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NEW ZEALAND GOVERNMENT FAST-TRACKS OVERSEAS DOCTORS’ REGISTRATION TO ADDRESS DOCTOR SHORTAGE

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The New Zealand government is taking steps to expedite the registration process for overseas doctors as part of its strategy to combat a long-term shortage of medical professionals. Health Minister Shane Reti announced on Tuesday that while the focus remains on developing a home-grown health workforce, internationally qualified specialists are essential in delivering quality healthcare to New Zealanders.

The Medical Council’s fast-track pathway is available for specialists trained in various fields, including anesthesia, dermatology, emergency medicine, general practice, internal medicine, pathology, and psychiatry. Starting November 1, medical graduates from Britain, Ireland, and Australia will have their registration applications assessed within 20 working days, a significant reduction from the previous processing time of up to six months.

In addition to facilitating overseas doctors’ entry into the workforce, the government is also considering establishing a third medical school in the country, alongside the existing Auckland and Otago Medical Schools, to increase the number of domestically trained doctors

CAF SCHEDULES NIGERIA’S FINAL AFCON QUALIFYING MATCH AGAINST RWANDA FOR NOVEMBER 18

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The Confederation of African Football (CAF) has announced that Nigeria’s final qualifying match for the 2025 Africa Cup of Nations (AFCON) will take place on November 18 against Rwanda. The match is set to be held at the Godswill Akpabio Stadium in Uyo.

Ademola Olajire, the Director of Communications at the Nigeria Football Federation (NFF), confirmed the details in a statement released on Tuesday in Abuja. This encounter will conclude the Group D qualifying rounds for the 35th AFCON finals, which are scheduled to be hosted in Morocco from December 2025 to January 2026.

Olajire noted that Moroccan match officials have been appointed for the game, with Samir Guezzaz designated as the referee. The match is slated to kick off at 5 p.m. Nigeria time. Guezzaz will be assisted by Zakaria Brinsi and Abdessamad Abertoune, while Kech Chaf Mustapha will serve as the fourth official. Prosper Addo from Ghana will oversee the match as the commissioner, with Somalian Ali Ahmed acting as the referee assessor.

Additionally, CAF has assigned officials from Senegal for another match, where Issa Sy will officiate the Matchday 5 clash between Nigeria and Benin Republic on November 14 at the Stade Felix Houphouet-Boigny. This match will begin at 7 p.m. Ivorian time (8 p.m. Nigerian time), with Djibril Camara and Nouha Bangoura serving as assistant referees, and El Hadji Amadou Sy as the fourth official. Ivorian René Sere will be the commissioner, and Angolan Inacio Manuel Candido will act as the referee assessor.

OGUN STATE GOVERNMENT SHUTS DOWN OBADA GRAMMAR SCHOOL AFTER STUDENT’S DEATH

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The Ogun State government has taken decisive action by shutting down Obada Grammar School in Obada, Idi-emi, following the tragic death of Master Monday Arijo, an SS2 student. The closure comes in the wake of the arrest and suspension of the teacher allegedly responsible for the student’s death due to corporal punishment.

Mrs. Tamrat Onaolapo, the school’s principal, has also been suspended for permitting corporal punishment in violation of established state regulations. The closure was ordered by the state governor, Prince Dapo Abiodun, who has mandated the establishment of a panel to investigate the circumstances surrounding this unfortunate incident. The governor has vowed that anyone found culpable in the investigation will face the full consequences of the law.

Representatives from the Ministry of Education, Science and Technology visited the family of the deceased student to express condolences and gather firsthand accounts of the incident for a thorough investigation. The delegation included the Director of the Secondary and Higher Education Department, as well as officials from various educational unions and associations.

During the visit, the officials conveyed their heartfelt condolences to the family and assured them of the state government’s support during this difficult time. They emphasized their commitment to conducting a comprehensive investigation to uncover the facts and ensure accountability for this tragic event.

