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CBN Attacks Sanusi Over Comment On FG’s Loan Request

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Central Bank of Nigeria, CBN, yesterday, accused Sanusi Lamido Sanusi, the Emir of Kano, of playing to the gallery over his statement that there are five exchange rates in the country. The apex bank said it does not allocate dollars to end users, saying request for foreign exchange are made through their banks.

It explained that there is no where in the world where the apex bank allows vicious currency speculators to distort its currency endlessly. Sanusi, also a former governor of CBN, had, on Friday, alleged that the apex bank was lending to government above the limits stipulated by the CBN Act of 2007 and that no one was willing to lend to the Nigerian government.

“If Senate approved, I want to see who will lend you $30billion when you have five exchange rates”, the monarch said at a policy monitoring dialogue hosted in Abuja by Savannah Centre for Diplomacy, Democracy and Development.

Sanusi Lamido Sanusi, the Emir of Kano Faulting the emir’s position in a statement, yesterday, the CBN acting Director, Corporate Communication, Mr. Isaac Okorafor, said the apex bank had set up an inter-bank foreign exchange market where anyone who wished to buy foreign exchange could bid for and buy through their banks. “ It is not true that CBN allocates dollars.

There is no where in the world that the Central bank sits by and allows vicious speculators to solely distort the value of its currency endlessly. All central banks intervene to buy or sell in the market to ensure that the local currency is protected from dubious attacks”, Okoroafor stated.

“The channels for advice and contribution of ideas on the current economic situation by all patriotic Nigerians are open. It is rather unfortunate that some people have chosen to play to the gallery and to make statements to disparage those in leadership at this time in total insensitivity to the larger interests of the Nigerian economy.

“We should not forget that the seed of our current economic crisis was planted by the failure of those who occupied public office in the past but failed to act in the long term interest of the Nigerian economy. It is easy to criticize from outside.

“ It is always easier and the grass greener when people are out of office. The challenge we face today is a choice between pandering to the established interest in Nigeria’s speculative economy and the protection of the wages of the real stakeholders who work hard on fixed incomes.

For they are the core victims of Naira depreciation. “At this critical time in the life of our country the CBN will continue to explore avenues with the Federal Government in order to find solutions to the current economic situation. Already Nigerians are waking up to the call to be more productive and to look inwards and to be less dependent on the importation of foreign goods and services.”

Sanusi, in his Friday speech, said the apex bank was illegally lending to the Federal Government. “The problem of the current government is not having the right policies to fix the current economic woes”, he stated. The emir’s presentation showed that CBN’s lending to the government since Buhari came in had spiked from about N1.5 trillion to over N4.5 trillion.

“The CBN-FGN relationship is no longer independent. In fact, one could argue their relationship has become unhealthy. CBN claims on the FGN now tops N4.7 trillion —equal to almost 50% of the FGN’s total domestic debt.

This is a clear violation of the Central Bank Act of 2007 (Section 38.2) which caps advances to the FGN at 5% of last year’s revenues. Has CBN become the government’s lender of last or first resort?” Sanusi said at the dialogue that no one was willing to lend to the Nigerian government.

“If Senate approved, I want to see who will lend you $30billion when you have five exchange rates”. According to the former CBN governor, the country is enmeshed in heavy debts. Out of every N1 Nigeria makes, the emir explained, 40 kobo goes to debt and 60 kobo is left for salaries, health, education, power, infrastructure. He said oil is merely a working capital that cannot make the country rich. Nigeria produces one barrel for 80 Nigerians; Saudi Arabia produces one for 3 Saudis, Sanusi said.

The former CBN boss noted that in every economy, growth is driven by “consumption, investment and net export”, adding that “our exports cannot grow, without regulatory certainty or an increase in the price of oil”. He lamented that the country was spending money on repaying debts and also on recurrent expenditure, as against education, healthcare, power, and other infrastructure.

The emir also stated that Nigeria is the lowest per capita spender on development in Africa. On speaking truth to power, he said: “I can’t apologise for being who I am. The government I served, I did not keep quiet. When I am not serving the government, I cannot keep quiet.”

