Costs
Nigerians urged to reject PIB for failing to address key issues
Socially relevant and need-meeting organisations in partnership with civil society movements have called on Nigerians to massively reject the long-expected PIB as it has failed to address fundamental issues. Rather the organisations said that the outcome of PIB was mischievous and would compound the problems of the communities, just as it would create another avenue to make the rich even richer while the suffering communities continue to languish in difficulty and poverty. The coalition group said the PIB “failed to properly address the lingering issues of the oil and gas host communities” submitting that the recent position on critical issues is a far cry from the yearnings of oil and gas host communities. “The current version of the Petroleum Industry Bill failed to address community, ec...
PANDEF: President Buhari lacks power to impose open grazing on states
The Pan-Niger Delta Forum has again warned the Federal Government and groups such as the Miyetti Allah Cattle Breeders Association, against conduct and utterances capable of making the already bad security situation in Nigeria worse than it is. Elder statesman and leader of PANDEF, Chief Edwin Clark, gave the warning at a media briefing in Abuja, on Monday. He said President Muhammadu Buhari lacked the power to impose open grazing on state governments. He said the people of the Niger Delta have watched with restrained patience the reckless and irresponsible utterances of a group of jihadists who have over the years threatened other Nigerians over grazing routes and rights. Clark noted that the latest being the threat issued by a group of faceless anarchists who issued a warning to the Delt...
PANDEF: President Buhari lacks power to impose open grazing on states
The Pan-Niger Delta Forum has again warned the Federal Government and groups such as the Miyetti Allah Cattle Breeders Association, against conduct and utterances capable of making the already bad security situation in Nigeria worse than it is. Elder statesman and leader of PANDEF, Chief Edwin Clark, gave the warning at a media briefing in Abuja, on Monday. He said President Muhammadu Buhari lacked the power to impose open grazing on state governments. He said the people of the Niger Delta have watched with restrained patience the reckless and irresponsible utterances of a group of jihadists who have over the years threatened other Nigerians over grazing routes and rights. Clark noted that the latest being the threat issued by a group of faceless anarchists who issued a warning to the Delt...
Edo election: Appeal Court upholds Governor Obaseki’s victory
The Court of Appeal, sitting in Benin, yesterday, upheld the ruling of the Edo State Governorship Election Petition Tribunal against the Action Democratic Party (ADP), and reaffirmed the victory of Governor Godwin Obaseki at the 2020 governorship election. Delivering the judgement in the case marked CA/B/EPT/GOV/01 & 1A/2021 Action Democratic Party & Anor v. INEC & 2Ors, the court held that Obaseki did not forge his certificates with which he contested the 2020 governorship election and dismissed the appeal filed by the ADP and its candidate. In another case marked /B/EPT/GOV/02/2021 Action Peoples Party (APP) Vs Godwin N. Obaseki & 2Ors., the Court unanimously upheld the Judgment of the Tribunal and dismissed the Appeal with costs assessed at N600,000 each, on two differe...
SERAP urges President Buhari to tell Nigerians spending plan for James Ibori loot, others
The Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to “urgently direct Mrs Zainab Ahmed, Minister of Finance, Budget and National Planning to disclose spending details of the $700 million looted funds reportedly recovered by the Federal Government in the past four years, including the list and location of projects completed with the money, as well as details of the contractors that executed the projects.” SERAP also urged him to “direct Mrs Ahmed to disclose how the government plans to spend the returned £4.2m Ibori loot, including details of planned capital expenditure, and whether there is any plan to ensure that the money and any future returned Ibori loot would be spent to achieve justice and effective remedies for victims of corruption in...
Firm cautions Nigerian government over sale of national assets
Agusto Consulting has cautioned the federal government over its plan to relinquish national assets to private hands, saying, the risk involved is unquantifiable. Agusto Consulting, in a report titled “Rethinking Nigeria’s Models for Infrastructure Development,” noted that, the benefits of relinquishing control to the private sector are glaring, but remain difficult to implement. Noting that the federal government’s handing off certain critical assets of the country that have been dormant over the years will positively impact on the country’s budgetary allocation, but added that this decision has caveats and risks associated with operating models that involve private sector participation regardless of the levels of participation. “First is the high level of corruption in the country and the...
