FEC approves constitution of humanitarian, poverty alleviation trust fund.

FEC approves constitution of humanitarian, poverty alleviation trust fund.

The Federal Executive Council (FEC) has approved the establishment of thebHumanitarian and Poverty Alleviation Trust Fund to cater for the various humanitarian needs and take relief to the vulnerable population in the country.

The Council, which was chaired by President Bola Tinubu at the Council Chambers of the State House, also approved the application for a $3.45 billion World Bank financing for various projects, spread across five memoranda.

Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu, who briefed journalists after the week’s FEC meeting, which was the third by the Tinubu’s administration, also disclosed that the newly approved trust fund will be running on an annual $5 billion revenue, projected to be pooled from various sources.

According to the Minister, there will be a Governing Board that will supervise the implementation of the fund as it will be carefully worked out by members of the committee.

“This is a flexible form of financing that is supposed to help Nigeria adequately respond to humanitarian crises and challenges as well as adequately address the issue of poverty in Nigeria. This of course is a victory for the poor and indeed, would bring help and succor which the Renewed Hope Agenda stands for,” she said.

Speaking on the importance of the approval, she said: “Again, we are grateful to President Bola Tinubu today for the approval given for the creation of the Humanitarian and Poverty Alleviation Trusts Fund.

“This is a flexible form of financing that can help us get contributions from different sectors. So we’re going to have contributions from government, from the private sector, development partners, individuals, philanthropic individuals, and other innovative forms of crowd-funding and pooling of funds together.

“This to allow for emergency response to humanitarian crisis in Nigeria. Every other day we hear about crisis, the floods and the rest of it. We need to be able to respond adequately as a country. Beyond this, the issue of poverty alleviation is one of the agendas of President Bola Ahmed Tinubu in his eight-point agenda and we want to be able to tackle it headlong”, she said.

Asked how much the government was looking at, Edu said “every year we hope to be able to raise at least $5 billion within this fund and this is from the various sources that I’ve mentioned and even more. We are hopeful that with the creation of this funding, we can sit down with all the key stakeholders, including other ministries, and actually work out the full modality of implementation in Nigeria.”

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who also briefed after the Council meeting, said he secured approval for five loans totaling $3.45 billion from the Council meeting.

According to him, the funds are earmarked for projects that will bolster the power sector, renewable energy, education, and women’s empowerment.

He gave indications that funding for states resource mobilization program, which will help them with their internally-generated revenue efforts, was also encapsulated in the loan facility.

Edun also revealed that the loan facility had an initial 10 year moratorium at a very minimal interest rate to the Federal Government.

Credit: The Nation Newspaper.

President Tinubu Applauds Nigeria's Landmark Victory In P&ID Case.

President Tinubu Applauds Nigeria's Landmark Victory In P&ID Case.

President Bola Tinubu applauds today's judgment rendered by Judge Robin Knowles of the Business and Property Court in London, awarding a landmark victory to the Federal Government of Nigeria over a firm known as Process & Industrial Development (P&ID) Limited.

Following Judge Knowles' dismissal of the $11.5 billion (USD) value of the award plus accumulated interest, previously won by P&ID over a failed 2010 deal to allegedly build a gas processing plant, on the grounds that the award was obtained by fraud, President Tinubu commends the UK Court for prioritizing the merits of the case above all other considerations.

"This landmark judgment proves conclusively that nation states will no longer be held hostage by economic conspiracies between private firms and solitarily corrupt officials who conspire to extort and indebt the very nations they swear to defend and protect.

"Today's victory is not for Nigeria alone. It is a victory for our long exploited continent and for the developing world at large, which has for too long been on the receiving end of unjust economic malpractice and overt exploitation.

"Nigeria is appreciative of the tremendous efforts of the defense team and acknowledges the role of the Federal Ministry of Justice and the Office of the Attorney-General in the process of defending Nigeria's interest in this case," the President stated.

President Tinubu Appoints New ECN Chief Executive Officer.

President Tinubu Appoints New ECN Chief Executive Officer.

President Bola Tinubu has approved the appointment of Dr. Abdullahi Mustapha to serve as the Director-General and Chief Executive Officer of the Energy Commission of Nigeria (ECN).

Dr. Abdullahi Mustapha has served for over a decade in the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) with significant experience in the Energy and Space Technology sectors. Dr. Mustapha most recently obtained his Doctorate degree in Mechanical Engineering with a focus on Renewable Energy, followed by a Post-Doctoral Fellowship as a Research Associate in the School of Engineering at the prestigious University of Manchester.

President Tinubu expects the new ECN Chief Executive to make a positive impact on his administration's intensive push to diversify the nation's energy sources in a synergized fashion across the government toward the ultimate aim of industrializing every part of the country with every citizen emancipated from the shackles of energy poverty.

UK Judge dismisses $11.5Bn O&ID arbitrary award against Nigeria.

UK Judge dismisses $11.5Bn O&ID arbitrary award against Nigeria. 

