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Finance Minister Defends N38 trn Debt |The Source

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Zainab Shamsuna Ahmed,minister of finance

By Tosin Olatokunbo

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has projected Nigeria’s total debt to hit over N38 trillion by end of next year.

The minister, however, said the federal government needed to borrow to fund critical project and bridge development gap.

This includes both public and private debt stocks the minister said on Tuesday to the Senate Committee on Local and Foreign Debts.

The Minister said, ” The total public debt stock comprising the External and Homes debts of the Federal and state governments and the Federal Capital Territory stood at N31.01trn (USD85.90 billion) as at June 30, 2020.

“It is projected, based on existing approval, to rise to N32.51 trillion by December 31, 2020 and N38.68 trillion by December 31,2021.”

The Debt Management Office, DMO last month warned of the spiraling trend of debt owed to Nigerian creditors.
Many insist that the government of President Mohammadu Buhari incurred more debt than its predecessors, even though the incumbent has defended the credit, which it said is needed to develop critical infrastructure across the country.

Oyo Govt Sacks Council Bosses Over Financial Recklessness |The Source

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Governor Seyi Makinde

By Tosin Olatokunbo

The 13 local government chairmen suspended by the Oyo state house of assembly on Tuesday  mismanaged funds allocated to them by the state government, the magazine has learnt.

The lawmakers suspended, indefinitely, the  council caretaker chairmen in the state  indefinitely over what they attributed to their “non-compliance to the resolution of the House on submission of status of earth-moving equipment in their respective domains to the House as requested.”

The affected councils are Akinyele East LCDA, Ido LG, Oluyole LG, Ibadan North-East LG, Lagelu West LCDA, Soro LCDA, and Ogbomosho Central LCDA.

Others are Ogbomosho South LCDA, Ajorosun LCDA, Ibarapa North West LCDA, Itesiwaju LG, Oyo East LG, and Oyo South East LCDA.

But The Source learnt from sources close to the governor that the council boss were fired due to mismanagement of funds allocated to them by the state since they came into office close to two years ago.

Governor Seyi Makinde had ordered the total audit of all the LGAs last month after it was discovered that nothing was going on in their various jurisdictions in terms of physical development despite receiving monthly allocation from the state government.

“The extent of mismanagement by some council bosses was so much that some of them cannot event clean up their offices. We found litters everywhere, broken windows and buildings where some chairmen have their offices are dilapidated,” a source privy to the government said.

According to to the source, some equipment inherited from the previous government and those purchased by the incumbent for rural development and agriculture had also been looted, vandalized or out-rightly sold by some council chairmen.

“It was based on this that the Assembly asked them to go to allow for further investigations,” sources close to the governor said.

The suspended council bosses were suspended as a result of their woeful performance, the sources disclosed adding that those left to continue their jobs performed average.

The council chairmen were appointed by Governor Makinde in December 2019.

There are 33 councils and 35 Local Government Development Areas, LCDAs in the state.

ICAN Canvasses For More Inclusion In Governance |The Source

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ICAN

By Ayodele Oni

The Institute of Chartered Accountant of Nigeria,  (ICAN) has canvassed for more inclusion of its members in governance.

Speaking while on a courtesy visit to  Governor Rotimi Akeredolu in Akure,  the 56th President of ICAN,  Dame Onome Adewuyi, noted the passion demonstrated by  Governor Akeredolu in the effective management of Public Finance in Ondo State.

She commended the Governor for his commitment to accountable and transparent leadership which has now been acknowledged by the World Bank.

The ICAN President was particularly happy that various legislations have been enacted by the administration to institutionalise Public Finance Management practices in line with ICAN Accountability Index, thereby putting the Sunshine State on global reckoning.

The ICAN President informed the governor that her visit to the state was to inaugurate Akoko District Society of ICAN and lay the foundation of ICAN Resource Centre in Akungba Akoko all in a bid to bring the activities of the Institute closer to the people.

