Buhari Once Again Proved Critics, TonyeBarcanista and Others Wrong
TonyeBarcanista in his last article, labeled this administration a government of failure, tears and disappointment, citing failure of this administration not to have pegged oil price below $35 a barrel but instead projected annaualized average of $38 per barrel was used.
“Oil price is pegged at $38 per barrel even when oil was selling under $35 per barrel as at when the budget was presented to the parliament. Where in the world does that happen?” Said TonyeBarcanista.
In which I responded “they were right to have used $38 as at the time, the OP (Tonye) just doesn’t understand how the calculation works. Oil was $33 a barrel when the budget was drafted but on a 3 months weighted average, it’s around $42 a barrel since it fluctuate depending on global market”.
Currently, oil is trading at $39.50 per barrel, above $38 pegged rate and forecasted to reach around $45 a barrel before the end of the year, as OPEC member nations are meeting later this month to further curtail the situation by reducing production in order to create scarcity.
So far this month, commodity-backed economies like Canada, Nigeria, Australia, etc. are showing better prospect then the rest of the world. For instance, Aussie dollar is trading at 8 months high against the U.S. dollar, while Canadian dollar (Lonnie) is trading at 4 months high and if Naira is not fixed we would be recording similar success but notwithstanding our foreign reserves surged 2.43 percent.
With foreign reserves picking up, the economy will attracts more inflow of foreign currency and foreign investors interested in real growth — like Jumia that just raised $325 million, this is the only type of investment that can help actualize diversification from oil and pave way for consumption dependent economy amid sustainable exports.
Imagine if the CBN had devalued the Naira, not only will our inflation skyrocket, but foreign investors would have seized the opportunity to profit enormously from the system and abscond with their gains.
It is also important to note that these investors only invest in an economy with prospects, since they are investing in the future value, this means the larger portion of them somehow believed in the future of Nigeria, how come we don’t? I guess that is why most Nigerian top brands are owned by foreigners.
I proposed that all the companies that left should be double taxed if peradventure they return, Truworths should be triple charged for starting it. This is because they failed to prove their commitment to Nigeria’s 2020 vision by increasing unemployment rate, creating negative perception of the economy that indirectly led to more capital outflow and most importantly for using us to further their capitalist agenda.
Asiwaju Bola Tinubu Petitions NBC to Sanction Channels TV Over Alleged Breach of Broadcasting Code
Asiwaju Bola Tinubu, the President-elect, has reportedly filed a petition with the National Broadcasting Commission (NBC), calling for the sanction of Channels Television for allegedly breaching the Nigerian Broadcasting Code.
The petition alleges that the TV station allowed its guest, Labour Party Vice Presidential candidate Datti Baba-Ahmed to make several incendiary comments that impugned the integrity of the 25 February 2023 Presidential elections.
According to Tinubu’s petition, Baba-Ahmed claimed that the Labour Party won the election, which is “a fallacy and not correct,” and he alleged that President Buhari should not swear in the President-elect because he did not score 25% of the vote in the FCT, which is a prerequisite for being declared the winner.
Tinubu also accused Baba-Ahmed of making subversive, inciting, and inflammatory comments, which breached the Nigerian Broadcasting Code.
The petition calls on NBC to apply sanctions against Channels TV, stating that the TV station’s guest was “not only provocative but also inciting the public and the Labour Party followers to delegitimize the outcome of the elections but also propagate resistance against the incoming duly elected administration of Bola Ahmed-Tinubu and Kashim Shettima.”
This development comes amid tensions and uncertainties surrounding the aftermath of the 2023 Nigerian Presidential elections with some political parties and their supporters contesting the results and calling for a rerun. The Nigerian Broadcasting Code aims to regulate the activities of broadcasters and ensure that they promote national unity, peace, and social harmony, among other objectives.
NBC is yet to respond to Tinubu’s petition or issue any statement on the matter. However, this petition highlights the need for broadcasters and media houses to uphold journalistic ethics and professional standards, especially during sensitive periods like elections.
