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Buhari’s anti-graft war has failed, says Odumakin

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The publicity secretary of pan-Yoruba socio-political organisation, Afenifere, Yinka Odumakin on Tuesday pronounced that President Muhammadu Buhari’s much talked-about anti-graft war has collapsed and failed.

Odumakin made this pronouncement while featuring Parrot Xtra Hour on Radio, in Ibadan, the Oyo state capital.

According to him, the five-year anti-corruption war of Buhari ‘wombled and fumbled’ until recently when everything came to the open on how corrupt the system has been.

He said, “those inside know that there is no anti-corruption war. Those in the circle, on the corridors of power know that there is no war against graft. All sorts of embarrassing moments are being witnessed today to confirm this assertion.”

Since he was at a time very close to President Buhari, Odumakin was asked what he would tell the President on this issue of corruption if he should meet with him.

His response: “I will only tell him to go and retool. The corruption war he has been fighting has collapsed. The people of Nigeria do not understand again.”

He also addressed the issue raised by some observers that the President is no more in control of things in Aso Rock, the seat of power.

“Yes, Presidency has responded to those observers by saying that it is not true and that those who made the observation do not know what they are talking about. No. Those observers have their facts. Things have collapsed in Aso Rock. I quite agree with them. President Buhari must retool immediately.”

He later revealed that while he worked as spokesperson for President Buhari’s former party, CPC, he was not being paid.

“I was not getting paid while I worked as the spokesperson for CPC. So, when he lost, he said he was not contesting again in 2011. That was how our working relationship frizzled out.”

On his relationship with ex-President Goodluck Jonathan, Odumakin submitted “I got to meet Dr Jonathan through a vibrant young man, late Oronto Douglas. Then, we were made to understand that he, (Jonathan) would hold a National Conference and implement the report and outcome. That was why we related with him at Afenifere.

“You see, at Afenifere, we are passionate about restructuring. Anybody that is ready to do this will be supported by us”.

He also took time to speak about the leader of the ruling All Progressives Congress (APC), Asiwaju Bola Tinubu.

“There was a time we had issues. People from his camp threw jabs at me and I responded appropriately. Many leaders from Yorubaland intervened and the matter was settled.”

On the issue of whether Afenifere will support the perceived presidential ambition of the APC leader, Odumakin responded “It is true our leader at Afenifere addressed the topic. He did not emphatically confirm that Afenifere would support Tinubu. He said, since the APC leader is a Yorubaman, Afenifere may support him. Especially if he will pursue restructuring.”

When speaking on the emergence of Professor Banji Akintoye as the leader of the Yorubas, Odumakin said “Professor Akintoye is not the leader of the Yorubas. He is the leader of Yoruba World Congress. Yorubas do not have any leader for now.”

The former journalist also addressed the issue of Amotekun saying, “it is a welcome development. Initially, Afenifere opposed the idea because we felt it would have been more reasonable to agitate for the establishment of state police.

“But when those people said we could not put Amotekun in place in Yorubaland, that was when we got up in support. It is our right. The north has its own version of Amotekun. My only desire, prayer is that the Amotekun project should be well organized and maintained.”

Odumakin equally used the opportunity to endorse the activities of the Development Agenda for Western Nigeria (DAWN Commission).

“DAWN Commission is a worthy project being carried out by the governors of the Yoruba states. Afenifere is in full support and I believe the commission can do so much to hasten the development of Yorubaland.”

While speaking on the probability of running for an elective position. Dr Joe Odumakin’s husband said “I am not a politician. I am a political activist. But I will contest if and when our political terrain becomes transformed and politics of real progressivism is being practiced. I do not want to just join the bandwagon.”

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Nigeria’s Foreign Debt Servicing Hits $3.58bn in Nine Months, Pressuring Budgets

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The Nigerian government spent a staggering $3.58 billion on servicing foreign debt within the first nine months of 2024, marking a significant 39.77% increase compared to the $2.56 billion expended over the same period in 2023.

This data, drawn from a recent report on international payment statistics by the Central Bank of Nigeria (CBN), reflects a concerning rise in the country’s foreign debt obligations amid depreciating currency values.

According to the report, the most substantial monthly debt servicing payment occurred in May 2024, totaling $854.37 million. This is a substantial 286.52% increase from May 2023’s $221.05 million.

Meanwhile, the highest monthly payment for 2023 was $641.7 million in July, underscoring the trend of Nigeria’s escalating debt costs.

Detailed analysis of monthly payments further illuminates the trend.

In January 2024, debt servicing costs surged by 398.89%, reaching $560.52 million, a significant rise from $112.35 million in January 2023. However, February saw a modest reduction of 1.84%, with costs decreasing from $288.54 million in 2023 to $283.22 million in 2024. March also recorded a decline of 31.04%, down to $276.17 million from $400.47 million the previous year.

Additional fluctuations in debt payments continued throughout the year, with June witnessing a slight decrease of 6.51% to $50.82 million from $54.36 million in 2023. July 2024 payments dropped by 15.48%, while August showed a 9.69% decline compared to 2023. September, however, reversed the trend with a 17.49% increase, highlighting persistent pressure on foreign debt obligations.

With the rise in exchange rates exacerbating these financial strains, Nigeria’s foreign debt servicing costs are projected to remain elevated.

The central bank’s data highlights how these obligations are stretching national resources as the naira’s devaluation continues to impact debt repayment in dollar terms.

Rising State Debt Levels Add Pressure

The federal government’s debt challenges are mirrored by state governments, whose collective debt rose to N11.47 trillion by June 30, 2024.

Despite allocations from the Federal Accounts Allocation Committee (FAAC) and internally generated revenue (IGR), states remain heavily reliant on federal transfers to meet budgetary demands.