HIGH SUICIDE RATES AMONG JAPAN’S STUDENTS REMAIN A CONCERN IN 2023

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A government report released on Tuesday indicates that suicide rates among elementary, junior high, and high school students in Japan remained alarmingly high in 2023. According to the 2024 Suicide Prevention White Paper, a total of 513 students from these educational levels took their own lives, which is just one fewer than the record high of 514 reported in the previous year.

The breakdown of the data reveals that 347 high school students, 153 junior high students, and 13 elementary students died by suicide in 2023. The report identified common causes for these tragedies, noting that discipline and reprimands from families were significant factors in the suicides of elementary school students. In contrast, junior high and high school boys often cited academic struggles and career concerns as the primary reasons for their actions.

Overall, Japan recorded a total of 21,837 suicides in 2023, reflecting a decrease of 44 from the prior year. The national suicide rate remained stable at 17.6 deaths per 100,000 people.

Since 2020, suicide rates have seen an increase across most age groups in Japan, with the highest rates reported among the unemployed. However, the data also indicated a rise in suicides among working individuals, underscoring a broader societal issue that continues to affect various demographics.

NMDPRA REPORTS NIGERIA’S DAILY PETROL CONSUMPTION RANGES FROM 45 TO 50 MILLION LITRES

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The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has revealed that the country’s daily petrol consumption currently fluctuates between 45 million and 50 million litres. This disclosure was made by NMDPRA’s Chief Executive Officer, Mr. Farouk Ahmed, during the ongoing 18th Africa Downstream Energy Week in Lagos.

The 2024 OTL Africa Downstream Energy Week is themed “Alliances for Growth.” Ahmed noted that the increase in petrol consumption during the fourth quarter, particularly around the holiday season, is typical due to heightened industrial and consumer activities.

He expressed optimism that recent price adjustments and market liberalisation would help reduce cross-border smuggling, allowing more petrol to remain within Nigeria. “We hope this price adjustment or liberalisation will discourage cross-border smuggling of the product, meaning that more petrol will stay within the country,” he stated.

While Ahmed acknowledged that actual petrol consumption levels might decline, he indicated that a significant drop was unlikely.

In discussing the conference’s theme, he highlighted the critical role of alliances in enhancing efficiency and reducing costs within the industry. He proposed that fewer shared facilities would lead to greater efficiency compared to numerous idle private depots, ultimately benefiting both businesses and consumers.

“Collaborations or alliances among stakeholders will lead to greater efficiency and lower costs for consumers,” he asserted. Ahmed emphasized that shared facilities among agencies such as NMDPRA, the Nigerian Maritime Administration and Safety Agency, and the Nigeria Ports Authority could mitigate operational inefficiencies.

He clarified that while NMDPRA does not intend to enforce mergers, industry players are encouraged to explore partnerships, particularly in saturated markets, to enhance efficiency and reduce costs for consumers.

KIDNAPPERS DEMAND N200 MILLION RANSOM FOR ABDUCTED RECTO OF IMMACULATE CONCEPTION MINOR SEMINARY IN EDO STATE

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The abductors of Rev. Fr. Thomas Oyode, the Rector of the Immaculate Conception Minor Seminary of the Catholic Diocese of Auchi in Ivhianokpodi, Etsako East Local Government Area of Edo State, are reportedly demanding a ransom of N200 million for his release. Oyode was kidnapped on Sunday while attending evening mass.

Rev. Fr. Peter Egielewa, the Director of Communications for the Catholic Diocese of Auchi, confirmed the ransom demand in a brief message to journalists in Benin City, stating, “It is true.”

A source, who requested anonymity, revealed that the kidnappers contacted the Auchi Catholic Diocese on Monday evening, requesting the ransom for the release of the kidnapped priest. As of the latest updates, negotiations had not yet begun, and it remains unclear if the Catholic community will engage in discussions regarding the ransom.

