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Buhari to world leaders: Reject coups in West Africa

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President Muhammadu Buhari yesterday tasked the international community to stand up against the recent trend of power hijack by the military in some African countries.

President Buhari, who spoke at the 76th Session of the United Nations’ General Assembly in New York, the United States of America (USA), warned that rising cases of coup in West Africa were eroding the democratic gains of the past decades.

According to the President, the unconstitutional takeover of power had sometimes been in reaction to unilateral change of constitution by some leaders, admonishing those elected to lead countries to reject the temptation of staying beyond their constitutional term of office.

He affirmed Nigeria’s support of efforts by ECOWAS, AU and the UN to address this growing challenge, saying “as leaders of our individual member states, we need to adhere to the constitutional provisions of our countries, particularly on term limits. This is one area that generates crisis and political tension in our sub-region.”

The President urged the international community not only to deal with the symptoms of conflict but also the immediate causes that fuel conflicts in the first place.

“These include poor and undemocratic governance, human rights abuses, poverty, ignorance, injustice and inequalities.

“There are no easy solutions to these conditions. They require long term investments and more effective international cooperation.

“In this connection, my delegation underscores the importance of promoting peaceful, unfettered, and inclusive participation of states in global actions towards conflict prevention.

“This will facilitate the achievement of the 2030 Agenda for Sustainable Development and the African Union Agenda 2063,” he said.

The President’s speech, delivered from the podium of the General Assembly hall, addressed other matters on the international agenda of interest to Nigeria, including the COVID-19 pandemic, Arms Trade Treaty, climate change, terrorism, anti-corruption, debt suspension, international trade, UN Security Council Reform, Palestinian Question and racial discrimination, among others.

On international trade, President Buhari called for reforms that will engender recovery from the COVID-19 crisis, build resilience to future shocks and pursue transformative development strategies that can deliver the 2030 Sustainable Development Goals.

He said: “Nigeria reaffirms that international trade is an engine for development and sustained economic growth, as well as the global eradication of poverty.

‘‘My delegation would like to reaffirm the critical role that a universal, rules-based, open, non-discriminatory and equitable multilateral trading system can play in stimulating economic growth and development.

‘‘Fair and equitable trade would eventually eliminate the need for aid.

‘‘My country and indeed all African countries do not intend to stay indefinitely looking for aid. All we need is a fair and equitable system of international trade.”

On the issue of debt in the wake of the COVID-19 pandemic, the Nigerian leader urged G20 countries to extend its debt suspension initiatives to all developing countries, least developed countries, small island developing states facing fiscal and liquidity challenges.

The President also called for outright debt cancellation for countries facing the most severe challenges.

“Developing countries have been faced with unsustainable debt burdens even before the pandemic.

“The COVID-19 pandemic has increased the risk of new wave of deepening debt, where vital public financial resources are allocated to external debt servicing and repayments at the expense of domestic health and financing for critical developmental needs.

“I must commend the current initiatives by the international financial institutions and the G20 aimed at significantly mitigating the economic situation of the indebted countries and urge for more efforts in this regard.

“Therefore, there is an urgent need to consider expansion and extension of the Debt Service Suspension Initiative to include all Developing, Least Developed Countries and Small Island Developing States facing fiscal and liquidity challenges.

“In addition, a review of the eligibility criteria for debt suspension, including outright cancellation, is needed for countries facing the most severe challenges.’’

The President also used the occasion of the speech to renew his advocacy for equitable distribution of COVID-19 vaccines, outlining steps Nigeria has taken to achieve “moderate success” in containing the virus and halt its deadly onslaught in the country.

“Nigeria remains grateful for the assistance received from our partners and friends all over the world.

‘‘Vaccination is the key to our safe emergence from the pandemic.

“We fully support the COVAX initiative from which we have benefitted. We also thank the United States of America, Turkey, India, China, European Union and others for the vaccines provided.

