National Issues
LAUTECH: Comrades, it’s more #AuditLautech than #FundLautech | Praise Ifedayo*
RIGHT now, one pertinent question that should be stuck on repeat on the lips of every concerned and deeply thoughtful student or persons directly affected by the lingering anomie at the Ladoke Akintola University of Technology (LAUTECH) is this – “How long does it take to perform an external audit nitori Olórun?”. Please, permit the Yoruba for emphasis.
As far back as February 2017, the Visitation Panel that was set up by the two owner states had delivered its recommendations, where an external audit of the school’s financial and administrative activities, was prominently prescribed as the main course of action to set the school back on track, and to also prevent another breakdown like this ongoing one. Swiftly, the two owner states secured the services of the international and independent audit firm, KPMG, to commence the external audit and pave way for the reopening of a productive and transparently managed LAUTECH.
But, since this February, the audit, which shouldn’t take more than 3 weeks, has been unsuccessful till date, thanks solely to a lack of cooperation from the school management. Reportedly, as recent as just a week ago, the KPMG team were rebuffed and not given full cooperation by the LAUTECH management, and this is at the second time of asking. We are now edging into August, and so, to put its effect in proper perspective, this lack of cooperation has shut down the school for an extra one hundred and eighty (180) days, needlessly, and painfully too.
From clear cut fact-finding, the reason why the three (3) months of work of that Wole Olanipekun-led Visitation panel arrived at the feet of an external audit among other recommendations, was the level of financial impropriety and maladministration revealed in the process. A shocking highlight from that exposé was the fact that no audit, be it internal or external, has been performed on LAUTECH activities for the past 6 years, the school has been on autopilot into doom for a long time. The White Paper from the panel, which has since been made public, advised a more robust and complementary pattern of funding for the school, but, it also inferred strongly that no further funding should be provided until after an external audit is done to fix what’s clearly broken within the system.
In other words, while a more collaborative funding of LAUTECH should be practically encouraged, (that is from a combination of government subvention, a broadened internal enterprises, a raised IGR, Grants, TETFund, etc), an audit MUST be done first, in order to prevent pouring scarcely sought resources into a bucket riddled with holes. Quite simple, right? Good.
But, the question now is even simpler. What is making the LAUTECH management not cooperate with this external audit? What is making them not give full access to KPMG to make them perform and complete this audit in record time? Who is afraid of the LAUTECH forensic audit???
While we nibble on these pertinent questions, this delay leaves only one scenario to the imagination of any keen mind, and this is that, the school management are dillydallying with the process of this KPMG audit simply because they know heads will roll if it is successfully done, and are therefore hell-bent to either frustrate it, or take time to “clean house” before it is allowed. No? Oh! If there lies nothing to hide, why grind their teeth against an external and transparent audit?
The reason why this is even more disheartening is the fact that the LAUTECH management have seemed to fed fat on our collective ignorance for long, probably even till now. At one point or the other, we’ve all pointed all accusing fingers at the two owner states citing funding shortages, unbeknownst to us that funding, wasn’t really the problem, both then, and now. In fact, despite the effect of a nationwide recession that barked and bit almost every sector, the owners coughed out 584 million naira earlier in the year to meet the school management at the centre, and thereby encouraging a forward-looking audit. Yet, nothing.
*Now, listen. This above, is why without an #AuditLAUTECH, any attempt to #FundLAUTECH, either directly or by ‘bambianllah’, will possess striking similitude to a sham.*
Should the two owner states insist on this audit before further financing is provided? I say absolutely yes! This is because the seemingly underhanded manner with which the school management had approached this important move, gives room for major doubts. At this point, both Oyo and Osun have the right to demand for checks and balances before issuing more cheques to make the school balanced. The LAUTECH management is demanding 1.9bn from the owners, and how sufficiently laughable that is, because really, what reasonable owner will sink additional N1.9bn into a fledging cause without a forensic audit?
