The Chairman, Manufacturing Association of Nigeria (MAN) Edo/Delta branch, Ehizogie Osadolor, has said that most manufacturing companies in Nigeria are operating below 30 per cent of their capacity due to some government’s policies which have crippled the sector.

Osadolor said this at the 38th annual general meeting of the Edo/Delta branch yesterday in Benin with the theme ‘Igniting Economic Growth and Development through Improved Competitiveness of Made-In-Nigeria Goods’.

He listed the policies affecting the manufacturing sector, including high electricity tariffs, high exchange rate, high lending interest rate, multiple taxes and levies, removal of fuel subsidy, floating of the naira, exchange rate policies and increase in monetary policy rate, among others.

“As a result of the high exchange rate, manufacturers were unable to import the raw materials needed for production, leading to a considerable reduction in capacity utilization of many companies to 30 per cent.”

Osadolor said it is worrisome that the key operational challenges identified over the years by the association are yet to receive the required government attention, and the economy gradually grounded.

He said for manufacturers to overcome the challenges and keep the sector going, “the government urgently needs to give priority attention to the manufacturing sector by providing adequate bailouts for the sector and putting the necessary infrastructure in place to avoid a total collapse of the sector.

“They should encourage the patronage of made-in-Nigeria goods to reduce pressure on the dollar which is needed for the importation of foreign goods. This will increase the production capacity of local manufacturers and reduce unemployment in Nigeria.”

On his part, MAN President, Francis Meshioye, also expressed concern that the policies of the government are crippling the manufacturing sector of the nation’s economy.

Meshioye, represented by the Director-General of MAN, Segun Ajayi-Kadir, appealed to the governments of Edo and Delta states to stop the multiple taxation and harassment by the local government revenue agents and some MDAs in the states.

“We further appeal that it is made statutory that Ministries, Departments and Agencies of government in your states patronise made-in-Nigeria goods by issuing executive orders in that regard. This will encourage local manufacturers and also create more jobs.

He noted that MAN’s discussions at the meeting will enhance its advocacy content and point to the direction the government needs to follow to jointly resolve the challenges militating against the performance of the manufacturing sector.

Daily Trust

The National Union of Chemical, Footwear, Rubber, Leather and Non-Metallic Products Employees, NUCFRLANMPE, weekend, said no fewer than 40 companies in the sub-sector of the economy have shut down in the last three years due to economic instability in Nigeria.

The outgoing President of the Union, Babatunde Olatunji, who disclosed this, also criticized President Bola Tinubu for removing petrol subsidy, describing it as a contributing factor to the country’s economic woes.

Olatunji spoke during the 7th Quadrennial Delegates Conference of the association, held in Ado-Ekiti, Ekiti State.

Speaking on the theme ‘Leading the Union in an Era of Economic Instability’, Olatunji said: “As of today, no fewer than 40 companies have closed down within the past three years due to economic instability.

“The hasty removal of fuel subsidy without considering measures to cushion its potential negative effects has been the starting point of the current economic challenges.

“The removal of the fuel subsidy should have been a gradual process, implemented in phases, rather than an outright removal without taking into account the feelings of the masses.”

Olatunji stressed that a top-down approach to decision-making could only lead to dissent, suggesting that decisions in a democracy should be made from the bottom-up to reflect the interests of the people better.
He urged the Federal Government to drastically reduce the high cost of governance, address insecurity, fix refineries, strengthen the modern railway system, and revamp the power sector to better serve the needs of the populace.

On his part, the Executive Secretary of the Chemical and Non-Metallic Products’ Employers Federation, CANMPEF, Femi Oke, warned that the negative trend would only worsen the already high unemployment rate in the country and urged Tinubu to address the issue urgently before the situation deteriorates further.

Vanguard

The National Association of Government General and Medical Dental Practitioners has raised concern over the current doctor to patient ratio in Kano State, threatening to embark on strike from October 1.

The secretary of the association in Kano, Anas Idris Hassan, made this known while addressing newsmen on Saturday.

He stated that despite reaching an agreement with the Kano State Government months in June, their demands are yet to be met.

Hassan said the government has not addressed the issue of hazard allowance, specifically the post Covid-19 allowance, which has been paid by the federal government since 2021 but yet to be received by Kano doctors.

He further mentioned that newly employed medical doctors, who were hired by the Kano State Government in September 2023, have not been paid their salaries.

The medical practitioner also expressed concern over the dilapidated state of Kano hospitals and the lack of necessary equipment, stressing the urgent need to address these issues.

He highlighted the critical doctor-to-patient ratio in Kano, which is significantly lower than the World Health Organization’s standard.

He noted that there are an estimated 20 million people in Kano, served by only 600 doctors, resulting in a ratio of one doctor to 33,000 patients.

Daily Trust

Three Palestinian leaders killed in Israel strike in Beirut

A Palestinian militant group said on Monday that three of its leaders were killed in an Israeli strike on Beirut, the first attack within city limits as Israel escalated hostilities against Iran's allies in the region.

The Popular Front for the Liberation of Palestine (PFLP) said the three leaders were killed in a strike that targeted Beirut's Kola district.

The strike hit the upper floor of an apartment building in the Kola district of Lebanon's capital, Reuters witnesses said.

There was no immediate comment from Israel's military.

Israel's increasing frequency of attacks against the Hezbollah militia in Lebanon and the Houthi militia in Yemen have prompted fears that Middle East fighting could spin out of control and draw in Iran and the United States, Israel's main ally.