‘‘Despite the acknowledgement, however, I would like to reiterate my call for a fairer and more equitable distribution of vaccines to all countries so that, together, we can fight and contain the pandemic.

“The rising wave of newer and more contagious strains makes this even more urgent. No country can afford the socio-economic implications of prolonged shutdown. It is imperative to underscore that no one is safe until everyone is safe.’’

On Nigeria’s intervention to halt the pandemic, the President said: ‘‘At the outset, we recognised detection and contact tracing to be important tools in combating the virus.

‘‘In this connection, from a mere four laboratories with testing and detection capacities, we ramped up the facilities to over 140 centres today.

‘‘Similarly, we built isolation centres and emergency hospital wards in record time all over the country. We carry out genomic sequencing in designated laboratories across the country with a view to detecting variants in circulation.

‘‘In addition, over 40,000 health care workers have recently been trained on Infection, Prevention and Control measures with the support of various partners.

‘‘Through the Nigerian Centre for Disease Control, we have established 16 infectious disease treatment centres located within our Teaching Hospitals and Federal Medical Centres.’’

On the fight against terrorism, the President told the UN General Assembly that the Nigerian security forces have recorded considerable success.

‘‘As a result of the renewed vigour of Nigeria’s military, many terrorist fighters are voluntarily surrendering to our security forces,’’ he said.

The President noted that while terrorism continues to dominate security discourse worldwide, in Nigeria, the Boko Haram terrorists group, though fragmented by internal strife and weakened by our defence forces, is still active and preying on soft targets.

‘‘Nigeria will continue to work closely with UN Counter-Terrorism bodies and entities with a view to bringing this scourge to an end, ’’ he said, adding that the country would spare no effort in addressing the challenges of terrorism posed by the activities of Boko Haram in North-East Nigeria and the Lake Chad region, as well as banditry in the North-West and North-Central Nigeria.

‘‘I and three other Nigerian Heads of State served actively as peace keepers and Nigeria continues to support peacekeeping efforts. We know the sacrifice involved; we also know how important peacekeeping is for those in vulnerable situations.

‘‘Nigeria will continue to play its part fully in supporting United Nations peacekeeping operations within Africa and beyond,’’ he said.

The Nigerian leader also renewed the call for the reforms of the UN Security Council, stressing that intergovernmental negotiations on the issue was taking too long.

‘‘No reform of the United Nations system is more urgent than that of the Security Council. Stakeholders around the world are asking how such power could be concentrated, with scant representation.

‘‘The intergovernmental negotiations have taken too long, some 15 years.

‘‘We must avoid going in circles. Consensus has been achieved in some of the elements of this reform, especially that of the representation of Africa on the basis of the Elzuwini consensus and the Sirte Declaration.

‘‘It is unreasonable to expect unanimity in this matter. The issue, indeed, is about justice, not unanimity. Without justice, the legitimacy (even efficacy) of our Organisation is called to question.

‘‘We can and must make substantial, irreversible progress on Security Council reform in the current session,’’ he said.

On the Palestinian question, the President encouraged Israel and Palestine to re-engage in dialogue based on relevant UN resolutions and Initiatives.

‘‘The two-state solution has the support of the international community and is widely acknowledged as the path to lasting peace,’’ he said.

President Buhari expressed deep concern at the devastating effects of small arms and weapons, calling for accountability in conventional arms trade.

“Nigeria remains deeply concerned over the illicit trade, transfer, and circulation of small arms and light weapons. Their excessive accumulation and uncontrolled spread in many regions of the world are having devastating humanitarian and socio-economic consequences, especially on the continent of Africa.

“It is on this note that my delegation calls for the worldwide application of the Arms Trade Treaty to codify accountability in conventional arms trade, which is critical to the security of nations. This is in recognition of the need for a broad-based global partnership in the ongoing battle against trans-border crimes, including terrorism and piracy.”

President Buhari concluded his UN speech at the 76th annual general debate with praise for the outgoing German Chancellor Angela Merkel.

