☕️ FG is selling the country?
Abuja security threats & Nigeria’s response, CBN is switching the N200, N500 & N1,000 bills, Buhari has instructed minister to solve the flooding issue, Why Buhari was in South Korea + more
Hi!
PSA: NAFDAC has raised the alarm over the circulation of suspected counterfeit Augmentin 625mg Tabs in Nigeria.
The falsified version has some tells, according to NAFDAC. Firstly, the packaging says it was manufactured in April 2021 and will expire on April 2024.
The batch number is 562626 with a NAFDAC registration number- 04-1928.
Also, the logo “GSK” is not properly positioned as on the original.
In this edition
Abuja security threats & Nigeria’s response
CBN is switching the N200, N500 & N1,000 bills
Buhari has instructed minister to solve the flooding issue
Why Buhari was in South Korea
FG is selling the country?
Security threats
In Abuja
On Sunday, the U.S. and U.K notified their citizens in Nigeria of possible terrorist attacks in Abuja, aimed particularly at government buildings, places of worship, schools, shopping malls, and international organisations—NGOs, foreign affairs workers, etc.
Days after the initial warning, the U.S. approved emergency exit for U.S. citizens who want to leave Nigeria in light of the new risks.
In light of these threats, Jabi Lake Mall in central Abuja, schools, and other public facilities have shut down operations.
However, Nigeria’s minister of culture and information, Lai Mohammed, said that the talks of a threat are “unverified” and “misleading”, and if there is indeed any such threat, it is directed at the citizens of the international countries— in other words, Nigerians don’t need to panic because the terrorists are not looking for you.
Outside Abuja
The United Nations confirmed the impending terrorist attack. On Monday, 26th, the security and peace organisation shared that they’ve gotten intel that Boko Haram and ISWAP plan to abduct humanitarian workers in Banki, Borno State.
There is no date associated with either of these attacks.
“Troops are working”
Despite the FG’s denial, the military seems to have taken action.
Yesterday, A joint operation by the Department of State Services, the National Intelligence Agency, the police and other security agencies reportedly arrested 35 suspected ISWAP fighters hiding out in different locations in Abuja.
PUNCH reports that the suspects are being held at a DSS facility.
Government governing
Flooding
We reported earlier this month that Nigeria is in a flooding crisis. 31 of our 36 states are almost entirely submerged, over 600 people are confirmed to have died and more than 1 million Nigerians have been displaced.
In response to what I would have assumed is a today emergency, the “devastated” president of Nigeria has given the minister of water resources, Suleiman Hussein Adamu, 3 months to propose a solution to the crisis.
Adamu is to work with the Ministries of Environment and Transportation and state governments and present the solution to President Buhari in January 2023.
While we wait for the solution, APC Presidential Candidate, Bola Tinubu has donated N100 million to flood victims in Kano (perhaps this counts as a contribution from the president’s party?)
Atiku Abubakar, PDP’s candidate, also donated N55 million to flood victims in Bayelsa State.
Buhari in South Korea
While his PR team shared instructions to resolve the flooding, Buhari went to South Korea. One of the outcomes of his visit was a Memorandum of Understanding between the Nigerian National Petroleum Agency (NNPC) and Daewoo Group — a conglomerate currently operational in Myanmar's oil and gas industry. The MoU is to refurbish the Kaduna refinery.
House of Assembly vs Local Governments
Nigerian Labour Unions are threatening to “shut down” Nigeria’s 36 State Houses of Assembly if the Local Government Autonomy bill is not passed as promised.
The bill aims to dissolve the joint account of the State and Local Governments. The goal is to establish separate financial accounts and receive funding from the FG separately.
The Local Government Autonomy bill was one of 44 bills that the National Assembly sent to the state houses for consideration.
However, the National Assembly said that the State Houses sent fresh bills with the condition that they don’t need to work on the 44 earlier sent. If this condition is accepted, the Local Governments lose their desired financial independence.
Money Money Money
PSA: N200, N500, and N1,000 notes out of fashion
CBN says they are discontinuing the N200, N500, and N1,000 notes. The new designs will be released on the 15th of December, and Nigerians have ONE MONTH(!) to stop using old money. The old notes will stop being legal tender on the 31st of January, 2023.