The PFLP is another militant group taking part in the fight against Israel.

Israel on Sunday launched airstrikes against the Houthi militia in Yemen and dozens of Hezbollah targets throughout Lebanon after earlier killing the Hezbollah leader.

The Houthi-run health ministry said at least four people were killed and 29 wounded in airstrikes on Yemen's port of Hodeidah, which Israel said were a response to Houthi missile attacks. In Lebanon, authorities said at least 105 people had been killed by Israeli air strikes on Sunday.

Lebanon's Health Ministry has said more than 1,000 Lebanese have been killed and 6,000 wounded in the past two weeks, without saying how many were civilians. The government said a million people - a fifth of the population - have fled their homes.

The intensifying Israeli bombardment over two weeks has killed a string of top Hezbollah officials, including its leader Sayyed Hassan Nasrallah.

Israel has vowed to keep up the assault and says it wants to make its northern areas secure again for residents who have been forced to flee Hezbollah rocket attacks.

Israeli drones hovered over Beirut for much of Sunday, with the loud blasts of new airstrikes echoing around the Lebanese capital. Displaced families spent the night on benches at Zaitunay Bay, a string of restaurants and cafes on Beirut's waterfront.

Many of Israel's attacks have been carried out in the south of Lebanon, where the Iran-backed Hezbollah has most of its operations, or Beirut's southern suburbs.

Monday's attack in the Kola district appeared to be the first strike within Beirut's city limits. Syrians living in southern Lebanon who had fled Israeli bombardment had been sleeping under a bridge in the neighborhood for days, residents of the area said.

The United States has urged a diplomatic resolution to the conflict in Lebanon but has also authorised its military to reinforce in the region.

U.S. President Joe Biden, asked if an all-out war in the Middle East could be avoided, said “It has to be." He said he will be talking to Israeli Prime Minister Benjamin Netanyahu.

Reuters

WESTERN PERSPECTIVE

Russia launches several waves of drone attacks on Kyiv, Ukraine's military says

Russia launched several waves of drone attacks targeting Kyiv early on Monday, with air defence units engaged in repelling the strikes for several hours, Ukraine's military said.

Reuters' witnesses heard numerous blasts in Kyiv in what sounded like air defence systems in operation and saw objects being hit in the air.

Kyiv, its surrounding region and all eastern part of Ukraine have been under air raid alerts since around 1 a.m. on Monday (2200 GMT on Sunday).

"Several enemy UAV (unmanned aerial vehicles) are over and near the capital," Vitali Klitschko, Kyiv's mayor said on the Telegram messaging app.

Ukraine's air force said earlier on Telegram that several groups of Russian drone attacks were heading towards Kyiv and Ukraine's west. It also said it detected the launch of several guided bombs from Russia-controlled parts of Ukraine at around 04:40 a.m. (0140 GMT).

There was no immediate comment from Moscow, which has launched multiple air attacks on Kyiv and Ukraine throughout September, targeting Ukraine's energy, military and transport infrastructure in which dozens of civilians have died.

There were no immediate reports of damage or casualties as a result of the attacks.

RUSSIAN PERSPECTIVE

Russian forces carry out group strike on Ukrainian army’s airfield infrastructure

The Russian Armed Forces carried out a group strike, particularly using a Kinzhal missile, on the Ukrainian army’s airfield infrastructure on Friday night, the Russian Defense Ministry said in a statement.

"Yesterday, the Russian Armed Forces carried out a group strike on the Ukrainian army’s field infrastructure. The attack involved high-precision long-range weapons, including a Kinzhal hypersonic aeroballistic missile. The goal of the attack was achieved as all the designated targets were hit," the statement reads.

Battlegroup North makes Ukraine lose over 60 troops in past day

The Ukrainian army lost over 60 troops in the area of responsibility of Russia’s Battlegroup North in the past day, the Russian Defense Ministry said in a statement.

"Units of Battlegroup North active in the Liptsy and Volchansk areas defeated the forces of the 57th Motorized Infantry Brigade of the Ukrainian armed forces, the 36th Marine Brigade and the 113th Territorial Defense Brigade near Volchanskiye Khutora, Liptsy and Volchansk in the Kharkov Region. The enemy lost over 60 troops, four motor vehicles, a D-20 152 mm howitzer and a D-30 122 mm howitzer," the statement reads.

Battlegroup Dnepr makes Kiev lose up to 60 troops in past day

The Ukrainian army lost up to 60 troops in the area of responsibility of Russia’s Battlegroup Dnepr in the past day, the Russian Defense Ministry said in a statement.

"Units of Battlegroup Dnepr defeated the forces of the 35th Marine Brigade, the 39th Coastal Defense Brigade and the 124th Territorial Defense Brigade near Kopani in the Zaporozhye Region, Antonovka in the Kherson Region and the city of Kherson. The Ukrainian armed forces lost up to 60 troops, ten motor vehicles and a Gvozdika 122 mm self-propelled howitzer. A field ammunition depot was destroyed," the statement reads.

Russian forces hit Ukrainian troops, equipment in 131 areas

Russian forces hit Ukrainian troops and equipment in 131 areas in the past day, the Russian Defense Ministry said in a statement.

"Russian tactical aircraft, drone operators, missile forces and artillery units hit Ukrainian troops and military equipment in 131 areas," the statement reads.