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State House Spent N22bn On Overhead

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The State House management yesterday disclosed that its overhead expenditure amounted to N22.62billion, spread across seven cost centres.
These include the State House Headquarters, State House Operations (President), State House Operations (Vice President), Office of the Chief of Staff, Office of the Chief Security Officer to the President, State House Medical Centre, and Lagos Liaison Office.
The Permanent Secretary of the State House, Olufunso Adebiyi, revealed this during an oversight visit by the House of Representatives Committee on Special Duties to the data centre located in the Presidential Villa, Abuja.
The State House Director of Information and Public Relations, Mr Abiodun Oladunjoye, announced this in a statement issued yesterday titled ‘State House to Achieve Full Digitisation by November 2024, Says Permanent Secretary, as Reps Tour Data Centre.’
During his presentation on the 2023/2024 budget implementation, the Permanent Secretary highlighted that the State House had achieved 43 per cent implementation of capital projects for 2024 and an impressive 99 per cent implementation in overhead expenditure.
“Out of this appropriated amount, so far, as of 31 August 2024, a total sum of N15.08bn has been released to us; and of the said released amount, a total of N14.9bn has so far been expended during the fiscal year, leaving an outstanding balance of N14.5bn. This represents an encouraging performance of 99 per cent,” he said.
On capital expenditure, Adebiyi noted that N51.3bn was appropriated for 2024, with N22bn spent, leaving a balance of N29.3bn, representing 43 per cent implementation.
The Permanent Secretary commended the Committee members for approving an increased budget allocation to the State House in the 2024 appropriation, particularly given the considerable demand from various cost centres during the challenging fiscal year.
“This has gone a long way in enhancing our performance as an important arm of government, especially with regards to the welfare of staff and various capital projects, such as the renovation of the residential quarters of the President, Aguda House, computerisation and digitalisation of the State House, construction of an office complex, replacement of operational vehicles, and others,” he said.
The chief accounting officer further presented the 2023 budget and supplementary budget performances.
He disclosed that N1.65bn was approved for personnel costs in 2023, of which N1.65bn was spent, leaving a balance of N439,433.66.
For overhead expenditure in 2023, N8.29bn was appropriated, and N8.27bn was expended, leaving an outstanding balance of N14.5m, marking a 99.82 per cent budget implementation.
Regarding total capital expenditure for 2023, the Permanent Secretary said N11.2bn was approved, with N10.9bn spent, representing an overall performance of 98 per cent.
Adebiyi also mentioned that the State House is set to achieve full digitisation of its operations by November 2024.
According to him, the completion of the computerisation and digitisation process would enhance efficiency, security, and the seamless operation of critical administrative functions at the State House.
The visit, led by the Chairman of the House Committee on Special Duties, Hon. Kabir Tukura, was part of the legislators’ statutory oversight to assess the performance of the 2023 and 2024 budgets of the State House.
Adebiyi also briefed the lawmakers on the ongoing renovations at Dodan Barracks, Lagos, the former seat of government.
He noted that the renovations are expected to be completed before the end of the year.
Adebiyi invited the legislators for an on-the-spot assessment of the barracks, with funds for the project and others at the Lagos Liaison Office sourced from the 2023 supplementary budget and the 2024 budget respectively.
In his remarks, Tukura expressed satisfaction with the ongoing digital transformation and commended the State House for its commitment to budgetary discipline and modernising government services.
“The 2024 budget is still ongoing, and I would say, so far, so good. The releases have been made and utilised by almost 98 per cent, and that is quite commendable.
“There are no gaps. The 2023 budget has been completed. Members have asked questions, and we have heard the responses from the Permanent Secretary. We are convinced they are doing well,” he said.

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Fubara Inaugurates Judicial Commission On Killings, Blasts In Rivers …Charges 7-Man Panel To Be Resolute, Just