During the kidnapping incident, it was reported that the gunmen also abducted two students after firing sporadically. Rev. Fr. Oyode reportedly pleaded with the kidnappers to release the students and instead opted to take him, who serves as the Rector and custodian of the students. The gunmen subsequently released the two students and took Oyode into custody.

According to a statement released by Rev. Fr. Peter Egielewa, the incident occurred on October 27 at approximately 7 p.m., when priests and seminarians were attacked during evening prayers and Benediction. The statement indicated that while Rev. Fr. Oyode was abducted, the Vice Rector and all seminarians were accounted for and safely relocated to a secure area until security measures around the seminary are reinforced.

The diocese has lodged an official report with law enforcement agencies and is seeking their assistance in securing the release of Fr. Oyode. The Catholic Diocese of Auchi has called upon all people of goodwill to join in prayers for the safe return of the abducted priest.

The Immaculate Conception Minor Seminary, established by the Catholic Bishop of Auchi, Most Rev. Dr. Gabriel Dunia, in 2006, has trained over 500 students for the priesthood.

POLICE DETAIN 17-YEAR-OLD STUDENT FOR FAKING ABDUCTION AND DEATH IN IMO STATE

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The Police Command in Imo State has detained 17-year-old Jesse Chidebere, a student at Imo State University (IMSU), for faking her own abduction and death. This incident has caused considerable distress to her family and the university community.

According to ASP Henry Okoye, the Police Public Relations Officer in Imo, the situation began on October 26, when police received a distress call reporting Chidebere missing. A message sent from her WhatsApp account claimed she had been abducted and killed, urging her family to visit the Orji Police Station for confirmation.

In response, police operatives launched a search for Chidebere, only to discover the following morning, October 27, that she was alive and had fabricated the story as a social media prank.

Okoye stated that an investigation is underway to determine the motive behind her actions, and she will face prosecution. The Commissioner of Police, Mr. Aboki Danjuma, condemned the “irresponsible behavior,” which he said wasted valuable resources and caused public panic.

He urged parents to caution their children against engaging in dangerous pranks and spreading misinformation, emphasizing that the command is committed to combating misinformation and ensuring a safe environment for all in the state.

FORMER NIGER DELTA MILITANT LEADER ASARI DOKUBO ACCUSES PRESIDENT TINUBU OF SUPPORTING NYESOM WIKE TO DESTABILIZE RIVERS STATE

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Former Niger Delta militant leader Asari Dokubo has publicly accused President Bola Tinubu of backing former Rivers State Governor Nyesom Wike in efforts to destabilize the current Rivers State government led by Governor Fubara. This claim reflects ongoing tensions in the state, particularly a rift between Wike and Fubara that has intensified since Fubara assumed office in 2023.

During an appearance on Arise TV, Dokubo expressed disappointment in President Tinubu for allegedly supporting Wike’s actions, which he believes threaten the peace and stability of Rivers State. He characterized Wike’s behavior as disruptive and indicative of a broader agenda to undermine the current governor.

Dokubo warned that if efforts to impeach Governor Fubara proceed, there could be serious consequences. He emphasized that such actions would not go without a response from the people of Rivers State.

He stated his belief that he holds a degree of responsibility regarding Tinubu’s performance as president, claiming he would be accountable for any failures to meet the expectations of the Nigerian people, not just those from the Niger Delta region.

Dokubo highlighted his longstanding relationship with Tinubu, expressing gratitude for the support he received during difficult times, including threats to his life in the past. This loyalty influences his current stance, as he feels compelled to speak out about the situation in Rivers State.

Dokubo’s comments underscore the volatile political landscape in Rivers State and reflect deeper tensions between various factions. His accusations against President Tinubu and former Governor Wike reveal concerns over political maneuvering that could disrupt governance and stability in the region. As the situation unfolds, it remains to be seen how these dynamics will impact both local politics and broader governance in Nigeria.

