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Rivers Must Not Overflow, Mr President!

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Hassan Gimba

By Hassan Gimba

Rivers, a state so rich because God blessed it with an abundance of crude oil and gas, is named after the many rivers that border its territory. Forty per cent of Nigeria’s output of crude oil is produced in the state. It also has deposits of silica sand, glass sand and clay.

According to the National Bureau of Statistics (NBS), ₦1.93 trillion was raked in, in 2022 as Internally Generated Revenue (IGR) across the 36 states in Nigeria, including the Federal Capital Territory. Out of this, Rivers State generated ₦172.89 billion, second only to Lagos, with ₦651.15 billion.

And despite a 12 per cent decline in the overall allocation in the second quarter of this year, Rivers State was third with N69.73 billion. For December 2022, shared in January this year, for instance, the state received ₦13,700,878,221.58 (N13.7billion).

Despite its vast resources and strategic positioning as the nation’s goose that lays the golden eggs, Rivers State, created in 1967 with the splitting of the South Eastern State, had always been a calm state with level-headed people as its governors.

Apart from military administrators and governors, seven democratically elected governors have led the state since 1979. Among them is its first civilian governor, Melford Okilo, who governed for four years and 91 days, from 1 October 1979 to 31 December 1983.

Rufus Ada George was next and was in office for one year and 320 days, i.e. from January 1992 to 17 November, 1993. Peter Odili was governor between 29 May 1999 and 29 May 2007, or eight years, and was the state’s first civilian governor in the current Republic.

The state started its journey to its current ‘ignominious’ status with the ascendancy to governance by Celestine Omehia, who was there for just 150 days, between 29 May 2007 and 26 October of that year.

Omehia, on the platform of the Peoples’ Democratic Party (PDP), won the governorship election but Rotimi Amaechi, also of the same party, went to court claiming to be the candidate of the party and so his name ought to have been on the ballot paper.

Amaechi, the speaker of the state House of Assembly, was duly elected at the party’s primaries as its gubernatorial flag bearer. The PDP leadership substituted him “in error” in the state on the orders of the former president, Chief Olusegun Obasanjo. The substitution was done without the due process of informing the Independent National Electoral Commission (INEC).

And so the Supreme Court removed Omehia from office in October 2007 after he had been in office for five months. It ruled that he had usurped Amaechi’s ticket for the election, and accordingly handed Amaechi the top job. In any case, the principle is that the party owned the votes and not the candidate, and so even though Amaechi was not on the ballot, he inherited the votes cast for the party as its valid candidate.

From that event when the court gave the Rivers people their governor, a seamless transition vacated the state.

Nyesom Ezenwo Wike, who also served for eight years from 29 May 2015 to 29 May 2023, grabbed the ticket from Amaechi’s hand with the help of the sitting president, Goodluck Ebere Jonathan, and his wife.

But that is not the case with Siminalayi Fubara as he was handpicked and bankrolled to the office of the governor by Wike.

Of course, Wike did not do that out of altruism, but for him to have a firm hold on the government of the rich state.

Now, barely 200-odd days into office, his anointed Fubara wants to be allowed to breathe. Sources have it that almost all appointees of the governor came from his godfather. All major contracts are being approved and dispensed by Wike and any transaction above ₦50 million must have his seal of approval. According to Dele Momodu, a chieftain of the PDP, Wike usually screamed at Fubara in front of subordinates.

Fubara’s determination to escape Wike’s influence has led to a fierce battle between supporters on both sides, who are fighting to keep their leaders relevant in the political landscape.

This has drawn up issues, many of which are testing the elasticity and resilience of our constitution, even threatening the spirit of that constitution.

Some 27 members of the State Assembly loyal to Wike left the party, on whose platform they were elected, for the All Progressives Congress (APC), the party ruling at the centre. This made Fubara, his loyalists and the PDP, struggling to regain its foothold in the state, declare their seats vacant.

Unfortunately for both gladiators, their party, the PDP, made toothless by no other than Wike with expressed support from his erstwhile minions like Fubara and others, could not help.