Responding, Governor Akeredolu, described ICAN as a worthy partner in promoting the values of good governance saying various legislations brought into operation by his government were part of the deliberate policies of his administration to utilise the resources of the state for the development of the state.

The Governor stated that the implementation of the financial regulation legislations have brought more support and patronage to the state from some global Development Partners.

He assured that his administration would remain focused on steps that would give Ondo State more leverage at improving the standard of lives of residents of the state.

Ondo Election Petition: Tribunal Begins Sittings, PDP Candidate, Jegede Wins Two Rounds |The Source

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Eyitayo Jegede

By Ayodele Oni

Justice Umaru Abubakar led two other Justices that make up the Election Petition Tribunal looking into petitions against the October 10 Governorship election in Ondo state at Tuesday’s inaugural sitting of the tribunal.

The Tribunal looked into two issues brought before it by Mr Eyitayo Jegede, candidate of the People’s Democratic Party, (PDP) in the election.

In the motion exparte brought by his counsel, Mr Jamiu Makinde, Jegede sought the Tribunal’s nod to serve defendants in the petition through substituted service by pasting copies of the petitions on the Tribunal’s Notice Board and order to inspect materials used for by-election now in custody of Independent National Electoral Commission, (INEC).

Justice Abubakar granted the requests, and ordered that copies of the petition should be advertised in any publication circulating within the jurisdiction of the tribunal, while materials at INEC custody should be inspected within five working days between the hours of 8.am and 4 p.m.

Governor Akeredolu, according to results announced by the INEC, won the election in 15 of the 18 Local Governments, while his closest rival, Jegede, won in three local government areas and Ajayi lost woefully as he did not win in any council, including his own.

Akeredolu scored 292,830 votes against Jegede who polled 195,791.

Jegede had announced last week that he would challenge the outcome of the Governorship poll on grounds of irregularities, pockets of violence, as well as intimidation and fraudulent emergence of Akeredolu at the All Progressives Congress, (APC) primaries.

Councils in which electoral materials are to be accessed are Owo, Eseodo, Ilaje and Okitipupa.

Joined in the petition are INEC, APC and others.

Jegede, who contested the 2016 Governorship election also on the ticket of PDP and lost to incumbent Governor Akeredolu did not challenge the outcome at the tribunal.

Northern Govs Slam Protesters, Say Aim Was To Sack Buhari; Back Social Media Censor |The Source

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By Adesina Soyooye

Governors from the 19 Northern States rose from a crucial meeting which was also attended by high profile stakeholders, and Traditional Rulers, including the Chief of Staff to the President, Ambassador Ibrahim Gambari, the Sultan of Sokoto, the Senate President, the Inspector General of Police, IGP Mohammed Adamu,  and Ministers, with a firm resolution to stand firm by President Muhamadu Buhari.

While admitting that the #EndSARS protest was justified, and began on a good note, the aim of those who sponsored its hijack, they alleged, was to dethrone the President from office.

They also supported the proposed regulation of the Social Media, with the IGP telling the meeting that fake news instigated the #EndSARS protest.

Host Governor, Malam Nasir El-Rufai said the time has come for State Police, something most Northerners have been against.

They were, however, in support of one indivisible Nigeria.

Following is the full text of Northern Governors’ Forum Resolutions, held at the Kashim’s Building,   Kaduna State, titled:

RESOLUTIONS OF NORTHERN STATES GOVERNORS’ FORUM MEETING WITH NORTHERN STATES EMIRS AND CHIEFS HELD ON MONDAY 2ND NOVEMBER, 2020

  1. In furtherance to its resolution to further engage with the critical stakeholders of the North, the Northern States Governors Forum held a meeting today Monday 2nd November, 2020 at the Council Chamber, Sir Kashim Ibrahim House, Kaduna.
  2. The meeting was attended by His Excellency, the Senate President, of the Federal Republic, the Honourable Deputy Speaker and other members of the National Assembly, the Chief of Staff to the President, the Minister of Federal Capital Territory, the Minister of Information and Culture, the Inspector General of Police, Principal Officers of the National Assembly, Chairmen of the Northern States Traditional Rulers Council led by His Eminence the Sultan of Sokoto amongst others.