Russia’s Battlegroup West makes Ukraine lose up to 400 troops in past day

The Ukrainian army lost up to 400 troops in the area of responsibility of Russia’s Battlegroup West in the past day, the Russian Defense Ministry said in a statement.

"Units of Battlegroup West improved their tactical position, hitting the troops and equipment of the 14th, 44th and 67th mechanized brigades, the 4th Tank Brigade, the 3rd Assault Brigade of the Ukrainian armed forces and the 117th Territorial Defense Brigade near Kupyansk, Podvysokoye and Novoosinovo in the Kharkov Region, Makeyevka and Nevskoye in the Lugansk People’s Republic and Torskoye in the Donetsk People’s Republic. The enemy lost up to 400 troops," the statement reads.

According to the ministry, the enemy also lost seven pickup trucks, an Akatsiya 152 mm self-propelled gun, two D-30 122 mm howitzers, two US-made M113 armored personnel carriers, an M777 155 mm howitzer, two M198 155 mm howitzers and three AN/TPQ-50 counterbattery radars.

Battlegroup East improves frontline position, makes Ukraine lose up to 125 troops

Russia’s Battlegroup East improved its frontline position in the past day, making Ukraine lose up to 125 troops, the Russian Defense Ministry said in a statement.

"Units of Battlegroup East improved their frontline position, hitting the troops and equipment of the 58th Motorized Infantry Brigade of the Ukrainian armed forces, the 104th and 118th territorial defense brigades near Dorbrovolye, Rovnopol and Zolotaya Niva in the Donetsk People’s Republic. They also repelled three counterattacks by the assault teams of the 72nd Mechanized Brigade of the Ukrainian armed forces. The enemy lost up to 125 troops, five motor vehicles, a US-made M777 155 mm howitzer and a D-20 152 mm howitzer," the statement reads.

Battlegroup South moves to more advantageous positions, makes Kiev lose up to 725 troops

Russia’s Battlegroup South moved to more advantageous positions in the past day, causing Ukraine to lose up to 725 troops, the Russian Defense Ministry said in a statement.

"Units of Battlegroup South moved to more advantageous positions, hitting the troops and equipment of the 24th, 33rd, 54th and 72nd mechanized brigades, the 10th and 128th mountain assault brigades of the Ukrainian armed forces, the 18th National Guard Brigade and the 119th Territorial Defense Brigade near Konstantinovka, Vysokoivanovka, Zaliznyanskoye, Druzhkovka, Kurakhovo, Grigorovka and Chasov Yar in the Donetsk People’s Republic. They also repelled eight counterattacks by assault teams from the 56th Motorized Infantry Brigade, the 93rd Mechanized Brigade, the 81st Air Mobile Brigade of the Ukrainian armed forces and the 119th Territorial Defense Brigade. The Ukrainian army lost up to 725 troops," the statement reads.

The Ukrainian armed forces also lost a tank, an armored combat vehicle, eight motor vehicles, two US-made M777 155 mm howitzers, three D-20 152 mm howitzers, two D-30 122 mm howitzers and two US-made 105 mm M119 howitzers. Four field ammunition depots were destroyed.

Russia’s Battlegroup Center makes Ukraine lose over 620 troops in past day

The Ukrainian armed forces lost over 620 troops in the area of responsibility of Russia’s Battlegroup Center in the past day, the Russian Defense Ministry said in a statement.

"Units of Battlegroup Center moved to more advantageous positions, hitting the troops and equipment of the 47th and 53rd mechanized brigades, the 68th Infantry Brigade, the 71st Jaeger Brigade, the 5th Assault Brigade of the Ukrainian armed forces and the 109th Territorial Defense Brigade near Gornyak, Dzerzhinsk, Kalinovo, Sukhaya Balka and Rozovka in the Donetsk People’s Republic. They repelled seven counterattacks by the assault teams of the 59th Motorized Infantry Brigade, the 151st Mechanized Brigade, the 25th Airborne Brigade of the Ukrainian armed forces, the 2nd, 3rd and 12th National Guard brigades. The enemy lost over 620 troops," the statement reads.

The Ukrainian army also lost three armored combat vehicles, two motor vehicles, a US-made M777 155 mm howitzer, a Gvozdika 122 mm self-propelled howitzer and three D-30 122 mm howitzers.

Russian air defenses down four HIMARS rockets, 43 Ukrainian drones in past day

Russian air defenses shot down four HIMARS rockets and 43 Ukrainian drones in the past day, the Russian Defense Ministry said in a statement.

"Air defenses downed four US-made HIMARS rockets and 43 Ukrainian fixed-wing unmanned aerial vehicles," the statement reads.

A total of 646 aircraft, 283 helicopters, 32,331 unmanned aerial vehicles, 579 anti-aircraft missile systems, 18,447 tanks and other armored fighting vehicles, 1,469 multiple rocket launchers, 15,345 field artillery pieces and mortars, and 26,655 special military vehicles have been destroyed since the start of Russia’s special military operation, the Russian Defense Ministry specified.

Reuters/Tass

When he died at 80 in June 2008, Lamidi Aribiyi Adedibu was one of the best known political godfathers of his generation and certainly one of the most disruptive in Nigeria. In Ibadan, Oyo State in south-west Nigeria, where he held sway, Adedibu was reputed to have “made a governor of a mere chairmanship aspirant; a deputy governor of an alleged vulcaniser; a senator of a carpenter; a Reps member of a motor boy – all through the instrumentality of force and subterfuge.” About his politics which was described as ‘violently democratic’, Adedibu argued that it was all designed to render the line of succession to high executive office both predictable and devoid of needless drama, just as you have with succession to the monarchy in England.

