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Not Too Young To Run: Buhari’s full speech at signing of bill

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President Muhammadu Buhari on Thursday signed the Not Too Young To Run bill.

Speaking during the signing of the Bill at the Presidential Villa, Abuja, Buhari said youths, “Have now established a formidable legacy” that they can achieve anything they are determined to do.

The bill which was passed by the National Assembly last year, seeks to reduce the age qualification for elective office seekers across the country.

Buhari, however, lamented that the age limits for Senators and Governors was not reduced.

The full speech reads below…

“First, I would like to welcome you all to the State House. Today is a significant day for all of us in Nigeria, and most especially our young people – and role they play in our democracy, politics and national life.

“We are gathered here for the signing of the “Not Too Young To Run Bill”, a landmark piece of legislation that was conceived, championed and accomplished by young Nigerians.

“The coordinators of the Not Too Young To Run movement have now established a formidable legacy – which is that, in our maturing democracy, if you really want to change something in Nigeria, and if you can organise yourselves and work hard towards it – you can achieve it. The outcome of such efforts is this remarkable feat.

“These efforts have resulted in the heroic task of enshrining in law, a reduction of the minimum ages for elective office in Nigeria.

“Eligible age for aspirants for members of the State Houses of Assembly will be reduced from 30 to 25 years;

“Eligible age for aspirants for members of the Federal House of Representatives will be reduced from 30 to 25 years; and

“Eligible age for aspirants for Office of the President, will be lowered from 40 to 35 years.

“Surprisingly, the age limits for Senators and Governors was not reduced, as originally proposed by the sponsors of this Bill. This is an issue that may need to be addressed going forward.

“Nevertheless, your focus and contributions have now successfully increased the quality and maturity of Nigerian democracy and expanded the playing field for youth participation in politics.

“You, the young people of Nigeria, are now set to leave your mark on the political space, just as you have done over the decades in entrepreneurship, sports, art, media entertainment, technology, and several other fields.

“You are undoubtedly Nigeria’s most important resource – not oil, not agriculture, not solid minerals – but you and all of us. Your energy, intelligence and talent are what will drive and develop Nigeria, long after we are all gone.

“This is an opportunity for me to affirm that this Administration will continue to do everything in its power to make Nigeria work for you.

“You may all know that the Bill I just assented now becomes an Act of the National Assembly.

“Thus, it may be tempting for you to think of this as the end of the journey. However, it is only the beginning; there is still a lot of work ahead, towards ensuring that young people take full advantage of the opportunities provided not only by this constitutional amendment, but also through Nigeria’s boundless prospects.

“You should inculcate the spirit of self help. Those who complete their training should not just sit down and wait for government or private sector to employ them. You should be innovative and turn your hands to any legitimate work that will enable you to sustain yourself.

“You may have noticed already that every one of you represents one of our 36 States and the Federal Capital Territory. This is because today is about preparing for the bright future of our country.

“I am confident each one of you will transform Nigeria in your own way – whether through media, agricultural enterprise, economists, engineers, or as lawmakers in your States or at Federal levels, or as State Governors – and even someday, as President. Why not?

“But please, can I ask you to postpone your campaigns till after the 2019 elections!

“Finally, let me say how proud I am, and how proud the entire country is, of what you have accomplished. Congratulations and best of luck with continuing to work to make Nigeria a greater country for us and future generations of Nigerians.”

https://iso.keq.mybluehost.me/nigerian-youths-reposition-for-active-political-leadership/

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National Issues

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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