A UK judge has dismissed the $6.6billion arbitrary judgment against Nigeria of which interests has ballooned to $11.5billion, won by briefcase company Process & Industry Development (P&ID) Ltd, over a failed 2010 deal to develop a gas processing plant.

Judge Robin Knowles of the Business and Property Court in London court which sat remotely and behind closed doors, ruled that the award were obtained by fraud and what has happened in the case is contrary to public policy.

Nigeria had been embroiled in a fight with Process & Industrial Developments over a failed 2010 deal to develop a gas processing plant over which it was inflicted a $9bn judgment which has now risen to $10bn.

P&ID claimed Nigeria violated terms of its agreement by failing to provide gas for the power plant it wants to build for the country.

This frustrated the construction of the Gas Project agreed to during the government of former president Umaru Yar’Adua and deprived P&ID the potential benefits expected from 20 years’ worth of gas supplies with “anticipated profits of $5 to $6 billion.”

The arbitral tribunal unanimously decided that the Federal Government had repudiated the GSPA by failure to perform its obligations under the GSPA and awarded P&ID was entitled to $6.6 billion in 2017. That fine along with interest has now risen to $11.5billion.

Former president Goodluck Jonathan government reached an out-of-tribunal agreement for the payment of $850 million and passed on disbursement to the administration of President Buhari.

Buhari balked at the idea of paying the negotiated sum, set aside the settlement agreement and challenge the enforcement of the award before the English Commercial Court. But the London court added $2.4 billion in interest making it $9bn.

The judge granted Nigeria’s request for a stay on any asset seizures while its legal challenge is pending, but ordered it to pay $200 million to the court within 60 days to ensure the stay. It also must pay some court costs to P&ID within 14 days.

The original decision on Aug. 16 converted an arbitration award held by P&ID to a legal judgment, which would allow the British Virgin Islands-based firm to try to seize international assets. 

Nigeria then began investigating the company through the EFCC and found evidence of two bank transfers totalling $20,000 made by Dublin-based Industrial Consultants (International) Ltd. — part of the P&ID group of companies — to Grace Taiga, a Nigerian government lawyer who oversaw the award of the gas plant contract.

The payments, in 2017 and 2018, were made from an Industrial Consultants account at Allied Irish Banks and were purportedly for “medical costs,” Bala Sanga, the lead prosecutor, said in the interview.

Based on this new evidence, it called ‘seismic’ Nigeria filed fraud challenges against P&1D but the company has failed to respond to the charges.

“It is increasingly clear that this was a highly orchestrated scam, involving a cover-up by ministers at the highest levels of office in the previous administration,” says a spokesperson for the attorney general.

“These officials, who were entrusted to safeguard the future and assets of Nigeria, knowingly entered into the sham GSPA, and deliberately failed to defend the Federation in the ensuing arbitral proceedings,” the statement said.

The statement further said that P&ID’s lawyers have not been able to prove that it legitimately, and lawfully, secured a 20-year contract worth hundreds of millions of Naira.

“The company has yet to even demonstrate that they had the credentials in the first place to carry out such a complex arrangement, nor provide any evidence of tangible investment or land-holding.

The award in question, which amounts to over eight times Nigeria’s national health budget, could be used for far more important, and genuine, public issues at the current time.

Nigeria simply cannot afford to have our future threatened by a sham company that is not even capable of answering to the concrete evidence of fraud levelled against them.”

With a depleted excess crude account and low returns from even lower crude oil prices, Nigeria does not even have the capacity to pay the judgement debt.

Nigeria’s International assets, oil cargoes, P&ID were supposed to be seized, if Nigeria lost the appeal.

President Tinubu: We’ll Honour Legitimate Foreign Exchange Obligations And Restore Market Confidence.

President Tinubu: We’ll Honour Legitimate Foreign Exchange Obligations And Restore Market Confidence.

President Bola Tinubu has allayed the concerns of the business community, assuring them that crucial plans are underway to improve foreign exchange liquidity.

The President said his administration will honour every legitimate contract with respect to the nation's foreign exchange obligations.

Speaking at the 29th Nigerian Economic Summit (NES) in Abuja, on Monday, President Tinubu said he is confident that by working closely with the private sector, financing the Three Trillion Dollar National Infrastructure Stock can be achieved in 10 years and not in 300 years.

The President said the construction of megacities in every geopolitical zone of the size and scale of Lagos must not take six decades because it can be achieved in one decade, emphasizing that a fully networked and connected Nigeria by rail, gas, fibre optics and road network can be constructed in less than 20 years with thriving Industrial Zones in every geopolitical zone of Nigeria before 2030.

"Consistent with our commitment to enshrining fairness and the rule of law in our country, this government will uphold the sanctity of every legitimate contract. Specifically, as it relates to the foreign exchange obligations of the government, all forward contracts that the government has entered into will be honoured and a framework has been put in place to ensure that these obligations are met in due course.

"My government is not blind to the challenges which several of you are facing in the financial markets. I can allay these concerns by revealing that we have a good line of sight into the additional foreign exchange liquidity that is required to restore market confidence," the President said.

