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Presidency slams New York Time’s report, says Tinubu inherited dead economy

The Presidency has tackled the New York Times over its report on the current situation in Nigeria, saying that President Bola Tinubu, on May 29, 2023, inherited a dead economy.

The presidency also justified some of the policy decisions taken by the Tinubu’s administration like floating of the naira and fuel subsidy removal, declaring that the policies were taken in the best interest of the country.

In a statement entitled, “Rejoinder to New York Times jaundiced report on Nigeria’s current economic situation”, issued on Sunday, by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Presidency said Nigeria is not the only country in the world facing a rising cost of living crisis.

The statement read: “Ruth Maclean and Ismail Auwal’s feature story with the title ‘Nigeria Confronts Its Worst Economic Crisis in a Generation’, published on June 11, reflected the typical predetermined, reductionist, derogatory, and denigrating way foreign media establishments reported African countries for several decades.

“Because of the misleading slant of the report, we need to clear up some misconceptions conveyed by the reporters as regards the economic policies of the Tinubu administration that came into power at the end of May 2023.

“Most significant about the report was that it painted the dire experiences of some Nigerians amid the inflationary spiral of the last year and blamed it all on the policies of the new administration.

“The report, based on several interviews, is at best jaundiced, all gloom and doom, as it never mentioned the positive aspects in the same economy as well as the ameliorative policies being implemented by the central and state governments.”

The Presidency said that as of the time Tinubu took over the reign of government, the nation’s economy was bleeding and needed urgent measures to bring it back.

It said, “To be sure, President Tinubu did not create the economic problems Nigeria faces today. He inherited them. As a respected economist in our country once put it, Tinubu inherited a dead economy. The economy was bleeding and needed quick surgery to avoid being plunged into the abyss, as happened in Zimbabwe and Venezuela.

“This was the background to the policy direction taken by the government in May/June 2023: the abrogation of the fuel subsidy regime and the unification of the multiple exchange rates.

“For decades, Nigeria had maintained a fuel subsidy regime that gulped $84.39 billion between 2005 and 2022 from the public treasury in a country with huge infrastructural deficits and in high need of better social services for its citizens.

“The state oil firm, NNPC, the sole importer, had amassed trillions of naira in debts for absorbing the unsustainable subsidy payments in its books. By the time President Tinubu took over the leadership of the country, there was no provision made for fuel subsidy payments in the national budget beyond June 2023.

“The budget itself had a striking feature: it planned to spend 97 percent of revenue servicing debt, with little left for recurrent or capital expenditure. The previous government had resorted to massive borrowing to cover such costs.

“Like oil, the exchange rate was also being subsidised by the government, with an estimated $1.5 billion spent monthly by the CBN to ‘defend’ the currency against the unquenchable demand for the dollar by the country’s import-dependent economy.

“By keeping the rate low, arbitrage grew as a gulf existed between the official rate and the rate being used by over 5000 BDCs that were previously licensed by the Central Bank. What was more, the country was failing to fulfil its remittance obligations to airlines and other foreign businesses, such that FDIs and investment in the oil sector dried up, and notably Emirate Airlines cut off the Nigerian route.

“President Tinubu had to deal with the cancer of public finance on the first day by rolling back the subsidy regime and the generosity that spread to neighbouring countries. Then, his administration floated the naira.”

Although, it acknowledged that the exchange rate got to its worst level, it contended that it’s gradually regaining some level of stability.

The Presidency said, “After some months of the storm, with the naira sliding as low as N1,900 to the US dollar, some stability is being restored, though there remain some challenges. The exchange rate is now below N1500 to the dollar, and there are prospects that the naira could regain its muscle and appreciate to between N1000 and N1200 before the end of the year.

“The economy recorded a trade surplus of N6.52 trillion in Q1, as against a deficit of N1.4 trillion in Q4 of 2023. Portfolio investors have streamed in as long-term investors.

“When Diageo wanted to sell its stake in Guinness Nigeria, it had the Singaporean conglomerate, Tolaram, ready for the uptake. With the World Bank extending a $2.25 billion loan and other loans by the AfDB and Afreximbank coming in, Nigeria has become bankable again. This is all because the reforms being implemented have restored some confidence.

“The inflationary rate is slowing down, as shown in the figures released by the National Bureau of Statistics for April. Food inflation remains the biggest challenge, and the government is working very hard to rein it in with increased agricultural production.

“The Tinubu administration and the 36 states are working assiduously to produce food in abundance to reduce the cost. Some state governments, such as Lagos and Akwa Ibom, have set up retail shops to sell raw food items to residents at a lower price than the market price.

