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NANS Passes Vote Of Confidence On PenCom DG

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The National Association of Nigerian Students (NANS) has passed a vote of confidence on the Director-General and Chief Executive Officer of the National Pension Commission (PenCom), Aisha Dahir-Umar.
Speaking at a press conference, the NANS Senate President, Attah Felix Nnalue, admitted that the union’s recent Freedom of Information (FOI) letter on the alleged annual expenditure of N14billion on personnel costs was not only misleading but wasn’t backed by any fact.
The union had threatened to stage daily mass protests against PenCom should the pension regulator fail to furnish it with the details demanded in the FOI.
Nnalue, however, said that after carefully reviewing its allegations against PenCom, NANS found that there was a “marked difference between staff cost and staff salary” with the former consisting of training allowances, staff exit benefit scheme, and employers’ pension contribution “as opposed to salaries that are fixed and eared monthly”.
He blamed the misconception on the “lack of inattentiveness that played out at the National Assembly” when the lawmakers recently invited officials of PenCom to seek clarification on issues as part of their oversight functions.
Nnalue said the union regretted that since the events that transpired at the National Assembly few weeks ago, both the traditional and social media, either out of mischief or lack of understanding of the issue, have been misrepresenting facts with the intention to portray Dahir-Umar in bad light.
The NANS senate president who described the PenCom boss as a pacesetter, said it “carried out an independent findings and came to the conclusion that the allegation of wasteful spending is in many parts misleading, untrue, unverified, therefore, should be ignored.”
He further called on relevant stakeholders to focus on steps taken by the “Dahir Umar-led PenCom to safeguard contributors’ funds rather than on inanity.
“It is imperative to state that at the inception of the PenCom over 18 years ago, the commission has operated, especially under the present DG, an employee compensation policy that favourably compares to comparator government bodies in the financial services sector, such as the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC) and the Securities and Exchange Commission (SEC).
“Furthermore, the NANS is aware that the Presidential Committee on the Consolidation of Emoluments in the Public Sector headed by the late Chief Ernest Shonekan, former Head of the Interim National Government, made a number of recommendations which guided the PenCom Board in its compensation review exercises. One of the recommendations is that the pay structure of self-funded agencies should be benchmarked with their private sector comparators so as to ensure relativity in such agencies and attract and retain high-calibre professionals.”
Speaking on Dahir-Umar’s giant strides as PenCom CEO, Nnalue said she supervised the growth of the pension assets from N6.42trillion in 2017 to N14.3trillion as at July, 2022.
“She introduced the Multi-Fund Structure of investment of pension fund assets to address the investment appetite and preference of contributors as well as their age profile.
“Dahir-Umar also approved a structured reduction of fees on Net Asset Value of pension fund assets.
“The PenCom boss introduced the Micro Pension Plan for the participation of informal sector workers in the Contributory Pension Scheme. The Micro Pension Plan was formally launched by Mr. President on March 28, 2019.
“She developed the Enhanced Contributor Registration System (ECRS) to clean and enhance the integrity of the pension industry database.
“She introduced the RSA Transfer Window to enable contributors change their PFAs at least once in a year.
“She instituted a periodic Pension Enhancement programme every three years, where the retirees’ monthly pensions are enhanced based on the performance of their RSAs.
“Dahir-Umar also automated the Annual Enrolment Exercise for FGN retirees to remove the inconvenience of the physical process of the exercise.
“Recently, she issued the Guidelines for Access to a Percentage of RSA balance towards payment of Equity Contribution for residential mortgage.
“She has strengthened the minimum capital base of PFAs from N1billion to N5billion for better service delivery to contributors.
“She facilitated the payment of outstanding accrued pension rights of FGN retirees, which drastically shortened the waiting period for accessing their retirement benefits,” the NANS leader noted.
The students therefore, insisted that they would not allow themselves “to be swayed by a malicious narrative against a tested and patriotic woman that has dedicated her life to the service of our dear nation.
“We are against corruption and we are committed to advocating and promoting good governance at all levels, as such we will never support corrupt elements in government. But where there is a clear misinformation about happenings, we owe ourselves and the society a duty to get to the bottom of the matter in order to get the facts and set the records straight.
“It is due to some of the reasons enumerated above that NANS as a body of all Nigerian students decided to pass a vote of confidence on the leadership of the Director General of the National Pension Commission (PenCom), Mrs Aisha Dahir Umar, for her exemplary leadership and track record of performance.”

