The Central Bank of Nigeria, CBN, has released the calendar for the re-issue of N2.2 trillion worth of maturing Nigerian Treasury Bills, NTBs, in the fourth quarter of 2024.

The CBN disclosed this in a newly released NTB calendar for the fourth quarter of 2024.

The issuance of Treasury Bills is part of the government’s ongoing efforts to manage liquidity, sustain the financial market and maintain economic stability.

A breakdown of the calendar provides details of the auction and settlement dates as well as the volume of NTBs set for re-issuance.

The total NTBs issuance in the quarter includes N158.8 billion in 91-day bills, N109.6 billion in 182-day bills, and N1.9 trillion in 364-day bills, amounting to a total of approximately N2.2 trillion.

Starting with the auctions scheduled for September 4-5, 2024, a total of N233.3 billion will be issued across 91-day, 182-day, and 364-day maturities.

Following the initial auction, the CBN has slated another NTB issuance for September 11-12, 2024, where a total of N161.9 billion will be re-issued.

Later in the month, on September 25-26, 2024, the CBN will conduct another issuance of N227.5 billion in NTBs, with the 364-day bills commanding the largest share of the issuance.

As the quarter progresses, the auction scheduled for October 9-10, 2024, will see the CBN re-issue NTBs worth N81.9 billion. Although this issuance is relatively smaller compared to others in the quarter, it still plays a crucial role in maintaining liquidity in the financial markets.

On October 23-24, 2024, the re-issuance program will gain momentum with a more significant auction totaling N374.7 billion across 91-day, 182-day, and 364-day maturities.

Another re-issuance of the quarter is scheduled for November 6-7, 2024, where the CBN will issue NTBs totaling N513.4 billion. This auction represents the second-largest single re-issuance of the quarter and is expected to draw considerable interest from investors seeking secure and high-yielding investments.

The final auction for the quarter, scheduled for November 20-21, 2024, will close out the re-issuance program with an issuance of N610.8 billion.

This closing issuance will ensure that the financial system remains liquid as the quarter comes to an end while also providing the government with the necessary funds to meet its short-term obligations.

The Federal Government of Nigeria has issued a $500 million dollar-denominated bond, opening for subscription on August 19, 2024, officially.

This comes after the government had announced plans to issue a $500 million dollar-denominated bond.

This bond, part of the government’s financing initiatives, will carry a 9.75 percent per annum interest rate and is set to mature in 2029.

Accordingly, the auction for the bond will remain open until August 30, 2024, giving investors a sufficient window to participate in this offering.

Further details showed that the settlement date, when investors will have their purchases confirmed and interest will begin accruing, is set for September 6, 2024.

This becomes a significant step in Nigeria’s financial strategy, providing an opportunity for investors both within and outside the country.

The bond is structured as a five-year investment, with coupon payments made semi-annually.

Investors can purchase units at a minimum of $1,000 each, with an initial minimum subscription set at $10,000 (10 units). Subsequent investments can be made in multiples of $1,000.

The redemption of the bond will occur through a bullet repayment at the end of the five-year term, ensuring that investors receive their principal in full upon maturity

Recall that Minister of Finance, Wale Edun had announced plans to commence the bond issuance to catalyse the Nigerian economy.

This is as the Director General of the Debt Management Office (DMO), Patience Oniha, explained that the settlement for the $500 million dollar-denominated bond auction would be 10 days after the auction date.

First City Monument Bank Limited has appointed Ademola Adebise and Mrs Olufunmilayo Adedibu to its board of directors.

A statement from the bank on Wednesday described Adebise as a respected figure in the Nigerian financial industry and Adedibu as a distinguished lawyer with a wealth of experience in legal practice and banking.

Their appointments as the bank’s non-executive directors follow the approval of the Central Bank of Nigeria.

Adebise, a seasoned banker with over three decades of experience, served as the managing director of Wema Bank Plc and was appointed chairman of the board of directors of Family Homes Funds Limited.

He holds a B.Sc. in Computer Science from the University of Lagos and an MBA from Lagos Business School.

He is also a Fellow of the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Bankers.