“The Tinubu government, in November last year, in consonance with its food emergency declaration, invested heavily in dry-season farming, giving farmers incentives to produce wheat, maize, and rice. The CBN has donated N100 billion worth of fertiliser to farmers, and numerous incentives are being implemented. In the western part of Nigeria, the six governors have announced plans to invest massively in agriculture.”

The Presidency noted that with all the plans being executed, inflation, especially food inflation, will soon be tamed.

It said, “Nigeria is not the only country in the world facing a rising cost of living crisis. The USA, too, is contending with a similar crisis, with families finding it hard to make ends meet. US Treasury Secretary Janet Yellen raised this concern recently. Europe is similarly in the throes of a cost-of-living crisis.

“As those countries are trying to confront the problem, the Tinubu administration is also working hard to overturn the economic problems in Nigeria.

“Our country faced economic difficulties in the past, an experience that has been captured in folk songs. Just like we overcame then, we shall overcome our present difficulties very soon.”

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13th Women AFCON: Super Falcons to know group stage opponents on Friday

Nine-time champions Nigeria will know their opponents for the group phase of next year’s Women Africa Cup of Nations competition when the draw is conducted at the Technic Centre of the Mohamed VI Football Complex in Sale, outside Rabat, Morocco on Friday evening.

The field of 12 finalist-teams will be framed into three groups of four teams each, with the top two teams in each group, as well as the best two third-placed teams in the three groups, advancing to the quarter-finals of the competition scheduled for Morocco.

Of the 12 previous tournaments held since Nigeria hosted the inaugural in 1998, the Super Falcons have been victorious nine times, with Equatorial Guinea winning twice and South Africa sweeping to victory in the last edition, also hosted by Morocco in July 2022.

All the four top-placed teams in that last edition are also in the field of 12 this time, viz Cup holders South Africa, hosts Morocco, Zambia and Nigeria.

Also qualified are Ghana, Algeria, Botswana, Democratic Republic of Congo, Tunisia, Senegal, Tanzania and Mali.

The 13^th Women Africa Cup of Nations finals will take place 5^th – 26^th July 2025.

News

NFF holds match commissioners’ seminar in Asaba

All is set for the Nigeria Football Federation’s match commissioners’ seminar (southern conference) for this year, which is billed to take place at the Stephen Keshi Stadium, Asaba, Delta State on Friday.

Chairman of the NFF Match Commissioners’ Appointment Committee, Alhaji Babagana Kalli, told thenff.com that the Chairman of the NFF Technical and Development Committee, Alhaji Sharif Rabiu Inuwa, will represent the NFF President, Alhaji Ibrahim Musa Gusau and declare the programme open on Friday morning.

Former Vice Chairman of the Imo State Football Association, Sir Emma Ochiagha and Secretary of the NFF Match Commissioners’ Appointment Committee, Mr. Danlami Alanana are the resource persons for the one-day event.

Alanana disclosed that the objective of the seminar is to re-acquaint the match commissioners in the Nigeria National League (NNL), the Nigeria Women Football League (NWFL) and the Nationwide League One (NLO) with both the rudiments and the fine points of match reporting, and to also emphasize the high importance of credible match reporting, as organizers always rely on their match reports to take decisions in case of crises or controversies.

Last year’s southern conference seminar (the first of its kind) was held in Abeokuta, Ogun State, while the northern conference seminar took place in the city of Kano.

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Simon Ekpa to be extradited to Nigeria – Defence

The Nigerian Defence Headquarters has confirmed that Simon Ekpa, the self-proclaimed prime minister of the Indigenous People of Biafra (IPOB), will be extradited to Nigeria to face charges of terrorism brought against him.

Director of Defence Information, Brig Gen Tukur Gusau, disclosed this on Thursday night, adding that the Chief of Defence Staff, Gen Chris Musa, is pleased with Ekpa’s arrest in Finland, hoping it will pave the way for his extradition to Nigeria to face justice.

Gusau wrote: “CDS is happy with his arrest in Finland, with the hope this will be a step towards his extradition to Nigeria so that he will face justice.”

Ekpa’s arrest is connected to allegations of using social media platforms to spread separatist propaganda linked to IPOB, promoting violence against civilians and authorities in southeastern Nigeria.

The Finland district court in Lahti ordered his remand on probable cause for public incitement to commit a crime with terrorist intent in Nigeria, with offences dating back to August 23, 2021.

