News

Nigeria searches for $7 billion to combat COVID-19 issues

Published

6 years ago

April 13, 2020

The Nigerian government has drafted several requests to international lenders requesting a total number of $6.9 billion in order to keep their economy afloat as well as continue their battle against the novel Coronavirus.

Although the country has not seen too much of the virus, compared to Europe and the United States at least, the government still decided to impose a 2-week shutdown in order to prevent the spread. Currently, the country has 232 confirmed cases and 5 deaths in total, but more cases are expected in the coming weeks.

Who is Nigeria asking for help?

The Nigerian government has addressed multiple international lenders. These include the International Monetary Fund ($3.4 billion), the World Bank ($2.5 billion) and the African Development Bank ($1 billion).

All of this was announced by the Minister of Finance, Zainab Ahmed herself.

However, considering the serious economic implications of the Coronavirus, many Nigerian politicians believe that asking these organizations for a loan is not the right thing to do at the moment.

Criticism has been heard of the Nigerian government for worrying about the economy much more than the pandemic spreading across the country, and only imposing the shutdown just a couple of days ago.

Although it is true that most of the funds requested from these international organizations will be dedicated to keeping the economy alive before the pandemic stops, it needs to be highlighted that Nigeria is still in serious danger of having the virus spread out of control.

Although most commercial states are on lockdown, there are some regions in the country where movement is relatively free.

Why is Nigeria asking for so much?

The next big question is finding out why Nigeria needs so much money and where most of it is going to be spent. It’s quite an easy question to answer. Nigeria is the largest oil producer on the African continent, which means that it is going to dedicate these funds to solidifying that position well into the future.

You see, the COVID-19 didn’t only topple stock prices of large corporations worldwide, it also seriously impacted oil prices, which were already significantly weakened well before the outbreak.

To put this in perspective. The Nigerian government devised a national budget when oil prices were around $59 per barrel. The price is somewhere in the range of $30 per barrel nowadays, and demand keeps on dropping as fewer people drive or use oil-consuming machinery and technology.

Due to this massive change in pricing, the Nigerian government had to adjust by cutting costs during 2020, but that is simply not enough. Having your country’s biggest income effectively be cut more than half is a serious hit to all of the plans created not only for that year but for the future.

Criticism floats up once more

Naturally, whenever a government plan has some kind of issues that could have been avoided, there will always be opposition members or just freelance politicians criticizing these policies. In this case, it’s very hard not to agree with what is being said in most of the cases.

Most of the politicians were advocating a more diverse economy, investments into different industries rather than re-investment into the oil. Tricks that have worked in the past are not necessarily going to work in the future, and considering oil is a finite resource, Nigeria is seriously advised to look into diversification.

And this is not only about Nigeria as well. The largest oil-exporting countries in the world such as Norway, Saudi Arabia, the UAE, and even the United States have considered this issue seriously.

But most surprisingly, there are countries that normally don’t have too large of oil production for export that are already deviating away from the commodity, and in that sense, Germany is a perfect example.

What can Nigeria learn from Germany

Naturally, it’s very hard to compare these two economies as Germany is a production powerhouse that has already diversified beyond anything that Nigeria could achieve in the next decade or so, but there are still some nice hints as to what could be changed.

Let’s talk about taboo industries as an example. In this sense, both Nigeria and Germany have quite a lot in common. Banning or discrediting taboo industries such as gambling, for example, is present in both countries, but both of them have seen huge demand for these services.

The difference is seen when we look at the actions taken by both countries. Germany, for example, does not charge any fines to its citizens playing online roulette or any other game of chance. The only fine goes to the company providing this service. In Nigeria, it’s a bit different as the country has only a few companies operating in the country which tend to be untrustworthy in terms of service and tax.

Germany is easily able to pinpoint websites that provide these services and fine them pretty much on a monthly basis. This pretty much acts like a monthly tax which is always fixed. It’s a small loophole, but mutually beneficial nonetheless.

In Nigeria though, the trust in government-approved companies is fading as people switch to unlicensed platforms, thus depriving the authorities of tax and information. It would be much better for the local government to either allow commercialization of gambling or introduce a similar system as in Germany.

Back to the topic – will Nigeria get the funds it is requesting?

There is one thing to consider. Nigeria is a country that has the capacity to repay the debt it is asking the IMF and other organizations for, but the question is whether these organizations will be able to deliver.

There are quite a lot of middle eastern and central Asian countries that have requested the same organizations for financial assistance, therefore some serious budgeting is to be expected.

It’s unlikely for every country to get what they asked for, but some funds could be covered. One real issue that Nigeria could face is a serious deficit in what it asked for. At that point, there will be no other way than asking China for financial assistance, and that is something that Nigeria could simply not afford at this point, considering how much it already owes to China.

News

Drug Party: NDLEA Arrests Over 100 Suspects At Lagos Night Club

Published

2 days ago

October 27, 2025

The Tide

Operatives of the National Drug Law Enforcement Agency (NDLEA) yesterday arrested over 100 suspects at Proxy Night club located at No. 7, Akin Adesola Street, Victoria Island, where a drug party was going on.