Perhaps concerned with the happenings in Rivers, and worried that what seemed like political pugilism for dominance may overflow and spill over to God knows where, President Bola Ahmed Tinubu called a meeting of the key actors and sought a détente.

Coming out of that gathering, a truce was reached, and an agreement signed, with the 27 members of the state House of Assembly back and calling the shots as bona fide legislators.

But this is where the problem is. Some stakeholders have already started calling on the president to approach the matter differently.

For instance, Robert Clarke, an elder and Senior Advocate of Nigeria (SAN), has said the president had no constitutional right to intervene in the Rivers State crisis. He suggested that if the situation in Rivers State escalated, the president should not intervene but consider declaring a constitutional crisis, pointing out that the only historical instance where the federal government intervened in a state’s affairs was during the 1st Republic when a state of emergency was declared in the West.

On his part, Ben Murray-Bruce, the commonsense senator, has commended the president and the national security adviser (NSA), Malam Nuhu Ribadu “for bringing peace in Rivers State.”

According to him, their intervention was timely, prudent and statesmanly, adding that it behoves on the disputing parties to abide by the resolution.

Others, however, see it differently.

Six elders from the state have dragged President Bola Tinubu to the Federal High Court in Abuja, for allegedly “compelling Governor Siminilaya Fubara into an unconstitutional agreement.”

Led by a member of the Rivers State House of Assembly representing Bonny State Constituency, the other five are Victor Jumbo, Senator Bennett Birabi, Senator Andrew Uchendu, Rear Admiral O. P. Fingesi, Ann Kio Briggs and Emmanuel Deinma.

To them, the agreement, which was signed on December 18, was not only “illegal but amounted to an usurpation, a nullification, and undermining of the extant/binding relevant provisions of the 1999 Constitution, as amended.”

They prayed the court to determine whether President Tinubu, Governor Fubara, and the Rivers State Assembly had the right to enter into any agreement that had the effect of nullifying or undermining the constitutional/legal potency of Section 109(I)(g) and (2) of the 1999 Constitution, as amended.

Wherever one finds himself on this divide, this Rivers crisis is one that all sensible Nigerians who love our democracy will want to see resolved according to the letters and spirit of the Nigerian Constitution that the president, Fubara and Wike (who at some points) have all sworn to uphold and protect without fear, favour or ill will.

Nigerians, and possibly others, are waiting and watching.


Hassan Gimba is the Publisher and Editor-in-Chief of Neptune Prime.

Ihedioha Cancels 2023 Christmas Annual Cantata

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For the first time in many years, Rt Hon. Emeka Ihedioha has cancelled his annual Christmas Cantata festival.

Ihedioha, PDP, the winner of the 2019 Imo Governorship Election, according to the Independent National Electoral Commission, INEC,  was swept out of office, by the Supreme Court of Nigeria, after just eight months into his four year-tenure. Senator Hope Uzodimma of the All Progressives Congress, APC, was, instead, declared  duly elected.

Ihedioha usually held the very-well attended Cantata in his country home at Mbutu, Mbaise.

But 2023 has turned out differently as Ihedioha has cancelled the event.

In a statement which he personally signed, Ihedioha said he was cancelling the 2023 festival to observe the traditional mourning period of his mother, Dame Dorothy Nmesoma Ihedioha, who passed on in 2022, after consultation with  his immediate family.

Following is the full text of the statement.

RE: 2023 CHRISTMAS CANTATA/FESTIVAL OF SONGS

“Compliments of the Season!

“We wish to notify our friends, well wishers and the public that this year’s Annual Cantata/Festival of Songs will not hold.

“The Ihedioha family reached this decision, in deference to the mourning period of our Matriarch, Dame Dorothy Nsonma Ihedioha who transited on April 20, 2023 at the age of 90 years.

“The inconvenience for those who are looking forward to the renditions and fanfare associated with the event, is however, regretted.

“By Gods grace, we shall continue with the festival of songs in the year 2024.