Ghana’s National Petroleum Authority Proposes Importing Refined Petroleum from Dangote Refinery

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The National Petroleum Authority of Ghana (NPAG) is proposing to import refined petroleum products from Dangote Refinery as part of its strategy to enhance energy security and strengthen regional economic cooperation. Dr. Mustapha Abdul-Hamid, the Chief Executive Officer of NPAG, announced this initiative during the 2024 OTL Africa Downstream Energy Week in Lagos.

Key Highlights from the Announcement:

  • Energy Security: The agreement with Dangote Refinery aims to reduce Ghana’s reliance on costly imports from Rotterdam, thereby bolstering the country’s energy security.
  • Regional Cooperation: Ghana has expanded its export agreements to include Burkina Faso, Mali, and Niger, which involves supplying operational facilities for international purposes, including U.S. military bases.
  • Infrastructure and Currency Concerns: Abdul-Hamid emphasized the need for unified investments in infrastructure to lower transportation costs and improve distribution within West Africa. He also called for the establishment of a common West African currency to mitigate foreign exchange volatility, which currently strains local currencies and inflates operational costs.
  • Shared Resources: He suggested that pooling human and infrastructure resources across the region could significantly strengthen economies, stressing that no African nation could achieve sustainable growth in isolation.
  • Regulatory Framework: Abdul-Hamid advocated for aligned regulatory policies within the ECOWAS framework to facilitate seamless trade and enhance economic stability.
  • Shared Infrastructure: The Ghana-Burkina Faso pipeline agreement was cited as a successful model for reducing dependence on tanker transport and ensuring consistent supply.

Commentary from Other Industry Leaders

Ms. Oluwatosin Aina, Group Head of Energy at First Bank of Nigeria Ltd., echoed Abdul-Hamid’s calls for a unified currency, noting the challenges posed by dollar-based transactions in petroleum dealings. She highlighted that ending Nigeria’s fuel subsidy has opened up investment opportunities in the downstream and midstream sectors.

Both Abdul-Hamid and Aina stressed the importance of aligning fiscal policies, petroleum infrastructure, and regulatory frameworks to address currency challenges and ensure affordable petroleum pricing for citizens.

Conclusion

The proposed importation of refined petroleum from Dangote Refinery signifies a strategic move by Ghana to enhance energy security while fostering regional cooperation. The discussions at the OTL Africa Downstream Energy Week highlight the urgent need for a collective approach among West African nations to overcome challenges in the energy sector and improve economic stability

Abia State House of Assembly Responds to NLC Allegations

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The Abia State House of Assembly has challenged the Abia chapter of the Nigeria Labour Union (NLC) to provide evidence for its claims that the state government intends to seize 90% of local government allocations, leaving councils with only 10%.

This statement came during a media briefing in Umuahia following a meeting between Assembly members and Governor Alex Otti at his residence in Isiala Ngwa South council. Speaker of the Assembly, Hon. Emmanuel Emeruwa, emphasized that while the constitution allows the House to legislate on local government affairs, there is currently no such bill being considered.

Emeruwa stated, “I challenge the NLC to produce evidence of what they wrote because you cannot say what you don’t know. There is nothing like that before me. If we are making any new law regarding local governments, it is our legitimate right and mandate because the constitution gives the House of Assembly the right to oversee the local government.”

The Speaker also condemned the behavior of Hon. Alex Ikwechegh, the lawmaker representing Aba South/Aba North in the House of Representatives, who was seen in a widely circulated video harassing a Bolt driver. Emeruwa apologized on behalf of Ikwechegh for his actions.

He further expressed solidarity with Governor Otti, commending his policies and programs aimed at improving the state. The Speaker noted the unity within the Assembly, stating that both opposition members and those from the Labour Party are in agreement in supporting the upcoming local government elections scheduled for November 2nd.

Emeruwa urged the electorate to come out en masse on election day to vote for their preferred leaders, regardless of political affiliations. He emphasized that a strong local administration is crucial for effective governance and community development.