He also pledged Nigeria’s unalloyed support for multilateralism and faith in the UN as the pre-eminent body for solving current and emerging global challenges.

‘‘Our organisation is at the peak of the multilateral system.

‘‘It is also the pre-eminent body for solving our current and emerging challenges, and for developing norms that are protective of us all. We need to re-commit to it, rejuvenate it to better serve us.

‘‘Nigeria re-affirms its faith in the United Nations and is further resolved to continue to work with all Member-States for peace and security, development and the protection of human rights.

‘‘In the current moment, hope for these, is dependent on how we assist each other to get Covid-19 out of all countries, regardless of their classification. We can and must do so.

‘‘In this regard, let me close my statement by paying special tribute to a great and humane internationalist, and an exemplary practitioner of multilateral cooperation. I am speaking of Chancellor Angela Merkel of the Federal Republic of Germany. As she exits the stage, we wish her well,’’ he said.

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Adebayo Ogunlesi, 2 other Nigerians make Forbes 50 wealthiest Black Americans list 2024

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Adebayo Ogunlesi

Adebayo Ogunlesi, 2 other Nigerians make Forbes 50 wealthiest Black Americans list 2024

Forbes has unveiled its 2024 ForbesBLK 50 list, celebrating the achievements of the wealthiest and most influential Black Americans.

Among the honorees are three Nigerians—Adebayo Ogunlesi, Tope Awotona, and Wemimo Abbey—whose groundbreaking contributions and entrepreneurial successes have earned them places on this prestigious list.

The ForbesBLK 50 is a reimagining of Forbes’ 2009 Wealthiest Black Americans list, which then featured figures like Oprah Winfrey, Michael Jordan, and Magic Johnson.

While net worth remains a core metric, the new list also highlights innovation, societal impact, and leadership across diverse industries.

Adebayo Ogunlesi, with a net worth of $1.7 billion, stands out as a pioneering force in global infrastructure investment. As chairman and cofounder of Global Infrastructure Partners (GIP), Ogunlesi led the private equity firm through a transformative acquisition by BlackRock in 2024 for $12.5 billion.

  • Ogunlesi, a Harvard-educated lawyer and banker, previously spent over two decades at Credit Suisse before launching GIP in 2006.
  • His influence extends beyond business, as he has become a key figure in reshaping infrastructure investment on a global scale.

Also, Nigerian entrepreneur,Tope Awotona, the founder and CEO of Calendly, has redefined efficiency in scheduling and holds a net worth of $1.4 billion.

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  • Born in Lagos, Awotona moved to Atlanta as a teenager and pursued business and management information studies at the University of Georgia. After early entrepreneurial setbacks, he launched Calendly in 2013, driven by frustration with cumbersome meeting coordination. The platform, which raised $350 million in 2021, is now valued at $3 billion and serves millions of users worldwide.

Although not a ranking, Wemimo Abbey, at just 32, is the youngest Nigerian on the list and cofounder of Esusu, an African fintech company addressing financial inclusion. Esusu helps renters build credit by reporting rent payments to credit bureaus, a service utilized by more than 20,000 properties and benefiting 1.8 million Americans.

  • In 2022, Esusu achieved a $1 billion valuation following a $130 million funding round. Abbey, who grew up in Lagos, has a background in mergers and acquisitions consulting and a passion for leveraging technology to drive social impact.

These three Nigerians show innovation, resilience, and the drive to address pressing global challenges. Their inclusion on the ForbesBLK 50 list is a foretelling of their entrepreneurial vision and the increasing influence of Nigerians on the global stage.

The ForbesBLK 50 list, launched under ForbesBLK, aims to go beyond net worth to measure impact and influence within the Black community and beyond.

Adebayo Ogunlesi, 2 other Nigerians make Forbes 50 wealthiest Black Americans list 2024

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Northern youths say new tax regime bill designed to ruin region

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President Bola Ahmed Tinubu

Northern youths say new tax regime bill designed to ruin region

Coalition of Northern Groups, Taraba State chapter, has expressed concerns that the proposed Tax Reform Bill by President Bola Ahmed Tinubu’s administration is cunningly designed with all premeditated intent and purposes to further develop the southern Nigeria at the expense of the north.

