… Govt Taking Easy Route With Borrowing- Expert

On August 9, 2024, President Bola Ahmed Tinubu inaugurated a tax committee with mandate to raise revenue because his government inherted a ‘bad government’ and he will not continue with the “circle of debt”.

About 17 days later, Tinubu’s Minister Of Finance and Cordinating Minister of the Ecoomy, Wale Edun, also emphasised the President’s position on loans at the Federal Executive Council (FEC) meeting held on August 28, 2023.

He said, “The federal government is not in a position to borrow at this time. Rather, the emphasis has to be on creating a stable, macroeconomic environment, stable inflation, stable exchange rate, an environment within which people can come and invest and thereby increase production and further grow the economy.

“So that is the plan. That is the expectation and it is that there will not be a reliance on borrowing.”

Tinubu was inaugurated on May 29, 2023. The total public debt as of June 30 was N87.37tn or $113.42bn. In September 2023, the debts were N87.91tn or $114.35bn, according to data from the Debt Management Office.

By December, the country’s debt profile grew to N97.34tn or $108.22bn. The growth in the naira value of the debt was driven by the naira devaluation which drove exchange rate from N 768.76 in June 2023 to N899.39 in December.

However, data showed that the FG took $1.95bn loan from World Bank.The loans were $700m for education, $750m for power and $500m for women empowerment.

At close of Nigeria’s activities at the World Bank/International Monetary Fund Spring meeting in Washington DC, the United States, Edun announced that the administration is expecting a fresh $2.2bn single-digit interest loan from the World Bank.

He said another budget support facility is expected to be disbursed by the African Development Bank (AfDB).

“We have qualified for the processing just this week to the Board of Directors of the World Bank of a total package of $2.25bn of what you can call ‘the closest you can get to a free lunch’; virtually a grant. It’s for about 10 to 20 years moratorium and about one per cent interest,” Edun said, adding “In addition, there is a similar budgetary support – low-interest funding – from the African Development Bank (AfDB).”

The Economist and Senior Partner at SPM Professionals, Paul Alaje said the government inherited a poor economy and they are going for the easiest way out like subsidy removal and taking loans.

“Nigeria can raise up to N40tn for federal government and something close within the state government. But the question is, are we ready to generate this money.

“This does not mean we are raising taxes or making life relatively inconvenience for people to live,” Alaje said.

He said the govenemnt should focus on bloking revenue leakages within the economy.

Alaje said, “The challenge is that we seem not to have the capacity to block those leakages. On the second part, we have a lot of mineral resources,” adding “If we don’t get our minings sector right, the truth is that we will still complain no matter what government does with crude oil because that revenue is not sufficient for our government and also for reserves to help us.”

Alaje said mineral resources are leaving the country in commercial quantity adding it is important for the government to “audit some of these points” so that the government will not have to borrow.

Alaje insisted that revenue generation is possible. The expert argued that the government can generate between N7tn to N8tn from the telecommunication sector.

“We can generate between N7tn to N8tn more than what we are doing today,” he added.

Wild condemnation is trailing the beating to pulp of a nurse by a group of masquerades in Nsukka Local Government Area of Enugu State on Sunday.

According to DAILY POST reports, the action has attracted outrage, with individuals and groups demanding justice for the nurse who was racing to her duty call.

The victim has been identified as Miss Blessing Ogbonna, a staff of a private hospital in Nsukka.

In a video trending online, the nurse, properly kitted, was flogged until she fell down from a motorbike.

As she managed to get up and run, the hordes of masquerades continued beating her till she fell into a deep drainage.

Miss Blessing told an online TV owned by Mr Chinedu Anichi that a tipper blocked her view while she was riding to the hospital, adding that before she could see the masquerades, it was too late to run.

While calling for justice for her and other victims, she disclosed that she had remained traumatised as they showed her no mercy.

The development has drawn the ire of many Nigerians, who are calling for the outright ban of the ‘Oriokpa Nsukka masquerade’, which they said was now notorious for committing all manners of crime.

Apart from always beating people to a pulp for not parting with money, they have also been accused of bearing arms.

Reacting to the sad incident, a rights group, Heroine Women Foundation said the action of the masqueraded and their handlers must be probed and proper sanctions meted out on them.

The Executive Director of the Foundation, Amb. Onyi Mama, said this act against the female nurse shouldn’t be tolerated by the relevant authorities.

“Watching the video of the attack on this helpless lady is so painful and I wonder what has happened to our humanity,” Amb. Mama said.

“What is even more sad is that this is a nurse in the business of saving lives and was on her way to work when these conscienceless individuals descended on her and were having fun in her pain.

“How do you even begin to define this as a cultural display? I call on the relevant authorities to round up anyone involved in this act to serve as a deterrent to others,” she demanded.

