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APC backs Lawan as new Senate Leader

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THE All Progressives Congress (APC) on Tuesday backed Senator Ahmed Lawan as he replaces Senator Ali Ndume for the position of Senate Leader.

The party said that, the development was a concrete expression of faith by the APC Senate Caucus in its efforts to resolve the lingering issues that have trailed the election of Senate leadership.

The party’s position was contained in a statement issued by the National Publicity Secretary, Mallam Bolaji Abdullahi.

“We believe this is a major step forward in our efforts to reunite the various interest groups in the Senate election, thereby presenting a common legislative front for our great party.

“We are particularly delighted that the consultations that were initiated towards the end of 2015 between the Party caucuses in the National Assembly and the party executives, as well as other leading stakeholders of our party have yielded these results and the Senate has demonstrated its willingness to finally submit to the will of the Party in this regard.

“Recall that soon after the issue of election in the Senate occurred, the Party leadership had resolved that Senator Lawan be compensated with the position of the Senate Leader. Sadly, that directive was not fully complied with at the time. But we are happy to see this change effected, which represents a significant progress in our efforts to build a strong and united Party. With this development therefore, we are confident that the issues arising from the elections in the Senate in 2015 have been put to rest.

“We thank Senator Ndume for his service and sacrifice to our party, which would not be forgotten. We also congratulate Senator Lawan, the new Senate Leader on his election by the APC caucus in the Senate. We hope he will use his vast experience and knowledge to enhance legislative works to further our party’s agenda of change.

“The APC assure Nigerians that we will continue to work assiduously under the leadership and guidance of President Muhammadu Buhari to resolve any other pending issues that may have affected our Party at different levels. However, with this latest development, APC has demonstrated its resilience and capacity to resolve its internal differences in order to realise the true change and transformation that we promised Nigerians”, the statement concluded.

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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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