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HSBC: Buhari’s Second Term Poses Risk to Economic Development

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In its own report, put together by its Global Research Unit, entitled, ‘Nigeria, Papering over the Cracks,’ HSBC said Nigeria’s current economic struggles look set to continue if Buhari wins a second term in office.

According to the financial institution, although the president’s “approval ratings sit near all time lows,” a development, it said, “largely reflects the impact of Nigeria’s painful recession in 2016-17 and the sustained economic hardship that has accompanied his presidency, including rapidly rising joblessness, and poverty,” the president will once again lead the APC into the 2019 elections.

It, however, stated, “A second term for Mr. Buhari raises the risk of limited economic progress and further fiscal deterioration, prolonging the stagnation of his first term, particularly if there is no move towards completing reform of the exchange rate system or fiscal adjustments that diversify government revenues away from oil.”

The multinational banking group, which is Europe’s largest by total assets, noted that while higher oil prices have brightened Nigeria’s macro outlook, boosting export earnings, improving the supply of foreign exchange, and supporting naira stability, the Buhari administration was yet to address the economy’s structural shortcomings.
It said, “Economic growth remains sluggish and reliant on the rebound in oil output while the non-oil economy, which accounts for about 90 per cent of GDP, continues to languish with many service sectors still mired in contraction.

“Joblessness continues to rise, up almost three-fold in three years to 19 per cent in Q3 2017, pushing the number in poverty to 87 million. “Meanwhile, current account improvements may have pivoted on higher oil prices, but they also derive from on-going import restrictions and limited FX access for many sectors of the economy.”

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Kogi Prison Break: 12 Inmates Escape

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No fewer than 12 inmates have escaped following an early morning jailbreak at the Federal Correctional Centre in Kotonkarfe, Kogi State.

Kogi State Information Commissioner, Kingsley Fanwo, described the incident as “unfortunate” and assured citizens that the government, working with security agencies, would take steps to prevent a recurrence.

According to him, law enforcement agencies have re-arrested one of the escapees.

“The theory that the inmates escaped through the tower without causing any structural damage raises serious concerns.

“This calls for a thorough investigation to determine the exact circumstances of the escape, arrest the fleeing inmates, and identify possible saboteurs within the system,” Fanwo said.

The commissioner said Governor Usman Ododo has asked security agencies to ensure that such security breaches do not happen again.

“We call on the public to report any suspicious individuals in their communities. Anyone found harbouring an escaped inmate will be held accountable,” he warned.

“There is no cause for panic. We encourage citizens to go about their daily activities as normal, knowing that the security of lives and property remains our top priority,” Fanwo added.

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Tension As Bayero, Sanusi Plan Parallel Sallah Durbar in Kano

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There is palpable tension in the ancient city of Kano following a parallel Sallah Durbar festival scheduled by the 15th Emir, Alhaji Aminu Ado Bayero, and the 16th Emir, Khalifa Mohammadu Sanusi II.

The prolonged emirate tussle in the city is taking another tough dimension amidst a legal battle, as both contenders have mapped out separate lines of events with the full backing of the Federal and State governments.

In a letter signed by Bayero’s Private Secretary, Abdullahi Haruna Kwaru, addressed to the Commissioner of Police, the 15th Emir has notified the authorities of the plan and arrangements to conduct the traditional festival, including Hauwa Nasarawa and Daushe, to commemorate the end of Ramadan.

According to the schedule, Bayero’s festivities will feature Hawan Sallah, Hawan Daushe, and Hawan Nassarawa on the 1st, 2nd, and 3rd days of Shawwal 1446 AH, followed by a cultural event on the 4th day.

Kwaru noted that this year’s celebrations mark a significant milestone, coinciding with the Emir’s fifth anniversary on the throne of his forefathers.

“The purpose of this letter is to formally notify the security agencies in Kano State, particularly the Police Force, that this year’s Sallah events coincide with the five (5) years anniversary of His Highness on the throne of his forefathers, with the assurance that all activities will be conducted peacefully,” the letter read.