“Once more, my family wishes to express profound gratitude for your immeasurable love, support and prayers, particularly during the final rites of our Matriarch.

“We wish you a merry Christmas and more prosperous 2024 in advance.

“Rt. Hon. Emeka Ihedioha, CON, Omenkeahuruanya.”

Ondo Poly Governing Council Seeks State Intervention To Offset Backlog Salaries

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By Ayodele Oni

Governing Council of Ondo State owned Rufus Giwa Polytechnic, Owo, (RUGIPO) has said intervention by the state government is the only solution to offset backlog of salaries owed the staff.

The workers had, last week, locked the Polytechnic’s gate to protest non payment of their salaries to close ten months.

Chairman of the institution’s Governing Council, Dr Olubunmi Omoniyi, revealed at the weekend that the council is lobbying the Ondo State Government on how the 10 months salaries owed the workers can be offset.

Omoniyi also confirmed that processes of appointing a substantive Rector and other principal officers for the school have been suspended temporarily.

The Council’s Chairman, who spoke in Akure, advised trade unions at the polytechnic to join hands with the Governing Council to effect genuine reforms that would enable the institution generate revenues to complement monthly subvention to meet various financial obligations including salary payment.

Omoniyi, explained that the suspension of the process was temporary to enable the school’s council and the state government to address various issues confronting the institution especially accumulated salaries arrears.

She blamed the unrest by the workers on unpaid salaries owed by the previous administration since 2014 and move to transform the school to a university.

“The 12 councils came on board in August 2022 with our Chairman Barr. Banji Alabi. After the visitation panels to the institution, the results were submitted to His Excellency, Governor Arakunrin Oluwarotimi Akeredolu.

“After our inauguration on March 7th 2023, the government chose me to lead the council. We reconvened in September 2023.

“By the time we reconvened in September 2023, we had 13 months arrears unpaid to the staff in RUGIPO.

“With our goodwill, meeting people here and there in government, three months were paid to them at once and that was why the 13 months was reduced to 10.

“When we came on board, we discovered that all the principal officers on the ground, their tenure will expire October 9 2023.

“We swung into action and we put an advert which lasted for six weeks and during the process of our advertisement, we appointed acting principal officers.

“The State Government has intervened and they asked us to put the interview on hold and we have done that. I think the matter should be put to rest for a while.

“I think if they want to go on rampage, they should inform me and dialogue to see what we can do about it if they have not been masterminded by some people who do not want the interview of appointing new principal officers to be held, so that we would not have substantive principal officers.”

Nigeria Born Pugilist, Anthony Joshua Ends 2023 With Emphatic Win

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Anthony Joshua

By Akinwale Kasali

Nigerian-born British Boxer, Anthony Joshua, has made a huge statement to his contemporaries in the World Boxing Heavyweight Category as he moved a step forward by knocking down his opponent, Otto Wallin.

The former WBC and WBO Champion knocked out Wallin in a spectacular fifth-round stoppage cruising to a remarkable win against a tricky opponent.

Joshua who had lost his title to Ukrainian Pugilists, Oleksandr Usyk came back to winning ways in a ‘Day of Reckoning Round’ at the magnificent Riyadh Stadium in Saudi Arabia.

The Ogun State born Boxer was back to his aggressive best in the opening two rounds stepping in with right hands. He was focused and powerful and lived up to the expectations of new trainer Ben Davison with his counters and he overpowered the Swede with the right-hand and left-hook combinations.

Joshua weighed Wallin down round after round with power shots, dominating from the start, alternating with mainly right hands to the head between spearing body punches.

This was the best Joshua has looked for a very long time. With a minute to go in the fifth, Wallin was hit by a combination from Joshua and staggered across the ring, and the British-Nigerian patiently picked apart the busted face and body of the Swede.

As Wallin went back to his stool, his team called referee Steve Gray over to end the fight. The perfect stoppage. The fight had been punched out of Wallin, Joshua proving all his doubters wrong in the process and announcing himself once again as a pivotal figure in the heavyweight Super League in Saudi Arabia.