APC Campaign Council Mobilizes for Ondo State Governorship Election

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During the inauguration of the APC National Campaign Council in Akure, Ondo State, Governor Babajide Sanwo-Olu urged party leaders and members to rally behind the party’s gubernatorial candidate, Governor Lucky Aiyedatiwa, for the upcoming November 16 poll. The event was led by APC National Chairman Dr. Abdullahi Ganduje.

Sanwo-Olu, also the South-West leader of APC, emphasized the importance of a united front, stating that the campaign council would work diligently to secure victory against rival political parties. He expressed gratitude to President Bola Tinubu for supporting the council’s leadership in the governorship campaign.

He stated, “On behalf of my entire team, we will do everything within our means, constitutionally and professionally, to ensure a free, fair, and competitive election focused on issues rather than sentiment or abuse. Governor Lucky Aiyedatiwa has made our job easier by making us proud in his 305 days as governor.”

Sanwo-Olu expressed confidence in their ability to achieve a substantial victory, aiming for nothing less than 80% of the total votes.

Ganduje echoed Sanwo-Olu’s sentiments, affirming his belief that the APC would win the governorship election by a wide margin in a fair contest. He called for the newly inaugurated 305-member council to collaborate effectively with state and local campaign committees to ensure success.

“We are here to create an enabling environment for a free and fair election,” Ganduje stated. “We must support Governor Aiyedatiwa so that he can continue to provide good governance for the state. He is a lucky man, and he will continue to be lucky.”

Governor Aiyedatiwa, reflecting on the upcoming election, shared a sense of hope and determination. “This election promises to be a defining moment for our great Party, Ondo State, and Nigeria at large. Today’s gathering showcases our strength and capability, which will lead to victory on November 16, 2024,” he said.

CELEBRATING DIVERSITY IN SCOTLAND: HERIOT-WATT UNIVERSITY HONORS AI LEADER ABEL ABOH

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As Black History Month continues in Scotland, Heriot-Watt University, in collaboration with the FJSS Group, has highlighted the importance of celebrating diversity and fostering community engagement by honoring AI leader Abel Aboh and 99 other influential individuals. The event aimed to recognize the impactful contributions of community leaders and role models of African and Caribbean descent.

FJSS Group, a grassroots organization dedicated to championing racial equality and diversity within the Scottish justice system, hosted the event under the banner “100PLUS,” which acknowledged 100 individuals for their significant roles in advocating for the Black African-Caribbean community in Scotland.

Among the honorees, Abel Aboh stood out for his leadership in data management and artificial intelligence (AI), as well as his commitment to empowering Black communities in Scotland. His inclusion among the recognized individuals highlights his contributions not only in his professional field but also in promoting greater inclusion and opportunities for people of African descent across the United Kingdom. Aboh has become a respected role model and an inspiration for many aspiring professionals both in the UK and Nigeria.

Expressing his gratitude, Aboh stated, “I am really humbled and grateful to Heriot-Watt University and FJSS Group for this recognition. To the person(s) who nominated me, thank you, because I was not aware, so I am pleasantly surprised. Congratulations to everyone on the list and others not mentioned too, for their incredible contributions in shaping our communities in Scotland and across the United Kingdom. What a privilege it is, because people make Scotland.”

This recognition follows several prestigious honors Aboh has received in recent years. In June 2023, Nigeria’s President Bola Ahmed Tinubu congratulated Aboh on his appointment to the Board of The Data Lab Scotland, recognizing his outstanding contributions to data, AI, and the global technology landscape. This commendation from President Tinubu was a proud moment for Nigeria, showcasing the significant strides its citizens are making internationally.

Additionally, Honourable Dr. Abike Dabiri-Erewa, Chairman of the Nigerians in Diaspora Commission (NiDCOM), awarded Aboh the “Diaspora of the Moment” title, celebrating his achievements and contributions to elevating Nigeria’s image abroad.