Similarly, a pressure group in the Nsukka zone, Otobo Nsukka Cultural Zone Community Developmental Initiative, has rallied authorities to ensure justice for the nurse.

In a statement signed by Prince Chibeze Onah, Convener and Agu Chineme, Head of Administration, the group announced that it has traced the nurse to where she is receiving treatment and that justice was underway.

“We are happy to inform the general public that the leadership of Otobo Nsukka Cultural Zone Community Developmental Initiative NGO, led by Prince Chibeze Onah (Tallest), Convener, and Agu Chineme Mc O one, Head of Administration, today, Tuesday, April 30th, 2024, took swift action to locate the nurse in question.

“We met her at a hospital in Nsukka, where she is receiving medical treatment. After interviewing her, we discovered that she was mercilessly beaten by the Oriokpa masquerades at Echara Nsukka while on her way to answer an emergency call from a patient.

“We thank God that she is responding to treatment as of the time we met her.

“Otobo Nsukka Cultural Zone Community Developmental Initiative NGO is calling on the Igwe, PG, and youth leaders of Echara Nsukka to ensure that those behind the incident are brought to justice, so that such an incident does not repeat itself. Culture should be revered, not used as a cover for hooliganism.

“It was possible that through the leadership of Otobo Nsukka Cultural Zone Community Developmental Initiative, Blessing Ogbonna, was opportune to speak with the government of Enugu State officially.

“We look forward that the office of the Ministry of Gender and Children Affairs, in conjunction with the Office of the First Lady of Enugu State will do the needful, for Blessing Ogbonna to get justice.”

Also speaking on the development, a renowned university don, Professor Damina Opata described the development as disturbing.

Opata, a professor of English and literary studies said “The current Oriokpa phenomenon is a very disturbing trend. Oriokpa has not always been like that. It has become a threat to peace and security. But it can still be restored, to a very large extent, to what it used to be.

“Oriokpa is part of the Omaba masking system. Some people call it ugwa. In the olden days, Oriokpa did not beat strangers, it did not beat any person carrying a child; it did not beat any person who on being pursued ran into a yam farm; when pursuing a young person and the person bent down, touching the soil as a mark of surrender, the Oriokpa would use the cain it is wielding to touch the person at the back, and let go. The Oriokpa did not beat married women.

“Beyond these, the Oriokpa was like a cultural and moral guard. If there was a man who habitually wasted himself on a widow, a group of Oriokpa would compose a satirical song about the man and his exploits and sing it around the community at night. If there was a young lady or girl who was habituated to going from one man’s bed to another, the same type of song would apply to her.

“If there were young boys who were becoming hooligans, the same musical pattern would apply to them. They even composed songs about known thieves in the community. Through this method, they helped to enforce some sense of morality in the community.

“In the olden days too, the Oriokpa did not go about begging for money. I suspect that begging for money by Oriokpa is the influence of Uraga/ Manwu Christmas. Recall how children those days, after Xmas mass, would move from house to house and to different villages, begging for money. They even shunned food and drinks and preferred monetary gifts.

“The Oriokpa too did not wield any form of weapons. Maybe, this is an influence of criminal modernity.

“Another reason for the current dangerous behaviour of Oriokpa is the lack of continuity in mentoring new entrants into the Omaba institution. Christianity demonised the institution. Some Christian parents even prevented their children from committing the sin of watching Omaba performances. Many Omaba houses in different village arenas fell into disuse, and were totally abandoned.

“Luckily, there is a great momentum and resurgence of the Omaba institution across a variety of Omaba masking communities. Some communities have evolved regulations that control the outing and performance of Oriokpa, and these appear to be working.

“The real danger is that some reckless youths even from outside Nsukka Omaba culture areas go into the bush, don Oriokpa outfit, and begin to waylay people on the road, forcefully extorting money from innocent citizens, and even beating people who refuse to give them money. One way out of this is for village vigilantes and the police to arrest Oriokpa who block main roads, begging for money. The Igwes should also play a part in controlling the excesses of the modern Oriokpa.”

Meanwhile, as of the time of filing this report, no word has come from the traditional ruler of the Nsukka community where the incident took place.

There was drama yesterday in the Senate over the sitting arrangements, following the resumption of the senators for plenary at the newly renovated chambers.

The Senate had on March 20 adjourned plenary till April 16, but postponed resumption twice to allow for the completion of the chamber, which had been under renovation since 2022.

However, a rowdy session was averted by Senate President Godswill Akpabio, who calmed down his colleagues and urged the aggrieved ones to direct their complaints about the sitting arrangements to the appropriate quarters.

The plenary commenced at about 11:00am after Akpabio arrived the chamber and took his seat.

After the statutory prayers by him, he announced the names of senators whose birthdays took place during the recess.

Shortly after that, some ranking senators said the seats allocated to them in the front row on the last right side of the aisle was not proper.