World Bank: Nigeria responsible for over 40 percent diaspora remittances in Sub Saharan Africa
The World Bank says Nigeria is responsible for over 40 percent of diaspora remittances in Sub Saharan Africa (SSA). In a statement on Wednesday, the Washington-based financial institution said remittances to SSA declined by an estimated 12.5 percent in 2020 to $42 billion. The decline was almost entirely due to a 27.7 percent decline in remittance flows to Nigeria, “Remittances to Sub-Saharan Africa declined by an estimated 12.5 percent in 2020 to $42 billion,” the statement read. “The decline was almost entirely due to a 27.7 percent decline in remittance flows to Nigeria, which alone accounted for over 40 percent of remittance flows to the region. “Excluding Nigeria, remittance flows to Sub-Saharan African increased by 2.3 percent. “Remittance growth was reported in Zambia (37 percent), ...
Oliver Kahn rules Bayern Munich out of race to sign Erling Haaland in summer due to high fee
Erling Haaland moving to Bayern Munich is “unimaginable” at this time, according to the club’s future CEO Oliver Kahn. Haaland has established himself as one of the most prolific frontmen in Europe since joining Borussia Dortmund in January 2020, and is attracting attention from a number of top clubs heading into the summer transfer window. Bayern are among those being linked with a swoop for the Norwegian, but Kahn claims that they won’t be able to match his price tag in the current financial climate. “Sorry, whoever spoke about that didn’t understand the situation,” the Bayern director, who will succeed Karl-Heinz Rummenigge as CEO later this year, told Bild. “A package that costs – as we heard – over €100m is unimaginable for FC Bayern at the moment.” Kahn went on to insist that Bayern ...
House rejects bill seeking to reduce cases in Supreme Court
The House of Representatives yesterday voted out a bill seeking to limit the category of litigations that can be appealed at the Supreme Court. The intention of the bill was to reduce the workload on the apex court, and speed up justice delivery. The lawmakers at the plenary yesterday considered for second reading, ‘A Bill for An Act to alter the provisions of the Constitution of the Federal Republic of Nigeria, 1999; the Constitution of the Federal Republic of Nigeria (First Alteration) Act, 2010; and the Constitution of the Federal Republic of Nigeria (Second Alteration) Act, 2010, to make appeals to the Supreme Court to be by leave in order to reduce workload on the court, expedite hearing and determination of appeals, and encourage efficiency and quality; and for related matters.’ Chai...
IMF, World Bank advocate flexible fiscal support, debt relief
Against the backdrop of a pandemic impacted global and national economies, the International Monetary Fund (IMF) and World Bank have urged fiscal authorities to execute flexible and supportive fiscal policies to support economic recovery and cushion the long-term impact of the pandemic. In a paper that was titled: ‘Tailoring Government Support’, IMF staff said until the pandemic is brought under control, fiscal policy will have to remain flexible and supportive. It advised governments to prioritize certain policy measures that include targeted support to vulnerable households, investment in health system and more focused support to viable firms, warning that if the pandemic persists, widespread corporate insolvencies could result, destroying millions of jobs, particularly in contact-intens...
DPR: Market forces should determine gas prices
File Photo The Department of Petroleum Resources (DPR) has advocated that market forces should be allowed to determine gas prices to guarantee the security of supply and demand of the commodity. Mr Sarki Auwalu, the Chief Executive Officer, DPR, disclosed this while presenting keynote address at the pre-summit conference on “Decade of gas’, in Abuja, on Monday. Auwalu said that the right and market-based pricing of gas was critical, as it would assure producers of returns on their investments. He also outlined five critical levers for gas development, especially as Nigeria moves to leverage its abundant gas resources for national growth, diversification of the economy and to use gas as the fuel for economic transformation. According to him, the levers include availability, accessibility, a...
Barcelona, Atletico Madrid ordered to further tighten belts by La Liga
FC Barcelona and Atletico Madrid will have to cut down the costs of their squads by more than 35 million euros ($42.14 million) following new salary limits imposed by La Liga on Tuesday to cope with the financial impact of the Covid-19 pandemic. The figures, published twice annually following each transfer window, dictate how much teams can spend on players, coaches, support staff and their youth teams. They are calculated in line with revenues, which have been obliterated by coronavirus restrictions preventing fans from attending matches for 12 months while depressing the transfer market and reducing income from merchandising. Barcelona are the club most acutely affected by the new limits and will be forced to reduce their costs by an additional 35.7 million euros, to 347 million. League ...
