiated an investigation into the recent five-year license extensions for these privatized power companies to determine their legal and contractual validity.

Lastly, Adelabu discussed power supply to Niger Republic, stating that Nigeria has not yet resumed power supply to the neighboring country and that the situation is being closely monitored by the government.

In terms of electricity statistics, the National Bureau of Statistics reported that the total number of electricity customers increased slightly between Q1 and Q2 of 2022. However, on a year-on-year basis, customer numbers saw a decline. The number of metered customers increased on a quarter-on-quarter basis. Electricity supply decreased in comparison to previous years. Revenue generated by the Discos also declined on a quarter-on-quarter basis but showed an increase on a year-on-year basis.

This information provides a comprehensive overview of the current state of Nigeria's power sector, highlighting key government decisions and challenges. The government's commitment to both providing adequate power and supporting consumers remains a top priority.

Rwandan President Paul Kagame has made an important announcement regarding visa-free travel for Nigerians and all Africans. Following this decision, Rwanda joins a select group of African countries, including Seychelles, The Gambia, and Benin, that offer visa-free entry to all African citizens.

President Kagame stated, "Let there be no mistake about it. Any African can get on a plane to Rwanda whenever they wish and will not pay a thing to enter our country." This policy change is part of Rwanda's strategy to tap into the growing tourism market in Africa, driven by the continent's expanding middle class.

Rwanda has been actively promoting its tourism sector, engaging in partnerships with renowned football clubs like Arsenal and Bayern Munich to showcase the country as a desirable tourist destination. This move not only fosters tourism but also enhances cultural exchange and regional integration.

In addition to Rwanda's decision, several African nations have been entering into bilateral agreements to facilitate visa-free travel. Notably, Ghana and South Africa, as well as Uganda and the Democratic Republic of Congo, have recently taken steps in this direction.

Furthermore, Kenyan President William Ruto has announced plans to end visa requirements for all African visitors by the end of the year. He made this commitment during an international conference in Congo Brazzaville, emphasizing the importance of removing travel barriers and promoting openness across the continent. Ruto's statement was met with enthusiastic applause, underscoring the significance of these changes.

In conclusion, these developments signify a growing trend towards simplifying travel and fostering greater unity among African nations, ultimately benefiting tourism, trade, and cross-border collaboration.

Tonto Dikeh, a well-known Nollywood actress and a former candidate for the governorship in Rivers State, has ignited a new wave of controversy as she officially becomes a member of the All Progressives Congress (APC).

The actress, who previously ran for the governorship election representing the African Democratic Congress (ADC), solidified her transition to the APC through a statement posted on the party's official Twitter page. Her formal introduction to the party was carried out under the guidance of the APC National Women Leader, Dr. Mary Alile, at the APC National Secretariat in Abuja.

Tonto Dikeh's decision to switch political affiliations has generated mixed reactions online. Some have praised her for making this move, while others have criticized her, citing her past confrontations with the APC. This shift underscores the intricate nature of Nigerian politics, where political alliances can be fluid and dynamic.

Tonto Dikeh's political journey has taken unexpected turns, especially when she initially declared her intention to run for the position of governor in the Rivers State gubernatorial election. Her campaign encountered challenges, leading her to reconsider her political affiliation based on advice from political mentors.

While her move to the APC may raise eyebrows, it serves as a reminder of the ever-evolving and complex landscape of Nigerian politics, where loyalties can adapt to changing circumstances and strategic considerations.

The House of Representatives is considering the introduction of legislation aimed at securing federal funding for the Sustainable Development Goals (SDGs). Terseer Ugbor, a member of the House of Representatives, made this announcement during an event on funding for change in Abuja. He emphasized the importance of creating structures to ensure a safe environment for citizens, highlighting that environmental sustainability is a significant component of the SDGs. Additionally, he stressed the need for government entities at all levels to conduct environmental assessments and consider the social impacts of their actions alongside economic considerations.