In contemporary in the Heavyweight Cadre, Deontay Wilder lost to an Heavyweight Boxer, Joseph Parker.

Wilder’s timing was poor with Parker ducking under his dangerous right hand all night long. This was Parker performing at his peak.

Parker kept shocking the crowd as he beat Wilder down round after round and nearly ended the bout in the eighth round thanks to an assault in which the Alabama knockout artist was saved by the bell.

The victory has however given Joshua a huge boost as he continues to bring himself back to reckoning.

Nollywood Actor, Azeez Ijaduade, Shot By Police

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Azeez Ijaduade

By Akinwale Kasali

Nollywood Actor of Yoruba Genre of Movies, Azeez Ijaduade narrowly cheated death as he was shot by a trigger happy Police Officer at Iperu, Ikenne Local Government Area In Ogun State.

Ijaduade who was immediately rushed to In-Patient Wards of the Babcock University Teaching Hospital around 11 am on Sunday, when the Policeman was when the Policeman was said to have  shot to disperse a group of thugs who had allegedly mobbed the Actor.

Abiodun Alamutu, the Ogun State Police Commissioner  rushed to the Babcock Teaching Hospital to pay Azeez Ijaduade a visit.He was ushered into the male surgical ward, where Ijaduade was admitted. The senior cop also listened to some colleagues of the victim.

Alamutu disclosed that the Officer who fired the shot is already facing disciplinary actions.

According to him, the unnamed cop had fired a bullet into the air to disperse thugs who wanted to mob the personality he was attached to.

Alamutu, who said the shooting was unfortunate and uncalled for, expressed joy that the actor is in a stable condition.

According to him, Ijaduade would be discharged after he had been certified okay by the doctors.

“It was actually an unfortunate incident, but from all indications, I have seen the victim, it was not a direct hit. Actually, some people were trying to mob the principal the policeman was attached with, in a bit to scare them off, he had to fire some shots. It was unfortunate the victim was within that axis. It was the shell that hit the victim.

“From all indications, he is getting better. The concerned policeman is already undergoing disciplinary procedure. What is important is for us to ensure that no life is lost.

“From what I’ve seen so far, he’s recuperating, only that he needs to be observed for some time to ensure that no vital part of his body is affected. From the way I see him, I believe none is affected. But that can only be certified by the medical experts,”

Alamutu said though there were times officers would need to fire shots to disperse crowds, he disclosed that this current one cannot be justified.

He noted that the officer involved did not display professionalism, saying that was why he would be made to face disciplinary actions.

President Tinubu To Nigerians: “We Will Navigate This Transition To Stability”

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Bola Tinubu

By Ayodele Oni

President Bola Tinubu has urged Nigerians to celebrate Christmas and new year with passion by extending love and passion to others, especially those in need.

In his message to Nigerians to mark the celebrations, the President stated that “This is also a time to look out for each other because, amidst the festivities, this time of year for many will be tinged with sadness: some mourning the loss of loved ones and others grieving the hopes that failed to materialize and the dreams that fell short.

“In the spirit of Christmas, reflecting the best of Christ, let us all endeavour to extend the warm embrace of kindness to those around us who need it and let the multiple acts of kindness serve as a light that guides us into a happy and wonderful new year.

“Christmas is a special time of the year for all of us. For  Christians, this time of the year marks the birth of Jesus  Christ and celebrates the hope and redemption that are the hallmarks of Christ’s life.

“For people of all faiths, this is an opportunity to enjoy the company of family, celebrate life, and delight in the gifts of love and friendship that make life worthwhile.

“This year has been a time of transformation and relentless change in our country. And I am aware that the necessary reforms we are implementing to achieve a more prosperous, peaceful nation for all have imposed unique sacrifices.

“My administration will continue to implement palliative measures to ease the burden on the most vulnerable, address current hardships and alleviate the suffering of all our nation’s people.

“Fellow Nigerians, as we navigate this transition to stability, prosperity, and Renewed Hope, I urge you once more to hold fast and rest assured of my commitment to govern with vision, dedication, and empathy.