According to the Debt Management Office (DMO), the debt burden for Nigeria’s 36 states and the Federal Capital Territory (FCT) rose by 14.57% from N10.01 trillion in December 2023.

In naira terms, debt rose by 73.46%, from N4.15 trillion to N7.2 trillion, primarily due to the naira’s depreciation from N899.39 to N1,470.19 per dollar within six months. External debt for states and the FCT also increased from $4.61 billion to $4.89 billion during this period.

Further data from BudgIT’s 2024 State of States report illustrates how reliant states are on federal support. The report revealed that 32 states depended on FAAC allocations for at least 55% of their revenue in 2023.

In fact, 14 states relied on FAAC for 70% or more of their revenue. This heavy dependence on federal transfers underscores the vulnerability of states to fluctuations in federal revenue, particularly those tied to oil prices.

The economic challenges facing both the federal and state governments are stark. The combination of mounting foreign debt, fluctuating exchange rates, and high reliance on federally distributed revenue suggests a need for fiscal reforms to bolster revenue generation and reduce vulnerability to external shocks.

With foreign debt obligations continuing to grow, the report emphasizes the urgency for Nigeria to address its debt sustainability to foster long-term economic stability.

 

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Rep. Oseni Urges Urgent Action on Rising Building Collapses in Nigeria

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Engr. Aderemi Oseni, representing Ibarapa East/Ido Federal Constituency of Oyo State in the House of Representatives, has called for a prompt investigation into the increasing occurrences of building collapses in major cities across Nigeria.

In a motion presented to the House on Wednesday, Oseni expressed deep concern over the alarming frequency of building collapses, emphasising the threat they pose to the lives and property of Nigerians.

The APC lawmaker, through a statement by his media aide, Idowu Ayodele, cited the recent collapse of a two-storey school building at Saint Academy in Busa Buji, Jos, Plateau State, on July 12, 2024. The tragic incident, which trapped 154 people and claimed 22 lives, is the latest in a series of similar disasters, raising serious concerns nationwide.

Oseni also referenced a report from The Punch newspaper, which revealed that Nigeria had recorded 135 building collapse incidents between 2022 and July 2024.

“This figure is alarming and unacceptable,” he stated, stressing the urgency of preventing further occurrences.

The Chairman of the House Committee on Federal Roads Maintenance Agency (FERMA), Oseni reminded the House that the Council for the Regulation of Engineering in Nigeria (COREN) and other relevant professional bodies are responsible for ensuring compliance with building standards and practices.

“Despite these regulatory frameworks, the recurring collapses suggest that enforcement is lacking. The loss of lives, properties, and resources is staggering, and this disturbing trend must be addressed immediately,” he remarked.

He proposed the formation of an Adhoc Committee to investigate the underlying causes of these collapses and recommend both immediate and long-term solutions.

Also, he urged the House Committee on Legislative Compliance to ensure swift implementation of any recommendations.

The House agreed to deliberate on the motion and is expected to present its findings and proposed actions within eight weeks.

 

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Corruption Among Political, Religious Leaders Stalls Nation-Building – Olugbon

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The Vice-chairman of the Oyo Council of Obas and Chiefs, Oba Francis Olusola Alao, has expressed deep concern over the increasing involvement of religious leaders in material pursuits, accusing them of abandoning their spiritual duties in favour of wealth and influence.

Oba Alao, who is also the Olugbon of Orile Igbon, made this statement during a visit from the leadership of the Cherubim and Seraphim Church Movement “Ayo Ni O,” led by Baba Aladura Prophet Emmanuel Abiodun Alogbo, at his palace in Surulere Local Government on Thursday.

The monarch accused some religious leaders of sharing part of the blame for the moral and political crises that have engulfed the nation. According to him, spiritual leaders, once seen as the moral compass of society, have become compromised by corruption, aligning themselves with the very forces they should condemn.

Oba Alao was unapologetic in his criticism, stating, “Ninety-five percent of Nigerian leaders, both political and religious, are spiritually compromised.”

He argued that this moral decay among clerics has made it impossible for them to hold political leaders accountable or speak the truth to those in power, as their integrity has been eroded by their pursuit of material wealth.

“Carnality has taken over spirituality. Our religious leaders can no longer speak the truth to those in authority because their minds have been corrupted. Most of the so-called General Overseers (G.O.) are corrupt and perverted,” Oba Alao added.

He stressed that this shift towards wealth accumulation at the expense of spiritual values has greatly contributed to the country’s stagnation in development and social justice.

Olugbon urged both religious leaders and traditional rulers to reflect on their actions, reminding them that they would be held accountable for their stewardship, both in this world and the next.

“The prayers of sinners are an abomination before God, hence the need for our leaders to rethink,” he warned.

The monarch concluded by reiterating the transient nature of power and the importance of staying true to sacred duties, regardless of the temptation to indulge in worldly gains. “I am a traditional ruler. I don’t belong, and will never belong, to any occultic groups,” he emphasised, drawing a clear line between his position and the corrupt practices of some leaders.

In response to the Cherubim and Seraphim Church Movement’s request for collaboration on community development projects, Oba Alao assured them of his support.

“Your requests are aimed at the development of the Orile Igbon community. I am assuring you that necessary assistance will be provided in this regard.”

Earlier, Prophet Alogbo requested the monarch’s collaboration on a range of community development projects. These initiatives include the establishment of a women and youth empowerment center, clean drinking water initiatives, a bakery, animal production facilities, and farm produce processing.

Other proposals included a diagnostic and medical center, a full-size recreational sports facility, and a home care facility for the elderly.

 

 

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