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BIG STORY

BREAKING: CBN Increases Interest Rate To 18.5%

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The Monetary Policy Committee (MPC) of the Central Bank of Nigeria, on Wednesday, unanimously voted to increase its monetary policy interest rates to 18.5 percent.

It was earlier reported that the MPC of the bank voted to increase the benchmark interest rate by 50 basis points to 18 per cent.

The CBN Governor, Godwin Emefiele, disclosed this while reading the communiqué of the third MPC meeting of the year on Wednesday.

Addressing journalists at the end of the two-day meeting in Abuja, Mr Emefiele, said the committee voted to keep the asymmetric corridor at +100 and -700 basis points around the MPR.

Justifying the rising inflation rate, the MPC blamed the high energy cost and challenges around the supply chain, among others, which are beyond the reach of the CBN.

He added, “The current trend in price development would continue to be monitored by the bank with greater collaboration with fiscal authority to address the drivers of inflation.”

Analysts in the country had predicted the CBN and the MPC might raise the lending rates at the end of the Monetary Policy Committee.

The apex bank had increased the MPR from 11.5 percent earlier last year to 18 per cent in March this year across six consecutive rate hikes.

 

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BIG STORY

Lagos Wants To Colonise North With Tax Reform Bills, National Assembly Must Reject Them — Kwankwaso

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Rabiu Kwankwaso, former governor of Kano, has called on the national assembly to reject any attempts to “cheat” the north through the proposed tax reform bills.

Kwankwaso made this statement on Sunday during the convocation ceremony of Skyline University at the Ammani Centre, Nassarawa GRA, Kano state.

He accused Lagos of “making a lot of efforts” to colonise the north, and further alleged that the president, who hails from Lagos, is interfering in the emirship dispute in Kano.

“The Emir has just been installed at this difficult time in our country, especially in this part of the country, northern Nigeria,” he said.

“Today, we can see very clearly that there is a lot of effort from the Lagos axis to colonise this part of the country.”

“Today, Lagos wouldn’t allow us to choose our Emir. Lagos has to come to the centre of Kano to put their own Emir.”

“Today, we are aware that the Lagos young men are working so hard to impose and take away our taxes from Kano and this part of the country to Lagos.”

The Kano emirship is currently the subject of litigation. Muhammadu Sanusi was reinstated as Emir of Kano in May, but Aminu Bayero, who was previously removed to make way for Sanusi, has refused to step aside.

  • TAX REFORM BILLS

Kwankwaso, the New Nigeria Peoples Party (NNPP) presidential candidate in the 2023 elections, also claimed that many factory owners have been “forced” to relocate their headquarters to Lagos, enabling the southwest state to claim “all the taxes.”

“We have seen the effort of some people to make the poor poorer and the rich richer. And I believe this is very dangerous for us,” Kwankwaso said.

“This part of the country today is suffering from a serious economic crunch, insecurity, poverty, hunger, and diseases.”

“I believe this is not good for the cordial existence of our country. At this moment, I would like to call on all our national assembly members to keep their eyes open so that they don’t do anything that will cheat the people of northern Nigeria, especially here in Kano.”

“We are witnesses to what happened during the first term of Olusegun Obasanjo from 1999 to 2003, where our members of the national assembly were bribed into collecting a huge sum of money to support onshore/offshore in the country.”

“That law put a huge blow on our economy in northern Nigeria and all other states.”

  • BACKGROUND

On October 3, President Tinubu asked the national assembly to consider and pass four tax reform bills.

These proposed legislations, which have sparked intense debate, include the Nigeria tax bill, the tax administration bill, and the joint revenue board establishment bill.

The president also requested the parliament repeal the law establishing the Federal Inland Revenue Service (FIRS) and replace it with the Nigeria Revenue Service.

On October 28, the Northern States Governors Forum (NSGF) opposed the bills, arguing that the proposed legislation would harm the region’s interests. The governors asked the national assembly to reject the bills, calling for the equitable and fair implementation of national policies across all regions.