Court of Appeal Upholds Adeleke’s Victory in Osun State Governorship Election
In a landmark judgement, the Court of Appeal sitting in Abuja has affirmed the victory of Senator Ademola Adeleke as the rightful governor of Osun State.
The ruling, which comes as a surprise to many, overturned the decision of the Osun State Governorship Tribunal which had earlier nullified Adeleke’s election victory.
Following the governorship polls in the state, an Election Petition Tribunal had sacked Adeleke from office, citing his failure to secure the majority of lawful votes during the July 16 governorship polls. However, in a unanimous agreement by a three-man panel led by Justice Mohammed Shuaibu, the Court of Appeal quashed the tribunal’s judgment and gave its verdict to uphold Adeleke’s victory.
The Appeal Court Panel revoked the tribunal’s order which directed that a Certificate of Return be withdrawn from Adeleke and issued to his predecessor and All Progressives Congress (APC) candidate, Gboyega Oyetola. The panel held that the Osun State Tribunal was wrong to have said that there was overvoting, a claim that only relied on the evidence by Oyetola and the APC, and as such, doesn’t prove their case in any way.
The judge faulted Oyetola and APC, that they only relied on the data from the back end server and failed to look at the voters register which forms the foundation of the whole electoral process and as such, cannot strengthen their allegations of overvoting. The court also resolved in favour of Adeleke on the issue of jurisdiction, stating that section 285(8) of the constitution as amended, the court has every right to entertain the appeal.
The ruling is a significant victory for the Peoples Democratic Party (PDP) and Adeleke, who had been locked in a legal battle with the APC over the governorship position since the election. Many Nigerians have applauded the Court of Appeal’s decision as a step towards consolidating the country’s democracy and upholding the rule of law.
The decision has also set a precedent for future electoral disputes in the country, as it highlights the importance of credible evidence in proving electoral malpractice claims. This ruling has shown that allegations of overvoting cannot be sustained without concrete evidence from the voters register, and political parties must be thorough in their investigations and presentation of evidence in such cases.
NIMC: Presidential Council Faults N1000 NIN Fee, Demands Review
The recently announced N1000 National Identification Number (NIN) verification fee for the application, issuance and renewal of international passports by the National Identity Management Commission (NIMC) has been criticised.
The Presidential Enabling Business Environment Council, PEBEC faulted the mandated charge and called for a review.
Investors King had earlier reported that NIMC declared that Nigerians living in the country will pay N1000, while Nigerians residing in other African countries will pay $3 or its equivalent in other currencies and those in other continents across the world will pay $10 or its equivalent in other countries as NIN verification fee for application, issuance and renewal of their international passports.
Reacting to the development, the Special Adviser to the President on Ease of Doing Business/PEBEC Secretary, Jumoke Oduwole, in a statement, emphasised the need for a review to make citizens enjoy quicker and less expensive government services.
Oduwole, who commended the collaboration between NIMC and Nigerian Immigration Service (NIS), said such a partnership will enhance passport services.
She noted that stakeholders are not impressed with the extra charge to be paid for the NIN verification before they can process their passports.
According to her, the outline of the Business Facilitation (Miscellaneous Provisions) Act 2022 signed into law by the President Muhammadu Buhari on February 8, 2023 states that where an applicant requires the service of a ministry, department or agency, the MDA involved is mandated to conduct the necessary verification or certification from relevant MDAs, in respect of the applicant.
Investors King understands that PUBEC was set up in 2016 by President Buhari with the aim of curbing hectic bottlenecks and bureaucratic limitations accompanied with owning and managing business enterprises in Nigeria.
The chairman of the council is the vice president, Prof. Yemi Osinbajo. PUBEC has since its existence periodically issued EO1 Compliance Reports containing monthly reports of Ministries, Departments and Agencies submitted to the council.
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