In fact, it will be self-inflicting for the owner state governments to allow themselves get hoodwinked and blackmailed by the LAUTECH management into taking a course that will keep coming back to hurt us all, the school’s reputation and subsequent students, particularly. It’ll be nothing short of trying to cure a malignant cancer with a topical balm or ‘aboniki’.
In light of all these, won’t it therefore be wise and instructive, to sound a charge to every hurt LAUTECH student, parent, guardian and concerned heart out there, to recycle and rechannel our collective pains behind the right demand to #AuditLAUTECH and tax the school’s management to cooperate with the government and KPMG to rid LAUTECH of rot and pave way for a reopening?
Praise Ifedayo, a LAUTECH Alumnus and HR Assistant at Intel Nigeria, wrote from Lagos.
In response to the escalating security challenges plaguing Nigeria, no fewer than 16 state governors have thrown their weight behind the establishment of state police forces.
This development was disclosed by the National Economic Council (NEC) during its 140th meeting, chaired by Vice President Kashim Shettima, which took place virtually on Thursday.
Minister of Budget and Economic Planning, Atiku Bagudu, who briefed State House Correspondents after the meeting, revealed that out of the 36 states, 20 governors and the Federal Capital Territory (FCT) were yet to submit their positions on the matter, though he did not specify which states were among them.
The governors advocating for state police also pushed for a comprehensive review of the Nigerian Constitution to accommodate this crucial reform. Their move underscores the urgency and gravity of the security situation across the nation.
Similarly, the NEC received an abridged report from the ad-hoc committee on Crude Oil Theft Prevention and Control. This committee, headed by Governor Hope Uzodinma of Imo State, highlighted the areas of oil leakages within the industry and identified instances of infractions.
Governor Uzodinma’s committee stressed the imperative of political will to drive the necessary changes and reforms needed to combat crude oil theft effectively.
Renowned academician, Professor Augustine Okereke, from the Medgar Evers College/City University of New York, has emphasised the detrimental impact of a lack of strong social institutions on Nigeria’s sustainable development.
Presenting a lead paper at the First Annual Ibadan Social Science Conference hosted by the University of Ibadan, Professor Okereke urged President Bola Tinubu to foster robust institutions capable of combatting corruption and addressing social ills.
“All our institutions are on the decline,” warned Professor Okereke, underscoring the urgent need for effective structures to facilitate sustainable development. He highlighted the challenges faced by African countries, emphasising the risk of continued poverty, underemployment, and injustice without these foundational structures.
The Dean of the Faculty of Social Sciences at the University of Ibadan, Professor Ezebunwa Nwokocha, asserted the university’s commitment to providing intellectual, context-specific solutions to Nigeria’s challenges.
He called on state and federal governments to patronise researchers in the country, emphasising the faculty’s reputation for producing intellectual leaders.
Professor Nwokocha stated, “Our faculty is reputed for offering deeply intellectual, workable, and context-specific solutions to the challenges faced by Nigeria over the ages.” He emphasised the significance of the conference’s theme in aiding Nigeria’s navigation through its complex existential reality marked by despair, rising inflation, insecurity, corruption, and unemployment.
During the conference’s opening, Vice Chancellor Professor Kayode Adebowale noted the relevance of the theme, “Social Science, Contemporary Social Issues, and the Actualization of Sustainable Development,” urging participants to generate transformative ideas for Nigeria.
Acknowledging the nation’s progress over 63 years, he expressed concern over setbacks in the economy and social indices, hoping the conference would proffer solutions.
In his keynote address, Professor Lai Erinosho stressed the rapid worldwide social change in the digital age, citing both benefits and unanticipated consequences for human survival. He cautioned against embracing same-sex relationships, citing dangerous implications for humanity.
The First Annual Ibadan Social Science Conference convened a diverse array of participants to explore solutions and intellectual leadership in addressing Nigeria’s pressing challenges.
As the country grapples with economic challenges, the latest figures from the National Bureau of Statistics (NBS) revealed a surge in the inflation rate to 28.92%, according to the December 2023 Consumer Price Index (CPI) released on a Monday afternoon.