Succession in an elective system is, of course, not supposed to replicate the predictability of monarchical entitlement. In Nigeria today, however, the one recognised exception to this is succession to the high office of Chief Justice. In the week in which the Senate concluded the confirmation of a new Chief Justice of Nigeria (CJN) in supersonic fashion, it may be useful to recall that succession to that office was not always devoid of drama.

Until this week, there had been 22 occupants of the position of Chief Justice since the Amalgamation in 1914. Edwin Speed occupied the office for four years from 1914 to 1918.  Ralph Combe succeeded him until 1929. Donald Kingdon, who functioned as Chief Justice of colonial Nigeria until 1946, remains the longest-serving occupant of the office, having held it for nearly seventeen years from 1929. John Verity succeeded him for eight years until 1954 and he was followed by Stafford Foster-Sutton, the last of the colonial Chief Justices who served until 1958.

By 1957 it was clear that Sir Stafford would vacate the position the following year. The jockeying to succeed him began in earnest for the historic role of Nigeria’s first indigenous Chief Justice. At the time, Olumuyiwa Jibowu a lawyer since 1923 and High Court Judge since 1942 was presumed to be in pole position for the role. He was also the first Nigerian Justice of the Federal Supreme Court. Olumuyiwa preceded his closest competitor, Adetokunbo Ademola, to the Bar by 11 years and to the Bench by seven. His credentials seemed impeccable. At the time, Adetokunbo was Chief Justice of the Western Region.

At the parliamentary session in 1957, the member of the House of Representatives representing Owerri, Dennis Abii of the National Council of Nigeria and Cameroons (NCNC), tabled a motion calling on the Governor-General to “pray Her Majesty the Queen to remove Mr. Justice Jibowu from his office as a judge, on the ground that he has taken sides in party politics as disclosed in the letter written by him to one Mr. Savage.” Written three years earlier in 1954, Olumuyiwa’s letter allegedly said some uncomplimentary things about Azikiwe and his NCNC.

Nnamdi Azikiwe was a leading figure in Nigeria’s anti-colonial politics who would later emerge as Nigeria’s first post-colonial leader. Following Dennis Abii’s motion, the NCNC printed and disseminated the alleged letter by Olumuyiwa to make their point that he was too partisan to be Chief Justice. This controversy gave legs to the then distant ambitions of Adetokunbo, who eventually emerged on 1 April 1958 to become the first indigenous Chief Justice of Nigeria.

Over the next two decades, the office of the CJN evolved only incrementally, never losing its essential character as a first among equals. In that period too, appointment to the position always offered some drama and unpredictability. When Adetokunbo retired in 1972, the Federal Military Government appointed as his successor Taslim Elias, an academic whose tenure as Attorney General of the Federation paralleled Adetokunbo’s as Chief Justice for all but seven months over the period since Independence in October 1960.

When Elias abdicated the office of CJN in 1975, the military appointed in his place Darnley Alexander, a legal draftsman of Caribbean origin and, at the time, Chief Justice of the South-Eastern State. Darnley naturalised to become Nigerian, while occupying the office of CJN.

In somewhat controversial circumstances in August 1979, the departing military government appointed Atanda Fatayi Williams to the office of CJN in succession to the retiring Darnley. Thus began a convention which subsists to date of designating for the office the senior-most serving Justice of the Supreme Court.

Given this convention, it was entirely predictable that Kudirat Kekere-Ekun would succeed Olukayode Ariwoola to become the 18th indigenous CJN. As the senior-most serving Justice of the Supreme Court, her march to the office seemed inexorable. Under the constitution, the president makes the appointment following confirmation of the nominee by the Senate.

In this case, the Senate concluded the confirmation hearing in a perfunctory process scheduled without public notice or participation. Quite apart from affording confirmation to the nominee for the exalted office of CJN, this process also sadly confirmed the capture of the office by a narrow tribe of self-indulgent politicians.

In this most recent confirmation, the politicians appeared only intent on securing from the nominee guarantees to assure the political appropriation of the office of CJN and the preclusion of public accountability by the judicial branch. Senate President, Godswill Akpabio, threw her the softball of a question about how to shut down public discussion about incredible judicial decisions like the one that made Akpabio and his predecessor, Ahmad Lawan, candidate(s) for the Senate from primaries that they did not participate in.

The response was fulsome: “I want to assure you that as chairman of the Legal Practitioners’ Privileges Committee, we will ensure that those who should be disciplined, those who are in the habit of speaking on social media, condemning the judiciary, commenting on cases that are sub judice, will not have anywhere to hide. They will be dealt with decisively.”

The Senate President beamed with characteristically contumelious corpulence.

The outcome was never in doubt. The politicians got the assurances they wanted that they would continue to own the judiciary. In return, the nominee sailed through to confirmation without incident.

Access to the office may now follow a pattern that Lamidi Adedibu would have enthusiastically prescribed but the fate of her three immediate predecessors must hold immense lessons for new CJN.

First, the Chief Justice may have become somewhat of a constitutional potentate but the lesson from the fate of Walter Onnoghen as CJN is that this potentate has feet of clay. The same politicians who have contrived to put the CJN above the constitution can decapitate the occupant when it suits them.

