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APC’ll Plunge Nigeria Into Bankruptcy, PDP Govs Alert
The Peoples Democratic Party Governors’ Forum (PDPGF) says the country’s current debt of over N36trillion was becoming clearly unsustainable.
The governors warned that the All Progressives Congress (APC) administration would plunge the country into avoidable bankruptcy, if rising debt profile was not checked.
The forum of PDP governors made the assertion at the end of their meeting, held at the Government House, Uyo, Akwa Ibom State, last Monday.
In a 14-point communiqué read by Governor Aminu Tambuwal of Sokoto State, who chaired the meeting, the PDP governors frowned at the rising and seemingly uncontrollable debt profile of Nigeria with over 80 per cent of normal Appropriation spent on debt servicing.
“All the gains of the PDP Government under Chief Olusegun Obasanjo, where Nigeria exited its foreign debt obligations, has been destroyed. Borrowing for frivolous items such as funding the Nigerian Television Authority (NTA) is scandalous. Money should only be borrowed for productive purposes as Nigeria’s current debt of over N36trillion is becoming clearly unsustainable relative to our earnings and GDP.”
The meeting also frowned at the opaque manner the Nigeria National Petroleum Corporation (NNPC) carries out its operations, particularly its recent decision not to make statutory contributions to the Federation Account, thereby starving the states and local governments, and indeed, Nigerians of funds needed for employment, development and general wellbeing.
“Under the Constitution, the NNPC is duty bound to make proceeds of sale or business of petroleum available to the Federation Account which belongs to the three tiers of government, excluding reasonable and verified and verifiable cost of operations. The Federal Government through NNPC is a manager of our oil wealth merely as A Trustee for all Nigerians.”
The PDP governors decried a situation where the NNPC decides in a totally discretionary and often whimsical manner, how much to spend, how to spend it and how much to remit to the Federation Account, contrary to the letters and even the spirit of the 1999 Constitution.
In attendance were Governors: Udom Emmanuel (Akwa Ibom); Nyesom Wike (Rivers); Douye Diri (Bayelsa); Samuel Ortom (Benue State); Ifeanyi Okowa (Delta); and Ifeanyi Ugwuanyi (Enugu).
Others were Governors Oluseyi Makinde (Oyo); Ahmadu Fintiri (Adamawa); Godwin Obaseki (Edo); Bala Mohammed (Bauchi); Darius Ishaku (Taraba); Okezie Ikpeazu (Abia); and Deputy Governor of Zamfara, Mahdi Mohd.
The PDP governors demanded that states should have a say in determination of the operating cost of other agencies of government such as Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Communication Commission (NCC), Federal Inland Revenue Services (FIRS), Nigerian Customs Service (NCS), and similar organisations that were statutorily required to make contributions into the Federation Account, to ensure transparency and accountability.
The meeting expressed deep concern that the Central Bank of Nigeria (CBN) was operating as an independent government within a government, which was a pervasion of the autonomy of the bank.
“A situation where CBN creates money, decides how much of it to spend, on what to spend it on without any form of controls or supervision is patently subversive of our constitutional order. It has become not just a Leviathan, but also a Father Christmas of sorts, dabbling into every sphere and scope of governmental activity, not just as a lender of last resort, but as a full executing agency of government.
“The meeting observed that the CBN has become such an octopus that it threatens state governments publicly, without decorum, about sanctions on any attempt to question its Modus Operandi. The CBN should take immediate steps to halt the depreciation of the Naira.”
The forum called for the resignation of the chairman and members of Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) for failure to send the revised revenue allocation formula that will make more resources available to states and local governments where ordinary Nigerians reside, to President Muhammadu Buhari for onward transmission to the National Assembly for enactment.
The PDP governors, who also examined the suspension of Twitter in Nigeria, condemned the personalised reasons given for the action by the Presidency, and demanded a review of the action in national interest.
“The mere ego of Mr President is not enough for such a drastic action that deprives millions of Nigerians from such an affordable means of expression and communication. We hope that this is not a harbinger or early warning signs of descent into dictatorship.
“The meeting noted that social media regulation can only be done within the existing laws on the subject and should not be used as an attempt to punish or gag Nigerians from enjoying constitutionally guaranteed rights. Nigerian youths do not have adequate access to employment and a lot of Nigerians rely on Twitter for their livelihood, businesses and self-employment.
