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Osinbajo Flags Off N120bn Bonny-Bodo Road …Denies NNPC Contract Approval Report

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The Federal Government says it is a firm believer of the potentials of the private sector to deliver the infrastructure Nigeria requires.
Vice President Yemi Osibanjo stated this during the flag-off ceremony of the Bonny-Bodo Road project in Grand Bonny.
According to him, Government alone cannot plug the infrastructural deficit of the country, that is why the Federal Government welcomes the private sector to take the lead.
“We give them the assurance that we will be with them every step of the way as enablers,” he said.
According to him, the Bonny- Bodo Road project is a Public Private Partnership between the Federal Government of Nigeria and the Nigeria Liquefied Natural Gas Company (NLNG) where the Federal Government is to bear 50% of the cost and the NLNG bears the rest.
He said the road will provide direct jobs for engineers, artisans, and labourers and indirect jobs for food vendors, suppliers, transporters, quarry operators and others in the construction value chain.
In his remarks, the state Chief Executive, Chief Nyesom Wike who spoke through his Deputy, Dr. (Mrs.) Ipalibo Harry Banigo said over the years, the people of Rivers State, other Nigerians and foreign nationals have continued to yearn for a road to lead to Bonny, a coastal city that hosts the NLNG which he described as a critical national asset.
While expressing the state government’s readiness to partner with the Federal Government, the NLNG and other developmental partners to carry out programmes, policies and projects that positively impact on the lives of the citizenry, Governor Wike said “We would like to use this opportunity to urge the NLNG to set up the necessary machinery in motion to kick off the NLNG Train 7 and also ensure that the dry dock that was taken to Badagry is brought back to Bonny to provide employment for our people and help curb youth restiveness”.
Governor Wike also expressed the need for the Federal Government to urgently complete the East-West Road which connects several states of the federation and also serves the Port Harcourt Refinery, the Petro Chemical Industry as well as the Onne Oil and Gas Free Zone.
Also speaking, the Minister of Power, Works and Housing, Babatunde Fashola said the road will be beneficial not only to the Bonny people but also the Bodo people in Gokana Local Government Area. According to him, the construction of the road will also reduce the cost of basic commodities in the area.
In his remarks, the Amanyanabo of Grand Bonny, King Edward Asimini William Dappa Pepple, Perekule XI said access to Bonny Kingdom has been a challenge over the years because of the terrain, stressing that with the flag-off of the road project, the NLNG has demonstrated its commitment to the development of the Kingdom and thanked the Federal Government and the company for this initiative.
Meanwhile, there is confusion in the Presidency over the alleged approval of $25 billion contract by the Nigerian National Petroleum Corporation, NNPC, as the Vice President, Prof. Yemi Osinbajo has denied the report that he approved the contract.
The Senior Special Assistant to the President, Office of the Vice President, Laolu Akande, had earlier in his tweets yesterday claimed that Prof. Osinbajo confirmed approving the contracts. But the Vice President has denied confirming or approving any such NNPC contacts, rather he clarified that what he approved was loans.
His aide, Akande had in a series of tweets on his twitter handle @akandeoj, yesterday claimed that Prof. Osinbajo confirmed approving the contracts after due diligence when he acted as President recently.
He said Osinbajo approved the recommendations for the contracts as part of necessary actions to deal with backlog of unpaid cash calls and incentivize investments.
The presidential aide had said that the clarification became necessary in view of media enquiries that followed NNPC’s claim that the contracts were indeed approved by Osinbajo.
The tweets stated: “In response to media inquiries on NNPC joint venture financing, VP Osinbajo, as Acting President approved recommendations after due diligence and adherence to established procedure.
Action necessary to deal with huge backlog of unpaid cash calls which the  Buhari administration inherited and also to incentivise the much-needed fresh investments in the oil and gas sector.” However, the Vice President has denied approving any contract, rather he said what he approved was two loans for NNPC.
In what appeared to be a u-turn, Akande in a statement said Prof. Osinbajo made the clarification in view of media enquiries that followed NNPC’s claim that the contracts were indeed approved by him (Osinbajo).
The Vice President who was in Bonny Island where he flagged off the Bonny-Bodo Road project in Rivers State yesterday said he only granted loans and not contracts. In a statement with the title, “NNPC: Acting Presidential Approvals Were for Financing Arrangements not Contracts”, Akande said the clarification was to correct his earlier tweet.
He said, “Approached by reporters after the ground-breaking multi-billion Naira historic Bonny-Bodo road project, in Bonny, Rivers State, Vice President Yemi Osinbajo, SAN, explained specifically that the approvals he granted to the NNPC while he was Acting President were for financing arrangements for the Joint Ventures between the corporation and IOCs, and not approvals for contracts.
“These were financing loans. Of course, you know what the Joint Ventures are, with the lOCs, like Chevron, that had to procure. In some cases, NNPC and their Joint Venture partners have to secure loans and they need authorisation to secure those loans while the President was away.
“The law actually provides for those authorisations. So I did grant two of them and those were presidential approvals, but they are specifically for financing joint ventures and they are loans not contracts.
“Earlier today, I had tweeted on the same matter thus: In response to media inquiries on the NNPC Joint Venture financing arrangements, VP Osinbajo, as Acting President, approved the recommendations after due diligence and adherence to established procedures. This was, of course, necessary to deal with huge backlog of unpaid cash calls which the Buhari administration inherited, and to incentivize much needed fresh investments in the oil and gas sector.”
Recall that the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu had recently in a leaked letter he addressed to President Muhammadu Buhari, accused the Group Managing Director, GMD of the Nigerian National Petroleum Corporation, NNPC, Maikanti Baru of gross insubordination and taking unilateral decisions on award of contracts without recourse to the NNPC board.
The Minister accused the GMD of approving a contract of $25 billion without following due process. But Baru in his response denied allegation of not following due process in awarding contracts and even stated that he had not contravened any known law, describing the minister’s allegations as baseless.
On the allegations by the minister that major contracts were never reviewed or discussed by the NNPC Board, Baru said that the law and the rules do not require a review or discussion with the Minister of State or the NNPC Board on contractual matters.
He said, “What is required is the processing and approval of contracts by the NNPC Tenders Board, the President in his executive capacity or as Minister of Petroleum, or the Federal Executive Council (FEC), as the case may be.
“There are therefore situations where all that is required is the approval of the NNPC Tenders Board while, in other cases, based on the threshold, the award must be submitted for presidential approval. Likewise, in some instances, it is FEC approval that is required.”
The GMD’s reaction to the allegations which was signed by the NNPC’s spokesperson, Ndu Ughamadu stated further: “It should be noted that for both the Crude Term Contract and the Direct Sale and Direct Purchase (DSDP) agreements, there are no specific values attached to each transaction to warrant the values of $10 billion and $5 billion respectively placed on them in the claim of Dr. Kachikwu. “It is therefore inappropriate to attach arbitrary values to the shortlists with the aim of classifying the transactions as contracts above NNPC Tenders Board limit.
They are merely the short-listing of prospective off-takers of crude oil and suppliers of petroleum products under agreed terms. “These transactions were not required to be presented as contracts to the Board of NNPC and, of course, the monetary value of any crude oil eventually lifted by any of the companies goes straight into the federation account and not to the company.”
The statement said that Dr. Kachikwu was expressly consulted by the GMD and his recommendations were taken contrary to the assertion that he was never involved in the 2017/2018 contracting process for the crude oil.