According to CBN governor Godwin Emefiele, the CBN is doing this to “take control of the currency in circulation”.
Emefiele is also concerned that the majority of the country’s money is not in the banks (Many Nigerians don’t put their money in banks because they don’t trust them)
Emefiele estimated that the amount of currency outside the banking system has doubled since 2015. Hmm, what is the common denominator? 🤔
Once the new notes are released, Nigerians are expected to take old notes to banks for the new notes.
Speaking of distrust
Beneficiaries of the FG’s Social Investment Programme (SIP) in Bauchi State have appealed to the Minister of Humanitarian Affairs, Disaster Management and Social Development, Dr Sadiya Umar Farouq, to fulfil the promise of a start-up package for participants.
The scheme promised participants a start-up package to start their own businesses upon completion.
“It would be recalled that in March 2022, the Federal Ministry of Humanitarian Affairs Disaster Management and Social Development, in conjunction with the Central Bank of Nigeria (CBN), organised an entrepreneurial training for beneficiaries, where the participants submitted business plans, with a promise by the government to provide financial support”, said SIP reps.
According to the reps, they haven’t received any money.
2023 budget
The argument could be that Nigeria is going through it right now. But while the country is still working out the national revenue shortages and borrowing more for future budgets, one-time severance packages for President Buhari, Vice President Osinbajo, state governors, and other political appointees leaving office in 2023 may cost the country about N63.45 billion
The details, pulled from the Revenue Mobilisation and Fiscal Allocation Commission, state that the President will N10.54m (300% of his annual salary), while the VP will receive N9.09m. The presidency’s 8 special advisers are expected to get N5.83m each.
On the state level, each governor is entitled to a severance pay of N6.67m, while the deputy governor gets N6.34m.
These figures are included in the N20.51 trillion budget for 2023. Nigeria’s revenue is expected to contribute N9.73 trillion to the budget, and the remaining N8.80 trillion will be financed with new borrowings.
With this, Nigeria’s debt total will be N71.64 trillion. Amazing.
Among the items the FG wants to buy are cars for 212 government agencies. For this, they have assigned N23.57 billion, according to the budget estimates for the fiscal year.
Note: the 2022 budget allocated N22.5 billion to 212 government agencies for the same item.
In Lagos, governor Sanwo-Olu says the state will borrow N350 billion to finance the 2023 budget of N1.692 trillion. The governor said the state expects a N1.342 billion revenue to fund the budget.
Revenue strategy
The FIRS says it has started deducting taxes from online betting and gaming operators.
How? They’re automating tax on online gaming using Sentinel National Payment Gateway and Electronic Solution.
According to the FIRS, Sentinel National Payment Gateway is a transaction processing system that enables Integrated Payment Service Providers to deduct taxes at transaction points and remit the tax deducted directly to the government’s treasury.
All online betting stations are expected to implement this tax system by the end of the year.
Nigeria’s favourite money strategy
1: money from other people
To drive economic growth in Nigeria, the Islamic Development Bank has provided $1.8 billion to finance 2 key projects: Special Agro-Industrial Processing Zones Program and the Nigeria-Morocco gas pipeline. - More details here.
2: selling national property
The Federal Government wants to sell 25 National assets to finance the budget deficit.
Sources at the Ministry of Finance, Budget and National Planning told Punch that the government was considering selling or concessioning (leasing) the Tafawa Balewa Square (TBS) in Lagos; the National Integrated Power Projects in Olorunsogo, Calabar II, Benin, Omotosho II and Geregu II plants; all the hydropower plants across the country, including Oyan, Lower Usuma, Katsina-Ala and Giri plants.
The government is also eyeing revenue from Calabar and Kano free zones as well as Abuja Water Board, Aluminium Smelter Company of Nigeria, National Film Corporation, National Theatre and Lagos International Trade Fair, among other things,
All the assets are to be sold (or concessioned, depending on preference) to investors or private organisations.
However, Lagos State Attorney General, Moyosore Onigbanjo, has reminded the FG that they cannot sell TBS because they haven’t even agreed on who owns it.