He has completed executive programmes at prestigious institutions, such as the University of Cambridge and Harvard Business School.

According to the lender, Adedibu, the group general counsel and company secretary of FCMB Group, brings about 32 years of post-graduation experience to its board.

He has a Bachelor of Law from Obafemi Awolowo University, a Master of Law from the University of Lagos and a B.L. from the Nigerian Law School.

She started her legal career with the law firm of Chris Ogunbanjo and Co., where she garnered much experience in litigation, company law, copyrights, and patent laws, before joining the banking industry.

Nigeria’s oil marketers have said that Dangote Refinery may crash the price of petrol to between N600 – N650 per liter depending on its production cost.

The National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola disclosed this in a statement on Monday.

His comment comes amid indications that the $20 billion refinery will no longer commence fuel production in mid-August 2024 contrary to the president of Dangote Group, Aliko Dangote’s earlier projection.

Speaking on the development, Fashola said crude oil supply crisis remains a major problem for the Lagos-based refinery.

According to him, the official petrol price from the Nigerian National Petroleum Company Limited stood at N570 per litre while private depots sell at N700 per litre.

He, however, stressed that when Dangote’s fuel comes on board, the pump price may crash to N600 or N650 per liter.

“The official price from the NNPC is around N570/liter, but the third parties, the private depots sell PMS to most of our members at N700 and above

“Plus or minus, we hope Dangote can sell between N600 and N650/liter. N600 is still okay. However, it depends on the cost of the production from Dangote’s end”, he said.

Recall that last week, the Dangote Refinery and the Nigerian Upstream Petroleum Regulatory Commission engaged in a war of words over 26 million barrels of crude allocation.

The Central Bank of Nigeria, CBN, has approved a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited.

Hakama Sidi Ali, CBN’s acting Director of Corporate Communications, disclosed this in a statement on Tuesday.

According to the apex bank, the approval is designed to bolster the stability of Nigeria’s financial system and avert potential systemic risks.

“The merger is contingent upon the financial support from the CBN. The fund will be instrumental in addressing Unity Bank’s total obligations to the Central Bank and other stakeholders. It is unequivocal to state that the CBN’s action is by the provisions of Section 42 (2) of the CBN Act, 2007. This arrangement is crucial for the financial health and operational stability of the post-merger organization.

“Furthermore, it is important to emphasise that no Nigerian bank currently faces a precarious situation comparable to that of Heritage Bank, which was recently liquidated.

“The CBN remains committed to safeguarding depositors’ interests and ensuring the smooth functioning of the banking sector through proactive measures and strategic interventions.

“The CBN’s decision underscores its dedication to maintaining financial stability and promoting confidence in the banking system during this transformative period,” the statement reads.

The development comes months after CBN raised the minimum capital requirement for Nigerian banks in March 2024.

The Naira on Monday appreciated at the official market, trading at N1,607.15 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market, showed that the Naira gained N9.93.

This represents a 0.61 per cent gain when compared to the previous trading date on August 2 when it exchanged at N1,617.08 to a dollar.

However, the total daily turnover reduced to 77.09 million dollars on Monday, down from 131.55 million dollars recorded on August 2.

Meanwhile, at the Investor’s and Exporter’s window, the Naira traded between N1,620.50 and N1,570.00 against the dollar.

The Independent Petroleum Marketers Association of Nigeria, IPMAN, has said the ongoing hunger protest is responsible for the resurgence of long fuel queues in filling stations in major cities across the country.

Recall that since Thursday last week, Nigerians have continued to demonstrate on the streets, tagged #EndBadGovernance.

Part of the demand is the return of fuel subsidies.

The protests had led to the death of at least fifteen persons and properties destroyed in Kano, Niger, Jigawa, Yobe, and the Federal Capital Territory, Abuja.

The protests had prompted President Bola Ahmed Tinubu Sunday’s broadcast, where he appealed for protesters to suspend the demonstration and dialogue with the government.

While there are uncertainties on how things will pan out in the next few days, oil marketers have blamed the long queues being witnessed across cities on the protests.