KATSINA-ALA LOCAL GOVERNMENT CHAIRMAN DECRIES INSECURITY AND INFRASTRUCTURAL DAMAGE

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Mr. Justine Shaku, the Chairman of Katsina-Ala Local Government Area in Benue State, has expressed grave concerns over the ongoing criminal activities in the council, which have led to the prolonged closure of schools, markets, and primary health clinics for over a year.

Speaking to newsmen on Tuesday, Shaku reported that the pervasive insecurity has resulted in the shutdown of more than 20 schools, 23 markets, and 13 primary health clinics, with eight council wards significantly affected. He emphasized the detrimental impact of these issues on local agriculture, which serves as the primary source of livelihood for many residents.

“Insecurity in the area has been challenging,” he stated. “Agriculture, which is the major source of our livelihood, is greatly affected because of so many challenges at the moment.”

Despite these challenges, Shaku is committed to revitalizing the local economy through focused efforts on rebuilding, rehabilitating, and resuscitating essential economic sectors, including health, education, roads, agriculture, and security. He aims to restore normalcy to the area, stating, “I will ensure that the schools are back to life.”

Additionally, Shaku described the council secretariat as an “eyesore” that requires complete rebuilding. He expressed optimism following the Supreme Court judgment that granted autonomy to local governments, indicating a renewed commitment to addressing the decayed infrastructure within the council and fulfilling his campaign promises.

WITNESS ADMITTS TO NOT KEEPING RECORDS OF ALLEGED BRIBE FOR FORMER CBN GOVERNOR EMEFIELE

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A prosecution witness, Monday Osazuwa, testified yesterday at a Lagos Special Offences Court in Ikeja that he did not maintain any records of the money he allegedly collected as bribes on behalf of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele, who is currently on trial alongside Henry Omoile for alleged abuse of office and money laundering.

During his previous testimony on April 12, 2024, Osazuwa, a dispatch rider, claimed to have collected over $3 million in bribe money in various installments for Emefiele.

Responding to questions from Emefiele’s lawyer, Mr. Olalekan Ojo, after being recalled for further examination, Osazuwa admitted that he had not documented the alleged bribe amounts. He explained that he had been instructed by Emefiele not to keep any evidence of these transactions.

When questioned about whether he had provided any written instructions from Emefiele during his statement to the Economic and Financial Crimes Commission (EFCC), Osazuwa stated that he had referenced it in his statement but did not produce any documents showing the money he collected for Emefiele. “There is no document produced. The instructions given to me by the first defendant were that I should not write anything down,” he affirmed.

Osazuwa acknowledged the importance of keeping records of financial transactions for accountability and future reference but reiterated that he did not keep any records, stating, “I obeyed the instructions based on the money I collected for him.”

The defense counsel requested that Osazuwa be given copies of his extrajudicial statements made to the EFCC on February 13, 15, and 23, 2024, to refresh his memory. After reviewing the statements, Osazuwa confirmed, “I did not state it in my statement, but he instructed me not to record it. He instructed me that whenever he was not around, I should just go straight and give it to the second defendant.”

ENUGU POLICE DISMISS INSPECTOR OZWANJI JOSEPH OVER MURDER OF OGENE MUSICIAN CHIKEZIE NWAMBA

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The Enugu State Police Command has completed the orderly room trial of Inspector Ozonwanji Joseph, who was implicated in the murder of Ogene musician Chikezie Nwamba.

In a statement by command spokesperson Daniel Ndukwe, it was announced that Inspector Ozonwanji was found culpable and has received the maximum penalty of dismissal, followed by prosecution in accordance with the Police Act and Regulations 2020.

Ndukwe stated, “Accordingly, the Assistant Inspector-General of Police, Zone 13, which covers the Anambra and Enugu State Commands, approved the recommendations for the orderly trial, leading to the dismissal and subsequent court prosecution of the Inspector.”

As a result, Ozonwanji has been dismissed from the Nigeria Police Force and was arraigned on October 28, 2024, at the Enugu East Magistrate Court on charges of murder.

The Chief Magistrate ordered the remand of the former officer in Enugu prison and directed that the case file be sent to the Attorney General of Enugu State for further judicial action. The trial has been adjourned to November 12, 2024.

