News
Buhari’s Re-Election Dangerous To Economic Dev -HSBC …APC FG, Stinking Can Of Corruption -Timi Frank
Nigeria’s current economic struggles look set to continue if President Muhammadu Buhari wins a second term in office, the multinational banking and financial services company, HSBC, has said.
The company stated this in a report by its Global Research unit, entitled, “Nigeria, Papering Over the Cracks”, obtained by London-based Telegraph, yesterday.
According to the financial institution, although President Buhari’s “approval ratings sit near all-time low a development, it said, “largely reflects the impact of Nigeria’s painful recession in 2016-17 and the sustained economic hardship that has accompanied his presidency, including rapidly rising joblessness, and poverty,” the President will once again lead the APC into the 2019 elections.
It, however, stated: “A second term for Buhari raises the risk of limited economic progress and further fiscal deterioration, prolonging the stagnation of his first term, particularly if there is no move towards completing reform of the exchange rate system or fiscal adjustments that diversify government revenues away from oil.”
The multinational banking group, which is Europe’s largest by total assets, noted that while higher oil prices have brightened Nigeria’s macro outlook, boosting export earnings, improving the supply of foreign exchange, and supporting naira stability, the Buhari administration was yet to address the economy’s structural shortcomings.
Specifically, it said: “Economic growth remains sluggish and reliant on the rebound in oil output while the non-oil economy, which accounts for about 90 per cent of GDP, continues to languish with many service sectors still mired in contraction. Joblessness continues to rise, up almost three-fold in three years to 19 per cent in Q3 2017, pushing the number in poverty to 87million.
“Meanwhile, current account improvements may have pivoted on higher oil prices, but they also derive from on-going import restrictions and limited FX access for many sectors of the economy. All told, we see growth capped at about 2.5 per cent over the next two years – a welcome recovery from the 2016 contraction, but less than half the rate of the previous cycle.”
It further stated that in addition to failing to address the country’s ongoing reliance on oil revenues and the issue of inadequate nonoil tax collection, the administration was also grappling with the challenge of having a large share of its budget directed to debt service.
The company noted that while the Federal Government’s debt management strategy of issuing external debt to redeem more expensive short-term government securities is helping reduce debt service costs in the near term, it “exposes the fiscal position to exchange rate risk in the event of a future decline in oil prices and naira devaluation.”
In addition, it stated that high oil prices has not translated into nonoil growth, adding that: “Nigeria’s reliance on fuel imports means rising international oil prices are pushing up the cost of fuel subsidies, estimated by the Petroleum Products Pricing Regulatory Agency (PPPRA) at USD250m in May alone.”
Besides, HSBC projected: “Oil prices at current levels therefore suggest a fuel subsidy that could total $1.5billion in H2 2018, and about $2.5billion for the year as a whole, which would equate to almost 20 per cent of last year’s gross oil revenue.”
It, however, stated that while the, “polls look set to be a closely contested affair” and the, “political environment favours a return to power for the PDP, yet the opposition remains weak and fragmented, and has yet to declare its presidential candidate.”
The Senior Special Assistant on Media and Publicity to the President, Mallam Garba Shehu, declined comments on the report but referred our correspondent to the Chief Economic Adviser to the President.
However, the referral could not be reached as at the time of filing this report.
Meanwhile, former Deputy National Publicity Secretary of the All Progressives Congress (APC), Comrade Timi Frank, has described the President Muhammadu Buhari’s-led administration of a stinking can of corruption.
Frank was reacting to claims by the Chairman, Presidential Advisory Committee Against Corruption (PACAC), Prof. Itse Sagay, in an interview with a national daily, that President Muhammadu Buhari was being soft on corrupt politicians in his cabinet and within the All Progressives Congress (APC) in order to “win the 2019 elections” and to “strengthen democracy.”
In a statement signed, yesterday, Frank insisted that it is fraudulent to cover-up graft and protect accused persons – who occupy enviable positions in this regime – under the guise of ensuring the re-election of Buhari or strengthening democracy.
Frank noted that the recent defection of a former Governor of Akwa Ibom State, Senator Godswill Akpabio, from the Peoples Democratic Party (PDP) into the APC was one out of the multitude of allegedly corrupt politicians who have taken permanent refuge in the Buhari’s administration in order to escape the lawful prosecution for their nefarious deeds.