The northern youths, who lamented the economic hardship in the country, concluded that the effect bears more scars on the region than any other.

Aside from the new Tax Reform Bill, the group also condemned the federal government’s land-border closure, alleging that the ideas favour the South more than the North.

The group, in a statement signed by its coordinator, Comrade Idris Ayuba, made available to Vanguard Correspondent in Ilorin alleged that most difficulties the North faces are the repercussions of the decisions, citing the effect of Petroleum subsidy removal, land border closure and the new tax regime as few examples.

He noted in the statement that”reduction in the consumption of a capital commodity like petroleum occasioned by the subsidy removal is not a manifestation of a positive policy impact; it rather indicates reduced economic activities that force people out of energy consumption,”

On the land border closure, Idris said: “One of the primary concerns is the impact of this policy on the regional economy, which has been heavily reliant on cross-border trade with neighbouring countries. The closure has resulted in significant losses for traders and business owners in the region, exacerbating poverty and unemployment.

“The policy has given undue advantage to Southern Nigeria, for instance, the closure has led to an increase in demand for locally produced goods in Southern Nigeria, which has boosted the southern regional economy.

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“Additionally, the Southern region has benefited from the increased revenue generated from customs duties and taxes on imported goods.

“The closure has also created an imbalance in the distribution of economic opportunities, with Southern Nigeria having greater access to ports and international trade routes.

” This has resulted in a concentration of economic activity in the Southern region, further marginalizing Northern Nigeria,” Idris explained in the statement.

Northern youths say new tax regime bill designed to ruin region

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BREAKING: National Assembly extends lifespan of 2024 budget

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Senate President, Godswill Akpabio

BREAKING: National Assembly extends lifespan of 2024 budget

President of the Senate, Godswill Akpabio, has explained that the impressive performance of the 2024 national budget encouraged members of the National Assembly to extend the lifespan of the 2024 budget beyond December 31 this year.

Akpabio gave the explanation Wednesday in his welcome address during the presentation of the 2025 national budget to the joint session of the federal parliament.

He said, “We have noted the 2024 budget performances of 50% for capital expenditure and 48% for recurrent expenditure respectively.

“Given these great achievements, we have deemed it necessary to extend the life of the 2024 budget to June 30, 2025.

“The enabling law for this extension has already been put in place by this patriotic Assembly, as a testament to our appreciation for the great performance of the budget, ensuring we build upon your momentum.

“We commend your steadfast commitment to collaborate, cooperate and work with the National Assembly to achieve your grand vision for Nigeria.”

As the red chamber planned to start deliberations on the budget proposals, Akpabio warned heads of the various ministries, departments and agencies of the Federal Government to make themselves available for the budget defence.

He said: “Let me take this opportunity to stress the importance of the honourable ministers and heads of extra-ministerial departments being prepared to respond promptly to requests for them to come and defend their sectoral allocation in the exercise of our legislative oversight.

“We have observed concerning the behaviour from some ministers and heads of extra-ministerial departments, who sometimes neglect their duty to promptly submit to legislative oversight, sometimes even disregarding invitations from relevant committees of the legislature.

“It is imperative they understand that we will not condone such breaches of the constitution going forward.”

Akpabio noted that under the President Bola Tinubu administration, Nigerians has “witnessed remarkable strides in economic reforms, aimed at enhancing our nation’s stability and growth”.

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According to him, “The courageous decision to remove fuel subsidies, though challenging, showcases your (Tinubu’s) unwavering commitment to redirecting resources to critical sectors such as education and healthcare.

“Your collaboration with the Central Bank has cultivated an environment ripe for investment, and your focus on infrastructure development reflects a visionary commitment to improving the connectivity that fuels our economy.