Second, the Chief Justice may well be more than merely a first among equals these days but one lesson evident from the fate that befell Tanko Muhammad as CJN is that a Chief who neglects the wellbeing of his or her peers may not last in the role.

Third, a Chief Justice must think of their legacy and one who behaves with the abandon of a drunken political sailor, like Olukayode Ariwoola – the immediate past occupant of the office – may inherit the material world but lose the soul of the judiciary.

For the moment, we must welcome to this high office only the second woman ever to occupy the office of CJN. There will be time for her to decide whether (like the first woman to occupy the office) she chooses to see this as a high responsibility or, as her immediate predecessor, she prefers to see it as an office.

** Chidi Anselm Odinkalu, a professor of law, teaches at the Fletcher School of Law and Diplomacy and can be reached through This email address is being protected from spambots. You need JavaScript enabled to view it..

Hiral Bhuta

Financial planning is a crucial step towards achieving long-term goals. However, even with the best intentions, it is easy to make mistakes along the way. As a financial advisor, I have witnessed clients struggle with decisions that seemed minor at first but later had a significant impact on their financial health.

Early in my career, I also fell into some common traps-like underestimating the importance of budgeting and not factoring in unexpected life changes.

These missteps taught me valuable lessons, not just about numbers, but about the importance of being proactive and adaptable in financial planning.

This article enumerates some of the most common financial planning mistakes people make and how to avoid them. Whether it is neglecting to plan for retirement early enough, underestimating the importance of insurance, or failing to regularly review and adjust your financial strategy, these mistakes can hinder your path to financial success.

Avoiding these pitfalls can save you not only time and stress but also help you secure a brighter financial future. With the right planning and foresight, financial mistakes can be minimised, setting you up for long-term prosperity.

1. Investing Without a Clear Goal:

One of the most common mistakes in financial planning is investing without a clear objective. Novice investors often jump into the market without knowing what they are investing for, which can lead to impulsive decisions and misaligned strategies.

Having a defined goal, such as saving for retirement, buying a house, or funding your child's education, provides direction and purpose for your investments. Without this clarity, you may find yourself taking unnecessary risks or investing in products that do not support your long-term financial needs.

To avoid this it is advisable to start by setting S.M.A.R.T. financial goals-those that are Specific, Measurable, Achievable, Realistic, and Time-bound. Determine how much money you need and by when and assess your risk tolerance. Research investment options that align with these objectives and create a strategy tailored to reaching your goals.

Regularly review and adjust your plan as needed to ensure you are on track. By investing with a well-defined purpose, you can avoid the common pitfall of impulsive decisions and make choices that lead to sustained financial success.

2. Neglecting the Budget:

Failing to create a budget is another major mistake in financial planning. Without a clear understanding of your income and expenses, it is easy to overspend on non-essential items, neglect important financial commitments like loan EMIs, and fall short of saving for long-term goals such as retirement.

Lack of budgeting can also lead to excessive borrowing, creating a cycle of debt, which later becomes hard to escape. Without a budget, it is difficult to prioritise expenses and ensure that you are consistently working towards your financial objectives.

In order to avoid this mistake, it is advisable to create a yearly budget that tracks all your income and expenses and then break it down into a monthly or weekly plan. Begin by listing all sources of income, such as your salary, rental income, or earnings from a side hustle, and note your fixed expenses like rent, utility bills, and loan EMIs.

This will give you a clear view of where your money is going and help you prioritise your spending. By identifying areas where you can cut back, you can ensure that you are allocating enough toward your financial goals and avoiding unnecessary debt. A well-structured budget helps maintain control over your finances and promotes long-term success.

3. Living Paycheque to Paycheque:

Living from one paycheque to the next is a common financial planning pitfall that can create financial stress and limit your ability to save for important goals. Relying on each paycheque to cover basic expenses leaves little room for emergencies or unexpected costs, which can result in accumulating debt. This cycle can make it to build a financial cushion, leaving you vulnerable in the event of job loss, medical emergencies, or other financial setbacks.

Breaking the cycle of living paycheque-to-paycheque requires lifestyle adjustments. Start by cutting back on non-essential expenses like dining out, vacations, or subscriptions you do not use. Prioritise savings by treating it as a fixed expense in your budget, setting aside a portion of your income each month.

Additionally, consider boosting your income through part-time work, freelancing, or monetising a hobby. By increasing your income and reducing unnecessary expenses, you can build a savings buffer, giving you more financial flexibility and reducing the reliance on each paycheque to cover daily expenses. This will allow you to focus on long-term goals like retirement or debt repayment.

4. Failing to Manage Debt:

Failing to manage debt effectively is a common financial planning mistake that can lead to excessive debt accumulation, missed payments, and a damaged credit score. Without a proper strategy, you might end up paying more in interest and fees, which can hinder your ability to save and achieve long-term financial goals. Poor debt management also increases the risk of falling into a debt trap, making it harder to build wealth.

To avoid this mistake, it is advisable to understand the details of your debt, including interest rates, repayment amounts, and due dates. Make a list of all your debts, such as credit card balances, personal loans, and mortgages.

Prioritise repayment based on interest rates-focus on paying off higher-interest debts first. You can also consider debt consolidation, where you combine multiple debts into a single loan with a lower interest rate, reducing your monthly payments and interest costs.