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Fubara Gives Scholarship To 100 Children, Widows Of Fallen Heroes

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Rivers State Governor, Siminalayi Fubara, has given scholarship grant to 100 children and widows of fallen heroes of the Nigerian Legion, Rivers State command.
Presenting cheques to the beneficiaries, Fubara, represented by the Secretary to the State Government, Dr. Tammy Danagogo, advised the students to take their studies seriously.
“Make good use of this opportunity, by dint of hard work. Anyone can be great in any field of choice. I want you to know that the future is bright but it is in your hands.
“Tomorrow, you can be the leader that Nigeria needs at both national and state levels, but you must work hard now. Make good use of this opportunity by being focused on your studies,” he admonished the beneficiaries.
The governor further commended the leadership of the Legion in the State for sustaining the scholarship scheme for the widows and children of fallen heroes.
“The best gift you can give to anyone is education. By educating them, you are empowering them to become good leaders of our society. They are the future of our country, continue the good works,” he stated.
The ceremony was also attended by the National Leader of the Nigerian Legion, Maj. Gen. A.M, Jubril (Rtd), the Commissioner of Education, Dr. Ivy Chiemedum, representatives of Service Chiefs, members of the Nigerian Legion in Rivers State and widows of fallen heroes.

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FG Panics As #EndBadGovernance Protest Begins, Aug 1 …Yoruba Youths, Ezekwesili Call For Caution

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There is palpable fear within the government circle as the plan to organise a nationwide protest against economic hardships have gained significant traction on social media.
President Bola Tinubu met with some traditional rulers in the country and governors from the All Progressives Congress (APC) under the aegis of the Progressives Governors Forum at the Presidential Villa, Abuja, yesterday.
The President’s meeting with the APC governors began at minutes past 1pm, while the meeting with the traditional rulers began at about 2:30 pm when the President arrived at the Council Chamber.
Although the agenda of the two meetings was not disclosed, sources revealed that it may not be unconnected to the planned protests scheduled for August 1-10.
The planned protests, organised under the hashtag ‘EndBadGovernance,’ have gained significant traction on social media even as the organisers remain largely anonymous, with no group officially claiming responsibility.
This meeting follows an earlier conclave of the Nigeria Governors’ Forum on Wednesday night and comes after a last-minute cancellation of the National Economic Council (NEC) meeting earlier scheduled for yesterday.
Leading the delegation of royal fathers are the Sultan of Sokoto, Muhammad Sa’ad Abubakar III, and the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, while the APC governors delegation was led by its chairman and Governor of Imo State, Hope Uzodimma.
Present at the meeting are Vice President Kashim Shettima, Secretary to the Government of the Federation, George Akume; the National Security Adviser, Nuhu Ribadu, and the Inspector-General of Police, Kayode Egbetokun, and Governor Abdulrazaq Abdulrahman of Kwara State who is the Chairman of the Nigeria Governors Forum, and Hope Uzodinma of Imo State, who chairs the Progressives Governors Forum.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Minister of Budget and Economic Planning, Atiku Bagudu, also joined President Tinubu at the meeting.
Both the APC governors and traditional rulers did not brief the press after the two separate meetings.
However, the Coalition of Yoruba Youth leaders have called on organisers of the planned nationwide protest to shelve the idea and remain calm.
President-General of the coalition, Dr Tolani Hassan, said in a statement in Lagos, yesterday, that the apex umbrella body for all Yoruba youth associations and organisations had dissociated itself from the protest.
Hassan, who is also the National President, Yoruba Youths Association Worldwide , however, said that the coalition recognised the plight of Nigerians.
“The economy is unfriendly, the cost of living is outrageous and out of the reach of the common man.
“It is also true that the inflation rate is in the double digit and the unemployment rate in Nigeria is alarming.
“So many graduates are out there with no means of survival. The Federal Government has not employed people in the last couple of years.