Assuring the business community of a fairer and safer playing field for all, the President said his administration is strengthening the machinery and architecture of governance by establishing a public and civil service culture and structure that is performance and result-oriented, adding that: "We shall govern ethically, with accountability and transparency; implementing sound and effective policies to accomplish our Eight Priorities."

President Tinubu outlined the eight priority items of his administration as ending poverty, achieving food security, economic growth and job creation, access to capital across all segments of society and the economy, inclusivity, security, fairness and rule of law, and anti-corruption, stating that he is committed to delivering improved livelihoods and positive economic outcomes which Nigerians can tangibly feel and experience.

Recognizing the institutional frailties of past years and his pragmatic approach to achieving his bold agenda through a path that fully accounts for present-day challenges, the President said: "With the effects of an unsustainable fiscal deficit and hidden subsidies, these factors distorted the money supply and created an unfair playing field for an elite crop of unpatriotic forces. But that is no more. These changes have been tackled head-on. My government has introduced several measures to resuscitate the economy; including the Five Hundred Billion Naira intervention to support small businesses and the agricultural sector. By January 2024, the new student loan program and consumer credit schemes will have come into effect.

The President called on the private sector to support his vision for a greater Nigeria, saying: "I would like to charge YOU, the Captains of Industry here present, to commit and redouble your commitment to our vision of a Renewed and more Prosperous Nigeria, a better Nigeria for all. For us to successfully deliver our promise to Nigerians, we recognise that it is imperative that we foster a highly collaborative relationship with the private sector. We must work together. I have proven capacity in this regard, as we remember the role of public-private partnership in the transformation of Lagos State under my leadership. We will replicate that across Nigeria with your unwavering support.

"Today, I urge you, as Nigeria's foremost private sector think tank and policy advocacy group, to go much further than you have done before. Bring your ideas, bring your leadership, bring your capital, bring the collective will of your large conglomerates and business networks. Let us build a future of renewed hope. My government is prepared. Are you also prepared?"

The annual Nigerian Economic Summit is organized by the Nigerian Economic Summit Group in collaboration with the Federal Ministry of Budget and National Planning.

Student Loan Scheme Takes Off In January 2024 — President Tinubu.

Student Loan Scheme Takes Off In January 2024 — President Tinubu.

President Bola Tinubu has assured that the era of industrial actions in the nation’s academic environment has come to an end as the administration’s Students Loans Scheme commences January next year.

President Tinubu gave the assurance on Monday while speaking at the 29th edition of the annual Nigerian Economic Summit, anchored by the Nigerian Economic Summit Group (NESG), at the Transcorp Hilton, Abuja.

Tinubu, who spoke extensively on his administration’s plans to stabilise the economy, with the collaboration of all stakeholders, especially the private sector, also noted the need to immediately initiate a sustainable credit scheme, which he said will aid an effective anti-corruption campaign.

He said: “By January 2024, the new Students Loan Programme must commence. To the future of our children and students we’re saying no more strikes.

“There must be consumer credit, scheme will have to come to effect as soon as possible. I thank my team and my colleagues to build this programme, develop it now. We cannot talk about anti-corruption when you have to look for cash to buy a car, when there’s no mortgage for homeownership”, he said.

First Year Anniversary: Oyebanji Thanks President, Ex-Governors, Ekiti People, Others.

First Year Anniversary: Oyebanji Thanks President, Ex-Governors, Ekiti People, Others. 

The Governor of Ekiti State, Mr Biodun Oyebanji wishes to thank all Ekiti citizens at home and in the Diaspora as well as friends of the state for their support and participation in the activities marking the first anniversary of the administration which was rounded off with a thanksgiving service on Sunday, October 22nd, 2023. 

Specifically,  the Governor appreciates  President Bola Ahmed Tinubu, the Senate President Godswill Akpabio, represented by the Senate Leader, Senator Opeyemi Bamidele, for their support and goodwill messages. He also thanks the leadership of the All Progressives Congress (APC), especially, the National Chairman, Alhaji Abdulahi Ganduje and the National Secretary, Senator Ajibola Bashiru. 

The Governor also appreciates his predecessors in office, former Governors Kayode Fayemi; Ayodele Fayose and Niyi Adebayo for being part of the celebration, and for their sundry contributions to the growth and development of the state. 

Similarly, the Governor  appreciates his colleague- Governors, the Ekiti State Council of Traditional Rulers, members of the state Assembly, the state judiciary, state executive council and members of Ekiti caucus of the National Assembly. 

The Governor also thanks the state civil servants, iyalojas, market leaders, religious leaders, transporters and youths for the success of the anniversary celebration and for their sundry support for the administration right from inception. 

Also on the Governor’s appreciation list are the heads of institutions, Labour Leaders, the media, heads of security agencies, private sector players in the state, development partners and the general public. 

Governor Oyebanji says the massive support received by the administration remains a source of encouragement and motivation to do more for the people of the state. 

While noting that the best is yet to come, the Governor says Ekiti people should expect more in the coming years, especially in the areas of service delivery, project execution, building a more stable economy, support for the less privileged, and shared prosperity for all Ekitikete.