The National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria, Chief Chinedu Ukadike, in a statement, said that there was no movement of trucks during the protests, especially on Thursday and Friday.

“…Now that the trucks are no longer moving due to this protest, the depots are not working, the truck drivers are not driving, particularly during the first and second days of the protest, these issues have disrupted the supply of petroleum products. So it will result in scarcity at the filling stations,” Ukadike stated.

Earlier, the Nigerian National Petroleum Company Limited blamed the resurgence of long fuel queues on a “hitch in the discharge operations of a couple of vessels.”

Kaduna Electric has disconnected the electricity supply to the state Government House, the governor of Kaduna State Office and other agencies of the government over unpaid bills amounting to N2.9 billion.

The Disco disclosed this in a statement released on its official X account on Friday.

Kaduna Electric gave a breakdown of the unpaid electricity bills, it said that the government owes N1.166 billion from January 2024 to July 31.

They explained that despite the government paying N256.9 billion arrears in May 2024, the state has remained its highest debtor.

The firm announced the disconnection after extensive efforts to resolve the issue through consultations and reconciliations.

“The outstanding balance for electricity consumed from January 2024 to July 2024 alone amounts to a staggering One Billion, One Hundred and Sixty-Six Million, Eight Hundred and Fifty-Six Thousand, Nine Hundred and Ninety-One Naira, Eighty-Seven Kobo
(N1,166,856,991.87).

“This figure, including the historical debt has left the State Government with
a huge debt that currently stands at a total of Two Billion Nine Hundred Forty-Three Million Sixty Thousand One Hundred and Sixteen Naira Seventy-Seven Kobo (N2,943,060,116.77).

“Despite a recent payment of N256,920,963.88 made on May 9, 2024, for electricity consumed between September 2023 and December 2023, the Kaduna State Government’s debt remains significantly high”.

The development comes after the disconnection ultimatum the disco issued Kaduna State government on July 21, 2024.

Recall that in early July 2024, the Nigerian Electricity Regulatory Commission approved a 60 percent equity stake in Kaduna Electricity Company Pic, Kaduna Electric, by ASI Engineering Limited amid its N115 billion debt crisis.

Nigeria’s Federal Competition and Consumer Protection Commission, FCCPC, has indicted Coca-Cola Nigeria Limited and Nigerian Bottling Company for alleged misleading trade descriptions and unfair marketing tactics in their products, using ‘Original Taste, less Sugar’.

FCCPC disclosed this in a statement released on Thursday.

The commission in the statement found Coca-Cola Nigeria and NBC in violation of section 116 of the FCCPC Act as well as section 124 1(a) of the Commission’s Establishment Act.

Detailing the accusation of years of investigation, FCCPC said Coca-Cola Nigeria Ltd and NBC were guilty of deceiving the public by describing the variant of its Coca-Cola ‘Original Taste, Less Sugar’ as the same as its ‘Original Taste’ variant in terms of formulation.

The Commission stressed that the issue of Abuse of Dominance and the appropriate penalty under the FCCPA and Administrative Penalties Regulation 2020 (APR) have been reserved for further regulatory action, with penalties to be imposed in due course.

“Accordingly, and considering that the conduct continues and remains, the Commission has entered, issued and served its Final Order on Coca-Cola and NBC on July 29, 2024. The Final Order contains the Commission’s findings:

“Misleading trade descriptions under Section 116 FCCPA by continuing to mislead consumers to believe Coca-Cola Original Taste is not materially different from Coca-Cola Original Taste ‘Less Sugar’.

“Unfair marketing tactics: Contrary to Section 124(1)(a) of the FCCPA, Coca-Cola Nigeria markets Coca-Cola Original Taste Less Sugar in packaging first, indistinguishable, and now not sufficiently distinguishable from Coca-Cola Original Taste, contrary to Sections 123(1)(a), (b), and (c) of the FCCPA”, the commission stated.

Coca-Cola has yet to react to the accusation as of the time of filing this report.

The Naira recorded its first appreciation against the dollar at the official foreign exchange market on July 23, 2024.

FMDQ data showed that the Naira appreciated to N1608.73 per dollar on Thursday from N1621.12 on Wednesday.