After extensive deliberations the following resolutions were arrived at:-

  1. Appreciates the roles of Traditional rulers in containing the menace of Endsars protests in the north. Collectively agreed that traditional rulers be given formal roles in the governance architecture of the Country.
  2. The meeting rejects and condemns the subversive actions of the Endsars protest. The superlative agitations and other change regime actions outside the ballot Box soon take advantage of the peaceful protests to push for their seperative agenda. The meeting endorse the indivisibility, indissolubility and oneness of the Nation.
  3. The meeting took note of the devastating effect of the uncontrolled social media in spreading fake news. Therefore, calls for major control mechanism and censorship of the social media practice in Nigeria
  4. Meeting raises attention on the need to keep strict watch on the Federal Capital Territory to guide against unwarranted and destructives protests to safeguard critical assets of the Nation.
  5. Meeting ccommends the national Assembly and the Presidency in being proactive in addressing the issues of Endsars protests across the country.
  6. Need to further push for amicable resolutions of ASSU strikes to enable students resume their studies.
  7. Meeting resolved that there is the need for regular meetings of this nature. Calls for further engagement with other critical stakeholders such as Religious Leaders, Business community, youths leaders etc.

Accordingly, the meeting approved the setting up of two major engagement committees:

(a) Committee on roles of traditional Rulers

Membership:

(i) Emir of Lafiya as Chairman

(ii) Two Representative from the National Assembly;

(iii) 1 Representative from each of the 3 zones

(iv) 1 from federal Executive Council.

(b) Committee on Youth and Civil Societies

(i) Emir of Zazzau as Chairman

(ii) 1 representative each from Geo Political Zones

(iii) 1 each for the youth Geo political Zones

(v) 1 representative of Women / Girls

(vi) One each of Muslim and Christian Clerics

(vii) Persons living with disability;

(viii) Business Community

(ix) Representative of the Inspector General of Police

These engagement Committees are to commence work immediately.

  1. Appreciates the role of religious leaders, such as the Ulamas, JNI and CAN for their positive interventions in resolving the Endsars conflicts.
  2. Calls for collective effort in addressing the lingering challenges of the North e.g. Almajiri system, insecurity, illiteracy, poverty, etc
  3. Commends the roles of His Eminence, Royal Highnesses and other Royal Fathers in ensuring that the Endsars protests did not escalate significantly in the North by adopting sentimental issues such as ethnicity and religion, the Forum resolved to continuously engage with their Royal Highnesses in addressing this challenge.
  4. Meeting noted and appreciated the far reaching efforts of Northern States Governors’ Forum in taking proactive measures to address the Endsars protest in the country and the North in particular. Equally Forum notes with satisfaction the actions taken by the Governors to revive the economic fortunes of the region particularly during the post Covid-19 period.
  5. Forum appreciates the roles of National Assembly in engaging the youths and other critical stakeholders of the Nation in resolving the Endsars conflicts.
  6. Forum appreciate Mr. President and his Cabinet for the quick intervention in meeting the demands of the Endsars protesters and resolved to give him the maximum support as he roles out measures to address the lingering challenges of youth unemployment, banditry and Boko Haram insurgency in the country.
  7. The Forum also appreciate the roles of the youth for their response to the Endsars, in curtailing the spread of hooliganism, thuggery and other separatist tendencies.
  8. Forum appreciates the major reforms going on in the Police Force and pledges to support Mr. President on this course.
  9. The Meeting resolves to support the Nigerian Police Force to serve the Country better and calls for the strengthening of trust between the people and the Police.
  10. The Meeting expressed concern over the low level involvement of relevant stakeholders in the implementation programmes of Government and calls on the relevant Agencies to review implementation strategies to make for maximum impact and benefits.
  11. Condemned attacks on persons and properties of especially persons living in other parts of the country. Also condemned attacks and burning of places of worship in some parts of the country in the name of Endsars protests.