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Tinubu Lauds Dangote’s Diesel Price Cut, Foresees Economic Relief

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President Bola Tinubu, yesterday, applauded Dangote Oil and Gas Limited for reducing the price of Automotive Gas Oil, also known as diesel, from N1,650 to N1,000 per litre.
The Dangote Group recently reviewed downwards the gantry price of AGO from N1,650 to N1,000 per litre for a minimum of one million litres of the product, as well as providing a discount of N30 per litre for an offtake of five million litres and above
Tinubu described the move as an “enterprising feat” and said, “The price review represents a 60 per cent drop, which will, in no small measure, impact the prices of sundry goods and services.”
In a statement signed by his Special Adviser on Media and Publicity, Ajuri Ngelale, Tinubu affirmed that Nigerians and domestic businesses are the nation’s surest transport and security to economic prosperity.
The statement is titled ‘President Tinubu commends Dangote Group over new gantry price of diesel.’
Tinubu also noted the Federal Government’s 20 per cent stake in Dangote Refinery, saying such partnerships between public and private entities are essential to advancing the country’s overall well-being.
Therefore, he called on Nigerians and businesses to, at this time, put the nation in priority gear while assuring them of a conducive, safe, and secure environment to thrive.
This statement comes precisely a week after Dangote met President Tinubu in Lagos, where he said Nigerians should expect a drop in inflation given the cut in diesel pump prices.
“In our refinery, we have started selling diesel at about ¦ 1,200 for ¦ 1,650 and I’m sure as we go along…this can help to bring inflation down immediately,” Dangote told journalists after he paid homage to President Bola Tinubu at the latter’s residence to mark Eid-el-Fitr.
The businessman said his petroleum refinery had been selling diesel at N1,200 per litre, compared to the previous price of N1,650–N1,700.
He expressed hopes that Nigeria’s economy will improve, as the naira has made some gains in the foreign exchange market, dropping from N1,900/$ to the current level of N1,250 – N1,300.
Dangote said this rise in value has sparked a gradual drop in the price of locally-produced goods, such as flour, as businesses are paying less for diesel. Therefore, he asserted that the reduced fuel costs would drive down inflation in the coming months.
“I believe that we are on the right track. I believe Nigerians have been patient and I also believe that a lot of goodies will now come through.
“There’s quite a lot of improvement because, if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about ¦ 1,900.
“But right now, we’re back to almost ¦ 1,250, ¦ 1,300, which is a good reprieve. Quite a lot of commodities went up.
“When you go to the market, for example, something that we produce locally, like flour, people will charge you more. Why? Because they’re paying very high prices on diesel,” he explained.
He argued that the reduced diesel price would have “a lot of impact” on local businesses.
“Going forward, even though the crude prices are going up, I believe people will not get it much higher than what it is today, N1,200.
“It might be even a little bit lower, but that can help quite a lot because if you are transporting locally-produced goods and you were paying N1,650, now you are spending two-thirds of that amount, N1,200. It’s a lot of difference. People don’t know.
“This can help bring inflation down immediately. And I’m sure when the inflation figures are out for the next month, you’ll see that there’s quite a lot of improvement in the inflation rate, one step at a time. And I’m sure the government is working around the clock to ensure things get much better,” Dangote added.
He also urged captains of industry to partner with the government to improve the lives of citizens.
“You can’t clap with one hand,” said the businessman, adding, “So, both the entrepreneurs and the government need to clap together and make sure that it is in the best interest of everybody.”

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Court Halts Amaewhule-Led Assembly From Extending LG Officials’ Tenure