This represents an N12.39 gain against the dollar at the foreign exchange market compared to the N1621.12 traded on Wednesday.

It means the Naira ended July on a positive note at the forex market.

Meanwhile, in the black market, the Naira depreciated between N1610 and 1605 per dollar on Thursday from N1600 the previous day.

The last time Naira gained at the official FX market was on July 23, 2024, when it exchanged at N1500.

The Socio-Economic Rights and Accountability Project, SERAP, says it has dragged the Central Bank of Nigeria to court over allegedly missing N100 billion dirty Naira notes.

SERAP disclosed this in a statement on Sunday by its deputy director, Kolawole Oluwadare.

According to the group, the case was filed last week in suit number FHC/L/MSC/441/2024 at the Federal High Court, Lagos.

It stated that the suit is to direct and compel the CBN to explain the whereabouts of the over N100 billion dirty and bad notes kept in various branches of the Central Bank of Nigeria (CBN) since 2017.

“Nigerians have the right to know the whereabouts of the public funds. Granting the reliefs sought would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition”, the suit by SERAP’s lawyers, Kolawole Oluwadare and Mrs Adelanke Aremo reads in part.

Meanwhile, the apex bank has yet to officially react to the claim by SERAP as of the time of filing this report.

Earlier, in June, SERAP had issued a 7-day ultimatum to CBN to account for the alleged missing N100 billion dirty notes.

The Nigerian Senate has fixed September for the public hearing to resolve the rift between Dangote Group and Nigerian Midstream and Downstream Petroleum Regulatory Authority, Nigerian National Petroleum Company Limited and other regulators.

The Chairman of the Senate 15-member Adhoc committee, Bamidele Opeyemi disclosed this on Thursday.

Recall that the Senate President, Godswill Akpabio recently inaugurated the Committee to address all issues relating to disputes between Dangote Group and Nigerian oil and gas sector regulators.

To this end, the Senate vowed to name and expose alleged saboteurs in the sector, which it notes is the lifeblood of Nigeria’s economy, upon conclusion of its probe.

Opeyemi assured that the Ad-hoc committee will not operate like the previous Senate Committee investigating activities in the oil sector over the years without any outcome.

“The ongoing accusations and counter accusations between Dangote and regulators are among the issues that we have been mandated to look into”, he stated.

The Chairman said the ad-hoc committee has written to all the relevant stakeholders in the sector for submission of relevant documents before the public hearing fixed for September 10 to September 12, 2024.

“We will conduct a thorough review of current regulatory frameworks and procedures to identify deficiencies and recommend necessary reforms to prevent such occurrences in the future.

“The Committee is committed to ensuring the highest standards of fuel quality for the Nigerian market”, he added.

Outside the Senate, the House of Representatives has commenced an investigation into the dispute.

Similarly, Minister of State Petroleum Resources (Oil), Heineken Lokpobiri had summoned an emergency meeting between Dangote, the Chief Executive Officer of Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, the Chief Executive Officer of Nigerian Upstream Petroleum Regulatory, Gbenga Komolafe and the Group CEO of Nigerian National Petroleum Company Limited, Mele Kyari to resolve the crisis facing the sector.

This comes as Ahmed last week stated that diesel from Dangote Refinery is substandard compared to imported ones.

The statement had long sparked mixed reactions within the oil and gas industry.

Meanwhile, Dangote had dismissed Ahmed’s statement insisting that petroleum products from his $20 billion refinery are of high quality.

On Tuesday, the federal government offered an N150,000 grant to each outstanding micro, small, and medium enterprises (MSMEs) in Jigawa.

Vice-President Kashim Shettima announced the offer while launching the 4th edition of the expanded national MSMEs clinic in Dutse.

The clinic is one of the federal government’s strategies for ease of doing business in Nigeria. This will be achieved through a series of business forums organised across the country to provide on-the-spot solutions to challenges confronting MSMEs.

The first, second, and third editions were launched in Benue, Ogun, and Ekiti, respectively earlier this year.

