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In this edition:
Air Peace might have started a flight fare competition
Electricity tariff increased
EFCC vs Emefiele comes to an end
Updates on student loans
This edition is 2,300 words (approx. 7 min read)
Money
Current exchange rate: N1,256/$ (Keep going down, baby. I believe in you)
If you’re trying to travel, Air Peace has reduced the cost of a trip to London from Lagos to around N1.2 million for an economy ticket. This is a 66% slash from what it was prior (😮💨).
This decision has…encouraged other foreign airlines to also drop their ticket fare. KLM is now going for less than N800,000 from Lagos to London.
If you’ve been looking to catch a flight, now might be the time to spend that money.
But maybe watch your spending
The FG has increased the cost of electricity for residents they have categorised as the “Band A tier”, that is, folks that get up to 20 hours of electricity.
Prior to this change, the cost of electricity for this tier was N66 kilowatts per hour, now it is ₦225 kilowatts per hour (😮💨)
However, other tiers, aka people not getting up to 20 hours — which make up over 80% of Nigerians — are still under electricity subsidy.
Food inflation
Nigeria and other African countries are expected to experience continuous food inflation in the coming months owing to the disruption in global trade as a result of attacks on shipping lines by Yemeni Houthi Rebels in the Red Sea - Guardian
Dangote’s new adventure
Dangote Refinery began selling petroleum products on April 3, 2024 to the local market - Reuters
Reports say ships are lining up to load a minimum of 26 million litres of fuel.
The Independent Marketers Association of Nigeria (IPMAN) has also agreed on a price of N1,225 per litre of diesel.
This price is still higher than the current pump price of diesel in Nigeria.
Dangote refinery says it has received a million barrels of crude oil from NNPC and SHELL.
Scarcity-powered looting
Residents of Kebbi State attacked a government warehouse in Birnin Kebbi on Saturday night and looted food items.
They also broke into some private facilities, overpowering the security forces and taking essential food items and government palliatives.
The security agents are alleged to have shot one of the residents in the process
This looting is due primarily to the increasing cost of living across Nigeria
The governor's spokesperson described the incident as "unfortunate", stating the looted items were part of food supplies purchased by the state government for distribution to the people.
The government says it has bought and distributed over 5 billion naira worth of grains, and “measures have been taken” to secure warehouses against future incidents.
Government borrowing epidemic
In the first six months after taking office, 13 new state governors collectively borrowed ₦226.8 billion from domestic and external sources.
Additionally, 16 state governors increased their states' debt profile by ₦509.3 billion, with ₦243.95 billion in domestic debt and $298.5 million (₦265.37 billion) in external debt.
The states that took the highest loans include Cross River (₦16.2 billion domestic, $57.95 million external), Katsina (₦36.93 billion), and Niger (₦17.85 billion domestic).
Other states that borrowed significantly include Plateau, Rivers, Zamfara, FCT, Ebonyi, Kaduna, Kano, Sokoto, Taraba, and Zamfara.
This increase in borrowing came despite declarations by the Tinubu administration that it would not continue the "massive borrowings" of the previous government.
However, the states were able to access higher federal allocations in 2023 following the removal of fuel subsidies and currency reforms, which reportedly increased government revenue by 40%.
Meanwhile, Kaduna State is holding salaries because, according to the governor, Uba Sani they inherited $587 million in debt from his predecessor, Nasir El-Rufai.
Medical doctors in the state government-owned hospitals in Abia state and Kaduna state have started a strike over non-payment of mounting salary arrears for 21 months and one year respectively
The President of the Association of Resident Doctors at the Abia State University Teaching Hospital, Dr Nnamdi Erondu said members of the association are owed 21-month salary arrears.
Erondu said, “There has been an upgrade salary review in 2012, 2014, 2017, and 2019, last year there was a salary review, and this year too. But, we’re still being paid with the old salary structure, and it makes us earn less than what others in other health facilities earn”.
Resident doctors at the Barau Dikko Teaching Hospital in Kaduna state have been on strike for over one month due to unpaid salary areas, among other issues.
The President of ARD at the hospital, Dr Josiah Yakubu said, “Our problem started two years ago and last year in July, we tried to meet the government to solve our problems, and it was not possible, so we wrote to the governor to inform him of the problems”.
Security
Students kidnapped in Taraba
Attackers have kidnapped two students of the Federal University Wukari in Taraba State.
The gunmen attacked for almost an hour on Monday night, shooting sporadically and injuring many other students. This occurred despite the presence of a security checkpoint just meters away.
Nine suspected kidnappers were later apprehended by residents in the community and handed over to the police for interrogation.
This is not the first time the university has faced a kidnapping incident - a similar incident occurred in 2022, leading to a shutdown of the institution.
The university has asked the federal and state governments, as well as philanthropists, to assist in building hostels within the school premises to prevent further incidents of abduction.
The university is located along a busy federal highway, and about 90% of students and staff reside outside the school premises.
In Kogi, two communities, Agojeju Odo and Abejukolo in Omala LGA were invaded by gunmen. They killed at least 19 people in the attack and raided many homes.
NGO allegedly orchestrates IDP arson
The Borno State Government has started investigating some non-governmental organisations (NGOs) in the state for their alleged involvement in the burning of Internally Displaced Persons (IDP) camps.
The state has witnessed frequent fire outbreaks in IDP camps in recent times, particularly in Maiduguri, Mafa, and Monguno local government areas.
Two IDP camps in Muna, Mafa LGA and Monguno camp were recently set ablaze, re-displacing over 30,000 IDPs.