Onigbanjo argues that adding TBS to a potential list is odd when it might not even be yours.
The FG vs Lagos court case has been set for the 1st of November.
Fraud
The trial of a former Governor of Ekiti, Ayodele Fayose, for alleged money laundering has been stalled due to a mix-up on dates. We’ll keep an eye on how that goes.
Fayose is being prosecuted by the EFCC over N6.9 billion in fraud and money laundering charges.
He was first arraigned in 2018, before Justice Mojisola Olatotegun, alongside his company, Spotless Investment Ltd, on 11 counts of fraud and money laundry.
He pleaded not guilty and was granted bail for N50 million.
He was re-arraigned before Justice Chukwujekwu Aneke on July 2, 2019, after the case was withdrawn from Justice Olatoregun following EFCC’s petition, but was granted bail again.
In December 2021, EFCC called its 11th witness, Mrs Joanne Tolulope, who narrated how Abiodun Agbele, an associate of Fayose, bought properties worth several million.
The prosecution also called witnesses from several commercial banks, and Minister of State for Defence, Sen. Musiliu Obanikoro, who shared detailed stories of suspicious activities.
Road to 2023
Nigeria’s current political class is concerning for the Sub-Saharan region. ECOWAS says other countries in the region are sitting at the edge of their seats waiting for the 2023 elections because the success or failure of Nigeria spills over to the rest of the countries. They’re worried, and so am I.
What’s INEC doing?
Good news?
INEC says the verdict of the total number of voters is in: 93.5 million Nigerians have a valid PVC to vote in the upcoming elections. My question is with the floods, won’t a fair amount of that count have lost their cards? Is there a conversation about how to sort that out?
A frontline Civil Society Organisation, Partners for Electoral Reform (PER) is asking Buhari to urgently set up a team to investigate an alleged secret plot to suspend the use of the Bimodal Voter Accreditation System (BVAS) and remove INEC Chairman Prof. Mahmopd Yakubu.
BVAS combines fingerprint and face biometrics to identify voters, making false vote counts and election fraud more difficult.
PER believes that some political stakeholders don’t like the idea of fewer avenues to rig elections and are “doing everything to frustrate the implementation process”.
What’s new with the elections?
APC’s Tinubu shared an 80-page manifesto detailing his plans for the country.
He says he will: create jobs; In his reign, Nigeria shall be known as a nation of creators, not just of consumers; Export more and import less, strengthening both the naira and our way of life; Continue assisting our ever-toiling farmers; Make basic healthcare, education, and housing accessible and affordable for all. Read the Twitter thread where he highlights his “key priorities” here.
No one in the current ruling APC party seems interested in visiting the flood victims, so the presidential candidate's wife, Senator Remi Tinubu, decided to take on the task. Their chatter of choice was Nigeria’s Air Force Aircraft, which is a bit strange since they are not the president.
I came across this website — goverify.ng — which curates past achievements and news archives from the 3 major candidates in these elections. I have read a few articles about each candidate and found it insightful.
Other news
Three months after regulators quietly approved an increment in fuel prices, Nigerians may soon start paying between N178 to N200 per litre for petrol - Guardian.ng
The Court of Appeal in Abuja refused the FG’s request for an adjournment in an application seeking to stay the execution of the judgment that quashed the terrorism charges against Nnamdi Kanu. Daily Post
The management of the Federal University Oye-Ekiti (FUOYE) has raised the alarm over encroachment on the university land by some unscrupulous residents of Oye-Ekiti - Guardian.ng
NEMA receives stranded 137 Nigerians repatriated from Libya - Blue Print
The West Africa Examination Council, WAEC building in the Yaba area of Lagos State was gutted by fire in the early hours of Wednesday, October 26, 2022. According to reports, several people are still trapped inside the burning building. The cause of the fire is still unknown. The fire had started in the middle of the high-rise building, with those trapped inside frantically calling for help. Nobody died, and all documents are intact - Daily Post
The FG said it is seeking ways to end the trend of Nigerians relocating abroad. They said they’ll achieve this by ensuring Nigerians are “gainfully employed” - The Nation