Mr Shettima reiterated the federal government’s support to MSMEs and noted that the N150,000 grant “is an outright grant that does not require beneficiaries to repay.

“President Bola Ahmed Tinubu has mandated that a grant of N150,000 each be awarded to outstanding exhibiting MSMEs at today’s event. Rest assured that this is an outright grant, and the beneficiaries will not need to repay it,” stated the vice-president.

Mr Shettima said that as the foundation of the nation’s economy, the MSMEs sub-sector had remained a top priority of Mr Tinubu’s administration.

He noted that the MSMEs represent 96 per cent of all businesses in Nigeria and contributed more than 45 per cent to its gross domestic product (GDP).

Mr Shettima added that MSMEs provided a crucial lifeline to 80 per cent of the nation’s workforce.

“We recognise your essence, and that’s why we are establishing MSME clinics across the nation. These clinics will act as incubators for small businesses and offer alternative financing. They will also ensure that you have the support and resources you need to compete and thrive,” he noted.

The vice-president observed that the prosperity of small businesses was the prosperity of Nigeria, and their downturn was the downturn of Nigeria.

Mr Shettima urged the business owners not to harbour any fear, assuring that the Tinubu administration would not rest until each “is in a vantage position to access the support and capital made available for them.”

Governor Umar Namadi thanked the federal government for providing democracy dividends to the people of the state through the MSME clinics and related projects scattered across the area.

Mr Namadi urged the existing and aspiring small business owners in the state to take advantage of services provided through the clinics. He described the initiative as a rare opportunity for operators in Jigawa’s sector.

He said the Jigawa government was aligning with the federal government’s ‘Renewed Hope Agenda’ through the ‘Greater Jigawa Initiative’, which provides social protection services and projects for the people.

Asian markets fell Monday as Joe Biden’s decision to drop out of the US presidential race fuelled fresh uncertainty, while traders appeared unmoved by China’s decision to cut interest rates in a bid to boost its stuttering economy.

After last weekend’s assassination attempt on Donald Trump — and the following Republican convention — boosted bets he would win November’s election, investors were trying to work out the ramifications of the latest news out of the White House.

Tokyo, Shanghai, Sydney, Seoul, Singapore, Taipei, Mumbai, Wellington and Manila all fell, though Hong Kong rallied thanks to healthy gains in Chinese tech firms.

London, Frankfurt and Paris all rose at the open.

Stephen Innes said in his Dark Side Of The Boom commentary: “It’s as if the political game of chess has flipped its board, and investors are left picking up the pieces.

“This unexpected twist has injected a hefty dose of political uncertainty into the market, leaving everyone scrambling to determine their next move.”

The developments out of Washington have overshadowed optimism that the Federal Reserve will cut interest rates as soon as September and possibly again before January.

Biden on Sunday gave in to weeks of calls for him to step aside in the wake of a poor debate performance that amplified questions about his health, and endorsed Vice President Kamala Harris to succeed him.

The news has left traders wondering who will go head to head with Trump, whose expected victory had lifted equities and the dollar on expectations for tax cuts and deregulation.

Analysts said markets would likely be volatile in the near term.

“While market instinct will be to say that the news adds a degree of uncertainty to the outcome of the 5 November election that wasn’t present last week, it will be many weeks… before anyone can reasonably determine if the race for the White House is significantly narrower than looked to be case previously,” said National Australia Bank’s Ray Attrill.

“In short, there’ll be more noise than signal on US politics for markets to contend with in the coming few weeks at least.”

Stocks in Asia fell Monday following losses on Wall Street and in Europe, where trade was dominated by a crash in global computer systems — the result of a faulty update to an antivirus program — that hit airports, airlines, trains, banks, shops and even doctors’ appointments.

There was little reaction to news that China’s central bank had cut borrowing costs as leaders look to kickstart the world’s number two economy, which has been hammered by a huge property crisis and weak consumer demand.

The Bank of China lowered the one-year and five-year loan prime rates in a bid to encourage commercial banks to grant more credit.

The decision comes after a closely watched meeting last week of leaders concluded with few major announcements, bar vows to tackle “risks” in the economy.