The National Economic Council (NEC) also urged Tinubu to withdraw the bills to allow for further consultations.

On November 1, President Tinubu stated that the bills would not be withdrawn, emphasizing that the proposed laws are designed to improve the lives of Nigerians and optimise existing tax frameworks.

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BIG STORY

PDP Rejects Outcome Of Ondo Election, Calls For Review

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The Peoples Democratic Party (PDP) has rejected the result of the Ondo state governorship election.

Lucky Aiyedatiwa, candidate of the All Progressives Congress (APC), was declared the winner of the Ondo state governorship election held on Saturday.

Aiyedatiwa, the incumbent governor of Ondo state, won the election in all 18 LGAs, securing 366,781 votes to defeat his closest rival, Agboola Ajayi of the Peoples Democratic Party (PDP), who received 117,845 votes.

In a statement issued on Sunday, Debo Ologunagba, PDP spokesperson, said the poll “runs short of all expectations and requirements of a free, fair and credible election.”

“The Peoples Democratic Party and indeed all lovers of democracy in Nigeria and across the world have just witnessed the worst election conducted by the Independent National Electoral Commission (INEC),” the statement reads.

Ologunagba further claimed that the election “witnessed the height of electoral swindle, deceit and manipulation” allegedly perpetrated by the APC.

He added that the poll “witnessed widespread election merchandising, monetisation and barefaced vote buying” and voter suppression.

Ologunagba called on Nigerians and the international community to take “serious action” to address all forms of election manipulation and protect the nation’s democracy.

The PDP spokesman concluded by stating that the party will “take appropriate action” after reviewing the election outcome.

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BIG STORY

Obasanjo Calls For Leadership Change At INEC, Seeks Shorter Tenure

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Former President Olusegun Obasanjo has called for the appointment of new, credible leaders for the Independent National Electoral Commission (INEC) with short tenures, in order to prevent corruption and restore trust in Nigeria’s electoral system.

Obasanjo made the comments during the Chinua Achebe Leadership Forum held at Yale University in New Haven, Connecticut, USA.

In his keynote address at the forum, titled ‘Leadership failure and state capture in Nigeria,’ Obasanjo described the 2023 general elections as a “travesty.”

The former president emphasized that reforming the electoral system is a critical issue for the country, stressing the need for thorough vetting of INEC officials to avoid partisan appointments.

“As a matter of urgency, we must make sure the INEC chairperson and his or her staff are thoroughly vetted,” Obasanjo said.

“The vetting exercise should yield dispassionate, non-partisan actors with impeccable reputations.”

“Nigeria must ensure the appointment of new credible INEC leadership at the federal, state, local government, and municipal—city, town, and village levels—with short tenures—to prevent undesirable political influence and corruption and re-establish trust in the electoral systems by its citizens.”

“The INEC chairperson must not only be absolutely above board, but he must also be transparently independent and incorruptible.”

Obasanjo further stated that Nigeria must prevent electoral interference at every level, protecting elections from both foreign and local malevolent actors to safeguard democratic integrity.

He also advocated for the implementation of clearly defined financial regulations for political campaigns to ensure transparency and accountability.

“On the local level, we should implement and enforce clearly defined financial regulations for political campaigns and establish effective control and enforcement mechanisms to ensure compliance with financial regulations,” the former president said.

“And intensify activities to prepare and secure the voting infrastructure, such as safeguarding the technology used to collate, transmit, verify, and disseminate election results.”

Obasanjo alleged that INEC deliberately failed to use the bimodal voter accreditation system (BVAS) and election viewing portal (IReV) technologies during the 2023 presidential election.

“The BVAS and IReV are two technological innovations that, prior to 2023, were celebrated for their potential to enhance the accuracy and transparency of our election results, eliminate the threat of election rigging, and boost public trust in electoral outcomes,” he said.

“These technologies were touted by the INEC chairman himself. In the end, these technologies did not fail.”

“INEC willfully failed to use or implement them, which resulted in widespread voting irregularities. It was a case of inviting the fox into the henhouse.”

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