Tariff: NACCIMA warns against economic instability, job losses

The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has expressed fear that unless the Federal Government takes deliberate steps to increase Nigeria’s non-export earnings, the current global tariff war may lead to job losses, low foreign exchange inflow, and economic instability.

This was the position of the President of NACCIMA, Dele Oye, as the chairman at the Vanguard Economic Discourse 2025 with the theme, “Nigeria’s Economic Outlook 2025: Hardship and Pathways to Sustainable Recovery”, held last week in Lagos.

Among other things, Oye who is also the Chairman of the Organised Private Sector of Nigeria (OPSN), emphasized the need for a viable and affordable homegrown democracy.

His words: “In this pivotal moment, we must recognize and confront the significant challenges before us—challenges that have been magnified by the advent of America’s “America First” policy.

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“This paradigm shift in global trade, driven by protectionism and tariffs, presents a unique and formidable array of obstacles for developing nations such as ours.

“The world we once knew, one characterized by cooperative, rules-based trading systems under the World Trade Organization, has given way to an environment fraught with uncertainty. This transformation not only disrupts global markets and supply chains but poses an acute threat to our competitive standing in international trade.

“The recent implementation of a 14% tariff on Nigerian exports to the United States directly jeopardizes what has historically been a critical market for our key goods, including crude oil, liquefied natural gas, and agricultural products. “The ripple effects of reduced demand could precipitate job losses, economic instability, and a decline in vital foreign exchange inflows, particularly for our non-oil sectors”.

“Indeed, the ramifications of current U.S. policies go beyond tariffs. We are witnessing a significant decrease in funding for initiatives that empower Africa’s burgeoning start-ups. The $51 million cut from the United States Development Fund, which affects countries like Nigeria and Kenya, exemplifies the broader challenges we face. The grants previously allotted to our SMEs are critical for nurturing innovation and entrepreneurship within our local economies”.

In the face of these challenges, Oye said Nigeria must act decisively and strategically to reshape its economic destiny where adversity can give rise to opportunity.

Tariff: NACCIMA warns against economic instability, job losses

Tinubu: Presidency reacts to US court order, says president not investigated by CIA

A United States District Court in Columbia has ordered the Federal Bureau of Investigation, FBI, and the Drug Enforcement Administration, DEA, to release records relating to the criminal investigation of President Bola Tinubu over alleged drug trafficking.

Judge Beryl Howell, in a ruling dated April 8, which can be found on the court’s website, directed both agencies to search for and process non-exempt records tied to Freedom of Information Act, FOIA, requests filed by American researcher Aaron Greenspan.

But the Presidency in a swift reaction, said the US court didn’t indict the President, adding that he was not also investigated by the Criminal Investigation Agency, CIA.

Greenspan, founder of legal transparency platform, PlainSite, had submitted 12 FOIA requests between 2022 and 2023, seeking information on a Chicago drug ring that operated in the early 1990s.

His request included records on Tinubu and three others, including Lee Andrew Edwards, Mueez Abegboyega Akande and Abiodun Agbele.

The FBI and DEA had previously issued “Glomar responses”—a refusal to confirm or deny the existence of requested records—but the court ruled that such responses were improper in this case.

The FBI and DEA have now been ordered to conduct a search and release non-exempt materials, while the parties are to report back to the court on the case’s status by May 2, 2025.

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The judgment read:  “The FBI and DEA have both officially confirmed investigations of Tinubu relating to the drug trafficking ring.

“Any privacy interests implicated by the FOIA requests to the FBI and DEA for records about Tinubu are overcome by the public interest in release of such information.

“Since the FBI and DEA have provided no information to establish that a cognizable privacy interest exists in keeping secret the fact that Tinubu was a subject of criminal investigation.

“They have failed to meet their burden to sustain their Glomar responses and provide an additional reason why these responses must be lifted.”

The court upheld the CIA’s Glomar response after Greenspan conceded that the agency had acknowledged the existence of responsive records.

The judge ruled, “For the reasons discussed above, plaintiff is entitled to summary judgment as to each of the four Glomar responses asserted by defendants FBI and DEA, while defendant CIA is entitled to summary judgment, since its Glomar response was properly asserted.

“Accordingly, the FBI and DEA must search for and process non-exempt records responsive to the FOIA requests directed to these agencies.

“The CIA, meanwhile, is entitled to judgment in its favour in this case. The remaining parties are directed to file jointly, by May 2, 2025, a report on the status of any outstanding issues in this case, as described in the accompanying order.”

US Court didn’t indict Tinubu — Presidency

Reacting to this yesterday, the Presidency said the reports did not indict President Bola Tinubu.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, told Vanguard that there was nothing new that was revealed in the said reports.

He said the reports had been in the public space for more than 30 years, noting that President Tinubu was not investigated by the CIA.

He said: “There is nothing new to be revealed. The report by Agent Moss of the FBI and the DEA report have been in the public space for more than 30 years. The reports did not indict the Nigerian leader.  And he was not investigated by the CIA.”

Tinubu: Presidency reacts to US court order, says president not investigated by CIA

JUST IN: Release files on Tinubu, US judge orders FBI, DEA

A United States District Court in Washington, D.C., has directed the Federal Bureau of Investigation (FBI) and the Drug Enforcement Administration (DEA) to make public records concerning President Bola Tinubu.

Judge Beryl Howell issued the order on Tuesday in response to a motion filed by Aaron Greenspan, an American citizen seeking a review of a previous ruling.

In her decision, Howell dismissed the agencies’ justification for withholding the information, stating that shielding such documents from the public “is neither logical nor plausible.”

Greenspan alleged that the agencies violated the Freedom of Information Act (FOIA) by failing to produce documents regarding alleged federal probes into both President Tinubu and Abiodun Agbele within the legally mandated timeframe.

In 1993, Tinubu forfeited $460,000 to the U.S. government after officials linked the funds to proceeds from narcotics-related activities.

The issue resurfaced during proceedings at Nigeria’s Presidential Election Petition Court, where opposition candidates Atiku Abubakar and Peter Obi cited the forfeiture in challenging Tinubu’s eligibility for office. The court ultimately dismissed the petitions and upheld his election.

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Judge Howell’s latest ruling partially supports Greenspan’s claims, particularly concerning the agencies’ reliance on what’s known as a “Glomar response”—a refusal to confirm or deny the existence of records.

According to the judge, the FBI and DEA failed to demonstrate that their use of the Glomar principle was appropriate in this case.

She wrote, “the claim that the Glomar responses were necessary to protect this information from public disclosure is at this point neither logical nor plausible,” noting that Tinubu had already been publicly identified as a subject in investigations by both agencies.

Further explaining the legal framework, Howell stated that a FOIA requester can challenge a Glomar response either by disputing the claim that disclosure would cause identifiable harm, or by proving that the agency has already officially acknowledged the information in question.

In this instance, Greenspan made both arguments. He contended that: “The plaintiffs’ argument that (1) DEA has officially confirmed investigations of Agbele’s involvement in the drug trafficking ring, (2) the FBI and DEA have both officially confirmed investigations of Tinubu relating to the drug trafficking ring, (3) any privacy interests implicated by the FOIA requests to the FBI and DEA for records about Tinubu are overcome by the public interest in release of such information, and (4) the CIA has officially acknowledged records responsive to plaintiff’s FOIA request about Tinubu.”

JUST IN: Release files on Tinubu, US judge orders FBI, DEA