Additionally, Ekpa has been investigated for alleged financial crimes, including collecting funds through questionable means.

Four other suspects, accused of financing terrorism, are believed to have committed crimes in August 2022 in Lahti.

The Nigerian Government has been seeking Ekpa’s extradition, and the Defence Headquarters’ announcement makes it a good development in the case.

Ekpa’s extradition is expected to facilitate his trial in Nigeria, addressing concerns about his alleged role in promoting violence and separatism.

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HP Wolf Security Launches Advanced Physical Cyberattack Protection for Business Introducing HP Enterprise Security

Edition: Comprehensive Safeguards Against Hardware and Firmware TamperingLagos, Nigeria – November 21, 2024 – HP Inc. (NYSE: HPQ) has unveiled the HP Enterprise Security Edition, a revolutionary suite of security features designed to protect HP business-class PCs from targeted physical cyberattacks.

This innovative solution offers robust multilayered defense for hardware and firmware, coupled with unparalleled visibility into potential tampering throughout the device lifecycle.With the rise of hybrid work and Work from Anywhere (WFA), the risk of physical cyberattacks has surged. Attackers exploiting brief physical access to PCs pose significant threats to organizations.

A recent survey reveals that over 51% of IT Security Decision Makers (ITSDMs) are concerned about their inability to detect hardware or firmware tampering during transit. HP Enterprise Security Edition addresses these vulnerabilities, empowering IT teams to detect and prevent unauthorized alterations while safeguarding devices from persistent threats.

Key Features of HP Enterprise Security Edition1. Firmware LockA user-controlled lock at the firmware level, used alongside HP Sure Admin. When activated, this feature employs HP Sure Admin’s cryptographic, password-free authentication, preventing unauthorized access even if the device is left unattended.

This lock offers significantly stronger protection than traditional operating system locks.2. Platform CertificatesDigital certificates validate the integrity of critical hardware and firmware components, such as processors, memory, BIOS, or PCIe devices.

This ensures that no unauthorized modifications occur, enhancing overall device security.3. Sure Start Virtualization ProtectionPre-boot protection isolates malicious or compromised third-party hardware—such as devices connected via Thunderbolt™/USB-C or PCIe ports—within a micro-virtual machine.

This safeguards the device from firmware contamination and prevents attackers from exploiting vulnerabilities.—Revolutionizing PC SecurityDr. Ian Pratt, Global Head of Security for Personal Systems at HP Inc., stated:> “Physical attacks are typically well-planned, often linked to nation-state campaigns or corporate espionage. However, the growing underground market for corporate network access is driving opportunistic attacks—exploiting moments of vulnerability, like unattended PCs in public spaces.”Dr. Pratt emphasized the importance of hardware security:> “By compromising hardware or firmware, attackers can establish a nearly undetectable foothold, gaining long-term access to sensitive networks and data.

HP Enterprise Security Edition provides critical defenses to prevent these threats, while equipping IT teams with the tools to validate device integrity.”—Strengthening Resilience and VisibilityHP Enterprise Security Edition empowers organizations with:

Enhanced Platform Integrity: Protects hardware and firmware layers beneath the operating system.Supply Chain Risk Mitigation: Validates hardware and firmware integrity before onboarding.

Lifecycle Security Governance: Maintains control over device security from deployment to retirement.

These measures ensure businesses can confidently secure sensitive data, enabling hybrid work without compromising security.—Availability

The HP Enterprise Security Edition will be available for select HP PC platforms.—About HP Inc.HP Inc. (NYSE: HPQ) is a global technology leader delivering innovation that connects people and ideas.

Operating in over 170 countries, HP offers sustainable solutions across personal computing, printing, 3D printing, hybrid work, and gaming. Visit www.hp.com for more information.

About HP Wolf SecurityHP Wolf Security provides world-class endpoint protection with hardware-enforced solutions that safeguard PCs, printers, and users from cyber threats. Learn more at www.hp.com/wolf.Media Contact:THOP for HPAdeola – adeola@wearethop.com

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Federal High Court Adjourns Labour Party’s Suit on Rivers Lawmakers’ Defection to January 2025

PDP Urges Caution from Police as It Prepares for Upcoming Rivers Local Government Elections

The Federal High Court sitting in Port Harcourt, Rivers State, has adjourned until January 21, 2025, to deliver a ruling on several applications in a case filed by the Labour Party (LP).

The suit, registered as FHC/PH/25/2024, seeks to have the seats of 27 members of the Rivers State House of Assembly declared vacant following their alleged defection from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC).

