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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.

In Osun State, the main opposition Peoples Democratic Party (PDP) has raised allegations against Governor Ademola Adeleke's administration, accusing it of attempting to deceive the state and push it into a financial crisis with its recently unveiled multibillion naira development projects. Adeleke had announced an ambitious development agenda that would require over N100 billion in funding within a one-year period.

This development plan includes the construction of flyovers at five different locations in the state, with two in the state capital, Osogbo, and one each in Ede, Ikirun, and Ile-Ife. Additionally, the governor outlined plans for the rehabilitation of 345 health centers in the state's 332 wards, a second phase of potable water provision, rehabilitation of 31 schools in 30 councils, recruitment of new teachers, and the reconstruction or rehabilitation of 45 roads, each at least one kilometer long in every council, totaling 45 kilometers of roadwork.

Governor Adeleke emphasized that his administration would not seek loans from financial institutions to finance these projects. Instead, he mentioned that they had been diligently saving and addressing financial leakages within the state, resulting in an increase in the internally generated revenue base of Osun.

In response, the Osun APC chairman, Tajudeen Lawal, labeled Adeleke's plan as a crafty scheme designed to benefit certain individuals with close ties to the government, describing it as a scam.

Conversely, the ruling Peoples Democratic Party (PDP) in the state criticized the APC's criticism, deeming it unpatriotic and anti-development. PDP Chairman Sunday Bisi defended the development agenda, asserting that it was commendable, long overdue, sustainable, and crucial for the economic revitalization of the state. He highlighted the infrastructural challenges inherited by the PDP government and the significant progress made in addressing them over the past 11 months. Bisi urged the APC to shed its poverty-focused mindset and support the state's progress.

The Nigeria Labour Congress (NLC) has voiced its concerns over the severe consequences of the forex crisis on the nation's economy. The NLC President, Joe Ajaero, attributed the sharp depreciation of the national currency to government officials' preference for foreign luxury goods. He warned that the economy was at risk of enduring a series of negative consequences unless the naira stabilized against the US dollar.

The NLC's statement came ahead of a meeting between organized labor and the Federal Government, scheduled for today, where they will review the implementation of the Memorandum of Understanding signed regarding subsidy removal palliatives.

The NLC has recommended that public officials should support the naira by purchasing locally-manufactured products, rather than foreign luxury items. They emphasize the importance of patronizing Nigerian brands and express their concerns about the negative impact of officials opting for foreign products on the naira's value. They state that these actions "de-market" the naira and call on officials to be more patriotic in their choices, favoring domestically-made goods.

The labor union warns that without immediate interventions, they may be compelled to take action to prioritize the rescue of the naira, the economy, and the nation as a whole. They stress the significance of boosting local production and consumption of domestic products while reducing imports to stabilize the naira. Additionally, they suggest that commodities for export should be priced in naira.

Labor also raises concerns about ongoing disputes with the Imo State government, including unpaid salaries, wrongful designation of workers as ghost workers, destruction of the NLC state Secretariat, discriminatory pay practices, non-compliance with the National Minimum Wage, and unsettled gratuity arrears. They express their intent to embark on mass protests and industrial action to protect workers' rights in Imo State if the government does not resolve these issues. Labor warns that if necessary, they will shut down the state on the governorship election day, November 11, 2023.

Ondo State Governor, Mr. Rotimi Akeredolu, has rejected the apology offered by his deputy, Mr. Lucky Aiyedatiwa, regarding the ongoing political crisis in the state. In response to Aiyedatiwa's apology, Dr. Doyin Odebowale, the Senior Special Assistant on Special Duties and Strategy to the Governor, expressed the governor's refusal to accept the apology and insisted that his deputy must answer questions before the state House of Assembly.

Aiyedatiwa had blamed the ongoing crisis on desperate politicians in the state and stated that he remained loyal to the governor. He denied any involvement in sponsoring protests against Akeredolu. Aiyedatiwa also commended Akeredolu and the national leadership of the All Progressives Congress (APC) for their intervention in resolving the crisis.