However, officials pledged Friday to help ease debt pressure on local governments through reforms to the tax system.

Worries about local government finances have been growing for years and have been made worse by a chronic real estate debt crisis, and in April ratings agency Fitch lowered its outlook on China’s sovereign credit.

– Key figures around 0715 GMT –

Tokyo – Nikkei 225: DOWN 1.2 per cent at 39,599.00 (close)

Hong Kong – Hang Seng Index: UP 1.3 per cent at 17,639.71

Shanghai – Composite: DOWN 0.6 per cent at 2,964.22 (close)

London – FTSE 100: UP 0.6 percent at 8,200.51

Euro/dollar: DOWN at $1.0881 from $1.0885 on Friday

Pound/dollar: UP at $1.2917 from $1.2914

Dollar/yen: UP at 156.50 yen from 157.47 yen

Euro/pound: UP at 84.23 pence at 84.27 pence

West Texas Intermediate: UP 0.5 per cent at $80.49 per barrel

Brent North Sea Crude: UP 0.4 per cent at $82.97 per barrel

New York – Dow: DOWN 0.9 per cent at 40,287.53 (close)

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said the country’s external reserve increased to $36.89 billion as of July 16 2024 amid the banks’ policy interventions.

Cardoso disclosed this on Friday in Abuja during an engagement with the Senate Committee on Banking, Insurance and Other Financial Institutions.

He noted that the CBN’s monetary policies and actions have stimulated growth and stability in Nigeria’s economy.

Cardoso added that the Naira is on a successful price discovery against the dollar and other FX as the gap between the official and Black market shrinks.

He said, “The spread between official and BDC rates has narrowed significantly from N162.62 in January to N47.22 in June indicating successful price discovery, increased market efficiency and reduced arbitrage opportunities.

“The stock of external reserves increased to 36.89 billion dollars as of July 16, compared with 33.22 billion dollars as at end-Dec 2023, driven largely by receipts from crude oil-related taxes and third-party receipts. In the first quarter of 2024, we maintained a current account surplus and saw improvements in our trade balance.”

Nigeria’s external reserve stood at $35.9 billion as of Thursday, 18, July 2024, CBN’s data showed.

The development comes as CBN resumed the Naira defense through the supply of FX to authorized dealers amid a demand spike.

President Bola Tinubu will be unveiling the Preferential Trade Initiative as part of the implementation of the African Continental Free Trade Area, AfCFTA, Guided Trade Initiative, GTI.

Olusegun Olutayo, Senior Trade Policy and Law Expert /Lead Trade Enablement, Nigeria AfCFTA Coordination Office disclosed this in a statement on Friday.

He noted that the launch of the Preferential Trade Initiative will take place on 16th July 2024 at Apapa Port, Lagos.

Commenting on the Initiative, National Coordinator, Nigeria AfCFTA Coordination Office, Olusegun Awolowo, said, “Nigeria signed the AfCFTA Agreement on 7 July 2019, becoming the 34th AfCFTA State Party.

“With a robust economy across different industries and a huge potential effect on value chains across the continent, Nigeria’s readiness and preparedness for preferential trading under the AfCFTA preferential trade regime would immensely contribute to repositioning the continental market as a global trade market and rallying point.”

He further disclosed that “Nigeria is ready to unleash an army of exporters into Africa”.

“Everything Africa needs for Africa is already in Africa,” he added.

Dignitaries expected to grace the launch are the Secretary to the Government of the Federation, the Secretary-General of the AfCFTA Secretariat, the Minister of Trade, Industry and Investment of Nigeria, the Minister of Finance and Coordinating Minister of the Economy, other Government Officials, Ministers Responsible for Trade, the Diplomatic Corps, International Development Partners and Heads of Businesses.

The Federal Government on Monday announced the suspension of duties, tariffs and taxes for the importation of some food items through land and sea borders.

The foods include maize, husked brown rice, wheat, and cowpeas.

Abubakar Kyari, the Minister of Agriculture and Food Security, disclosed this while announcing a 150-Day Duty-Free Import Window for food commodities.