“This will further worsen Nigeria’s 33% unemployment rate which is the highest in the world, improve Nigerians ranking as the country with second highest poverty rate in the entire world, all of which happened under APC’s unfortunate stewardship.”
The PDP governors observed the emerging threats to the country’s democracy, constitutionalism and rule of law and cautioned the Federal Government to exercise power with restraint.
“The need for law and order is paramount to secure our nation but mindless killings of innocent civilians should be avoided and is hereby condemned. It is in the same vein that the meeting reiterated its earlier revulsion at any attack on security personnel and their property anywhere in the country as a criminal and egregious act for which perpetrators should be brought to book.”
The PDP governors noted with regret that President Buhari seem not to be aware that the coercive instruments of state security is firmly within his hands and not the governors, considering his recent media interview on the subject.
“The meeting reminded Mr. President that he has ultimate authority under the Constitution over security organisations, even though the states have a role to play. Cooperation and synergy between states and the Federal Government in security operations is critical in securing Nigeria. In any case, even though, police is on the Exclusive List, the states, as a practical matter spend huge sums of money to support the security agencies to carry out their duties. The need for an appropriate legal framework to involve the states in policing has become even more urgent by the day.”
The governors further reiterated the call for the National Assembly to expedite action in passing the Electoral Act and Constitution amendments to ensure restructuring and decentralisation of governmental powers and functions.
They extolled the virtues and achievements of Governor Udom Emmanuel for his prudence, and competence in the management of state resources.
The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, has affirmed that Nigeria now has the capacity and materials to manufacture Made-In-Nigeria cars for local use and export.
With the enabling environment being provided by the government, she said manufacturers should be held responsible if the cars are not rolling out by December 2024.
Currently, Nigeria produces less than 10 per cent of the vehicles used in the country.
Last year, Nigeria’s vehicle assembling industry, estimated to be worth around N302billion, tanked to a new low due to increasing production costs and weakened demand for locally assembled automobiles.
According to the Manufacturers CEOs Confidence Index, activities of motor vehicles and miscellaneous assembly deteriorated further below the benchmark (50 points) from 48.6 to 46.7 points.
But speaking at the Automotive Component Manufacturers meeting in Abuja, she noted that the automobile industry is faced with both challenges and opportunities.
A statement issued last Friday by the Director of Information and Public Relations, Adebayo Thomas, said, “In a significant move aimed at fostering sustainable growth and development in Nigeria’s automobile industry, the Federal Government has issued a clarion call to all stakeholders, including manufacturers, dealers, regulatory bodies, and other players in the automobile ecosystem.
“The call comes as part of a broader strategy to enhance the sector’s contribution to the nation’s economy.”
Encouraging the stakeholders to key into the Nigerian Automotive Development Policy, the Minister said, “As far as we are concerned, the auto industry is now set to go.
“We are counting on all stakeholders to make that happen. If we do not produce made-in-Nigeria cars before the end of this year (December), it will be your fault, because I am sitting down here giving you all the assurances that this administration has created the enabling environment to make sure that the auto policy kicks off.”
Anite emphasised the need for collaboration among manufacturers, dealers, regulatory bodies, and other players in the automobile ecosystem, saying by working together, they can address challenges, streamline processes, and drive innovation.
She also urged stakeholders to maintain high-quality standards across the board, including vehicle manufacturing, safety features, emissions control, and after-sales services.
Stringent adherence to quality, she said, will boost consumer confidence and attract investment.
The minister assured all that the government would continue to encourage increased investment in research and development, adding that, innovations in electric vehicles, fuel efficiency, and alternative energy sources are critical for long-term sustainability.
On local content, she also emphasised the importance of promoting local content by sourcing materials and components locally.
By doing this, she said, the sector can create jobs, reduce import dependency, and contribute to economic diversification
In his introductory comments, the ministry’s Permanent Secretary, Nura Rimi, emphasised the significance of team action and shared vision as outlined in the Nigerian Automotive Development Policy.
He also urged stakeholders that the country “will overcome obstacles and unleash the full potential of Nigeria’s automotive component sector.”
He encouraged NADDC and other stakeholders to use the chance to form alliances, explore new areas of collaboration, and devise ways to catapult the automotive components manufacturing industry to new heights of success.