The Bayelsa-born politician said: “We know that that the allegations of false NYSC exemption certificate against the Minister of Finance, Kemi Adeosun, has since been swept under the carpet. The grass cutting scandal involving the immediate past SGF, Babacheer Lawal, remains a no go area. The bribery allegations against the Chief of Staff to the President, Abba Kyari does not warrant investigation and prosecution by a government claiming to fight corruption!
“Need I talk about the large-scale corruption being perpetuated by officials of the Central Bank of Nigeria (CBN) who have elected to operate varied exchange rates regime to defraud the country with the active connivance of their collaborators in the presidency.
“The corruption in the NNPC rightly exposed by the Minister of State (Petroleum), Dr. Ibe Kachikwu, does not warrant investigation because the presidency is involved in it.
“Only recently, N100billion tax evasion scam by Alpha Beta – a tax consulting firm owned by A chieftain of the APC, Asiwaju Bola Ahmed Tinubu, was exposed. Yet, the Economic and Financial Crimes Commission (EFCC) does not deem it fit to commence investigation into the activities of the company simply because an APC chieftain would be put in the eye of the storm!
“The Governor of Rivers State, Chief Nyesom Wike, has severally petitioned the EFCC with a call on the anti-graft body to investigate corruption allegations against the immediate past governor of the state, Chibuike Rotimi Amaechi – the Minister of Transportation under the Buhari’s administration -yet apart from acknowledging that it indeed received the said petitions, the EFCC has since turned a blind eye to the allegations,” he lamented.
He said while the government has been on asset-freezing-and-loot-recovery-spree, especially from the members of the opposition political parties or those considered to be anti-Buhari accused of corruption, the real looters in government and politicians with corruption allegations against them within the ranks of the APC are sitting pretty at ease enjoying underserved amnesty.
He said: “We know several top officials of this government and members of their families who have continued to acquire choice assets and those building mansions in their states of origin and abroad since they joined this government in 2015.
“Those perpetuating corruption under this government whose names have never been mentioned are legion compared to the few names mentioned above and very soon we shall expose them with concrete evidence to prove their corrupt activities.”
He called on the EFCC to immediately recommence the investigation and prosecution of all those with corruption baggage in President Buhari’s administration and the APC or lose its credibility both at home and abroad for ever.
He added that the EFCC and other security agencies will henceforth lack the moral right to prosecute members of the opposition political parties or any Nigerian accused of corruption should they fail to immediately prosecute the identified corrupt elements in this administration and the APC.
He also called on the international community to note clearly that Buhari is not fighting corruption but rather persecuting and repressing members of the opposition to remain in power, should he fail to order the prosecution of his cronies and party faithful with clear corruption allegations against them.
“These corrupt personalities hiding inside the government of Buhari and the APC will remain a test case for the EFCC as their investigation, arrest and prosecution or not will determine whether or not the anti-corruption policy of the Federal Government is genuine or a cheap political tool to retain power and remain relevant beyond 2019,” he declared.
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Decentralizing Pipeline Surveillance Poses Greater Dangers To Niger Delta …. Group Warns
A group of Eminent persons from the Niger Delta region under the aegis of The Niger Delta Watch Dog has warned the Federal Government against yielding to the call to decentralize pipeline surveillance in the region.
The Eminent persons who said this in a press release made available to newsmen in Port Harcourt said those calling for decentralization of pipeline surveillance are ignorant of the dangers it poses to the peace and stability of the Niger Delta.
.They argued that the proposal poses significant risk to the peace security and economic stability of the region.
According to the release” While decentralization is often perceived as a means of promoting inclusivity and local participation, in this specific context it poses significant risks to peace, security, and economic stability.
It further said”evidence from community dynamics across the region suggests that decentralization will cause more harm than good, leading to increased conflict, fragmentation of authority, and heightened threats to critical national infrastructure.
“By contrast, the centralized model currently implemented by Tantita Security Services under the leadership of Government Ekpemupolo Tompolo has demonstrated measurable success in stabilizing the region, reducing conflict, and safeguarding Nigeria’s economic lifelines”
While describing the Niger Delta region as the backbone of Nigeria oil and gas, it added that any changes in policy will lead to crisis in the region.