Speaking at a press conference in Abuja, Kyari said: “150-Day Duty-Free Import Window for Food Commodities, suspension of duties, tariffs and taxes for the importation of certain food commodities (through land and sea borders). These commodities include maize, husked brown rice, wheat and cowpeas.

“Under this arrangement, imported food commodities will be subjected to a Recommended Retail Price (RRP).

“I am glad to reiterate that the Government’s position exemplifies standards that would not compromise the safety of the various food items for consumption.

“In addition to the importation by private sector, Federal Government will import 250,000MT of wheat and 250,000MT of maize. The imported food commodities in their semi processed state will target supplies to the small-scale processors and millers across the country.”

Tracka, a subsidiary of BudgIT, has said that Nigeria allocated N732 billion on vague empowerment projects higher than the N646.5 billion allocated to health projects in the 2024 national budget.

Ayomide Ladipo, the Head of Tracka disclosed this in a statement on Sunday.

Tracka maintained that Nigeria’s empowerment projects were vague and challenging to track due to their nature.

According to Tracka, the huge allocation for empowerment projects would have been channeled to curb the gap in Nigeria’s health sector having the second-highest child mortality rate in the World.

Tracka alleged that empowerment projects were used as a funnel to siphon public resources.

It noted that the National Assembly has 7,447 projects valued at N2.24 trillion in the 2024 budget.

Further analysis of Tracka’s report also showed that over 2,558 projects worth N624 billion were allocated to agencies outside their mandate.

Accordingly, Tracka asked anti-graft agencies in Nigeria to probe these anomalies in the 2024 budget to forestall diversion, misappropriation, and embezzlement.

“Tracka maintains that empowerment projects are vague and challenging to track due to their nature. They are also used as a funnel to transfer public resources to party loyalists, resulting in the misuse of public funds.

“In the 2024 Federal Government budget, there are 4,440 empowerment projects. Previously, empowerment projects were limited to constituency projects, but over the years, they have gradually seeped into capital projects through insertions by the National Assembly. For instance, the National Assembly inserted 7,447 projects valued at N2.24 trillion in the 2024 budget.

“Tracka identifies this as a problematic trend, considering the huge infrastructure gap and budget deficits the nation is grappling with.

“Further analysis also showed that over 2,558 projects worth N624 billion were allocated to agencies outside their mandate. An example is the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) – ERGP20241489 – allocated N5 billion for the Procurement and Distribution of Official Vehicles to Selected Traditional Rulers in the Six Geo-Political Zones in Nigeria (Multiple Lots). Another is the Nigeria Institute of Oceanography and Marine Research (NiOMR) – ERGP20245718 – allocated N2.32 billion to construct a 3.5km Road from Methodist Church Ibu to the Eri River,” the organisation said.

BudgIT’s Country Director, Gabriel Okeowo commenting on Tracka’s discovery said, “The implications of assigning projects to agencies outside of their mandate are that it undermines monitoring, evaluation, and the sustainability of these projects.

“These agencies lack the expertise and personnel to ensure quality service delivery for these projects, leading to under-delivery and a colossal waste of taxpayers’ money and scarce resources.”

Recall that President Bola Ahmed Tinubu signed the N28.7 trillion 2024 budget into law in January this year.

The Chairman of Dangote Group, Aliko Dangote has said that with the right policies implementation, Nigeria’s economy will be revamped in a few months.

Dangote expressed this optimism at the inauguration of the Presidential Economic Coordination Council, PECC, by President Bola Tinubu on Thursday in Abuja.

He said the public and private sectors would work together to reposition Nigeria’s economy.

“This is where the public and private sector will work together. We will advise the government on the type of policies needed to revamp the economy.

“Our economy can be turned around in a few months. Things will soon change. We will work to make sure that things change for the better.”

His assurance comes amid his recent outburst on the Country’s high interest rate which stood at 26.25 percent and its impact on businesses.

The African richest man had also blamed cabals in the oil gas sector for frustrating the full-scale kickoff of his 650,000 barrel per day Lagos-based refinery.

Meanwhile, Dangote has insisted that his $19 billion refinery will commence supply of Premium Motor Spirit, in Mid-July, 2024.