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PDP Governors List Failures of Buhari Administration

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PDP Governors

By Modupe Gbadeyanka

Governors elected under the platform of the opposition Peoples Democratic Party (PDP) have lamented the excruciating hardship and suffering Nigerians are currently going through.

The Governors under the PDP Governors’ Forum said the ruling All Progressives Congress (APC) has turned the country upside down, making life very difficult for citizens.

They said the lives of Nigerians under the administration of President Muhammadu Buhari have been miserable unlike when the PDP was in power from 1999 to 2015.

At the end of their meeting in Aba, Abia State, they said the opposition party was ready to “take over and offer qualitative leadership options to rescue the nation,” appealing to Nigerians “to reject the APC” in the 2023 general elections.

They claimed the failures of the ruling party as below;

Diesel which is critical for the running of SMEs was N131.47 in 2015, it now costs above N700

  1. Fuel: Official and Black-Market was N87/155 in 2015, it now costs N167/350.
  2. Aviation Fuel/Air Ticket Rate on Domestic Flights was N110 per Litre/N18,000 in 2015, it now hovers around N700 per Litre/N70,000, where available. Indeed, the scarcity of fuel that has resulted in the loss of several man-hours is a disgrace to Nigeria.
  3. The collapse of the National Grid (126 times in 7 years – (June 2015 to March 2022) and its consequences for non-availability of power is most unfortunate.
  4. Kerosene (NHK) used by the ordinary Nigerian for cooking and power was N180 in 2015, it now sells at N450.
  5. Liquefied Petroleum Gas (LPG) – 12.5kg Cylinder sold for N2,400 in 2015, is now sold at between N8,750 and N10, 000.
  6. Prices of basic foodstuffs are now three times higher than what they used to be in 2015. Staple foods such as rice, beans, cassava flakes are now slipping out of the hands of average Nigerians. Indeed, a Bag of Rice sold for N8500 in 2015 is now N39,000.
  7. Electricity was N14.23 per kilowatt in 2015, it is now N38.530, and not even available.
  8. The unemployment rate was 11.4% in 2015, it is now over 33%, one of the highest in the world.
  9. The poverty rate in 2015 was 11.3% but now about 42.8%.
  10. Accumulated Inflation in 2015 was about 4%, it is now 15.50%; Inflation Rate was 9.01% in 2015 and now 15.7%.
  11. Perhaps the Exchange Rate has been one of the most disastrous. N150 to a dollar was the parallel market (patronised by most businessmen and Nigerians) rate in 2015, it is now about N580 to $1 in the parallel market and still rising.
  12. Debt and Debt Servicing: Domestic Debt of N8.4T and External Debt of USD 7.3b was incurred between 1999-2015.

While Domestic Debt of N7.63T (June 2015-Dec 2020) and USD28.57b as at Dec 2020 was incurred.  External debt of USD21.27b was incurred between June 2015 and 2021.

  1. National Debt to GDP Ratio was 23.41% (2016) it is now 36.88% (2022).
  2. The Corruption Index has risen from 136 in 2015 to 150 now.
  3. Nigeria’s Misery Index, an indicator used in determining how economically well off the citizens of a country are, is usually calculated by adding the seasonally adjusted unemployment rate to the annual inflation rate, which has moved from 14.75 per cent in 2015 to 50.48 (2021).
  4. The major threat to the agricultural sector and food security in Nigeria is insecurity. In the northeast of Nigeria, it is estimated that no fewer than 70,000 hectares of arable farmland have been abandoned in the affected States and Local Government areas. The trend is the same all over the country. This further contributes to food inflation. The APC led Federal Government must take steps to cooperate with States to bring security down to the grassroots.

In addition, the Governors accused the Nigerian National Petroleum Company (NNPC) Limited of siphoning money with the support of Mr Buhari, who doubles as the Minister of Petroleum.

“The PDP Governors once again decried the inability of the NNPC to make its statutory contributions to the Federation Account, in spite of oil selling at above $110. It is patently unconstitutional for NNPC to determine at its whim and discretion when and what to pay to the Federation Account, as it is a mere trustee of the funds for the three tiers of Government: Federal, States and Local Governments. We once again, call for investigations and audits of the quantity of consumption of fuel ascribed to Nigerians and for the deployment of technology at the filling stations to determine in a transparent manner the volume of consumption.