“Be confident that by the strength of our joint endeavour, we will shortly emerge into a new dawn of prosperity,  peace, and irreversible progress.

“As you celebrate this season, please spare a moment of remembrance and prayer for the men and women of our nation’s armed forces, bearing arms in our names and ensuring our safety. My God protect them and bring them back to their families.

“And let us together commemorate the memory of those who, in their service, have paid the highest price for our nation. May God bless their souls and comfort their families and loved ones. Let the light of Christmas guide our paths as we bring this year to a close and usher in the new year.”

Oil Sales: SERAP Goes To Court, Says NNPCL Must Declare Revenue

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The Socio-Economic Rights and Accountability Project has filed a lawsuit against the Nigerian National Petroleum Company Limited, NNPCL, over its failure to declare oil accruing to the country since the removal of petrol subsidy.

Recall that President Bola Ahmed Tinubu, in May this year removed fuel subsidy, saying the government would channel savings from it to some critical areas of the economy.

But not a few Nigerians have challenged the NNPCL to make earnings from subsidy public, because they are yet to see its impacts.

The angry Nigerians are calling for a probe of the government-controlled oil company, among them a former Central Bank of Nigerian, CBN, governor Sanusi Lamido Sanusi.

Sanusi, a former Emir of Kano described state owned oil firm as a cesspit of corruption.

Also, the minister of Finance and Coordinating Minister of the Economy, Wale Edun had hinted recently that NNPCL would be investigated for corruption.

SERAP in a suit filed at the Federal High Court in Abuja, has prayed the court to compel NNPCL to account for its daily oil sales since subsidy was removed.

The rights group said Nigerians have the right to know the revenue from oil sales in other to ensure that funds are not being diverted.

Kolawole Oluwadare, SERAP Deputy Director, said NNPCL operation has been shrouded in secrecy for along, the jinx must be broken he said.

According to him, “The NNPC has a legal responsibility to disclose the details sought. Transparency would increase public confidence that the revenues would benefit Nigerians,” he said.

He explained that the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of widespread grand corruption, and the culture of impunity of perpetrators.

Kyari, NNPC Group CEO recently stated that Nigeria does not have the technology to ascertain its daily crude oil sales.

SGF, Akume Declares Employment Letters From His Office As Fake

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The Secretary to the Government of the Federation, SGF, George Akume has warned Nigerians to beware of some unscrupulous persons using his office to issue fake appointments letters.

Senator Akume said the action is fraudulent, warning unsuspecting Nigerians not to fall into the hands of the fraudsters.

The SGF issued the warning in a statement on Sunday by Segung Imohiosen, Head of Information, Office of the SGF, in Abuja, the nation’s capital.

The Federal Government scribe said his office has not advertised employment to the public, requesting Nigerians to submit their curriculum vitae.

To avoid being swindled, the SGF said “any official enquiry and clarification should follow the official communication channels,” regarding the issue of employment.

The statement said, “The culprit has been using the name of the former Director Information, Willie Bassey, and these fraudulent contacts; Aliyu Isah; +234 9168487156, +234 8035557865 and email; [email protected], among others to defraud unsuspecting Nigerians.

“The general public is by this notice advised to be wary of the perpetrators of these dubious activities and their cohorts; and disregard such information being peddled around.

“Any official enquiry and clarification should follow the official communication channels of the OSGF via www.osgf.gov.ng and [email protected].”

Don’t Drag Us Into Your Predicament With Party, NASS Members, Benue PDP Tell Gov Alia

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By Ayodele Oni

Peoples Democratic Party, (PDP) in Benue state has said it is watching the unfolding drama between the state Governor, Hyacinth Alia and members of the national assembly from the state.

PDP however asked the governor to spare it and its 2023 governorship candidate, Titus Uba, from their wars.

Publicity Secretary of PDP in the state,  Bemgba Iortyom, while reacting to a statement credited to the Chief Press Secretary to the Governor, Kula Tersoo, at the press conference held by the Benue caucus of the National Assembly in Abuja last week.