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The Rivers State High Court sitting in Port Harcourt has issued an interim injunction directing the maintenance of status quo ante belum following the move by the Martin Amaewhule-led Assembly in Rivers State to extend the tenure of the elected local government councils’ officials.
The Amaewhule-led Assembly, which is loyal to the Minister of Federal Capital Territory, Nyesom Wike, had amended the Local Government Law Number 5 of 2018 and other related matters.
Amaewhule, explained that the amendments of Section 9(2), (3) and (4)of the Principal Law was to empower the House of Assembly via a resolution to extend the tenure of elected chairmen and councilors, where it is considered impracticable to hold local government elections before the expiration of their three years in office.
But the court asked all the parties to maintain the status quo ante belum pending the hearing and determination of motion on notice for the interlocutory injunction.
The court presided over by G.N. Okonkwo also ordered that the claimant/applicant would enter into an undertaking to indemnify the defendants in the sum of N5million should the substantive case turned out to be frivolous.
The court fixed April 22, 2024 to hear the motion on notice for interlocutory injunction.
Okonkwo also issued an order of substituted service of the motion on notice for interlocutory injunction, originating summons and other subsequent processes on the defendants.
The orders were made following a suit filed by Executive Chairman, Opobo-Nkoro, Enyiada Cooky-Gam; Bonny, Anengi Claude-Wilcox; and five other elected council officials challenging the decision of the Amaewhule-led House of Assembly to extend the tenure of local government areas.
Also named as defendants in the suit are the Governor of Rivers State, the Government of Rivers State and the Attorney-General of Rivers State.
The claimants/applicants are praying the court for a declaration that under section 9(1) of the Rivers State Local Government Amendment Law number 5 of 2018 the tenure of office of the chairmen and members of the 23 local government councils of Rivers State is three years
A declaration that the tenure of office of the elected chairmen and members of the local government areas would expire on the 17th of June 2024 having commenced on the 18th of June 2021 when they were sworn in.
A declaration that the defendants cannot in any manner or form extend the tenure of office of the chairmen and members of the local government areas after the expiration of their tenure.
An order of perpetual injunction restraining the defendants from extending the tenure of office of the chairmen and members of the local government areas.
An order of perpetual injunction restraining the 28th, 29th and 30th defendants (the Governor, the Government House and the Attorney-General) from giving effects to any purported extension of the tenure of the chairmen and members of the local government areas.
They also prayed for an order of interlocutory injunction directing all the defendants to maintain the status quo by not elongating the three-year tenure of the chairmen and councilors.
The claimants further sought an order of interlocutory injunction restraining the defendants from extending the tenures of the chairmen and the councilors.

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Nigeria’s Inflation Rate’ll Drop To 23% By 2025 -IMF

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In a recent release of its Global Economic Outlook at the International Monetary Fund/World Bank Spring Meetings in Washington D.C., on Tuesday, the IMF provided projections for Nigeria’s economy, indicating a significant shift in inflation rates.
Division Chief of the IMF Research Department, Daniel Leigh, highlighted the impact of Nigeria’s economic reforms, including exchange rate adjustments, which have led to a surge in inflation rate to 33.2 percent in March.
Nigeria’s inflation rate rose to 33.2 percent according to recent data released by the National Bureau of Statistics.
Also, the food inflation rate increased to over 40 per cent in the first quarter of 2024.
Leigh stated, “We see inflation declining to 23 per cent next year and then 18 percent in 2026.”
This is however different from the fund’s prediction of a new single-digit (15.5 per cent ) inflation rate for 2025 which it predicted last year.
He further elaborated on Nigeria’s economic growth, which is expected to rise from 2.9 percent last year to 3.3 percent this year, attributing this expansion to the recovery in the oil sector, improved security, and advancements in agriculture due to better weather conditions and the introduction of dry season farming.
The IMF official also noted a broad-based increase in Nigeria’s financial and IT sectors.
“Inflation has increased, reflecting the reforms, the exchange rate, and its pass-through into other goods from imports to other goods,” Leigh explained.
He added that the IMF revised its inflation projection for the current year to 26 percent but emphasised that tight monetary policies and significant interest rate increases during February and March are expected to curb inflation.
An official of the IMF Research Department, Pierre Olivier Gourinchas commented on the global economic landscape, mentioning that oil prices have risen partly due to geopolitical tensions, and services inflation remains high in many countries.
Despite Nigeria’s inflation target of six to nine percent being missed for over a decade, Gourinchas stressed that bringing inflation back to target should be the priority.
He warned of the risks posed by geo-economic fragmentation to global growth prospects and the need for careful calibration of monetary policy.
“Trade linkages are changing, and while some economies could benefit from the reconfiguration of global supply chains, the overall impact may be a loss of efficiency, reducing global economic resilience,” Gourinchas said.
He also emphasised the importance of preserving the improvements in monetary, fiscal, and financial policy frameworks, particularly for emerging market economies, to maintain a resilient global financial system and prevent a permanent resurgence in inflation.

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