APC CHAIRMAN GANDUJE URGES ONDO STATE TO SUPPORT GOVERNOR AIYEDATIWA’S PROGRESSIVE LEADERSHIP

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The National Chairman of the ruling All Progressives Congress (APC), Abdullahi Ganduje, has called on the people of Ondo State to allow Governor Lucky Aiyedatiwa to continue providing progressive leadership.

Ganduje made this appeal in Akure while inaugurating the state’s national governorship campaign council, which is headed by Lagos State Governor Babajide Sanwo-Olu. Former Deputy Senate President Senator Ovie Omo-Agege serves as the council’s secretary, alongside various governors, ministers, and National Assembly members.

Ganduje stated, “The governor is providing progressive leadership and is a symbol of progressive ideology. We are here in Ondo State to assure you that this program will continue to deliver the much-needed infrastructural facilities in both urban and rural areas.”

He praised the governor, saying, “Ondo State people are blessed because they have a governor who is a lucky man. He was born a lucky man, he is seriously a lucky man, and he will continue to be a lucky man.” He also emphasized the importance of supporting President Bola Tinubu, who hails from the same geopolitical zone, stating that “to show a mark of respect and appreciation, we must ensure homogeneity in this geo-political zone, and it is a task that must be accomplished through democratic means.”

Governor Sanwo-Olu echoed Ganduje’s sentiments, noting that today marks 305 days since Aiyedatiwa was sworn in as governor. “Today, history is being made as I stand here because about four years ago, I served as chairman of the national campaign council, and again the party has given me this responsibility. I want to thank the President, the leader of our party, who has supported our leadership.”

Sanwo-Olu further assured that the campaign would focus on Aiyedatiwa’s achievements, stating, “Aiyedatiwa has made our job simple and easier because in 305 days he has a compendium of projects under his legacy agenda. He is a man we can confidently present to the citizens of Ondo State, assuring them that more developmental projects will be implemented in the next four years.”

PRESSURE ON NAIRA AND FUEL SUBSIDY REMOVAL INCREASE COST OF ROAD PROJECTS TO OVER N19 TRILLION

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The pressure on the naira in the foreign exchange market, coupled with the removal of fuel subsidy, has significantly affected earlier projections regarding the funding required by the Federal Government to complete ongoing road projects across the country.

At a briefing yesterday, the Minister of Works, Engr. David Umahi, announced that President Bola Tinubu’s administration now requires over N19 trillion to complete these projects. This new estimate represents an increase of N3 trillion from the previously projected cost of N16 trillion as of August 2024.

Umahi had earlier indicated that as of August 23, 2023, the funding gap to complete all inherited projects was approximately N13 trillion. He noted that this figure would rise to over N16 trillion when all projects were reviewed in light of current market conditions, attributing this increase to the removal of the fuel subsidy and the floating of the naira.

Addressing the media yesterday, Umahi elaborated on how these issues have impacted the ministry’s activities and project delivery. He stated, “The President inherited a total of 2,604 projects as of May 29, 2023. The total cost was N13 trillion, which the President inherited, along with a debt of N1.6 trillion to contractors.”

He further explained that considering the variations caused by the naira’s depreciation, a comprehensive review of all projects indicates that the total cost now exceeds N19 trillion.

Umahi emphasized that the President has opted to keep all projects active, seeking funding from both internal and external sources, including loans, due to his concern for the well-being of Nigerians. He pointed out that President Tinubu has prioritized the Ministry of Works, recognizing that roads and bridges could provide significant economic benefits for citizens.

SENATE TO SCREEN MINISTERIAL NOMINEES FOR CONFIRMATION

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The Senate is set to screen the ministerial nominees forwarded by President Bola Tinubu for confirmation today.

According to Vanguard, the nominees, who have already been cleared by the Department of State Services (DSS), flocked to the office of the Special Adviser to the President on Senate Matters, Senator Basheer Lado, yesterday to submit their curriculum vitae in a bid to meet the deadline.