Ugbor revealed that the National Assembly's lower chamber has established a committee dedicated to the SDGs. This committee is expected to develop policies and regulations related to SDGs. He further explained that the aim is to propose recommendations and policies that would ensure federal funding for the SDGs is effectively executed at the state and local government levels, allowing for a trickle-down effect rather than being limited to the federal level.

During the event, stakeholders emphasized the importance of developing relevant policies and bankable projects to attract the necessary funding for achieving the SDGs. Edu Okeke, the Managing Director of Azura Power West Africa, highlighted the necessity for governments to consider environmental assessments and the overall impact of projects on citizens when making development-related decisions. He also pointed out that Nigeria has often struggled to develop projects that are attractive to available financing.

Ure Utah, the founder of Bridge Synergy, explained that the conference's focus was on securing financial support for innovative social impact initiatives, with the goal of closing the annual financial gap of $10 billion by introducing development partners to suitable SDG initiatives in Nigeria.

Mr. Peter Obi, a prominent figure in the Labour Party (LP), has expressed his support for the removal of subsidy on fuel in Nigeria. He revealed that he had been advocating for this since his time as a member of the Economic Management Team during former President Goodluck Jonathan's administration.

Obi believes that the major issue in Nigeria is the government's tendency to ask the masses to endure hardship and make sacrifices for a promising future, only to witness things worsening instead. According to him, subsidy removal is essential because it is essentially an organized crime that enables individuals to exploit the country's resources for personal gain.

Taking to his verified Twitter account, Obi emphasized that the claims of high fuel consumption by Nigerians were exaggerated and used as a cover-up for corruption. He firmly stated that the country's resources were being stolen, while the citizens were made to believe that they were consuming vast amounts of fuel.

Obi also pointed out that his manifesto clearly outlined his plans to remove subsidies. He envisioned a governance approach that involved the people, demonstrating through statistics and empirical evidence how much money could be saved and how those savings could be utilized to improve the lives of the suffering masses.

Obi highlighted the recurring problem in Nigeria, where the government urges the population to endure hardships and make sacrifices for a better future, only to witness the situation deteriorating further down the line. His stance on subsidy removal stems from his belief that it perpetuates organized crime and hinders the country's progress. He remains committed to governing alongside the people, providing transparent explanations of the potential savings and how they will be utilized to benefit the suffering masses.

In recent years, Nigeria has increased its agricultural produce exports to Europe, America, Asia and other African countries. Exporting agricultural products now accounts for almost 80% of Nigeria's total exports, with a total of N598.2bn worth of agricultural products exported in 2022 alone. This figure accounts for an 18.5% increase compared to 2021. 

Europe has become a particularly important market for Nigerian exporters. In Q4 2022, Spain, The Netherlands, India, France and Indonesia were the major export markets. The federal government's efforts to encourage both production and exports have contributed to the surge in shipments to the developed world. 

One factor that has played a significant role in increasing Nigeria's export earnings is the establishment of the Nigeria Customs Export Processing Command in Ijora, Lagos, which has become a one-stop-shop for agro-export. Within three months of operation, the command processed non-oil exports with a total tonnage of 118,184.96. It processed export goods worth N86.426bn, including cocoa beans, cashew nuts, sesame seeds, hibiscus flower, soya beans and ginger. 

Nigeria's quest to increase its export earnings received a significant boost in the fourth quarter of 2022 with the role of the new export terminal. The Lilypond Export Command, despite being a new command, recorded some major achievements, including a drastic reduction in delay in export processing, which has made the business of export effective and efficient. It has also reduced congestion along the access roads to the port and inside the port terminals, giving space for import containers, which has led to a reduced cost of export business. It has also reduced the issue of contract cancellation and the issue of pilfering of cargo has been eliminated.