“Furthermore, your initiatives to strengthen our security framework stand as a testament to your resolve in tackling the pressing challenges of our time.“

The chairman of the National Assembly commended Tinubu’s efforts in the era of security.

“We commend your tireless efforts, along with those of our brave men and women in uniform, for liberating our lands from the grip of terror.

“Today, no community is under the threat of terrorism, a monumental achievement we celebrate together.

“The reduction in kidnapping incidents and the neutralization of over 11,000 terrorists and insurgents is a testament to patriotism, strength and determination,” Akpabio said.

The Senate President said Tinubu’s dedication to fostering international relations paves the way for fruitful partnerships that will propel the nation forward.

He said: “We are witnessing a resurgence in foreign direct investment, made possible by your visionary directives that ease the visa processes for Nigerians travelling to other countries, and at the same time welcome investors and tourists alike to our country.

“Your innovative approaches in our embassies and the Ministry of Foreign Affairs have opened new doors for Nigeria and its people. For this we thank you.”

He said the introduction of social welfare programmes embodies the president’s unwavering belief in uplifting the living standards of our citizens.

“You remind us that our nation is not merely constructed of bricks and mortar, but of the resilience and determination of its people.

“Nigerians are taking notice of your remarkable achievements. You have doubled aggregate government revenues to over NGN 18.32 trillion, reduced debt servicing expenditures from 97% to 68%, fulfilled $7.5 billion in foreign exchange obligations, increased oil production to 1.8 million barrels per day, and launched the Compressed Natural Gas initiative.

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“Your administration has processed over N45.6 billion for student payments, signed the National Minimum Wage Law, and raised the national minimum wage to N70,000 a month, all while providing over N570 billion in financial support to the 36 states,” Akpabio said.

He commended the groundbreaking tax reform initiative including the four tax reform bills, namely the Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; Nigeria Tax Administration Bill, 2024; and the Nigeria Tax Bill, 2024.

He said the tax reform bills represented a monumental shift in the country’s fiscal landscape and that its critics haven’t read the proposed legislations.

The Senate President said: “It is disheartening that those who have not taken the time to understand these bills are the loudest critics.

“I urge all Nigerians, especially those in public office, to engage with these vital reforms thoughtfully.

“This initiative marks the first comprehensive tax reform since Nigeria’s independence, presenting a transformative opportunity for rejuvenating small and medium enterprises and enhancing the livelihoods of ordinary Nigerians.

“These reforms will not only improve Nigeria’s revenue profile but also create a more conducive and internationally competitive business environment, transforming our tax system to support sustainable development.”

Akpabio said the infrastructure renaissance has paved the way for many roads, including the coastal road and crucial arteries in the Abuja capital city and other parts of the country.

“These developments are not merely about concrete and asphalt; they represent the lifeblood of our economy, connecting our people and fostering growth,” he added.

He urged Nigerians to bear with the president whose economic reforms had imposed hardship on Nigerians but noted that: “We are light-years away from where we began, though some rivers remain to be crossed.

“The pains we feel are not merely the pains of hardship; they are the pains of childbirth. When that season arrives in Nigeria, when this administration births that season, we will rejoice for the struggles endured.

“For now, I ask for your patience and urge all Nigerians to cooperate with the president and maintain faith in his vision.

“Mr. President, while you cannot be everywhere, you have eyes everywhere. We, the distinguished senators and honourable members of the House of Representatives, are your eyes in our constituencies and every corner of Nigeria.

“When our constituents struggle to afford rice, they come to us. When their shoes pinch, they seek our assistance. When the economic alarm sounds, they turn to us.

“Therefore, we are committed to ensuring that you touch the hearts and pulse of Nigerians through these appropriation bills resonating with the sounds of hope and signalling the dawn of Nigeria’s economic rebirth,” he added.

Akpabio ended his speech by leading the members of the National Assembly to sing for the president as they all chorused, “On your mandate we shall stand” to the admiration of the legislatures and the guests.

 

BREAKING: National Assembly extends lifespan of 2024 budget

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