“However, the leadership of Yoruba youth leaders do not want a repeat of the ENDSARS saga, hence, our call for protest cancellation and calm,” he said.
The president-general urged the organisers to rather employ other measures to make the government across levels understand the economic hardship in the land.
“There should be a more refined manner of getting our leaders to hear our plights other than protest.
“There are agitations and insecurity in every part of the country, any attempt to have a protest now may cause mayhem, which is not the solution to our pressing challenges.
“The apex body of the entire youths in Yoruba land expressly dissociates itself from the planned protest.
“We will defend the entire South-West against any form of destruction by disgruntled elements, who may want to cause havoc in the region, particularly, Lagos state,” Hassan said.
Similarly, Hassan emphasized the need to embrace unity, pointing out that dialogue is the best way while consultation is a better approach.
He, however, pleaded with President Bola Tinubu to listen to the youth -”his children”, who were agitated.
“We love you Sir, Mr President, but we are hungry and unemployed,” the president-general said.
The youth leader advised Tinubu to directly interface with all the youth leaders in the various geo-political zones, saying the use of intermediaries would not bring results.
He called for a National Youth Summit, where all the various youth leaders would discuss with Mr President and address all the prevailing issues.
Stressing the coalition’s continued support for the President, Hassan urged the Federal Government to review both the monetary and fiscal policies, in the interest of the Nigerian masses.
He called for concerted effort by both the public and organised private sector to engage in massive employment generation and reduction of job losses.
“The economy should be friendly to both local and foreign investors. The power sector should be completely overhauled. This is the hub of the economy,” Hassan said.
He called for the review of educational curriculum from primary to tertiary level and inculcation of practical skills, including agriculture, to make Nigerian youths self-reliant.
The youth leader, who appreciated the inclusion of youths in the Federal cabinet, demanded for more, and urged the Federal Government to regularly engage the youth leadership of the various geo-political zones.
“35 per cent slots should be given to youths in the federal cabinet and federal boards appointment,” he said.
Meanwhile, a former Minister of Education, Oby Ezekwesili, has urged the federal and state governments to handle the planned protests with civility and empathy.
In a statement titled “My Position on the Nationwide Protest of our Young Citizens,” and posted on X, yesterday, Ezekwesili highlighted the distress being experienced by many Nigerians, particularly the youth, due to severe economic hardships.
“All reasonable people know that the majority of our citizens—especially the young ones-are distressed on many counts, from biting economic hardship that is prevalent in the country today. They blame it on bad governance and are therefore demanding an end to it,” she stated.
She criticised the reactions of politicians, public officials, and their allies, which she described as undemocratic and lacking empathy.
She pointed out that news of the planned protests has already caused agitation among government officials.
“I hope the Federal Government and its allies can quickly and wisely cease from threatening those among our citizens who wish to exercise their constitutional right of expression, association, and movement through a nationwide protest,” she urged.
The Bring Back Our Girls Convener called on President Bola Tinubu, the National Assembly, and state governors to seize the opportunity presented by the protests to engage with the dissatisfied youths.
She emphasized the importance of protecting and supporting the protesters to ensure peaceful demonstrations.
“Ensure that the protesters are protected and supported by the police and related agencies like the Civil Defence Corps to protest peacefully and orderly in presenting their demands and agitations to the authorities.
“Be guided by the terrible lessons of the mishandling of the #EndSARS protests,” she advised.
Ezekwesili also recommended that the government respond to the protesters with a clear plan to achieve good governance on the issues being raised.
She stressed the need for politicians and public officials to listen and learn from their citizens.
“I hope that our politicians and public officials will heed counsel and allow themselves the humility of listening and learning from their citizens at a time like this,” she added.