You should create a repayment plan that fits within your budget and commit to paying off a set amount of debt each month, even if it requires cutting back on other expenses. Additionally, limit your use of credit cards and opt for cash or debit cards to avoid accumulating more debt. If you do use credit, aim to pay off the balance in full each month to avoid interest charges. Effective debt management will help you regain control of your finances and work towards achieving your financial goals.

5. Overlooking Tax Planning:

Neglecting tax planning is another common financial planning mistake that can lead to paying more taxes than necessary. By missing out on available deductions, exemptions, and rebates, you reduce your savings, which can negatively impact your ability to achieve important financial goals. Without proper tax planning, you may also fail to account for the tax implications of your investments, potentially costing you more in the long run.

To minimise your tax liability, it is essential to stay informed about relevant sections of the Income Tax Act, such as 80C, 80D, 80DDB, and 10(10D), which offer deductions and rebates. If tax planning seems overwhelming, consult with a tax professional or financial advisor who can help you take full advantage of available tax-saving opportunities.

Furthermore, plan for the tax impact of your investment income, such as capital gains and dividends. By integrating tax planning into your overall financial strategy, you can maximise savings and enhance your ability to grow wealth over time.

6. Not Creating a Contingency Fund:

Failing to create a contingency fund is a significant financial planning mistake that can leave you vulnerable in the face of unexpected expenses, such as medical emergencies, car repairs, job loss, or home repairs. Without an emergency fund, you may need to rely on credit cards or loans to cover these costs, leading to debt and increased financial stress.

Therefore, building a contingency fund should be a key part of your financial plan. You can start by calculating your fixed monthly expenses and aim to save an amount equivalent to 6 to 24 months' worth of living expenses. This will provide a safety net in case of unforeseen circumstances.

To avoid dipping into this fund for non-emergencies, open a separate savings account dedicated solely to your contingency fund. Regularly contribute to this account and track your progress, ensuring you have the financial cushion needed to handle emergencies without compromising your long-term financial goals. Having a well-established contingency fund will give you peace of mind and help you avoid accumulating debt in times of crisis.

7. Relying Solely on Traditional Investment Options:

Many investors still prefer traditional investments like gold, bank fixed deposits, and real estate, avoiding market-linked financial instruments such as equity mutual funds due to perceived risks. While these traditional options have been historically popular, they may not provide the best returns in the long term or account for inflation, limiting the potential for wealth creation and diversification.

In order to avoid this mistake, it is essential to educate yourself about different investment options to make informed decisions. Market-linked financial instruments like stocks and equity mutual funds, though riskier, have the potential to generate inflation-adjusted, long-term wealth.

Diversification is key-consider balancing your portfolio by allocating a portion to safer instruments like fixed deposits while investing in equities for higher returns. Equity mutual funds can be a good option for investors looking to achieve their S.M.A.R.T. financial goals, offering a diversified approach that reduces market volatility risks.

However, before selecting mutual fund schemes, carefully assess your financial objectives, risk tolerance, and investment horizon. By diversifying across asset classes, you can enhance returns and reduce the overall risk of your investment portfolio, ensuring a more stable and effective financial plan.

8. Ignoring the Impact of Inflation:

One of the most overlooked financial planning mistakes is ignoring inflation. Inflation gradually reduces the purchasing power of your money, making it harder to maintain your standard of living over time. Without accounting for inflation, your savings and investments may fall short of covering future expenses, undermining your long-term financial goals.

Therefore, when crafting your financial plan, it is essential to account for inflation by investing in avenues that have historically provided returns above the inflation rate, such as stocks and equity mutual funds. Although these investments carry higher risks, they offer the potential for inflation-beating returns over the long term.

It is advisable to regularly review and adjust your investments to keep your portfolio aligned with your financial objectives. Consulting with a financial advisor can help you create a diversified portfolio that not only considers inflation but also balances risk and return across various economic cycles. By planning with inflation in mind, you can protect the value of your savings and investments, ensuring they grow in real terms over time.

9. Not Hiring a Financial Planner:

Many people choose insurance policies or investments based on the recommendations of friends, family, or acquaintances, but this approach can risk both your financial stability and personal relationships. It is crucial to make informed decisions that align with your own financial needs and goals rather than relying solely on others' experiences.

Finding a competent and trustworthy financial planner is key, though it may seem challenging. Take the time to verify their credentials, ask pertinent questions, and assess their plans thoroughly. Remember, while having confidence in your financial advisor is important, it is equally crucial to stay engaged and not rely on blind trust.

To conclude:

If you have identified mistakes in your financial planning or want to avoid them in the future, contact us for expert advice. At PersonalFN, we provide unbiased insights and advice on a range of personal finance issues.

Our customised financial planning services are designed to assist both Indian clients and NRIs in achieving financial goals, whether it is planning for retirement, saving for your children's education, evaluating insurance needs, or purchasing a home.

Whether you need a comprehensive plan or a review of your current investments, PersonalFN offers the expertise and solutions to guide you. Reach out to us today to get started on securing your financial future.

Personal FN

Barely two months after the August 1-10 protests tagged #EndBadGovernance, some Nigerians are warming up for fresh nationwide protests planned to hit the streets on October 1, that is, about 48 hours away.

The date coincides with the 64th Independence Day celebration of Nigeria, and the protests are basically to reinforce demands earlier made by protesters but largely greeted with silence from the Federal Government despite President Bola Tinubu’s promise in a broadcast to dialogue with protest leaders.