The Resolutions was signed by  the Governor of Plateau  State, Simon Lalong, in his capacity as the  Chairman, Northern States Governors’ Forum.

Unity Bank: Health Stakeholders Welcome UnityCares |The Source

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By Tosin Olatokunbo

Unity Bank Plc has unveiled UnityCare to support major stakeholders in the nation’s health sector as part of the Central Bank of Nigeria, CBN credit support intervention fund.

In a statement, the Tomi Somefun-led bank said it will provide soft loans through UnityCare in the areas of development, manufacturing, distribution and consumption of health care products in the country.

Unity Bank is “Leveraging on the Central Bank of Nigeria’s credit support intervention for the health sector, UnityCares hopes to empower as many enterprises as meet the requirements for the facility,” adding that the target beneficiaries of the credit scheme include health care product manufacturers of pharmaceutical drugs and medical equipment, healthcare service providers/medical facilities such as hospitals/clinics.

Others are diagnostic centres/laboratories, fitness and wellness centres, rehabilitation centres, dialysis centres and blood bank operators.

They also “include the pharmaceutical/medical products distribution and
logistics services and other human healthcare service providers as may
be determined by the CBN from time to time,” the statement said.

Both account holders and non account owners can benefit from the product, the bank said.

According to the bank “To benefit from the UnityCares facility, a healthcare organisation may not need an account with Unity Bank to benefit from the on-lending scheme.”

Olufunwa Akinmade, Divisional Head, Retail, SME & E-business while commenting on the product said UnityCare presents an opportunity for health care manufacturers to expand capacity in light of the COVID 19 pandemic.

We “encourage operators in the health sector to take advantage of this affordable facility to expand their capacity while playing their part in curbing medical tourism and conserving the desperately needed foreign exchange,” he said.

Meanwhile, stakeholders in the health sector have welcome UnityCare which they insist is a good way by the bank to inject capital into the sector after the hit on businesses as a result of COVID 19.

Why I Descended On IPOB – Wike |The Source

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Nyesom Wike

By Charles Igbo

Nyesom Wike, Rivers State Governor, Monday night, explained why he descended on the Indigenous People Of Biafra, IPOB.

Wike had, in the wake of the #ENDSARS protest by thousands of youths nationwide, proscribed all the activities of the group, which had, a couple of years ago, been proscribed by the Federal Government, with the alleged support of South-East Governors.

A number of people were surprised over the, now, sour relationship between Wike and IPOB, as it had been variously alleged that Wike was an IPOB sympathiser.

Trouble started between the two when, in the wake of the #EndSARS protest, scores of youths killed four soldiers, two policemen, and burnt down Police Stations and Courts in Oyingbo.

Both the Governor and the Rivers State Commissioner of Police, Gobin Mukan, identified the youths as IPOB members. The youths, allegedly, acted on the instructions of their leader, Nnamdi Kanu, who had in a video message, allegedly, asked his boys to burn and kill.

But Kanu had, in subsequent pronouncements and releases, said the message he sent out was corrupted. He said he had, on the contrary, asked that Oyingbo be protected from any incidents arising from the #EndSARS  protest.

But the battle line had been drawn by Wike who was shocked by the level of destruction, arson, and the killing of soldiers and policemen.

He subsequently proscribed all activities of IPOB in the state, citing the FG’s earlier proscription.

Since the killings, and arson, and Wike’s stand on the group, soldiers have moved in and are, allegedly, on an arrest and killing  spree. This has pitched Wike against a number of people who are now accusing him of ordering soldiers to indiscriminately label all youths in Oyingbo  IPOB members.

But it turns out that Wike has  been having problems with the group before the instant incident.

In the broadcast to the State Monday evening where he denied ever ordering soldiers to kill the Igbo, Wike said IPOB could over-run the State, if not checked. He accused the group of invading Oyingbo all the time from nearby Abia State, on a mission to over-run the state.