He expressed hopes for a peaceful celebration and prayed for protection, good health, and harmony in society, adding that the Emir’s office sought the cooperation of security agencies to ensure a peaceful and successful celebration.

Incidentally, Bayero’s notice of the event emerged on social media. Soon after, the Kano State Government directed the four recognized emirates, under the leadership of Khalifa Muhammadu Sanusi II, the 16th Emir of Kano, to commence full preparation for the Durbar festival.

Governor Abba Kabir Yusuf gave the directive while hosting the first and second-class emirs to a special Ramadan Iftar at the Government House, insisting that residents would not be denied the opportunity to relish the colorful traditional activities at the end of Ramadan.

The Kano Sallah Durbar festival is a famous tourist attraction that gathers visitors from within and outside Nigeria to witness the heritage of Hausa/Fulani culture at the Emir’s palace.

The Durbar features a colorful horse ride by the Emir, accompanied by district heads, traditional titleholders, and hundreds of their subjects, where they display ancient shows of strength and warrior traditions.

Besides the horse rides, the Sallah festival also witnesses the honor of homage by the Emir to the Government House (Hauwa Nassarawa) on the second day of Sallah, after the Governor would have paid a similar visit to the palace on Sallah day.

Coincidentally, while Governor Yusuf is scheduled to receive the homage of Muhammadu Sanusi and other second-class emirs at the Government House, The Guardian reliably gathered that Bayero would pay a similar visit to Federal Government delegations, including top members of the ruling All Progressives Congress (APC) from Kano, at a local venue yet to be unveiled.

As at Sunday night, the Kano Police Command in Kano was yet to issue an official statement on the rising apprehension in the State.

However, the newly posted Commissioner of Police, CP Ibrahim Adamu Bakori, upon his arrival, pledged to ensure the protection of lives and property.

Meanwhile, the police had banned the celebration of the Sallah Durbar festival last year following the emirship crisis and the attendant tension of a possible security threat in the city.

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Restore Fubara as Rivers Gov Now, NBA Tells Tinubu, Says Sole Administrator Unconstitutional

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The Nigerian Bar Association (NBA) has reiterated its position that the removal of the Rivers State Governor, Siminalayi Fubara, by President Bola Tinubu is unconstitutional, urging the President to reverse the decision.

On Tuesday, the President declared a state of emergency in Rivers State, suspending the governor, his deputy and all the members of the House of Assembly over the political crisis rocking the oil-rich State.

The President appointed Ibok-Ete Ibas, a retired naval chief, as the State’s Sole Administrator.

Following up with its earlier statement condemning the action of the President regarding Rivers State, the NBA whose President, Afam Osigwe, was a guest on Sunday Politics, insists that Fubara must be brought back to his position as the governor of Rivers State as the constitution does not recognise a Sole Administrator.

“That is our belief, that is what we expect the president to do, to restore him (Fubara) back to power having unconstitutionally removed him,” Osigwe said on the programme when asked if the president should recall the governor.

“And that is why we do not recognise a sole administrator is the rightful person to occupy the government house in Rivers State having been appointed unconstitutionally.

“Even when I saw him taking oath of office, I was wondering which oath he was taking because he was taking an oath not known to the constitution, the constitution does not recognise an administrator.”

Political solution needed

Osigwe, a Senior Advocate of Nigeria (SAN) argued that the problem in Rivers State is being cured with a wrong solution, likening it to one using a sledgehammer on his head because of headache.

According to him, the measure being taken to address the Rivers problem “are overreaching, extensive, undemocratic and above all, unconstitutional.”

He maintained that the problem in Rivers State is political and only a political solution will bring it to an end.

No constitutional vacuum

There have been claims in some quarters that there was a gap in Section 305 of the 1999 Constitution which President Tinubu used in taking the action in Rivers State, but the NBA president has refuted that, insisting that the Constitution is explicit enough.

“I do not believe that it (Section 305) is not explicit, I simply believe that we deliberately refuse to apply it the way it is,” Osigwe said.

The National Assembly has approved the declaration of state of emergency in Rivers State, but Osigwe does that believe that the lawmakers approval legitimized the President’s action.

He said that the National Assembly’s approval is like placing something on nothing.

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