The CPI, tracking the fluctuation in prices of goods and services, illustrates a notable increase from the previous month’s 28.20%, underscoring the pressing concerns surrounding the nation’s economic stability.
In a recent report, the Statistics Office revealed a notable uptick in the headline inflation rate for December 2023, marking a 0.72 percentage point increase from the previous month’s figure in November 2023.
On a year-on-year basis, the National Bureau of Statistics (NBS) highlighted a significant surge, with the December 2023 rate standing at 7.58 percentage points higher compared to the corresponding period in 2022.
December 2022 witnessed an inflation rate of 21.34 percent, underscoring the economic dynamics at play.
“This shows that the headline inflation rate (year-on-year basis) increased in December 2023 when compared to the same month in the preceding year (i.e., December 2022),” NBS said.
In a further revelation, the bureau disclosed that the month-on-month headline inflation rate for December 2023 experienced a 2.29 percent surge, surpassing November 2023 by 0.20 percent. This indicates a swifter rise in the average price level compared to the preceding month.
The report highlighted a concerning acceleration in food inflation, reaching 33.93 percent on a year-on-year basis for December 2023. This marked a substantial 10.18 percent points increase from December 2022’s rate of 23.75 percent. The data underscores the persistent upward trend in food prices, a trend exacerbated by various government policies, including the removal of subsidies on petrol.
Notably, in July 2023, President Tinubu declared a State of Emergency on food insecurity to address the escalating food prices. Taking decisive action, the President mandated that issues related to food and water availability and affordability fall under the jurisdiction of the National Security Council, recognising these as essential livelihood items in need of urgent attention.
In Monday’s inflation report, the National Bureau of Statistics (NBS) detailed the key contributors to the year-on-year increase in the headline index. The leading factors include food & non-alcoholic beverages at 14.98 percent, housing water, electricity, gas & other fuel at 4.84 percent, clothing & footwear at 2.21 percent, and transport at 1.88 percent.
Additional contributors encompass furnishings & household equipment & maintenance (1.45 percent), education (1.14 percent), health (0.87 percent), miscellaneous goods & services (0.48 percent), restaurant & hotels (0.35 percent), alcoholic beverages, tobacco & kola (0.31 percent), recreation & culture (0.20 percent), and communication (0.20 percent).
The report highlighted a substantial 24.66 percent change in the average Consumer Price Index (CPI) for the twelve months ending December 2023 over the previous twelve-month period. This represents a significant 5.81 percent increase compared to the 18.85 percent recorded in December 2022, indicating ongoing inflationary pressures in the economy.
Food Inflation
In a concerning trend, the food inflation rate for December 2023 surged to 33.93 percent on a year-on-year basis, marking a substantial 10.18 percent points increase from the same period in 2022, when the rate stood at 23.75 percent.
The National Bureau of Statistics (NBS) attributed this rise in food inflation to notable increases in the prices of various essential items. Key contributors include bread and cereals, oil and fat, potatoes, yam, and other tubers, fish, meat, fruit, milk, cheese, and eggs.
These price hikes collectively contributed to the intensified strain on consumers, highlighting the complex dynamics driving the upward trajectory of food prices.
“On a month-on-month basis, the Food inflation rate in December 2023 was 2.72 percent, this was 0.30 percent higher compared to the rate recorded in November 2023 (2.42 percent),” it said.
Clarifying the dynamics behind the recent uptick, the National Bureau of Statistics (NBS) explained that the month-on-month increase in food inflation for December 2023 was spurred by a heightened rate of escalation in the average prices of oil and fat, meat, bread, and cereals, potatoes, yam, and other tubers, as well as fish and dairy products like milk, cheese, and eggs.
“The average annual rate of food inflation for the twelve months ending December 2023 over the previous twelve-month average was 27.96 percent, which was a 7.02 percent points increase from the average annual rate of change recorded in December 2022 (20.94 percent),” the report added.
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