Despite generating $1tn in 40 years, Nigeria's debt rose to $91.46bn — Agbakoba – Newstrends
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Despite generating $1tn in 40 years, Nigeria’s debt rose to $91.46bn — Agbakoba

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Dr. Olisa Agbakoba

Despite generating $1tn in 40 years, Nigeria’s debt rose to $91.46bn — Agbakoba

Human rights activist and senior lawyer, Dr. Olisa Agbakoba, SAN, yesterday, said Nigeria’s public debt rose to $91.46 billion (N121.67 trillion), despite its ability to generate $1 trillion in 40 years.

Agbakoba identified the alleged exclusion of Nigerians from key value chains, weak enforcement of local content laws, incorporation of foreign agreements, tax avoidance and corruption as possible reasons for the development.

He also called for the implementation of new measures, including the increase of Nigerians’ participation in legal services, shipping, banking, insurance, drilling, oil field services and engineering within the oil and gas industry.

In his presentation, titled ”The Paradox of Nigeria’s Oil and Gas Industry: A Policy Paper”, at an engagement with the media in Lagos, Agbakoba, said: “Over the past 40 years, the cumulative revenue from oil and gas has exceeded $1 trillion, an amount that should have been sufficient to transform the nation’s economy and infrastructure.

“Yet, Nigeria consistently resorts to borrowing, with the total public debt standing at N121.67 trillion ($91.46 billion) as of March 31, 2024, according to the Debt Management Office, DMO.

“There are 36 value chains related to crude oil exploration, with at least seven crucial ones largely excluding Nigerian participation: Legal, shipping, banking, insurance, drilling, oil field services, engineering and construction.

“Over $1 billion worth of legal work is lost to foreign firms annually due to a perception of superior expertise and international experience.

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“Nigerian shipping companies are not engaged to ship crude oil products due to the absence of a legal framework for developing a national fleet of vessels, leading to significant loss of potential revenue and employment opportunities.

“Funds from crude oil production are often domiciled in foreign banks, sometimes held for months before remittance to the Central Bank of Nigeria, depriving Nigerian banks of substantial business and the economy of potential multiplier effects.

“The Nigerian insurance industry plays a very insignificant and limited role in the oil and gas Industry.

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Tinubu to launch Sokoto-Badagry super highway in August – Minister

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President Bola Ahmed Tinubu

Tinubu to launch Sokoto-Badagry super highway in August – Minister

Engineer Nweze David Umahi, the Minister of Works, has disclosed that President Bola Ahmed Tinubu would inaugurate the first phase of 1000km Sokoto-Badagry super highway project in August. It is called in Kebbi State.

Umahi made the commitment when stakeholders were engaged in aligning Sokoto and Kebbi states’ phases of the highway at Birnin Kebbi, where work on a 258km stretch in the area-Kebei axis would commence.

The road is relevant to its oldest trans-Sahara trade way, which was launched 48 years ago but implemented now under President Tinubu’s administration (as obtained)

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While addressing the engagement, Kunle, who stood on behalf of the state Minister of Budget and Economic Planning,Sen Atiku Bagudu, noted that public support was required for the successful implementation of new economic policies being formulated to actualize developmental and economic objectives.

Thanking the president, Governor Nasiru Idris said he was overwhelmed, which made CarYahaya happy as it signified many of Nigeria’s demands.

Tinubu to launch Sokoto-Badagry super highway in August – Minister

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Court of Appeal nullifies expulsion of Rivers assembly lawmakers

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Martin Amaewhule

Court of Appeal nullifies expulsion of Rivers assembly lawmakers

In a significant legal decision, the Court of Appeal in Abuja has nullified the expulsion of Martin Amaewhule and 24 other lawmakers from the Rivers State House of Assembly.

This ruling overturns an earlier decision by the Rivers State High Court, which had ordered their expulsion.

The appellate court’s judgment emphasized that, according to Section 272(3) of the Nigerian Constitution, the Federal High Court holds the exclusive jurisdiction to determine if a House of Assembly member’s seat has become vacant. By specifically mentioning the Federal High Court, the Constitution excludes state high courts from having such authority.

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The court declared the ex parte order issued by the Rivers State High Court as null and void due to a lack of jurisdiction.

The lawmakers involved, who are loyal to the immediate former governor of the state and current Federal Capital Territory Minister, Nyesom Wike, had defected from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC) amid a conflict between Wike and the current Governor, Siminalayi Fubara.

Court of Appeal nullifies expulsion of Rivers assembly lawmakers

(SaharaReporters)

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Ganduje probe: Two Kano judges get 48-hour court order to resign

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National chairman of the All Progressives Congress (APC), Dr Abdullahi Ganduje

Ganduje probe: Two Kano judges get 48-hour court order to resign

A Federal High Court in Kano, led by Justice Simon Amobeda, has mandated two judges, Justice Farouk Lawan Adamu and Justice Zuwaira Yusuf, to resign from their appointments as heads of two separate judicial commissions within 48 hours.

 This directive targets appointments made by Kano State Governor Abba Yusuf. Justice Adamu was appointed to lead the Judicial Commission of Inquiry for the Recovery of Misappropriated Public Properties and Assets, while Justice Yusuf was appointed to head the Judicial Commission of Inquiry on Political Violence and Missing Persons.

Justice Amobeda’s ruling followed a case filed by former governor Abdullahi Ganduje, who sought to prevent Governor Yusuf from investigating his administration.

The judge ruled that if the two judges fail to comply within the 48-hour timeframe, the National Judicial Council (NJC) will halt their salaries and benefits.

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The court highlighted that judges should not engage in executive functions assigned by the governor, as their primary role is to adjudicate disputes in court. Justice Amobeda emphasized that the governor’s action to appoint these judges to the commissions without appealing an earlier judgment by Justice A. Liman was an abuse of office.

Justice Liman had ruled that only the Economic and Financial Crimes Commission (EFCC) or the Independent Corrupt Practices Commission (ICPC) could investigate Ganduje.

Justice Amobeda underscored that the governor does not have the authority to appoint the judges to these commissions, stating that this move undermines the judicial arm of government and violates the doctrine of separation of powers. The judge ordered that the judges must step down from their commission roles and return to their judicial duties exclusively, or face the cessation of their judicial remuneration.

Respondents in this case include the National Judicial Council (NJC), the Revenue Mobilization Allocation and Fiscal Commission, the Attorney-General of Kano State, and the two judges, Justice Farouk Lawan Adamu and Justice Zuwaira Yusuf.

Ganduje probe: Two Kano judges get 48-hour court order to resign

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