“The Niger Delta region remains the backbone of Nigeria’s oil and gas industry, hosting extensive pipeline networks that are vital to national revenue and economic sustainability.
“Given the sensitive nature of this infrastructure, the framework through which pipeline security is managed must prioritize stability, coordination, and conflict prevention.
“Any policy shift particularly toward decentralization must therefore be carefully evaluated in light of the region’s socio-political realities”
It said
The release jointly signed by Chief Idowu Asonja ,Ellington Pokumo the Public Relations officer of the group Comrade Douye kojo Isoun and others,
said decentralization will lead to escalation of Inter-Community land dispute, intensifies rivalry between groups as well as heightens the struggle against Territorial control among others.
“Decentralizing pipeline security will likely intensify existing disputes between neighbouring communities as many communities in the Niger Delta have been involved in conflicts over Land ownership and territorial boundaries as well as Control of natural resources and
“Claims over oil pipelines passing through their territories” adding
“Such instability not only disrupts social harmony but also directly endangers pipeline infrastructure, increasing the risk of vandalism, sabotage, and production losses”
It said the gains recorded so far by the present centralization policy should be preserve as any shifts could wrecked havoc in the region.
“Any policy shift must preserve these hard-earned gains. At this time, decentralization presents a significant risk, while the current system continues to offer stability, security, and economic assurance for the nation.
“It is therefore strongly advised that the Federal Government of Nigeria carefully scrutinize and ultimately disregard calls for the decentralization of pipeline security contracts. “Available evidence and prevailing realities suggest that such calls may not be driven by the broader national interest, but rather by narrow, self-serving agendas that could reignite conflict within the region, this we know the Government does not need” the group said
News
RSIPA DG Unveils New Rivers Investment Pathway At BRACED Commission
The Director-General of the Rivers State Investment Promotion Agency (RSIPA), Dr. Chamberlain Peterside, has used the platform of the revived BRACED Commission to unveil investment opportunities and plans in Rivers State.
The BRACED Commission just bounced back and has already held a roundtable in Port Harcourt preparatory to an economic summit in the near future.
The roundtable featured the investment promotion agencies of the cooperating states: Bayelsa, Rivers, Akwa Ibom, Cross River, Edo, and Delta states.
Dr Peterside not only chaired the roundtable but made presentations for Rivers State economic landscape.
He hailed the rebound of the BRACED Commission which did well at the onset. “The governors of the region were one and united for one cause. Then, politics came and everything scattered. The agenda is simple, to integrate the economy of the region into one strong bloc.”
He admitted that Rivers State’s investment promotion agency is very young, plus six months in the limbo of state of emergency. “This thus is a very unique opportunity to get resurgent momentum.”
He listed the achievements of RSIPA in the short period since its establishment, saying it has received numerous investment proposals.
“We’ve engaged actively with the private sector, both those currently operating in the state and those intending to invest. We do realize the fact that investment begins from domestic investors. and you have to guide them.
“Through outreach programmes and establishment of a One-Stop-Center (OSC), we have created a streamlined system for addressing investor needs, supporting their business operations. For the first time in Rivers State, prospective investors and small and medium enterprises now have a centralized hub that can address their challenges and find solutions that enable them to thrive.”
He outlined the plans ahead thus: “One of our cardinal focuses at RSIPA is to enhance the operating climate and improve the ease of doing business.
“We are committed to creating a vibrant and business-friendly environment that attracts and retains investment. We are also working closely with other ministries, departments, and agencies to harmonize our activities.
“Collaboration for us is key; we see Rivers State as a single ecosystem where all stakeholders work together to support investment inflow and build a favorable environment for businesses to flourish.”
For the region, he lamented the situation whereby “the carpet is shifting under our feet. The IOCs (international oil corporations) have moved offshore. The issue before us now is how should the region act now. We should target big ticket investment proposals. This is because some proposals will involve other states. There is thus need to collaborate.”
He gave examples of projects that cannot be for one state. “Railway system is not for one state. At the moment, there is no railway line that links Benin to Port Harcourt to Calabar. BRACED can push this agenda.