The NASS members had accused Governor Alia of being dictatorial and running the party and state like a parish house.

The PDP said that like every well-meaning Nigerian, it watched in shock the Save Our Soul (SOS) message sent by the Benue State caucus of the APC in the National Assembly to President Bola Ahmed Tinubu, pleading for his intervention to save the state from the disastrous rule of Governor Alia, who shares the same political platform with them.

“In the full glare of the global press, 11 out of the 12 members of the Benue APC NASS Caucus were present and took turns at raising very grave concerns over Governor Alia’s manner of governance.

“This ranges from authoritarian and emergency-style running of the affairs of government, without regard for due process, the rule or law, or consultation and inclusivity in decision making, as well as corruption and mismanagement of public resources.

“It was indeed a crying shame to see the government of Benue State called out in such abysmally low manner, and with such sordid details attending such as the allegations that officials of the government are already buying landed property in Abuja from embezzled public resources.

“Yet it was clear that the NASS members had been left little choice than issue the SOS to Mr. President in the manner they did.

“But true to character, the governor, through his Chief Press Secretary, rather than toe the path of reason, opted for ad hominem, hurling insults at the NASS members, as well as the Secretary to the Government of the Federation (SGF), Senator George Akume, whom he accused of being behind his travails and christened him in unstately language as the ‘Maitama Saint.”

The party also noted that Alia claimed that the NASS members boasted about how they have concluded arrangements to manipulate the Supreme Court judgment in favour of the PDP candidate who has agreed to defect and join the APC.

Iortyom said: “PDP finds such a claim by the governor as not only laughable, but also a cheap attempt to discredit the solid and unassailable litigation process that the party and its candidate, Engr. Titus Uba, have staged with painstaking details to prove that APC through willful default did not field candidates in 2023 Governorship Election in Benue State; the matter which is now before the Supreme Court.

“We regret that the outcry of the Benue APC NASS Caucus only confirms the repeated warnings we have for some time now consistently raised over the incompetence and voodoo style of governance adopted by the Benue State governor.

“We raised alarm over the contract for the renovation of the Benue State House of Assembly Complex which was put at around N1 billion and done when there was no Executive Cabinet in place to consider proposals and tender for the project as provided in the procurement laws and financial regulations of the state, even as the governor’s lawful spending limit was only N50 million.

“We had warned of the inimical consequences on the social solidarity content of the state by the nepotistic motives consistently attending Governor Alia’s appointment of persons into offices of public trust in the state, in gross violation of the principle of fairness, equity and inclusivity in government.

“Our great party has always maintained the clarion call on Governor Alia to give regard to the tenets of due process and rule of law, as well as line up to the duty of accountability and transparency he owes the people of Benue in his running of government, yet to no avail.

“The contention by the Benue APC NASS Caucus members that the governor is running Benue like a church parish is putting it succinctly and their SOS to President Tinubu to save the state from impending doom at the hands of the governor only confirms what PDP saw from the onset.”

The Many Silver Linings Of Tinubu’s Seven Months In Office

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Bayo Onanuga and Bola Tinubu

By Bayo Onanuga

The removal of fuel subsidy and the move to merge foreign exchange rates, two headline reforms introduced by the Tinubu administration since late May, triggered problems such as high fuel prices and the depreciation of the Naira, two monstrosities which combined to cause a general spike in costs of services and goods.

Today, many Nigerians complain of a rise in the cost of living.

According to the latest NBS report, Nigeria’s inflation, which rose to 26.7 percent in September, again rose to 28.2% in November from 27.33% in October. Food Inflation remains untamed, rising from 31.52% in October to 32.84% in November 2023.

To compound the economic problems, few multinational companies such as GlaxoSmithKline, Procter & Gamble have announced their exit from our country, complaining about the difficult operating environment and the scarcity of dollar.

The truth is that the new policies alone are not solely responsible for the economic problems we are facing today. We were destined for the tough and rough patch, where we are today because of the prevailing conditions before Tinubu took over on 29 May.