However, Akeredolu's spokesperson disagreed with the deputy governor's statement that the governor had intervened in the crisis by persuading the House to embrace political solutions. He also refuted the denial of sponsorship of protests against the governor. Odebowale urged the deputy governor to address the allegations of misconduct brought against him by the House of Assembly. The political crisis in Ondo State remains a contentious issue that has raised concerns and cast a shadow on the state's political landscape.

The lawsuit was filed in January 2023 by Mr. Nnamdi Kanu, the leader of IPOB, against the Nigerian government, South-East Governors' Forum, the President of Nigeria, the Attorney General of the Federation, and the Governor of Ebonyi State. Justice Onovo's ruling emphasized that the proscription of IPOB also violated Mr. Kanu's fundamental rights as outlined in the African Charter on Human and People's Rights (Enforcement and Ratification) Act.

The court ordered the Nigerian government to publicly apologize to Mr. Kanu and declared that self-determination is not a crime, making it an invalid basis for arresting and prosecuting the IPOB leader. Furthermore, the federal government and other respondents were directed to jointly pay Mr. Kanu N8 billion in damages for the numerous physical, mental, emotional, psychological, and property damages he suffered due to the infringements on his fundamental rights.

The Nigerian government had repeatedly accused IPOB of being behind attacks in the South-east region, leading to loss of lives and property damage, but the group had consistently denied these allegations. Mr. Kanu, accused of terrorism, remains detained by Nigeria's secret police, SSS, in Abuja, while security agencies continue to target suspected IPOB members in the South-east.

Aloy Ejimakor, a special counsel to Nnamdi Kanu and IPOB, described the court's judgment as a landmark victory and highlighted the government's unjust targeting of IPOB compared to other ethnic organizations that have not faced similar measures.
 

The People's Democratic Party (PDP) expressed its deep disappointment with the Supreme Court's verdict regarding the appeals filed by Atiku Abubakar of the PDP and Peter Obi of the Labour Party. The Supreme Court dismissed these appeals, stating that they lacked merit.

In a statement signed by the PDP's spokesman, Debo Ologunagba, the party conveyed its concerns about the Supreme Court's reasoning. The PDP believed that the judgment contradicted the express provisions of the Nigerian Constitution, the Electoral Act, 2022, and the guidelines and regulations set by the Independent National Electoral Commission (INEC) for the 2023 presidential election.

The party criticized the Supreme Court for what it perceived as a failure to uphold the law. The PDP emphasized that many Nigerians had expected the Supreme Court to uphold the constitutional requirements for a presidential election in Nigeria, including the need to secure at least 25% of votes in the Federal Capital Territory (FCT). They also raised concerns about violations of electoral rules, manipulations of election results by the All Progressives Congress (APC), and the condoning of issues related to forgery, falsehood, and perjury based on technicalities.

The PDP expressed its deep concerns about the overall impact of the Supreme Court's judgment, as it seemed to have shaken Nigerians' confidence in the judiciary, especially in the Supreme Court's role as the last hope for the common people.

Despite this disappointment, the PDP urged Nigerians not to be discouraged and to remain committed to the pursuit of a credible electoral system that genuinely reflects the will of the people.

In summary, the PDP's statement highlighted its dismay at the Supreme Court's judgment and its concern for the implications it holds for Nigeria's democracy. It also emphasized the importance of continuing the pursuit of transparent and credible elections.

Human rights lawyer and Senior Advocate of Nigeria (SAN), Femi Falana, has urged Finance Minister Olawale Edun to compel the Nigerian National Petroleum Company Limited (NNPCL) to remit $34.2 billion to the federation account. This substantial sum represents money received on behalf of the government from Nigeria LNG Limited (NLNG) between the years 2004 and 2021.

In a letter dated October 25, 2023, addressed to the minister, Falana further warned that he would file a lawsuit at the Federal High Court for the immediate recovery of the funds from NNPCL if it declines to make the necessary remittance.