“The Governors would resist any further attempt by NNPC to ascribe unsubstantiated subsidy claims to other tiers of government.

“NNPC deducts N8.33 billion monthly for the rehabilitation of the refineries in Nigeria. To date, no refinery is working.

“On priority projects of the nation’s oil industry, NNPC deducted N788.78 billion for various investments between 2018 and 2021 without recourse to FAAC.

“NNPC in 2021 alone claimed to have paid over One Trillion Naira as petroleum subsidy. Indeed, in the month of March 2022, N220 billion was deducted as oil subsidy with a promise that N328 billion will be deducted in April 2022. This is unacceptable.

“NNPC and FIRS, as well as other remitting agencies, continue to apply an exchange rate of N389/$1 as against the Import and Export window of N416/$1. The extent of this leakage can be better felt if this rate is compared to the current N570/$1.

“From available records about N7.6T is withheld between 2012 and 2021, by NNPC from the Federation Account. All these are said to be payments for oil subsidies.

“Conclusively, we believe that all these leakages in NNPC have been made possible because the President is also the Minister of Petroleum. The urgent separation of these two portfolios has become necessary,” they alleged.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Nigeria-China Strategic Partnership to Deepen Economic Ties

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Nigeria-China Strategic Partnership NCSP

By Adedapo Adesanya

The Director-General of the Nigeria-China Strategic Partnership (NCSP), Mr Joseph Tegbe, is currently visiting China to bolster China-Nigeria relations and foster economic and sustainable development between both countries.

The DG, with the Nigerian delegation, on Monday was at the headquarters of the National Development and Reform Commission (NDRC) of the People’s Republic of China where the NDRC Deputy Chairman received them, Mr. Zhao Chenxin, and other top officials, as well as the Nigerian diplomatic community and the Chinese Business Community.

Mr Tegbe is expected to cement strategic agreements in line with President Tinubu’s vision, with China for national growth and in vital sectors of the economy such as agriculture, to boost food security, alternative energy for developing renewable energy sources, healthcare, mining for harnessing Nigeria’s mineral resources to drive economic growth, education to strengthen Nigeria institutions and promote cultural exchange.

Other areas include technology, to foster innovation and advancement, and the support initiative of China’s Belt and Road Initiative (BRI).

The visit of the NCSP ‘s DG underscores the federal government’s commitment to establishing strong bilateral relations and supporting Nigeria’s economic diversification plans, infrastructure development, technology transfer, and job creation to foster mutually beneficial collaboration between the two nations.

Through this initiative, Nigeria can leverage its resources and human capital to develop key industries, bolster infrastructure, and enhance youth capacity through skills acquisition programmes.

On Monday, the DG NCSP and his team visited the CCECC Head Office, had dinner with the CHEC, and will on Tuesday, visit the Governor of the Central Development Bank, the Ministry of Foreign Affairs, and the China Export, Import Bank, as well as the China Development Bank. They also met with Power China Representatives.

They will on Wednesday, visit the Chief Harbour, the CHEC, CNCEC, and the CCECC Chairman, before moving to the CSCS Haishen Medical on Thursday, the CCECC, the China Building Materials, amongst others.

They will on Monday, 20th January, visit the Consulate General/Trade Mission Office, the Yang Shang Deep Sea Port, and Danghai Bridge (Sea).

The team is also expected at Huawei, before going to the CEC/ Long UAV, for a meeting with Diana Chen on Saturday, before returning to Nigeria.

This initiative comes on the heels of President Bola Tinubu’s official visit to China before the 2024 Forum on China-Africa Cooperation (FOCAC), where he had talks with China’s President Xi Jinping on improved economic cooperation, with the latter pledging 360 Billion Yuan, (about $51 billion), financing to African nations in the next three years, and support for 30 infrastructure projects to boost connectivity across the continent.