Another reason perhaps is that #EndBadGovernance protesters, numbering over 1,000, remain in various prison facilities across the country after being charged with treason by the government.

Some of the protesters have been granted bail but under the stringent condition of paying N10 million each, particularly the 10 that were charged in Abuja.

Meanwhile, some Civil Society Organisations, CSOs, speaking with Sunday Vanguard, expressed worry over the demands made by the protesters that are yet to be addressed about two months after Tinubu, in a national broadcast in August and amidst the #EndBadGovernance protests across the country, promised to dialogue with them.

Time for dialogue is now – ANEEJ

In his reaction to the October 1 proposed protests, the Executive Secretary, African Network for Environment and Economic Justice, ANEEJ, David Ugolor, said, “The government’s response to the October 1 protests could depend on the scale and public reaction. If the protests gain significant traction, media attention, and public sympathy, the government may feel pressured to engage”, Ugolor said.

“But in the absence of a well-defined strategy for dialogue, the demonstrations would encounter opposition rather than cooperation which might escalate tensions.”

He further stated that after the August protesters presented their demands to the government, “there has been no widely reported or concrete dialogue between the Federal Government and the protesters since Tinubu mentioned the possibility”.

“Despite the fact that a few government representatives indicated they were open to negotiations, no meaningful interaction has been seen”, the activist stated.

“The government has expressed readiness for dialogue in principle, but practical steps towards initiating structured discussions with protesters remain unclear. This hesitation suggests that the government might not yet have a clear strategy or timeline for engaging directly with protesters.”

Ugolor also spoke on the protesters still remanded in prison, saying: “The ongoing detention of protesters raises serious concerns regarding human rights violations and civil liberties.

“Due process rights for those who are still in detention are being violated in an attempt to quell criticism, which can exacerbate social unrest and erode public confidence in the legal system.”

On the intervention by the Nigerian Bar Association, NBA, and National Human Rights Commission, NHRC, to release the protesters in prison unconditionally, Ugolor asserted, “Both the Nigerian Bar Association, NBA, and the National Human Rights Commission, NHRC, have historically intervened in cases of rights violations.
“There have been efforts by these bodies to advocate for detained protesters, but the scope and success of their interventions vary. These organizations are crucial in pressuring the legal system to ensure fair trials and respect for human rights.”

No guarantee govt. will take a different approach to protests – Global Rights

On her part, the Executive Director, Global Rights Nigeria, Abiodun Baiyewu, said, “There is no indication that the Tinubu administration will take a different approach to handling protests.

“Since the August protests, the government has intensified its crackdown on civic actors such as Omoyele Sowore and the NLC President. The government has also taken the extreme step of besieging the offices of SERAP.

“This is a government that has shown a deep intolerance to dissent, and there is little reason to believe they will be more receptive to protesters’ demands this time around.

“The citizens are angry. The spurious charge of treason has also driven dissent underground. At this point, no one knows what is next. If it does not happen on the 1st of October, it would eventually spontaneously combust.”

On the Federal Government engaging protesters for dialogue as mentioned by Tinubu, the Global Rights Nigeria boss said, “Not in any meaningful way. The President addressed the nation on August 4th during the initial days of the protests.

“In his speech, he avoided addressing the core issues driving the protests, namely, high inflation, widespread poverty exacerbated by the removal of fuel subsidies, and the increasing insecurity across Nigeria.

“He highlighted programs and initiatives his administration was implementing and urged citizens to be patient with economic reforms, insisting things would improve in the future.

“However, his speech lacked clarity on how the government would share the burden of these challenges. Many civic actors and commentators expressed disappointment with the substance of the address.

“On August 8th, the Head of Media, Presidential Community Engagement Office, Ms. Seun Ajayi, stated that she and six Senior Special Assistants to the President on Community Engagement had been tasked with engaging citizens about the protests. However, none of us is aware that such engagements took place or what their outcomes were.

“The frustrations that fuelled the #EndBadGovernance protests largely persist. In fact, there has been an increase in the price of petrol since the protests, worsening citizens’ discontent.”

Asked if she thought the government was ready for dialogue with protesters, she asserted, “I don’t believe so. The initial reaction to the #EndBadGovernance protests was to dismiss them as politically motivated by opposition forces.

“The government then paid lip service to understanding the grievances, but its actions did not reflect this. In his August 4th speech, Tinubu advocated for patience, but the government cannot in good faith expect Nigerians to bear the economic burden while it continues to spend taxpayer funds recklessly.

“The President frequently embarks on extravagant foreign trips accompanied by large entourage, with no benefits felt by Nigerians. The recent purchase of a presidential yacht and plane is just as wasteful, especially when citizens struggle to afford the barest necessities.

“Moreover, Tinubu has insisted that there will be no reversal on the fuel subsidy removal, a central demand of the protesters. Given these fundamental differences in viewpoints, it is unlikely the government is genuinely interested in engaging with protesters.

“The government has also gone to great lengths to suppress the protests, infringing on protesters’ human rights. From obtaining court orders to limit the protests’ scope to the unlawful arrests and prosecution of protesters for charges as serious as treason, the government has little appetite for dialogue. In some instances, protesters were even killed by Nigerian law enforcement!”

Baiyewu also spoke about her concerns about protesters still remanded in prison custody.

“The main concern is that the Nigerian state is violating their constitutionally guaranteed rights to peacefully assemble, associate, and express themselves”, the activist stated.