Falana highlighted that on April 27, 2019, the Senate committee on public accounts held a public hearing on revenue generation for the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP). During this hearing, NLNG's General Manager for External Relations and Sustainable Development, Eyono Fatai-Williams, revealed that the company paid dividends of over $18 billion to Nigeria through NNPCL from 1999 to 2019.

Furthermore, Fatai-Williams disclosed that NLNG had paid $9 billion in taxes to the Federal Government from 2011 to the present, and an additional $15 billion had been remitted for gas to NNPCL since the company's inception. Following this revelation, the Senate committee asked the suspended Accountant-General of the Federation, Ahmed Idris, to confirm whether the sum of $33 billion was indeed remitted to NNPCL.

According to Falana, Idris revealed that the funds paid by NLNG were not remitted to the federation account but were instead held by NNPCL. In light of this, the Public Accounts Committee directed the Accountant-General to ascertain the exact amount that was remitted to the federation account, whether any deductions were made by NNPCL, the amount deducted, who authorized the deductions, and the exchange rates applied for the remitted amounts over the years under review.

In the latest legal development concerning the 2023 general election in Nigeria, the Supreme Court has upheld Bola Tinubu's election as the President of the country. This decision comes after challenging appeals by his major opponents, Atiku Abubakar of the People's Democratic Party (PDP) and Peter Obi of the Labour Party.

Atiku and Obi had originally sought to have the election results overturned, arguing that they should be declared winners instead. They approached the election tribunal to nullify Tinubu's victory as declared by the Independent National Electoral Commission (INEC). These appeals were dismissed, prompting them to bring their case to the Supreme Court.

At the Supreme Court, Atiku attempted to introduce new evidence of alleged forgery against Tinubu. However, the court dismissed this appeal on Thursday, citing that the issue of forgery was not part of the initial appeal presented at the tribunal, and the time allotted for filing new evidence had already expired.

Justice John Okoro further explained that the appellants did not apply for an extension of time or request to amend their appeal to include the issue of forgery, and even if they had, it wouldn't have been granted. He emphasized that the lower court, guided by the provisions of section 285 Sub 6 of the state constitution, had lost jurisdiction in dealing with the matter.

One of the arguments presented was that Tinubu couldn't be declared President as he had failed to secure 25% of the votes in the Federal Capital Territory (FCT). The Supreme Court upheld the decision of the Tribunal, which ruled that Abuja/FCT should be considered as the 37th state for the purpose of calculating the two-thirds majority needed to declare a presidential candidate as the election winner.

Regarding the electronic transmission of results, the Supreme Court ruled that the election couldn't be nullified due to the Independent National Electoral Commission's (INEC) failure to transmit results electronically. Justice Okoro stated that the absence of electronic result transmission (iREV) couldn't be used as grounds for election nullification, as it hadn't affected the overall election results.

Additionally, the Supreme Court dismissed an appeal by Peter Obi, who sought to disqualify Tinubu over the double nomination of Vice President Kashim Shettima. The justices noted that this matter had already been addressed in a previous Supreme Court judgment.

This recent Supreme Court ruling adds another chapter to the legal disputes surrounding Nigeria's 2023 presidential election. In May, the Supreme Court had previously dismissed a suit filed by the PDP, stating that the party lacked locus standi to bring the case to court.

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 Audrey Silva firm (TASC), a renowned production company co-owned by actress Rita Dominic and film director Mildred Okwo, is set to take the reins of the Miss Nigeria pageant, ending Folio Communications' 16-year management of the competition. Rita Dominic expressed her enthusiasm, stating that the Miss Nigeria Pageant stands as a true embodiment of the unity within Nigeria, empowering young women from diverse socioeconomic, racial, and religious backgrounds. Her husband, Mr. Fidelis Anosike, has led the brand impressively for the past 16 years and is now collaborating with TASC, enabling Rita to spearhead the pageant with her extensive 25 years of experience in the entertainment industry.