Spokesman of the Agency, Femi Babafemi, who disclosed this yesterday, said the suspects arrested include the owner of the club, Mike EzeNwalieNwogu, alias Pretty Mike, who was taken into custody for screening.

“Cartons of illicit substances, including Loud and laughing gas, were recovered from suspects at the party and the club’s store,” Babafemi said.

The raid followed intelligence about the drug party. NDLEA operatives who were embedded in the party between 11 pm on Saturday, 25th October, however, disrupted the gathering at 3 am on Sunday, 26th October, in line with Standard Operating Procedures (SOPs).

Similarly, NDLEA said a total of 70 parcels of cocaine factory packed in walls of cocoa butter formula body cream containers heading to London, United Kingdom, were uncovered at the export shed of the MurtalaMuhammed International Airport (MMIA), Ikeja, Lagos, with three suspects arrested in a series of follow-up operations across Lagos.

According to the statement, “The cocaine consignments weighing 3.60 kilograms were discovered on 14th October 2025 during examination of cargoes packaged as personal effects going to London, UK on an Air Peace flight.

“A cargo agent, Lawal Mustapha Olakunle, who presented the consignment for airfreight, was promptly arrested while investigations stretching into two weeks led to the arrest of two principal suspects linked to the attempt to export the concealed Class A drug to the UK.

“In a follow up operation on 18th October, a female healthcare worker OgunmuyideTaiwo Deborah was arrested following which Mutiu Adebayo Adebiyi, the Chief Executive Officer of a travel agency, MutiuAdebiyi& Co, was arrested at his 23 LadokeAkintola Street, Ikeja GRA Lagos office on Monday 20 th October”.

In a similar development, an attempt by a 35-year-old Lesotho national, Lemena Mark, to export 103.59 grams of methamphetamine concealed in a diabeta herbs coffee tea pack to the Philippines on an Ethiopian Airlines flight from the AkanuIbiam International Airport (AIIA) Enugu on Wednesday, 22nd October, was thwarted by NDLEA officers who arrested him and recovered the illicit drug.

No fewer than 21,950 capsules of tramadol 250mg concealed inside a 100-litre water heater were recovered from a suspect, Umar Abubakar, 40, who was arrested by NDLEA operatives at Bode Saadu, Morro local government area of Kwara state, following credible intelligence on Tuesday, 21st October.

In Taraba, the duo of Auwal Musa, 26, and SalihuBala, 22, were arrested on Tuesday, 21st October, with 450,000 pills of tramadol and Exol-5 at Dan-anacha checkpoint while conveying the consignment in a truck loaded with building materials from Onitsha, Anambra state, to Mubi, Adamawa state.

Also, NDLEA officers on patrol along the Okene/Lokoja highway, Kogi state, seized 162.200kg skunk, a strain of cannabis, from a truck on Friday, 24th October. Operatives in Nasarawa state on Wednesday, 22nd October, recovered 128kg of the same psychoactive substance from a suspect, Abubakar Muhammad, 55, in the Keffi area of the state.

A mother of two, Oyonumoh Glory Effiong, who is a major distributor of Canadian and California Loud, both strong strains of cannabis, in Lekki, Ajah, Ikoyi, Victoria Island and VGC areas of Lagos, has been arrested by NDLEA operatives on Friday, 17th October, during a raid at her Lekki home, where 500 grams of the illicit substances were recovered.

In the Ikorodu area of Lagos, NDLEA officers on Thursday, 23rd October, raided the home of a suspect, OgunyaboAdenigbigbe, at Solomade estate, where 275 litres of skuchies, a new psychoactive substance produced with black currant drink, cannabis and opioids, were recovered.

A 75-year-old grandpa, EchenduOnuoka, was arrested on Wednesday, 22nd October, at Ovum village, Obingwa LGA, Abia state, with 4.7kg skunk seized from him, while a 60-year-old grandma, Aukana John, was nabbed with 225 grams of the same substance at Apanta village, in the same LGA.

While a 150kg skunk was recovered during a raid operation at Lot camp, IkunAkoko, Ondo state, two suspects: Bashir Mohammad, 50, and Samini Ahmed Tijjani, 35, were nabbed with 234.5kg of the same substance at Yan aya ,Saminaka in Lere LGA, Kaduna on Friday, 24th October, just as another set of suspects: IsahUsman, 50, and Salvation Okoler, 18, were arrested with 8,600 pills of tramadol 225mg and rohypnol along Abuja/Kaduna highway.

At the Seme border area of Lagos, NDLEA operatives on Wednesday, 22nd October nabbed Jacob Ojugbele with 55kg skunk at Ashipa area of Badagry, while AmusaOluwabukola was arrested with 121.3 litres of skuchies at ItogaBadagry.

In Zamfara state, NDLEA operatives on patrol along Gummi-Anka road on Monday, 20th October arrested a suspect, Abubakar Ibrahim, 30, in possession of an AK-47 rifle and 1,746 assorted calibres of ammunition, for AK-47 and GPMG rifles while moving them from Sokoto to Bagega forest, Anka LGA, Zamfara. Both the suspect and the exhibits have since been handed over to the appropriate security agency for further investigation.

