NEWS
How I Would Have Led Nigeria Differently – Atiku Abubakar
Former Vice President, Atiku Abubakar, has outlined measures he would have adopted if he were President, emphasizing a targeted strategy to alleviate Nigeria’s ongoing economic hardships.
Responding to frequent inquiries from Nigerians, Atiku shared his vision in a detailed post on his X handle on Sunday, highlighting the urgency of addressing the country’s pressing economic issues.
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Atiku, who ran for President under the Peoples Democratic Party (PDP) in the last general election, stated that President Bola Tinubu’s “trial-and-error” approach to economic policy has created “excruciating pains” for citizens.
His statement, titled “What We Would Have Done Differently,” detailed four areas he believes need immediate intervention.
Atiku emphasized that combating corruption would have been a top priority in his administration, beginning with an overhaul of the Nigerian National Petroleum Company Limited (NNPCL).
He described the NNPCL as “a huge beneficiary of the status quo” and expressed doubts about its commitment to genuine reform, stating that reforms would likely face resistance from vested interests.
“Yes, I have always advocated for the removal of subsidy on PMS because its administration has been, mildly put, opaque with so much scope for arbitrariness and corruption. Mind-boggling rent profit from oil subsidy accrued to the cabals in public institutions and the private sector,” he wrote.
“Fighting corruption should have commenced with the repositioning of the NNPCL, which is a huge beneficiary of the status quo. Its commitment to reform and capacity to implement and enforce reforms is suspect. The subsidy regime has provided an avenue for rent-seeking, individuals, the NNPCL and its guardians will be threatened by reforms.”
Criticizing Nigeria’s inefficiency in oil refining, Atiku labeled the nation the most inefficient of all OPEC member countries. He emphasized the need to privatize state-owned refineries and set a target to refine at least 50% of its crude oil output domestically, with the aim of exporting refined products to ECOWAS member states.
“We are by far the most inefficient OPEC member country in terms of both the percentage of installed refining capacity that works and the percentage of crude refined.
“We would’ve commenced the privatization of all state-owned refineries and ensure that Nigeria starts to refine at least 50% of its current crude oil output. Nigeria should aspire to export 50% of that capacity to ECOWAS member states,” Atiku stated.
Atiku also advocated for a “gradualist approach” to subsidy removal, arguing that an abrupt removal of subsidies would disrupt the economy and hurt Nigerians.
Citing his experience as Vice President, he explained that a phased approach was more beneficial, noting that successful reforms in other countries have been implemented gradually.
“Subsidies would not have been removed suddenly and completely. It is instructive that when I was Vice President, we adopted a gradualist approach and had completed phases 1 and 2 of the reform before our tenure ended.
“The incoming administration in 2007 abandoned the reforms, unfortunately. The gradualist approach allows for adjustments, and adaptation and minimizes disruptions and vulnerability,” he said.
Additionally, Atiku outlined his plans to support Nigeria’s vulnerable populations amid economic reforms.
He proposed investing savings from subsidy withdrawals in infrastructure, education, healthcare, and agriculture to strengthen the economy and create job opportunities for Nigerian youth.
“We would’ve invested the savings from subsidy withdrawal to strengthen the productive base of the economy through infrastructure maintenance and development; to improve outcomes in education and healthcare delivery; to improve rural infrastructure and support livelihood expansion in agriculture; and develop the skills and entrepreneurial capacity of our youth in order to enhance their access to better economic opportunities,” he said.
In addition, Atiku reiterated his commitment to subsidy removal while underscoring the need for a well-thought-out, phased approach to ensure Nigerians are shielded from undue economic hardship.
To address Nigeria’s ₦9.7 trillion budget deficit for the 2024 fiscal year, the Senate has approved President Bola Ahmed Tinubu’s request to secure a ₦1.77 trillion ($2.2 billion) loan.
The decision was made during Thursday’s plenary session, where a voice vote confirmed the approval following the presentation of a report by the Senate Committee on Local and Foreign Debts.