Evidence?

Wike said IPOB attempted to rename a Local Government in the State. He also accused them of hoisting their flag in a public  school in Komkom Community. This magazine gathered that the group attempted to rename Oyingbo LGA to Obigbo LGA.

Obviously, the soldiers were deployed  to Oyingbo mainly because of their murdered colleagues, a deployment outside Wike’s authority.

But the Governor is, also, being accused of punishing the people since two weeks ago,now, by deliberately imposing a 24-hour curfew on the LGA.  Since then, they allege, nobody has been allowed to leave or enter the LGA, meaning they cannot go out to buy foodstuff or attend to other businesses. They are asking for the relaxation of the curfew.

For now, Wike is said to have become worried over the alleged activities of the soldiers, which was why he quickly distanced himself from them.

Sadly, the Governor does not   have the power to ask the soldiers to withdraw, just as he has no powers to deploy them to Oyingbo. He can only appeal.

Ogene, Others Float 365Daily Newspaper |The Source

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By Fola James

The flourishing and vibrant Nigeria media space has welcomed a new platform, 365Daily, an online newspaper.

Operating as 365daily.com.ng, the new publication hit the cyber sphere today, November 4, 2020 with its unique motto: news uncensored!

A statement by the Publisher and Editor-in -Chief, Hon. Victor Afam Ogene, said the newspaper is seeking to be the most influential, informative and reliable online newspaper, by preserving, serving and seeking for the unity, peace and development of Nigeria.

Ogene, a former editor of The Source, a national newsmagazine and former member  of the House of Representatives, said:” 365Daily is coming at a very tenuous time when our country is not only deeply fragmented, polarised and tethering on the precipice, but also gravely challenged by leadership deficit.

“Given the role of news management in redirecting societies towards order and progress, 365Daily’s grand entry is, therefore, intended to help chart a new course for Nigeria, by sticking to the grand principles of Truth, Fairness and Equity in our handling of news and analysis.”

Ogene stated that against the background of  multiplicity of online publications, the distinguishing feature of 365Daily is it’s decision not to jump on the bandwagon of those who jostle to break falsehoods. “We’d rather tarry on the side of caution, than rush to dish out untruth or unsubstantiated news,” he said.

Other founding members include Honourables Chizor Obidigwe and Debo Ologunagba, former members, House of Representatives, Justus Nwakanma, former Editor, Daily Champion and Edward Dibiana, a renowned development journalist and former Editor-in-Chief, Servant Leader News, a publication of the presidency during the late Umaru Yar’Adua administration.

Adesuwa Osunde Tsan, an authority on legislative reporting and former Editor of OrderPaper.ng, leads the news crew as the Editor of 365Daily.

Oyigbo Killings: Gov. Wike Exonerates Self, Says He Never Ordered Soldiers To Kill The Igbo |The Source

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By Akinwale Kasali

Governor Nyesom Wike of Rivers State has distanced himself from the killings of people of Igbo extraction in Oyigbo Local Government Area of the State.

The Governor further described the allegation that he ordered the Nigerian Army to kill the Igbo in Oyigbo Local Government Area, as a politically motivated falsehood.

He maintained that curfew was imposed in Oyigbo to restore calm after members of the proscribed Indigenous Peoples Organisations of Biafra (IPOB) killed 6 soldiers, 4 policemen and destroyed all police stations and Court buildings there, the magazine gathered.

Governor Wike gave the explanation on a live television programme in Port Harcourt Monday night.

He said the concocted narratives that Igbo were being killed by the military is intended to shift attention from the despicable activities of IPOB in Oyigbo, which is a boundary area adjoining Abia State.

“I know that this is not the first time IPOB has used Oyigbo as launching ground. The security agencies are aware. IPOB added a new dimension this time. They killed 6 Army Officers and burnt one. They killed four Police Officers. They destroyed all the Police Stations and Court Buildings. What offence did we commit as a state?