One of the arson suspects allegedly admitted that he and his co-conspirators were hired by some NGOs to set the IDP camps on fire. The NGOs are presently unnamed, but reports indicate that they have been summoned for preliminary interrogation.
Crime
Can’t make this stuff up
The Code of Conduct Tribunal (CCT) has suspended the Chairman of the Kano State Public Complaint and Anti-Corruption Commission (PCACC), Muhyi Magaji, following allegations of corrupt activities.
Magaji is facing charges ranging from alleged conflict of interest, breach of the code of conduct for public officers, abuse of office, false asset declaration, bribery, and accepting gifts.
The CCT granted the application directing Magaji to step aside as the PCACC chairman pending the hearing and determination of the case against him.
The tribunal also ordered the Kano State Governor and the Secretary to the State Government to appoint the most appropriate officer to take over as acting chairman of the commission.
The Kano State government had earlier sued the Federal Government over what it described as harassment and intimidation of the PCACC chairman by three federal agencies (EFCC, ICPC, and CCB).
The case has been adjourned to May 7 and 8, 2024 for a hearing.
FCT court discharges Adoke in OPL 245 trial
Justice Abubakar Kutigi of the FCT High Court has dismissed the charges of fraud, bribery, and conspiracy filed against Mohammed Bello Adoke, the former Attorney-General of the Federation, by the EFCC - The Cable
The judge ruled that the EFCC failed to prove its charges and that Adoke had no case to answer. The judge discharged and acquitted Adoke on all counts.
The court ruled that the allegation of illegal tax waivers granted to Shell and Eni was not corroborated by the Federal Inland Revenue Service (FIRS) or any other authority.
The court also ruled that the EFCC did not provide the necessary evidence to prove its case on the alleged N300 million bribe said to have been given to Adoke by Aliyu Abubakar.
This ruling is expected to finally bring litigation over the OPL 245 fraud case to a close, as Nigeria has now lost virtually all the cases it filed or joined in Italy, the UK, and Nigeria.
The EFCC earlier conceded that it did not have sufficient evidence to oppose the no-case submission by Adoke, although it insisted that Rasky Gbinigie had a case to answer over the alleged forgery of company documents.
Adoke maintained that he was a victim of political victimization by former President Muhammadu Buhari on behalf of the Abacha family, who felt cheated in the OPL 245 transaction.
There is no other case against Mohammed Bello Adoke and Aliyu Abubakar before Justice Inyang Ekwo of the Federal High Court in Abuja, but the same particulars were also charged by the EFCC before Justice Kutigi.
EFCC vs Emefiele comes to an end
The EFCC will arraign former CBN governor, Godwin Emefiele, and his co-defendant, Henry Isioma Omole, on Monday, April 8, 2024, at the Ikeja State High Court in Lagos - Punch
Emefiele and Omole will be arraigned on 26 counts of alleged abuse of office over the allocation of billions of US dollars.
The EFCC alleged that Emefiele directed the allocation of foreign exchange in the aggregate sums of $2,136,391,737.33 (2022-2023), $291,945,785.59 (2020-2021), and $1,769,254,793.16 (2021) without bids, which was prejudicial to the rights of Nigerians.
Omole allegedly accepted $110,000 from Raja Punjab through Monday Osazuwa as a reward for Emefiele allocating foreign exchange in favour of Raja Punjab's employer.
The offences allegedly committed by Emefiele and Omole contravened Section 73 of the Criminal Law of Lagos State, 2011.
President Bola Tinubu thanked the CBN investigator, Jim Obazee, for his services and officially closed the months-long investigation into the CBN on March 31, 2024.
Tinubu noted that with the investigation closed, all appropriate law enforcement and regulatory agencies have since begun conducting follow-up action.
Students Loans Update
The Nigerian Education Loan Fund (NELF) will begin a pilot phase of the student loan scheme with applicants from public tertiary institutions, including federal and state universities, polytechnics, and colleges of education.
President Bola Tinubu is expected to appoint a Chairperson, Managing Director, and two Executive Directors to form the executive management team of the NELF.
The new Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024 was signed into law, repealing the previous 2023 Act and establishing the NELF as a corporate body.
The new Act allows the fund to appoint a Chairperson, Managing Director, and two Executive Directors, who will hold office for five years.
For the pilot scheme, the loan will be available to students in public institutions only. The target institutions are federal and state universities, polytechnics, and colleges of education.
No launch date has been set for the program yet, as the new management team needs to be appointed first before implementation can begin.
President Tinubu thanked the National Assembly for the swift bill consideration and reiterated his administration's commitment to improving education and skills development in Nigeria.
On Friday, Tinubu appointed Akintunde Sawyerr as the Managing Director, Frederick Akinfala as Executive Director of Finance and Administration, and Mustapha Iyal as Executive Director of Operations for the NELF.
Environment
One person has been confirmed dead and about 600 people have been displaced following a rainstorm that ravaged the Iloko community in the Oriade Local Government Area of Osun State.
Residents and traders of Iloko-Ijesa in the state lost their homes and more due to heavy rainfall in the town.
The National Emergency Management Agency (NEMA) Southwest Zonal Office, in collaboration with the Osun State Emergency Management Agency (SEMA) and community leaders, conducted an assessment of the damage caused by the latest rainstorm disaster.
Other news
Bobrisky pleads guilty to naira abuse charge - Punch
FG considers repatriating absconding TETFund-sponsored varsity lecturers - Punch
Third Mainland has officially opened - Nairametrics
Osun State Governor Ademola Adeleke has reiterated the enforcement of approved guidelines as a condition for teachers in the state's public schools to enjoy the new retirement age of 65 years and length of service of 40 years - Punch
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