Rita Dominic emphasized her readiness to lead the Miss Nigeria pageant after years of learning from her husband and others. As someone deeply immersed in the entertainment sector as a film producer, she believes she possesses the requisite skills and knowledge. Fidelis Anosike, in recognition of the remarkable history of Miss Nigeria and the impending 93rd birthday of Chief Atinuke Oyelude, the first Miss Nigeria, expressed his conviction that Rita Dominic will raise the bar for the pageant, making Nigeria proud. With an inspiring vision of transforming the Miss Nigeria platform into a trust dedicated to empowering young Nigerian women, the Audrey Silva firm joins the Miss Nigeria 1957 alliance, poised to elevate the legendary pageant's status alongside Rita Dominic and Mildred Okwo.

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.

The Independent National Electoral Commission (INEC) has unveiled its plan to deploy a substantial workforce of 46,084 ad-hoc staff for the upcoming gubernatorial elections scheduled for November 11 in Bayelsa, Kogi, and Imo states. This announcement was made by INEC Chairman, Prof. Mahmood Yakubu, during a meeting with the Resident Electoral Commissioners held in Abuja.

Prof. Yakubu also highlighted that a significant number of national and international organizations will engage 11,000 observers to monitor the off-cycle elections, ensuring transparency and credibility. Furthermore, the 18 political parties participating in the governorship elections are set to deploy 137,934 agents, including 130,093 polling agents and 7,841 collation agents.

Mahmood Yakubu underlined the Commission's efforts in various aspects of preparation for the upcoming elections. He mentioned that 80 media organizations have applied to deploy 1,203 personnel, comprising journalists and technical/support staff, to report on the elections. INEC is actively addressing logistical arrangements, including the provision of vehicles and boats for transportation, both on land and across water bodies.

However, the INEC Chairman expressed deep concern about the increasing insecurity and election-related violence witnessed in the three states, emphasizing the need for a secure environment to ensure the safety of all involved. Prof. Yakubu assured that the Commission is closely collaborating with the security agencies, and further engagements are planned in the coming days.

Despite the challenging security situation, INEC has already delivered all non-sensitive materials to the three states, and preparatory activities, including staff training, are proceeding as planned. The lessons learned from the 2023 general elections are being applied to enhance the Commission's performance in the forthcoming elections.

The Taraba State House of Assembly has responded to recent reports claiming that the Assembly was withholding seven years' outfit allowances for its staff. The Chairman of the House Committee on Information, Hon. Nelson Len, has clarified that the reported allowance owed to the staff was incurred during the previous administration led by Governor Darius Ishaku. When the current administration took office in June, they were concerned about the outstanding allowance and approached the state governor, Agbu Kefas. The governor approved the payment of the seven years' outfit allowance, but it will be disbursed when the state's financial situation improves.

Len emphasized the distinction between approval and payment, noting that the staff will receive their allowance once the necessary funds are available. He stressed that the Taraba State House of Assembly values its staff and recognizes their vital role in the day-to-day operations of the institution. Len also expressed concern that the false reports of funds being released for the outfit allowance could create discord between the Assembly's leadership and its staff.

The chairman urged social media content creators to verify facts before publishing information to ensure that the public is not misinformed. He further clarified that the N5 billion allocated to the House in the supplementary budget was intended for the renovation and construction of new structures within the Assembly complex and was not earmarked for the payment of outfit allowances. This statement aims to set the record straight and address any misconceptions about the allowance issue.

Nigeria's capital importation has seen a significant downturn, with a notable decline to $1.03 billion in the second quarter of 2023, marking a substantial drop from the $1.5 billion recorded in the same period in 2022. This decrease, amounting to 32.90%, was reported by the National Bureau of Statistics (NBS). Additionally, the NBS report highlights a 9.04% decrease compared to the $1.13 billion recorded in the first quarter of 2023.