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Rivers State Governor, Sir Siminalayi Fubara, has inaugurated a Judicial Commission of Inquiry to investigate the arson, killings, and destruction of property at various Local Government Council Headquarters in the State.
Governor Fubara inaugurated the seven-member commission at the Executive Chambers of Government House in Port Harcourt yesterday.
The commission that has one month to conclude its assignment, has Hon. Justice Ibiwengi Roseline Minakiri as Chairman; Mrs. Inyingi Brown as the Secretary; and Barrister Uzor Ikenga as the Counsel.
Other members are Barrister Felicia Nwoke; Prof. Blessing Didia; Sir Samuel Egbe; and Venerable Alex Usifor.
The Governor said the recent attacks and burning of Local Government Councils’ Secretariats on the 7th October, 2024, seemed like a repeat of what was experienced in 2014, months to the General Elections of 2015 when courts were set ablaze, residences bombed and people killed, leading to the closure of courts in Rivers State.
Governor Fubara said his administration will not look away while ill-guided youths and sponsored political thugs turn the State into a theatre of violence without being made to pay for such crimes against the State.
He said, “So, I have decided to take this action to find out the immediate and remote causes of this arson, most importantly, no matter the personalities involved, we must bring them to book.
“So, this assignment is a very important. It is an assignment that, if it is not done rightly, would give the enemies of this State opportunity to continue.
“And if we are right, it is going to be the end of further destruction of public property in the State. I know it is going to be very tasking. I can assure you that there will be threats, but you have to be strong,” he advised.
Governor Fubara stated that it is long overdue to inaugurate the commission of inquiry owing to incidences that have been witnessed since his administration came on board.
He explained that sometime in the past, about October, 2023, a similar incidence was experienced, and because he had thought that everybody was of the same political family, he decided to let go.
He added that the persistence of the violence and differences between people who once had worked together have seemingly destroyed chances of settling any misgivings internally.
Governor Fubara emphasised: “It has become very clear that rather than getting close to the path of peace, this State is gradually turning into a kingdom where law and order is no longer the order of the day. And we cannot fold our hands and allow such thing to happen.
“On the 5th of October, 2024, about four days ago, we had an election in this State. Before the election, we also heard from a lot of quarters, songs of war, (and) threats but we never took them seriously because we believed that a local government election is a prerogative of the State Government. It has nothing to do with anybody anywhere that is outside the confinement of our State.
“And for that reason, we believed strongly that whatever it is, we could manage it to produce the purpose of that election.”
Governor Fubara further said: “But, it is very unfortunate that after the election, even while the election was going on, several things happened, which we managed, thinking it was going to end there.
“The day after the election, there were also more threats from people, and we also thought it was just a normal threat, believing that it was not going to be out of hand but it did.”
Governor Fubara told members of the commission that God has not made any mistake to find them suitable for the assignment given to them.
He urged them to work with the mind of actualising the purpose of the assignment, and noted that history will not forget this responsibility given to them.
Governor Fubara outlined the terms of reference of the assignment given, saying that they must: “Determine the underlying causes of the violence and identify the individuals or groups reasonable for the attacks on some Local Government Council Headquarters and the harm caused to citizens.
“Evaluate the extent of damage to property, infrastructure, and human lives and estimate the financial losses incurred.
“Examine whether the violence was politically motivated, and if so, identify the key players and their roles in instigating the violence.
“Assess the effectiveness of the security agencies’ response to the violence and identify areas for improvement.
“Investigate the actions of individuals and groups involved in the violence in the face of the relevant laws, including the Violence Against Persons (Prohibition) Act, 2015, etc.
“Advise on adequate compensation and support for victims and their families, as well as measures to prevent future occurrences.
“Make recommendations on long-term strategies to prevent similar incidents in the future, including recommendations for policy reforms, community engagement, and conflict resolution mechanisms.
“Recommend appropriate sanctions for individuals and groups found culpable.
“Make other relevant recommendations in light of its findings which the commission may consider appropriate,” and also mandated the commission to submit its report within “one month”.
Governor Fubara said the task will not be easy on them but added that they must brace up and do what is right for the good of Rivers State.

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Brain Drain: Senate Seeks Improved Budgetary Allocations To Universities

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The Senate has called for improved budgetary allocations to universities in the 2025 budget in order to check brain drain and other challenges in the universities.
The Tide’s source reports that the senate’s decision followed adoption of a motion at plenary, yesterday.
The motion, titled “Urgent Need to address challenges of increasing cases of brain drain in the Nigerian University System.” was sponsored by Sen. Ani Anthony (APC- Ebonyi).
Ani, in his motion said over the years, there has been a significant outflow of highly educated professionals in Nigeria, especially in the academia, in quests of better working conditions.
According to him, this worsened the skill gap in the workforce and is capable of hindering economic growth and development of the country.
Ani said that the National Universities Commission (NUC) report indicated that many Nigerian universities operate with less than 50 per cent of the required academic staff.
He expressed worry that the remunerations of the Nigerian university lecturers was among the poorest in the world, and it was last reviewed over 15 years ago.
This, he said cannot meet the current economic realities of the country.
He lamented that many universities in other Western African countries have better working conditions than what was obtainable in the Nigerian university system.
“I am worried over the continuous loss of experienced faculty members from our ivory towers to other countries, is capable of impacting negatively on the quality of education.
“ This reduces the effectiveness of teaching, learning and mentorship for students in our higher institutions.
“Also worried that brain drain has assumed an unprecedented posture in recent time, due to the current economic situation of the country.”
He stressed that the brain drain syndrome in Nigeria should be a cause for concern, as it threatens survival of the nation ‘s higher education, particularly in engineering, medicine and sciences.
He said the sectors were critical for the socioeconomic development of the country.
However, the Senate in its other resolution, mandated the Committee on Tertiary Education and TETFUND to liaise with relevant government agencies and work out modalities to check the spate of brain drain, in Nigeria universities.
Senate President Godswill Akpabio in his remarks said all hands must be on deck to proffer solutions to issue of brain drain, as a matter of concern in the nation’s tertiary education.
He said that the reasons for brain drain was basically economic in nature.
He expressed believe that a review of the employment of personnel in tertiary institutions would help mitigate the brain drain issue.

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