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Chaired by Senator Wammako Magatarkada (APC, Sokoto North), the committee endorsed the loan request as a vital step in managing the country’s fiscal challenges.
Recall that President Tinubu had submitted the proposal earlier in the week, outlining the loan as a crucial component of his administration’s external borrowing strategy.
Details shortly…………..
Simon Ekpa, a Finnish citizen of Nigerian descent, has been arrested by Finnish authorities on allegations of inciting terrorist activities.
The Päijät-Häme District Court ordered his detention following an incident that reportedly occurred in Lahti on August 23, 2021.
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The Finnish National Bureau of Investigation (NBI) is also seeking the arrest of four other individuals in connection with the case. Officials say the charges involve public incitement to commit crimes with terrorist intent.
“The detention demands are related to a preliminary investigation in which a Finnish citizen of Nigerian descent, born in the 1980s, is suspected of public incitement to commit a crime with terrorist intent,” the police said in a statement.
Details regarding the additional suspects or the specifics of the alleged crimes remain unclear as the investigation continues. Authorities have emphasized the sensitive nature of the case, stating that further information will be disclosed as the inquiry progresses.
This development marks a significant step in Finland’s efforts to combat terrorism and ensure public safety.
International News
COP29: Climate Summit Faces Deadlock Over Vague Funding Proposals For Vulnerable Nations
As the 29th United Nations Climate Change Summit (COP29) nears its conclusion, tensions are rising over a newly published funding proposal aimed at assisting developing nations in addressing climate-induced crises.
The proposal, released by the United Nations Framework Convention on Climate Change (UNFCCC) on Thursday, has sparked widespread debate among delegations, activists, and observers at the summit.
The document, spanning ten pages, outlines funding options to support developing countries in implementing their Nationally Determined Contributions (NDCs) under the 2015 Paris Agreement.
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However, it fails to specify how much wealthier nations are required to contribute annually—a key sticking point that has drawn criticism from the Global South and climate advocates.
Ambiguity in Funding Commitments
Critics argue that the absence of concrete figures undermines the credibility of the proposed framework.
Mohamed Adow, Founder and Director of Power Shift Africa, described the proposal as “a blank piece of paper,” highlighting the lack of clarity on financial commitments.
“This is the ‘finance COP.’ We came here to talk about money. The way you measure money is with numbers. We need a cheque, but all we have right now is a blank piece of paper,” Adow remarked during an interview.
The Global South, led by African delegations, is demanding at least $1.3 trillion annually by the end of the decade to adapt to climate change impacts and transition to sustainable energy systems.
Yet, developed nations have yet to commit to a specific annual figure, raising concerns over the summit’s ability to deliver tangible outcomes.
Key Provisions and Concerns
The new text acknowledges the disproportionate impact of climate change on developing nations and the financial barriers they face, including high costs of capital and limited fiscal space.
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It proposes the establishment of a New Collective Quantified Goal (NCQG) for climate finance, suggesting a framework of “at least USD [X] trillion annually” from 2025 to 2035.
However, the absence of defined numbers has led to frustration among negotiators.
David Tong, Global Industry Campaign Manager at Oil Change International, emphasized the critical role of finance in achieving meaningful progress.
“Without finance, there is no phase-out [of fossil fuels], no energy transition, no adaptation. The ambitious options are simply missing,” Tong stated during a press briefing.
Rising Frustration from the Global South
Delegates from the Global South have expressed dissatisfaction with what they perceive as weak commitments from developed nations.
Many fear that without concrete financial pledges, the summit’s outcomes may fall short of expectations.
“This summit is about delivering justice to those who suffer most from climate impacts. Wealthy nations must step up and provide the necessary funding,” said an African negotiator, speaking on condition of anonymity.
A Critical Juncture
With less than 48 hours remaining in the summit, the stakes are high. The COP29 negotiations in Baku, dubbed the “finance COP,” are expected to set a precedent for addressing the financial needs of vulnerable nations.
Delegates are calling on world leaders to finalize an ambitious NCQG target and bridge the growing divide between developed and developing nations.
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