The statement added, “The government’s charge underscores the pivotal role stakeholders play in shaping its trajectory. Their commitment to sustainable practices will drive Nigeria’s automotive sector towards a brighter and more prosperous future.
“Environmental Responsibility: Stakeholders are reminded of their environmental responsibilities. Sustainable practices, recycling, and eco-friendly manufacturing processes are essential for a greener future.”
The Association of Professional Women Engineers of Nigeria (APWEN), Lagos Chapter, has called on President Bola Tinubu to exempt the importation of electronic components from taxation for inventive engineers.
Chairman of APWEN, Ms Atinuke Owolabi, said this a in statement yesterday in Lagos, in commenration of the 2024 World Creativity and Innovation Day, with the theme: “Step Out and Innovate”.
The Tide source reports that World Creativity and Innovation Day is a global UN Day, celebrated on April 21, to raise awareness about the importance of creativity and innovation in problem solving.
This is with respect to advancing the United Nations’ sustainable development goals, also known as the global goal.
Owolabi explained that such a measure would significantly enhance technological progress, support local innovators, and elevate Nigeria as a leading hub for innovation globally.
She stated that in a world marked by dynamic challenges and unprecedented opportunities, creativity and innovation stand as the driving forces behind progress and transformation.
According to her, women engineers recognise the critical role that innovation plays in shaping our societies and driving sustainable development.
”On this occasion, we affirm our commitment to fostering a culture of creativity and innovation within our organisation and the broader engineering community.
”Together, let us step out, innovate, and inspire the next generation of women engineers to reach even greater heights of achievement and impact.
”We believe that by stepping out of our comfort zones and embracing new ideas, technologies, and approaches, we can unlock innovative solutions to the complex challenges facing our world today,” she said.
According to her, the theme: ‘step out and innovate’, serves as a call to action for women engineers everywhere to break barriers, challenge conventions.
She noted that it would also pioneer groundbreaking solutions that would propel them toward a brighter and more sustainable future.
Owolabi disclosed that in celebration of the World Creativity Day, APWEN Lagos had inaugurated an artificial intelligence club tailored for female engineering students and young engineers.
She said that the proactive initiative aimed to inspire and equip young engineers with cutting-edge technological insights.
Th chairman said, “Additionally, we already have a 200-capacity hall to set up a resource, technology, and innovation hub to empower women and girls in engineering.
”This endeavour serves as a catalyst for encouraging aspiring female engineers to embrace innovation and stay abreast of emerging trends in the field.
”APWEN Lagos stands united in its dedication to promoting diversity, inclusivity, and excellence in engineering.
“We encourage all female engineers to seize this opportunity to unleash their creativity, explore new frontiers, and make an indelible mark on the world.”
A pan-Igbo group, Ndigbo Unity Forum (NUF), has commended the Chairman of the Dangote Group, Alhaji Aliko Dangote, and his management for reducing the price of diesel from N1,600 to N,1000 per litre.
The Tide’s source reports that diesel is the major fuel used by heavy duty vehicles and generating sets to transport goods as well as run industries across the country.
The President of NUF, Mr Augustine Chukwudum, told The Tide’s source in Enugu, yesterday, that Dangote’s timely response to suffering masses of Nigerians, going through hell to get a meal a day, “is highly commendable”.
According to Chukwudum, Nigerians need to appreciate the patriotism of Dangote since what he has done will go a long way in reducing prices of goods, especially food stuff which has gone out of the reach of the poor.
He called on Nigerians, who wish and pray always for the betterment of the country, to appreciate and thank God for answering their prayer through Dangote’s move.
“It is clear that if Dangote Refinery starts fully and gets all the crude oil needed from Nigeria, the prices of petrol, kerosene and diesel will further reduce.
“We commend President Bola Tinubu for being a listening President and supporting the Dangote Group on our crude oil needs.
“We appeal to Tinubu to encourage Dangote by providing the company with crude oil at a reduced rate as we have been demanding,” he said.
Chukwudum said that this move and subsequent further reduction, would bring industries in comatose back to life, jobs created for unemployed youths and reduction in crime as well.
“We call on governors of oil-producing Anambra, Imo and Abia States to bring investors, who shall build refineries in each of the states to refine thousands of barrels of crude in commercial quantities,” he said.
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