As at June 2023, budget deficit was N10.8 trillion. Actual Debt service was 98.95 percent of revenue, far higher than the projected 59.37 percent. Inflow into the country’s foreign reserve came in trickles. And so bad was the state of affairs that Nigeria could not remit about $800 million fund of foreign airlines. JP Morgan exposed our near insolvency by claiming in a report that our net foreign reserve was just about $3.7 billion, not the $33 billion plus flaunted by Emefiele’s CBN.

President Tinubu, who promised during the campaign to take hard and difficult decisions, moved to tackle the economic problems from Day One, by first dispensing with the wasteful fuel subsidy that was billed to consume about N7trillion this year, five times more than what was provisioned for capital spending.

President Tinubu is quite aware of the side effects of his move to reset our economy. Though his administration has earned plaudits from the World Bank, the IMF and rating agencies such as Moody’s and Fitch, he is not carried away by the praises.

He is focussed on turning the economy round for growth, development and prosperity.

The moves are yielding some good effects. Amidst what some sections of the media perceive as general gloom, some silver linings are emerging, signposting that with a little more patience, our material conditions will improve and inflation will be tamed. For businesses, operating conditions will also improve.

In its third quarter report for the year, the NBS reported that GDP grew by 2.54percent. In a similar period in 2022, GDP recorded a growth of 2.25%. To demonstrate that the sun may be shining on us again, the 2.54% GDP growth recorded in Q3, was also higher than the 2.51% recorded in Q2.

The service sector, made up of information and communication, financial and insurance, was responsible for the growth witnessed in Q3. It had a 3.99% growth, contributing 52.7% of the aggregate GDP. The agriculture sector declined from 1.34% growth in Q2 to 1.3percent in Q3.

Growth was also recorded in construction and real estate, metal ores(69.76%), coal mining(58.03%), chemical and pharmaceutical products(6.77%), Cement(4.2%) and construction(3.89%). Oil reported a negative growth of 0.85%, a major improvement to the negative 22.67% recorded at the same period last year. It was -13.43 in Q2 of 2022. The improvement in the oil sector and its contribution to GDP has been attributed to the improvement in the security of oil infrastructure and operations, leading to increased production. Going forward in this Q4 and 2024, the NNPC Limited is confident that the sector will continue to climb the curve.

In the same Q3, according to NBS, the Industrial sector grew by 0.46%, an uptick compared with Q3 2022, when it had a negative 8% growth, even in the era of P&G and GSK exit.

An interesting revelation in the NBS Q3 report was the big jump in the volume of trade, from N12.16 trillion in Q2 to N18.8 trillion. Trade volume in the same period in 2022 was N12.28 trillion. We also recorded a trade surplus of N1.89trillion in Q3, an increase from the N708.8 billion in Q2 2023. In Q3 in 2022, we recorded trade deficit of N409.39 billion.

Value of exports in the third quarter was N10.35 trillion, far higher by 60.78 percent than the N6.44 trillion posted in Q2 2023. Crude oil dominated the export, accounting for 82.5 percent, a confirmation that our country is pumping out more oil for export unlike the previous years.

Just as our exports increased, imports also increased, rising from N5.73 trillion in Q2 2023 to N8.46 trillion in Q3, a rise of 60.8 percent. The imports recorded in the quarter was also higher in value compared to Q3 2022, which was N6.34 trillion.

As the Minister of Budget and National Planning, Atiku Bagudu noted in a recent report, economic prosperity in our country will be achieved with the reforms being implemented, supported by strong monetary and fiscal policies, food supply management and other intervention programmes.

President Tinubu who has never shied away from acknowledging the temporary pains triggered by the reforms, gave an assurance in a recent newspaper interview that his Administration will continue to take proactive measures to wrestle with the problems. Many of these measures are already being taken and in the New Year, we expect the silver linings, that are at present understated, to blossom into rays of sunshine to be experienced by all Nigerians.


Onanuga is the Special Adviser Information and Strategy to President Bola Tinubu