The Labour Party, represented by its caretaker committee chairman in Rivers State, Hilda Dokubo, is also asking the court to mandate the Independent National Electoral Commission (INEC) to conduct by-elections for the vacant seats, allowing all interested parties, including the Labour Party, to contest.

During the court proceedings on Wednesday, counsel for the defendants, Ferdinand Orbih (SAN), representing the embattled Speaker Martin Amaewhule and others, requested the consolidation of three separate applications.

Orbih argued that the motions all addressed similar subject matters and called for the exchange of pleadings and presentation of evidence to substantiate the claims. He urged the court to grant the consolidation request.

The Labour Party’s counsel, Clifford Chukwu, did not object to the consolidation but opposed the substance of the defendants’ applications. Chukwu argued that the defendants had failed to file further affidavits in response to the Labour Party’s counter-affidavits, effectively admitting to the facts stated in the counter-affidavits.

He urged Justice Emmanuel Obele to dismiss the motions filed by the defendants.Justice Obele, after hearing arguments from both sides, announced the adjournment of the case to January 21, 2025, for a ruling on the applications.

Speaking to journalists after the session, Chukwu emphasized the Labour Party’s stance, stating that the 27 lawmakers openly admitted their defection through various public platforms, including televised announcements.

He further revealed that affidavits and video evidence were available to substantiate the claims.

The case took another dimension as Justice Obele scheduled December 7, 2024, to hear a related suit filed by Hon. Victor Oko-Jumbo and three other lawmakers loyal to Governor Siminalayi Fubara.

This separate case also seeks to declare the seats of the defected lawmakers vacant and to restrain them from parading as members of the State House of Assembly.Commenting on the matter, Emeka Onyeka, one of the defense counsels, explained that the current proceedings focused on preliminary issues, which must be resolved before the court can address the substantive case.

He reiterated the defendants’ request for the court to order the filing of pleadings, citing the contentious nature of the issues at hand.

As the political drama unfolds, the adjournment leaves the fate of the embattled lawmakers in limbo while raising significant questions about party loyalty, legislative integrity, and the legal implications of political defections in Nigeria.

News

Efe Ajagba Poised to Challenge Daniel Dubois for IBF Heavyweight Title

Nigerian heavyweight boxer Efe Ajagba has emerged as a potential challenger for Daniel Dubois’ IBF world heavyweight title.

This development follows the confirmation that Anthony Joshua’s anticipated rematch with the champion could be delayed until 2026.

The International Boxing Federation (IBF) has granted Dubois the option of an optional title defense against any top 15 ranked contender before April 22. Ajagba, currently ranked eighth and holding the WBC Silver title, has risen as a strong candidate.

Dubois’ promoter, Frank Warren, confirmed plans for the champion to defend his title in February, following indications from Joshua’s camp that they would not be ready for an immediate rematch.

“Daniel will defend his title in February, and if it’s not Joshua, then it’ll be against someone ranked in the top five,” Warren revealed in an interview with Sky Sports.Dubois, 27, captured the IBF title in September with a sensational fifth-round knockout victory over Joshua at Wembley Stadium.

The win extended his record to an impressive 22 wins, with 21 of those coming by way of knockout.

Meanwhile, Ajagba boasts 14 knockouts in 20 professional fights, with only one loss, further establishing himself as a formidable opponent for the champion.

Eddie Hearn, Joshua’s promoter, explained that the British-Nigerian boxer’s injuries from the September fight, coupled with concerns about a quick turnaround, have ruled out his availability for an immediate rematch.

Joshua, who has amassed over $200 million in his career, including $75 million from fights this year alone, is expected to return to the ring in the summer.

Warren highlighted the champion’s flexibility for his upcoming defense, noting that the bout against Joshua in September fulfilled a mandatory obligation.

“First of all, the fight Daniel had against AJ was his mandatory, so he is allowed a period, which means he can fight in February and he’s allowed up until April or May to make a voluntary defense,” Warren explained.

IBF President Daryl Peoples confirmed Dubois’ right to an optional defense, paving the way for a potential showdown with Ajagba.

Both fighters, known for their impressive knockout power and similar physical attributes, promise an explosive matchup.

The winner of the potential Dubois vs. Ajagba clash could position themselves for a lucrative unification bout against the winner of the highly anticipated Oleksandr Usyk vs. Tyson Fury rematch, scheduled for December 21 in Saudi Arabia.

That fight will see the WBC, WBO, and WBA titles on the line, further intensifying the stakes in the heavyweight division.