Last week, Chinese Foreign Minister Wang Yi visited Nigeria to reinforce the growing partnership between China and Africa, especially Nigeria, with discussions on strengthening economic ties, enhancing security cooperation and mutual developmental goals.

As Nigeria, Africa’s largest economy, seeks to become a net exporter to China in the next five years, the consolidated partnership is aimed at playing a crucial role in achieving this goal.

The country also remains China’s major partner on the continent for trade and technology investments.

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Adelabu Claims Power Generation Rose 30% in 2024

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Adebayo Adelabu

By Adedapo Adesanya

The Minister of Power, Mr Adebayo Adelabu, said power generation in the country increased by about 30 per cent in 2024, but missed crucial targets in the review year.

Mr Adelabu made the disclosure during his ministry’s 2025 budget defence before the Senate Committee on Power at the National Assembly complex on Monday.

He said that when he assumed the leadership of the ministry in 2023, he met an average of 4,100 megawatts of power generation.

“I can tell you authoritatively that by the end of 2024, we had a peak generation of 5,528 megawatts of power from 4,100 megawatts that we met on ground and the reason for this is not far-fetched. We added a new hydroelectric power dam, Zungeru, with 700 megawatts.

“There was also a tremendous increase in the generation lines by other existing generation companies,” he said.

The Minister said that the target for power generation was 6,000 megawatts, adding, however, that due to the challenges experienced toward the end of 2024 in terms of grid collapses, the ministry missed the target by a minimal margin.

He further said that apart from energy access expansion, the sector had plans to stabilise the grid and other transmission infrastructure.

“I’m happy to also inform you that out of the eight collapses of the national grid that we experienced during 2024, five were full collapses, while three were partial collapses.

“Out of the five full collapses, three were actually due to generation problems. So, as against the 12 collapse that were publicised, it was just about eight collapses.

“We have been trying very hard to ensure that we manage the grid that was inherited.

“Unfortunately, it is still very old. It is dilapidated. And we are just managing it until we are able to fix it permanently.

“This is the focus of the Presidential Power Initiative, to ensure that the entire grid is revamped so that we won’t be having all this vandalism.

“So these are the summaries of our activities. And we are proud to say that we almost met all our targets for 2024.

“Our hope is that 2025 will be a better year for us, and we will be able to address all the existing issues in the sector,” he said.

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Sanwo-Olu Denies Involvement in Obasa’s Removal as Lagos Speaker

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sanwo-olu Obasa

By Dipo Olowookere

The governor of Lagos State, Mr Babajide Sanwo-Olu, has refuted claims that he was involved in the removal of Mr Mudashiru Obasa as the Speaker of the Lagos State House of Assembly.

Mr Obasa was impeached on Monday after being on the seat since 2015 by 32 of the 40-member state parliament for alleged gross misconduct.

The action was carried out while the Speaker was away in the United States, with Mrs Mojisola Meranda elected as his replacement, becoming the first female to occupy the position.

It happened a few weeks after Mr Obasa said during the presentation of the 2025 budget by Mr Sanwo-Olu that he was qualified to be the governor of the state and even better than those who have occupied the position.

This statement by the former Speaker was seen as an affront on the previous governors of the state, including President Bola Tinubu, who governed Lagos between 1999 and 2007.

It has been speculated that Mr Obasa kept Governor Sanwo-Olu waiting for long during the budget presentation last month. It was claimed that this action infuriated the governor and leaders of the ruling All Progressives Congress (APC).

Yesterday, members of the parliament in Lagos said they had had enough of Mr Obasa, moving to remove him from office.

As this happened, there were claims that Mr Sanwo-Olu instigated members of the Lagos State House of Assembly to impeach the former Speaker.

But the governor, through his Special Adviser on Media and Publicity, Mr Gboyega Akosile, distanced himself from the impeachment, emphasising that it was purely a decision of the legislative arm of government.

“This is a legislative matter, and the Assembly handled it as they saw fit. The governor has no involvement,” Mr Akosile, who once served as the Chief Press Secretary (CPS) of Mr Sanwo-Olu, said in an interview, noting that his principal does not interfere in the other arms of government.

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