Capital importation is a term encompassing all foreign investments or monetary inflows into Nigeria's economy, including funds directed towards investments, trade, or business expansion.

The Bureau's data reveals that investment claimed the lion's share, accounting for 81.28% of total capital importation in Q2 2023, equivalent to $837.34 million. Portfolio investment followed with 10.37%, amounting to $106.85 million, and foreign direct investment with 8.35%, totaling $86.03 million.

In terms of sectors, the production sector led the inflow, capturing $605.04 million, which constitutes 58.73% of total capital imported in Q2 2023. The banking sector followed closely with $194.58 million, equivalent to 18.89%, and shares accounted for $68.63 million, or 6.66%.

The NBS data further indicates that the majority of capital importation during the reference period originated from the United States, contributing $271.92 million (26.39%). Singapore and the Republic of South Africa followed with $177.44 million (17.22%) and $136.95 million (13.29%) respectively.

Lagos State retained its position as the top destination for capital importation in Q2 2023, attracting investments totaling $778.06 million, equivalent to 75.52% of the total capital. Abuja ranked second with $194.28 million, representing 18.86% of the capital inflow.

The report also highlighted the financial institutions that played a significant role in capital importation. First Bank of Nigeria Limited emerged as the leading recipient, with capital inflow of $323.13 million (18.23%). It was followed by Citibank Nigeria Limited, which received $187.77 million (12.23%), and Rand Merchant Bank with $126.03 million (6.47%).

Senate President, Godswill Akpabio, has firmly denied any involvement in the removal of Adamawa North Senator, Elisha Abbo, by the Court of Appeal. Akpabio emphatically refuted the allegations made by Abbo, asserting that he has no motive to engage in any witch-hunt against the recently ousted legislator.

Following his unseating by the Appeal Court, Elisha Abbo had publicly accused Akpabio of orchestrating his removal and suggested that four other senators who opposed Akpabio's bid for Senate Presidency were also on the list for expulsion. Abbo specifically named Senator Orji Uzor Kalu as the next potential target.

In response to these allegations, Akpabio's Media Aide, Eseme Eyiboh, addressed the issue during a media briefing. Eyiboh expressed disappointment at Abbo's claims and characterized them as an attempt to find a scapegoat. He stressed that the decisions made by the Court of Appeal nationwide are based on the provisions of the Electoral Act and the evidence presented by petitioners, maintaining that the Senate President had no reason to pursue any form of vendetta against his fellow colleagues.

It's worth noting that Elisha Abbo was among the Senators who supported Senator Yari during the campaign for the Senate Presidency, adding a layer of complexity to the ongoing political discourse surrounding his removal.

The Federal Government is taking significant steps to maintain the January to December budget cycle, with a goal of passing and signing the 2024 budget before December 31, 2023. This development was disclosed by the Minister of Budget and Planning, Atiku Bagudu, following a meeting presided over by President Bola Tinubu at the Council Chamber in the Presidential Villa, Abuja.

During the briefing with State House correspondents after the Federal Executive Council (FEC) meeting, several ministers were present, including Mohammed Idris from the Ministry of Information and National Orientation, Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, Engr. Dave Umahi, the Minister of Works, Doris Uzoka-Anite representing the Ministry of Industry, Trade, and Investment, Simon Lalong from the Ministry of Labour and Employment, and Nkeiruka Onyejecha, the Minister of State for Labour.

One of the significant outcomes of this meeting was the approval of the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Papers (FSP). This approval aligns with the Fiscal Responsibility Act's requirement for the executive to present a medium-term economic outlook to the National Assembly ahead of budget presentations.

The Minister of Budget and Planning, Atiku Bagudu, presented some key assumptions made by the FEC regarding the 2024 budget. These assumptions included a reference price for crude oil at $73.96, an exchange rate of N700/$, oil production estimated at 1.78 million barrels per day, debt service amounting to N8.25 trillion, inflation at 21 percent, and a projected GDP growth rate of 3.76 percent.