“I imposed curfew to restore calm. I proscribed IPOB activities anywhere in the state. Don’t forget that the Federal Government had declared them a terrorist group. It is not the entire Igbo that believe in IPOB activities.

“So, it’s not true that I ordered the military to kill the Igbo in Oyigbo. When did I become a friend to the military? So what about the Igbo living elsewhere in the state? Are they also being killed?”

He further said: “I have no relationship with the Army or the Police, I do not command them. They change Commissioner of Police every time. How will I begin to direct the Army that I do not give instruction”?

The Governor bemoaned IPOB’s effrontery to rename a local government in the State and hoist its flag in a public school in Komkom Town.

The Governor stressed that he will not fold his arms and watch criminals destroy the state.

“If those few criminals are Igbo, then, they should know that I will not allow them. They made attempt to rename a local government in my state. That alone is a signal. I will not agree to that. I know who is doing all these; who has told them to rise, protest against Wike.”

The Governor stated that the State government has no regret against its stance on IPOB, already designated as a terrorist organisation by the Federal Government. According to him, even the South-East Governors have never supported IPOB and wondered why a Governor from the Niger Delta should tolerate the group.

He revealed that security agencies during their search of some residents in Oyigbo, saw shrines with IPOB flags and Nnamdi Kanu’s picture. He maintained that if IPOB is allowed to operate from Oyigbo, they will soon overrun the State.

The Governor said the government has commenced moves to replace all the property destroyed by the group during the protest, regretting that the damage have left huge financial burden on the state. In addition, he said the State has decided to compensate each family of the killed security personnel with 20 million Naira to cater  for the welfare of the bereaved widows and their children.

He further said that the #EndSARS protest and its aftermath would have been averted if the Federal Government had not dismissed the alarm he earlier raised on the activities of SARS to mere politics.

“These loses of the aftermath of the protest are unfortunate. Recall that we started the cry against operations of SARS. We asked for reform. But they politicised the issue because they use it to kill and intimidate us.

“Here, the Minister always used SARS to cause mayhem under the leadership of Akin Fakorede. We suffered a great deal. At a time, the entire National Assembly Election was cancelled. But we put faith in God who owns the state. We triumphed eventually”, he said.

Wike had come under heavy attack for the killings in Oyigbo, allegedly, by soldiers.

Football Legend, Maradona Critically Ill, Hospitalized |The Source

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Diego  Maradona

By Akinwale Kasali

Argentine and World Football Legend, Diego  Maradona, is said to be critically ill, and was rushed to a hospital in La Plata, Buenos Aires, the Argentine Capital.

The 60-Year Old 1986 FIFA World Cup Winner, has been admitted at the Ipensa Hospital in La Plata, about an hour from Buenos Aires.

Maradona, who is widely considered to be one of the greatest players of all time, is the Coach of the local club, Gimnasia y Esgrima.

He was admitted to hospital to undergo tests as he had been feeling poorly for some time and would be held under observation for “several days.”

The Ole.com.ar sports web site, one of Argentina’s biggest, said it was not an emergency and was not related to COVID-19 as he had tested negative in recent days.

Maradona last appeared in public on his 60th birthday last Friday before his side’s league match against Patronato.

He was gifted a plaque and a cake to celebrate the occasion but he did not stay to watch the game and witnesses said he looked unwell and weak.

The former Napoli, FC Barcelona and Boca Juniors player has suffered frequent periods in hospital over the years, often due to the extravagant lifestyle which accompanied and followed his playing career.

The former Napoli striker was also admitted to hospital in January 2019 with internal bleeding in the stomach.

He also fell ill at the 2018 World Cup in Russia, where he was filmed passing out in an executive box during the Argentina versus Nigeria game.

Maradona was taken into hospital in 2004 with severe heart and respiratory problems linked to cocaine use.

He later underwent drug rehabilitation in Cuba and Argentina before a stomach-stapling operation in 2005 helped him lose weight.

In 2007 he checked himself into a clinic in Buenos Aires to help him overcome alcohol abuse problems.