Cocoa beans top the list on the export chart, followed by cashew nuts, sesame seeds, hibiscus flowers, soya beans and ginger. There has been a growing demand for Nigeria-made cosmetics and furniture by countries in the West Africa sub-region. The Nigerian Customs Service (NCS) provided the data on export to the National Bureau of Statistics (NBS), which shows that Nigeria exported N5.76tn worth of items in 2021, which increased by 23.13% in the first quarter of 2022, while imports declined by 0.67%.

This surge in Nigeria's agro-produce exports is a welcome development for the country, as it could be a significant boost to the country's economic growth. The government's efforts to encourage both production and exports should continue to support the sector, and initiatives like the new export terminal should be encouraged to drive the continued growth of Nigeria's agro-produce exports. 

Senator Ishaku Abbo, who represents Adamawa North Senatorial District, has commented that the Independent National Electoral Commission (INEC) is not authorized to declare the collated results of the Adamawa State governorship election null and void. During an appearance on the ‘Sunrise Daily’ breakfast show on Channels Television, the senator referred to the provisions of the Electoral Act 2022 and stated that the electoral body’s announcement was insignificant.

According to Senator Abbo, the result of the election has already been announced by the Resident Electoral Commissioner (REC), and it is out of INEC’s hands to nullify it. He also referred to Section 149 of the Electoral Act of 2022, which states that any defect or error arising from any actions taken by an official of the Commission remains valid unless it is challenged and declared invalid by a competent court of law or tribunal.

The lawmaker emphasized that challenging an already announced election result would be futile, while accusing the ruling party in the state of electoral infractions. Senator Abbo’s statements suggest that he believes INEC has limited powers in nullifying the election results in Adamawa State, and that any defects or errors arising from actions taken by an official of the Commission would remain valid unless otherwise challenged and declared invalid by a court or tribunal.

 Presidency said President Muhammadu Buhari has been briefed about the grievances of Nigerian on police brutality- Media aide to the president, Bashir Ahmad, said Buhari was notified on Thursday by the police IG Mohammed Adamu- Ahmad assured aggrieved Nigerians that President Buhari will give fresh directives in the interest of the people 

In commemoration of the World Teachers Day on October 5, President Muhammadu Buhari has approved a special salary scale for teachers in the country

He also increased the number of years of service from 35 to 40.

Mr Buhari said this in Abuja on Tuesday during the celebration of the 2020 World Teachers Day.

The education minister, Adamu Adamu, who represented President Buhari, said the implementation of the new salary scheme is to encourage teachers in delivering better service.

The 2020 theme of the World Teachers’ Day is Teachers: leading in crisis, reimagining the future.

He said teachers have the power to shape and reshape the lives of young people and help learners to enhance their potentials.

“Only great teachers can produce excellent people and students that will make the future of our country great. A positive or negative influence of a teacher on any child will have an effect on that child. Therefore the federal government is ensuring quality education to access,” he said.

Mr Buhari also said his administration has resolved that quality education of teachers in terms of engagement of continued professional development has to be given priority.

“To address these challenges, my administration has approved the following for teachers and the teaching profession. In order to attract investment in the teaching profession, the quality of the introduction of the bursary award has been restored,” he said.

Source:Premiumtimesng

Chairman of UBA Group, Transcorp and Heirs Holdings Tony Elumelu on Thursday celebrated Nigeria’s 60th independence anniversary dressed in a spotless white outfit.

Mr Elumelu shared a picture of himself in the outfit on Instagram with the caption:-

“Happy Independence Day, Nigeria ��.”

Elumelu recently made the 2020 TIME100, the annual list of 100 most influential people in the world.

Reputed as a champion of entrepreneurship in Africa, Elumelu in 2010 created The Tony Elumelu Foundation (TEF) to empower a new generation of African entrepreneurs.

Sources reports that since inception, the foundation has funded just under 10,000 entrepreneurs and created a digital ecosystem of over one million as part of its 10-year $100 million commitment through the TEF Entrepreneurship Programme.