The proposed 2024 budget was presented with an estimated aggregate expenditure of N26.01 trillion, encompassing statutory transfers of N1.3 trillion, non-debt recurrent expenditure amounting to N10.26 trillion, debt service projected at N8.25 trillion, and N7.78 trillion allocated for personnel and pension costs.

Minister Bagudu explained that the increase in debt service was attributed to the federal government's debt scrutiny at nine percent, resulting in a significant increment. Personnel costs also rose due to transfers as part of the agreement with labor.

Furthermore, the Federal Executive Council approved applications for financing from the World Bank and the International Development Association (IDA), which offers nearly zero-interest financing. The total financing from the World Bank amounted to $1.5 billion, and it was presented as support for Nigeria's efforts to restore balance in the economy and government finances.

In addition, the FEC approved an $80 million financing from the African Development Bank for the Ekiti Knowledge Zone Project (EKZ), aimed at empowering young people in technology and the knowledge economy sector.

Lastly, the Minister of Works, Engr. Dave Umahi, presented a memo addressing the scope of road infrastructure inherited from previous administrations, totaling 18,897 kilometers of roads and bridges. The FEC approved the continuation of these projects and directed a committee to strategize funding solutions. Additionally, the council encouraged using concrete for ongoing projects to mitigate inflation and variation.

Notably, the Federal Executive Council meetings have now been rescheduled to take place on Mondays, diverging from their previous Wednesday schedule.

In the realm of international cinema and the quest for recognition at the prestigious Oscars, Nigeria has made its presence known with three noteworthy submissions to date. These submissions, although yet to secure a spot on the final shortlist, signify a significant stride in the country's cinematic journey.

The recent announcement of Nigeria's selection for the 96th Academy Awards is a matter of pride, especially considering the prolonged silence from the Nigerian Official Selection Committee (NOSC) following the Academy's submission deadline of October 2.

Nigeria, like other countries, is allowed to submit one entry for the International Feature Film (IFF) category—a category designated for feature-length movies primarily produced outside the United States, with a significant portion of the dialogue in a language other than English.

Here are three Nigerian films that have been submitted for the Oscars:

Lionheart:

Nigeria's debut submission for the Oscars arrived in 2019 with "Lionheart," directed by Genevieve Nnaji and produced by Chinny Onwugbenu in 2018. This film, submitted for the 92nd Academy Awards held in 2020, depicted the story of Adaeze Obiagu, portrayed by Nnaji herself, who steps in to manage her father's company due to his health issues. However, it was met with a setback as the Academy rejected it for not meeting the 50% foreign language criteria at that time, primarily because the dialogue was in Igbo and Pidgin English, with the latter not yet recognized as a foreign language.

The Milkmaid:

In 2020, Nigeria submitted "The Milkmaid," a film written, produced, and directed by Desmond Ovbiagele. This Hausa-language feature was Nigeria's first film to gain acceptance by the Academy, representing the country at the 93rd Academy Awards in 2021. Despite this milestone, it didn't advance to the final shortlist. The film, currently available for streaming on Prime Video, follows the journey of a Fulani milkmaid confronting religious extremists in rural sub-Saharan Africa in search of her missing sister.

Mami Wata:

Breaking a two-year hiatus without submissions at the Oscars, Nigeria's selection for the 96th Academy Awards in 2024 is "Mami Wata." Directed by CJ Obasi, one of the contributors to "Lionheart," this black and white film in Pidgin English is a significant step forward. The film's submission marks the fulfillment of a long-standing endeavor to include Pidgin English as a recognized foreign language. The IFF Executive Committee will soon decide if "Mami Wata" will make it to the shortlist for the 96th Oscars, set to take place on March 10, 2024. This captivating film tells the tale of an African mermaid in a village embroiled in chaos due to disputes between villagers and the goddess's intermediary over the village's deteriorating state.

These three submissions reflect Nigeria's growing presence on the global cinematic stage, even as the country continues to strive for a coveted spot on the Oscars' final shortlist.