With the same vigour, Commands and formations of the Agency across the country continued their War Against Drug Abuse (WADA) sensitization activities in schools, worship centres, workplaces, and communities, among others, in the past week.

These include: WADA sensitization lecture to students and staff of Asabari Grammar School, IluwaIsaleOke, Saki West LGA, Oyo; Government Day Girls Secondary School, BirninKebbi, Kebbi; St. Mark’s College, Nsude, Enugu; Kusaki Secondary School, Gboko North, Benue; Government Day Secondary School, Serti- Baruwa, Gashaka LGA, Taraba; Police Children School 2, Port Harcourt, Rivers and Hajara Ahmad International School, Tudun Wada, Kano state, among others.

While commending the officers and men of MMIA, AIIA, Lagos, Kwara, Abia, Nasarawa, Kogi, Ondo, Anambra, Taraba, Kaduna, Seme and Zamfara Commands for the arrests and seizures, Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Mohamed BubaMarwa (Rtd) urged them and their colleagues across the country to continue the Agency’s balanced approach to drug control efforts.

News

SERAP Demands NNPCL Account For Oil Revenues, Threatens Legal Action

Published

2 days ago

October 27, 2025

The Tide

The Socio-Economic Rights and Accountability Project (SERAP) has urged the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), BayoOjulari, to provide a detailed account of oil revenues reportedly flagged by the Auditor-General of the Federation in the 2022 annual report.

The report, published on September 9, 2025, raised questions over the management of multi-billion-naira transactions, including over N22 billion, $49 million, £14 million, and €5 million in oil-related revenue, handled by the national oil company.

In a letter dated October 25, 2025, and signed by SERAP’s Deputy Director, KolawoleOluwadare, the organisation called on Ojulari to ensure transparency by identifying those responsible for any unaccounted funds and forwarding the findings to the appropriate anti-corruption agencies.

“These findings raise serious concerns about transparency and accountability in the management of public resources,” SERAP said.

The group urged the NNPCL to recover any unremitted or misapplied funds and return them to the national treasury, stressing that proper management of oil revenues was crucial for national development.

“The allegations, if not promptly and transparently addressed, could undermine public confidence and economic stability,” SERAP stated.

According to the organisation, the Auditor-General’s report drew attention to issues such as irregular payments, uncompleted projects, and documentation lapses relating to oil sector transactions.

SERAP argued that corruption and financial mismanagement in the oil sector had long hindered Nigeria’s ability to channel its vast petroleum wealth into improved public services.

“Despite the country’s enormous oil resources, citizens continue to face hardship due to a lack of accountability and transparency in revenue management,” the statement noted.

The organisation maintained that if the flagged funds were properly accounted for, more resources could be made available for sectors such as education, healthcare, and social welfare.

It added that the NNPCL must take proactive steps to comply with audit recommendations, including closing identified loopholes and enhancing oversight on contract execution.

SERAP also warned that it would take legal action should the NNPCL fail to respond within seven days.

“We would be grateful if the recommended measures are taken within seven days of the receipt and publication of this letter.

“If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel compliance in the public interest,” the organisation said.

The group cited Section 15(5) of the Nigerian Constitution, which mandates public institutions to prevent corrupt practices and abuse of power.

News

N’Assembly Committee Approves New State ForS’East

Published

2 days ago

October 27, 2025

The Tide

The Joint Committee of the Senate and House of Representatives on Constitution Review has approved the creation of an additional state in the South-East geo-political zone.

According to a statement by the media unit of the committee, the resolution was reached on Saturday at a two-day retreat in Lagos, where it reviewed 55 proposals for state creation across the country.

The session, chaired by the Deputy Senate President, BarauJibrin, and co-chaired by the Deputy Speaker of the House of Representatives, Benjamin Kalu, resolved that, in the spirit of fairness and equity, the Federal Government should create another state for the region.

Kalu, who joined other lawmakers to champion additional state creation for the region, argued that a new state would give the people a sense of belonging.

When created, the South-East will be at par with the South-South, South-West, North-Central, and North-East zones, each having six states.

The South-East is the only geo-political zone with five states comprising Abia, Anambra, Ebonyi, Enugu, and Imo.

The North-West comprises seven states: Kaduna, Kano, Kebbi, Katsina, Zamfara, Sokoto, and Jigawa.

According to the statement, Senator Abdul Ningi (Bauchi Central) moved a motion for the creation of the new state, which was seconded by Ibrahim Isiaka (Ifo/Ewekoro, Ogun State) at the retreat.

“The motion received the unanimous support of committee members and was adopted,” the statement read in part.

Similarly, the committee also established a sub-committee to consider the creation of additional states and local government areas across all six geo-political zones, noting that a total of 278 proposals were submitted for review.

Speaking at the event, Jibrin urged members to rally support among their colleagues at the National Assembly and state Houses of Assembly to ensure the resolutions sail through during voting.

“We need to strengthen what we have started so that all parts of the country will key into this process.

“By the time we get to the actual voting, we should already have the buy-in of all stakeholders—from both chambers and the state Houses of Assembly,” the Deputy Senate President was quoted as saying.