“There is an oil route from Opobo to Akwa Ibom where Sterling Oil is operating. It’s a route of interest. Governor Sim Fubara wants us to synergise with other states economically. The best time is now because all the governors are now in one political party.”
He called on all the agencies in the BRACED states to sell the idea to their governors.
“Let the governors know that BRACED task is not a competition but as a collaboration. We have the Niger Delta Development Commission (NDDC), the South-South Chambers of Commerce, Industry, Mines and Agriculture (SSCCIMA), the Niger Delta Chambers of Commerce, Industry, Trade, Mines, and Agriculture (NDCCITMA), etc. This is the ripest time to strike the iron.”
The Director General of the Bayelsa Investment Promotion Agency (BIPA), Mrs. Patience Ranami Abah, also shook the floor when she presented what she termed ‘Closing the Value Capture Gap’.
She showed how the states will win bigger by playing together to present an economic front.
David Franklin, a deputy director, who represented the Permanent Secretary, Federal Ministry of Industry, Trade, and Investment, Abuja, said investment in people is the beginning of prosperity.
“The South-South is the hub of power of Nigeria due to the hydrocarbon industry, blue economy, agriculture, tourism, etc.”
The Director General, BRACED Commission, Amb.Joe Keshi, in his welcome remarks, said the roundtable was themed around synchrosnising investment frontiers in a strategic framework for south-south economic integration.
The roundtable ended with a communique that recommended setting up a monitoring committee, and other organs to drive integration and investment.
Some of the key resolutions in the Communique issued at the end of the two-day symposium included the call for a BRACED Investment Promotion Charter with a harmonized Regional Investment Promotion Framework and a roadmap.
The Communique called for infrastructure alignment, uniform economic reforms, human capital development plan, and a technical oversight group.
The communique urged state governments, investors, and development partners to collaborate in transforming the BRACED states into a beacon of economic dynamism.
News
Easter: DHQ Orders Troop Alert, Confirms US Support
The Defence Headquarters has placed troops on nationwide alert ahead of the Easter celebrations, assuring Nigerians of tightened security.
The DHQ also reaffirmed that ongoing support from the United States is strengthening counter-terrorism operations, with a visible impact expected in the coming weeks.
Addressing journalists during the end-of-the-month briefing on Tuesday in Abuja, the Director, Defence Media Operations, Maj Gen Michael Onoja, assured citizens of heightened vigilance by troops during the Easter celebrations.
Onoja said the Armed Forces had already placed personnel on alert nationwide to prevent any security breach during the holiday period.
He added that similar measures were implemented during previous festive seasons, including Christmas and Eid-el-Fitr, and would be sustained.
“We know that festive seasons usually have heightened security activities. The military command gives instructions to ensure all personnel are on alert. This time will not be different,” he said.
He emphasised that security agencies would not relax despite the celebrations, noting that adversaries often attempted to exploit such periods.
“I can assure you that we will always be on alert, particularly at this period of festivities, because we know that the threats expect us to relax.
“But we are not going to relax. Everything will be okay for this Easter,” he added.
Speaking on the ongoing collaboration with the US forces, Onoja said the impact of the collaboration may not be immediately visible due to the nature of military engagements, but expressed confidence that the benefits would become evident in the coming weeks and months.
He said the U.S. support to Nigeria’s operations had been significant, particularly in the areas of intelligence sharing and training, noting that the assistance was being provided on favourable terms to strengthen ongoing counter-threat operations.
According to him, “You are aware that they are bringing intelligence and training support to us, which we need. They are giving that to us on very favourable terms. There are lots of things I cannot say because of confidentiality.”
He added that the intelligence being provided included information on the location of threats and hostile elements, stressing that Nigerian troops would act accordingly.
“All we can say is that these things take time. There is a gestation period when we are conducting military operations.
“You will not see it immediately, but in the next few months or weeks, you will feel the difference in the impact of the assistance that the U.S. is providing,” Onoja stated.
On February 16, 2026, DHQ confirmed the arrival of approximately 100 US military personnel and equipment at Bauchi Airfield.
According to the military high command, the personnel, who are not combat troops, were in Nigeria strictly for technical assistance, training, and advisory roles in counter-terrorism efforts.
However, insecurity has continued to surge in several parts of the country since their deployment, raising concerns about the effectiveness of the collaboration.
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