Boye Salau

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ECA Advises African Countries On Rising Indebtedness

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The Economic Commission for Africa (ECA) has called on countries to explore reforms on the common debt relief framework to better address rising indebtedness in Africa.
The Executive Secretary, ECA, Mr Claver Gatete, in a statement presented this at a joint press briefing on the margins of the recently concluded 2024 High Level Political Forum (HLPF).
Gatete highlighted the challenges of accessing financing for the continent’s priorities, especially the concessional funds that are long term and cheaper.
He said the reform of global financing system was urgent, as it could mitigate access to critical resources needed for the implementation of the Sustainable Development Goals (SDGs).
The Tide’s source reports that the African Development Bank (AfDB) said that from 2010 to 2023, Africa’s debt increased by 192 per cent.
The AfDB data also showed that African countries paid 163 billion dollars annually with an external debt stock of 1.1 trillion dollars, the highest ever seen,
According to Gatete, this means that by paying the debt, countries would have very little room to implement the SDGs and the next 10-year programme of the African Union (AU).
Gatete highlighted the need for domestic resource mobilisation in Africa to tackle illicit financial flows and improve taxation.
He also emphasised the importance of developing capital markets to provide long-term resources as part of private sector engagement in Africa.
He said: “There are opportunities in restructured green, blue and sustainability linked bonds that can attract more investors to fund climate-related solutions.
“ECA is working with countries to strengthen domestic resource mobilisation through capital markets to improve self-financing and financial sustainability in Africa.”
He said it was crucial to increase fiscal space and address interrelated issues, including peace building and conflict prevention.
“Also the involvement of the youth in sustainable development processes to ensure long term progress, “ he said.
Ms Christina Duarte, Head of the United Nations Headquarters based Office of the Special Adviser on Africa (OSAA), SDG implementation said only 12 per cent of the 140 targets of the SDG have been delivered.
She said to understand the root causes of the financing challenges faced on the continent, the focus should be on sustainable financing and institutional strengthening in Africa to build resilience.
“So, long-term solutions such as tackling economic and financial flows to address Africa’s debt distress and deliver on the sustainable development goals is very critical,’’ she said.
The HLPF Africa Day aims at highlighting key issues stemming from the Africa Regional Forum on Sustainable Development (ARFSD) and other major consultations.
The joint briefing displays how the AU, the UN Office of OSAA and ECA work together to support African member states in implementing the SDGs and the AU’s Agenda 2063.
The HLPF pulls together member states from around the world to forge pathways to accelerate the implementation of the SDGs.

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