Earlier in the day, the Ministers of Education, Trade and Investment, and Livestock submitted their resumes.

Senator Lado confirmed in a statement that the documentation process for the ministerial nominees had commenced ahead of their screening and confirmation by the Senate. The statement indicated that nominees were submitting relevant documents as part of the initial procedures for the screening.

“The nominees are expected to be screened and confirmed by the Senate in compliance with Section 147 of the Constitution of the Federal Republic of Nigeria 1999 (As Amended),” the statement read.

It is important to note that President Tinubu had previously written to the Senate requesting the screening and subsequent confirmation of seven ministerial nominees announced in Abuja on Wednesday. The letter was addressed to the President of the Senate, Senator Godswill Akpabio, and was read during plenary last Thursday.

The ministerial nominees include Dr. Nentawe Yilwatda, Minister of Humanitarian Affairs and Poverty Reduction; Muhammadu Maigari Dingyadi, Minister of Labour and Employment; and Bianca Odinaka Odumegu-Ojukwu, Minister of State for Foreign Affairs.

TODAY IN THE NEWS: NIGERIAN NEWSPAPERS REVIEW

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In today’s review of Nigerian newspapers on the program Today in the News, several key stories have emerged:

  1. SSANU and NASU Strike: The Senior Staff Association of Nigerian Universities (SSANU) and the Non-Academic Staff Union (NASU) have shut down universities nationwide in response to the government’s failure to pay outstanding salaries for up to four months.
  2. Decentralizing the National Grid: Vanguard News reports that the Federal Government is making plans to decentralize the national grid as a contingency measure in case of any disruptions to the main grid.
  3. Access Corporation Capital Raise: In business news, Access Corporation Plc has announced its intentions to raise additional capital in dollars, with the first tranche expected to be completed in the first half of next year.
  4. Power Outages Impacting Neighbors: The Guardian highlights that Nigeria’s ongoing power outages are affecting neighboring countries such as Niger, Chad, and Benin, potentially leading to diplomatic tensions and a decrease in foreign revenue.
  5. Federal Government Engages NASU and SSANU: The Punch provides further coverage on the strike actions of NASU and SSANU, noting that the Federal Government has invited the unions for discussions regarding a potential agreement.

Stay tuned for more updates as these stories develop.

IFC SIGNS AGREEMENT WITH CBN TO BOOST LOCAL FINANCING FOR NIGERIAN BUSINESSES

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The International Finance Corporation (IFC), the private sector arm of the World Bank, has signed an agreement with the Central Bank of Nigeria (CBN) to enhance local financing, enabling private businesses in Nigeria to grow.

In a statement released yesterday, the IFC announced that the goal of this partnership is to provide more than $1 billion in financing in the coming years.

According to the statement, “The partnership will allow IFC to manage currency risks and increase its investment in Nigerian Naira across priority sectors of the economy, including agriculture, housing, infrastructure, energy, small and medium enterprises, and the creative and youth economy.”

The IFC highlighted that it currently has an active investment portfolio in Nigeria amounting to $2.13 billion, making it the second highest in Africa. Local currency financing is identified as a key priority.

The statement further elaborated, “IFC aims to significantly scale up its financing of critical sectors in Nigeria, with a goal of providing more than $1 billion in the coming years. Many of these sectors require local currency financing, and IFC’s partnership with the CBN is a crucial tool in expanding access.”

IFC’s Managing Director, Makhtar Diop, stated, “The partnership aims to address funding options and access to affordable local currency financing for small businesses in Nigeria, which is essential for IFC to meet the increasing demand for diverse funding options and better manage currency risk. Our partnership with the Central Bank of Nigeria will enhance lending in Nigerian Naira, fostering economic growth and creating jobs across the country.”

Olayemi Cardoso, Governor of the CBN, expressed that the agreement will significantly contribute to improving the country’s economic growth.