Following Akpabio’s advice that they should channel their complaints to the right quarters, Senator Sahabi Ya’u (APC – Zamfara North) and.Senator Danjuma Goje (APC, Gombe Central) complained about the sitting arrangements to the Chairman, Senate Services Committee, Sunday Karimi (APC – Kogi West).

But, Senate Yemi Adaramodu (APC – Ekiti (South) denied that there was quarrel over sitting arrangements in a statement after the plenary.

He said: “There was no disagreement, rancour or any verbal tirade in respect of the sitting arrangements in the Senate chamber.

“The Senate resumed today in the newly renovated chamber and the sitting positions of senators were done in accordance to the established legislative protocols.

“It’s pertinent to know that rankings of senators and leadership positions are considered. All legislators all over the world know and accept this tradition.”

He added: “The new arrangements in the chamber today did not depart from this. Every senator is thus considered based on this legislative tradition, hence, there couldn’t be any confusion over seating arrangements.

“Senators have been observing this sitting protocols, even in the temporary chamber, hence, the unfounded story of a phantom fight over sitting arrangements is an unscrupulous attempt to drag the image of the Senate into an unnecessary and needless controversy.

“The general public should disregard this odious song of sorrow from these incorrigible wholesalers and retailers of falsehood.”

Senate should partner with Tinubu over poverty eradication

In his speech, Akpabio said the fight against poverty and hunger must be total and relentless, urging the National Assembly to collaborate with President Bola Tinubu to tackle the challenges.

He lamented insecurity in parts of the country and the recent increases in electricity tariffs and price of petrol.

Akpabio said: “As representatives of the people, it is our duty to address these challenges head-on and work towards a better future for all.

“Let us also not forget the importance of cooperation with our constituents. We were elected to represent their voices, hopes, and dreams.

“It is through our engagement and partnership with them that we can truly make a meaningful impact on their lives and the development of our nation.

“The National Assembly can only fly with two wings. Therefore, both the Senate and the House of Representatives must collaborate and cooperate and provide the wings for the National Assembly to fly and lift Nigerians up.

“We must at all times collaborate and cooperate with the other arms of government, without compromising our Constitutional duties, in order for our democracy to thrive.”

He added: “As senators, our efforts must be focused on restoring hope, righting wrongs, and upholding our commitments to the well-being of our people. Together, fueled by a renewed spirit of fraternity, unity, and solidarity, we must move forward and cooperate generously for the common good.

“Throughout history, the spirit of cooperation has brought about tremendous progress. Let us pool our resources, talents, and ideas, while respecting our differences and convictions of conscience.

“At the same time, let us not forget those trapped in the cycle of poverty. Our fight against poverty and hunger must be total and relentless, addressing its root causes and restoring dignity to the marginalized.

“His Excellency, President, Commander-in-Chief of the Armed Forces of Nigeria, His Excellency Senator Bola Ahmed Tinubu, GCFR, and many fellow Nigerians are working tirelessly to tackle this issue. It is our duty to support and amplify their efforts. Let us support the Renewed Hope Agenda.

“I am confident that we, as senators, can make a difference. We have been entrusted with an important role, and now is the time for courageous actions and strategies to drive this role.

“Together, let us implement a culture of care and an integrated approach to combat poverty, restore dignity to the downtrodden, and protect our precious natural resources.”

On insecurity and rising cost of utilities in the country, Akpabio said: “Shortly before we went on recess, our nation experienced events that shook our moral foundations. One of them was the callous ambush and murder of 17 soldiers on a peacekeeping mission in Delta State. This heinous act filled our hearts with deep sorrow, as it was one of the foulest deeds of our time.

“The scars it left behind will serve as a constant reminder, urging us to strive for justice, security, and a better world.

“No words can adequately express the depth of our grief, but let it be known that we are resolute in our determination to wage a war against insecurity to its logical conclusion.

“I urge the Executive Arm to spare no efforts in bringing those responsible for this heinous act to justice.

“We also witnessed the massive, fiery carnage on the East-West Road in Rivers State, which claimed five lives and caused destruction worth billions of Naira.

“Additionally, other issues such as the increase in electricity tariffs and petroleum product prices demand our attention. These incidents remind us of the urgency and gravity of the challenges we face as a nation.

“But what can we learn from these incidents? The loss of our soldiers reminds us of the grave threats we still face from insecurity and terrorism.

“The tragic explosion in Port Harcourt, claiming innocent lives and causing widespread devastation, highlights the urgency of addressing safety measures and ensuring the well-being of our citizens.

“The increase in tariffs and prices emphasizes the pressing need to address issues of affordability, inflation, and the overall well-being of our economy.

“These events, among others, reinforce the fact that our nation is confronted with multifaceted challenges.”

“They highlight the urgency and gravity of the issues we must confront, calling for our collective efforts to find sustainable.”