Thursday brief: Dollar to exchange for N410 until 2024, according to Buhari's economic plan
+ Buhari's climate plan & an ex-Governor's Amcon troubles
Good morning.
I’ve always wondered why Central Bank Governor Godwin Emefiele is so obsessed with defending the naira. My theory was that it is a political mandate not an economic one. And now I have some evidence in this government’s MTEF/FSP document which was approved by the Senate yesterday. (Details below) The MTEF/FSP are supposed to “be subject to uncertainty”, but its assumptions can help explain how this administration’s policy makers are thinking about the economy.
Enough of the plenty story. Today’s brief:
Nigeria to establish ten new national parks
President Muhammadu Buhari, speaking on the sidelines of the 76th United Nations General Assembly in New York on Wednesday, said Nigeria will establish ten new national parks across the country as part of plans to combat biodiversity loss.
The President has previously attributed much of the herder-farmers conflict to desertification and the shrinking of Lake Chad.
At UNGA 76, he also promised to create Marine Protected Areas and domesticate relevant international agreements targeted at the protection and conservation of biodiversity.
The President also met with the Queen of The Netherlands, Maxima Zorreguieta with whom he touted his administration’s work on infrastructure and agriculture. President Buhari said policies such as the border closure has helped to revive Nigeria’s agricultural sector.
Abubakar Malami: The Attorney-General of the Federation, who is also in New York, says the federal government will not name sponsors of terrorism yet due to ongoing investigations.
Quote: “The truth of the matter is that investigation is ongoing and advancing,” Malami said. “For the purpose of investigation, I would not like to be pre-emptive in terms of making disclosures that will have effect of undermining the successes we are recording,”
Stolen loot: Mr. Malami also said the federal government has identified at least £2 billion stolen funds to be recovered from different countries across the world. According to him, the government has recovered about $700 million corruptly stashed in foreign countries within the past four years.
Amcon takes over former Governor’s mansion
Nigeria’s asset management company, Amcon, has taken over a mansion and other properties belonging to a former Governor of Kwara State, Abdulfatah Ahmed.
Mr. Ahmed, who was Governor between 2011 and 2019, is reportedly in debt to the tune of N5 billion.
The takeover was sanctioned by an order from a federal high court in Lagos.
“All efforts to peacefully resolve the loan had been frustrated by the former Governor who remained recalcitrant, which left AMCON no other choice than to seek justice in court,” Amcon said in a statement.
Response: Mr. Ahmed described Amcon’s takeover of his property as “unnecessary and overzealous” as he was already in talks to resolve the debt. He said the dispute was based on a loan he secured from the defunct Intercontinental Bank and Finbank in 2009 for the purchase of shares.
Most-likely unrelated: Mr. Ahmed is one of the promoters of the Rescue Nigeria Project, which was unveiled on Tuesday. The RNP, also backed by former INEC Chairman Professor Attahiru Jega and popular technocrat Pat Utomi, is expected to provide an alternative political platform to PDP and APC.
Senate approves budget planning document
The Senate has approved the 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
The MTEF & FSP provide the basic structure for the estimates and assumptions that underlie the annual budgets.
Forwarded to the National Assembly in July by President Buhari, the Senate approved it without changing the crude oil benchmark price of $57 per barrel for 2022.
Curiously, the exchange rate of N410/$ proposed by the Buhari administration was also left unchanged.
You can download a copy of the MTEF as prepared by the Executive here.
Eurobonds: Meanwhile, Nigeria is set to take on more foreign debt by issuing Eurobonds worth up to $3 billion.
Related: The CBN has been explaining the importance of its digital currency, eNaira, which is set to launch on October 1. According to one CBN Director, the digital currency could be a boon for trade.
What else is happening?
Repatriation: Some artists in Benin-City are offering to donate artworks to the British Museum in London in exchange for the return of the priceless Benin Bronzes that were looted from the city in 1897.
Open-Grazing ban: Parading cattle and carrying firearms in Lagos now attracts a 21-year jail term, according to the state government. Cattle rearers are also expected to get permits for cattle movement from the State Ministry of Agriculture.
Meanwhile, the Osun State government has begun the sensitisation of herdsmen on the recently-passed anti-open grazing law in the state.
Banditry: A mob in Isa Local Government Area has razed down the residence of a Sokoto State Commissioner over his alleged complicity with bandits terrorising the area.
APC: The ruling party says it has rescheduled its state congresses by two weeks. It will now hold on Saturday, October 16 nationwide.
Fire outbreak: A section of the Nigerian Ports Authority headquarters in Apapa, Lagos was gutted by fire on Wednesday. The fire was triggered by an electrical surge, an NPA spokesperson said.
Swimming lawmakers: The National Assembly complex was again flooded on Wednesday, drawing concern from some legislators. In 2019, over N30 billion was budgeted for the complex’s renovation.
Mass exodus: At least 7,000 Nigerian nurses have left the country in 2021, according to the Lagos State branch of the National Association of Nigeria Nurses and Midwives.
And that’s it for this morning. Yass, the weekend is almost here.