“Another issue is the judiciary, which was once regarded as the ‘Last Hope of the Common Man,’ being wielded by the state as a tool against the people. It is absurd that peaceful protesters were arrested and charged with crimes like treason.

“Equally troubling is that some judges are imposing extreme and excessive bail conditions for their release, rather than dismissing these baseless charges. Additionally, some of the arrested protesters are children who have no business being detained.”

She expressed her view on intervention by the NBA and the NHRC for the release of protesters in prison custody: “The Nigerian Bar Association, NBA, has worked with civil society organizations to secure the release of protesters in Kano.

“However, regarding the National Human Rights Commission, NHRC, while the Commission acknowledged human rights violations during the #EndBadGovernance protests, there is no information that suggests that they are working to ensure the release of the protesters.”

Don’t leave protesters’ release for the NBA, NHRC alone – HOMEF Director

The Executive Director, Health of Mother Earth Foundation, HOMEF, Nnimmo Bassey, counselled that Nigerians should take it upon themselves to pressurize government to unconditionally release protesters in prison facilities across the country instead of leaving that effort to the NBA and the NHRC.

“The issue of detention of peaceful protesters is not a matter to be left to the Nigerian Bar Association or the National Human Rights Commission. It is a matter for all Nigerians. Arresting, detaining and prosecuting peaceful protestors is against the basic tenets of democracy”, Bassey said.

“It is a very dangerous situation for citizens to be muzzled and stopped from expressing how they feel or what is affecting them. It is a clear indicator of a slide into dictatorship, a harbinger of harsher actions ahead.

“Having a protest announced weeks ahead should give the government time to act on the demands of the people. Refusing to take steps in response to demands built around conditions that are known to all citizens is not strategically sound at all.

“And if the government insists that the actions they are taking will yield positive outcomes in the future, they have to tell the people when that future will arrive and how the people are to bear the current pains and deprivations until such a time.

“Government should not forget that in all planning scenarios, there must be key indicators for expected short-term, medium term and long-term outcomes. Defending actions with only long term outcomes is not a saleable option”.

October 1 protests likely to happen – ActionAid Director

Meanwhile, the Country Director, ActionAid Nigeria, AAN, Andrew Mamedu, said, “There is a hint of another protest likely to happen on the 1st of October 2024 tagged the ‘Take It Back’ Movement. This is a great opportunity for the government to organize dialogues with Nigerians especially the youth to fathom what they want and what can be done very fast.

“I cannot quite say. The indications for dialogue so far have been discouraging; although, we have seen some minute dialogue and conversations with intended protesters by the Lagos State police, we need this discussion on a larger scale and by the President himself.

“Like I said earlier, the government would save itself a lot of frustrations by listening to the grievances of the young people. Fighting civil society is not the answer, we are here to help the government and ensure it stays on track. We are not the enemy and should not be seen to be so.”

He added, “There’s been no clear indication that the Federal Government has engaged protesters in dialogue as promised by President Bola Tinubu.

“The call for dialogue is not new, as many have advocated for this approach to address Nigeria’s challenges. Unfortunately, without concrete evidence of engagement, it’s difficult to assess the government’s commitment to a dialogue on this matter.

“Recently we learnt that six protesters were released by the DSS in Kaduna after an investigation was carried out, this is just six out of the 2,111 protesters arrested during the protests nationwide.

“The Nigerian government’s response to the #EndBadGovernance protests has been concerning, to say the least. Despite President Bola Tinubu’s promise of dialogue, there’s been no concrete evidence of engagement with protesters. It’s been nearly two months since the nationwide protests, and the government’s inaction and irresponsiveness suggest they’re not ready for dialogue.

“We cannot speak for the government, but we think whatever demands the protesters are making, the government should try to meet them mid-way. Mr. President is the father of the country and a formidable activist in his days.

“He has contributed immensely to promoting democracy through many means including dissent and protests. He should be able and willing to dialogue with the young people who are today frustrated about the economy, insecurity in the country.”

‘Protesters remanded for 60 days without bail violates right to life’

The AAN boss expressed concern about protesters still remanded in prison custody for 60 days without bail.
“The fact that there are still protesters in detention is a sad commentary on the freedom to express our disagreement in a civil manner”, Mamedu said.

“Protest is a legitimate means of registering disagreement with the government. How it has suddenly turned to a charge of treason is beyond everyone.

“We are all concerned about the shrinking civil spaces, and I think it is about time the President steps in and halts the descent and needless war against civil society. Every Nigerian watching the trial is also concerned about the bail conditions which are too stringent.

“You could see those accused of planning treason, is it even logical that those boys are capable of such an act? Protest, we must say again, is not treason and Mr. President should not allow certain elements to deem it so.

“This detention so far clearly violates their human rights and undermines the fundamental principles of justice and freedom. Being remanded for 60 days without the possibility of bail violates their right to life, the dignity of the human person, health and freedom of movement.

“I still stand that the Nigerian authorities must take immediate action to address these concerns, ensure the release of detained protesters, and guarantee their safety and well-being. The right to peaceful protest is a fundamental human right, and it’s essential to protect and promote this right.”
According to him, the NBA and NHRC have been able to secure the release of some protesters.

“The detention of protesters is a clear violation of their human rights, undermining justice and freedom. The African Commission on Human and Peoples’ Rights has expressed deep concern over human rights abuses during these protests, urging Nigeria to respect peaceful protest, end excessive force, and conduct independent investigations”, Mamedu said.

“The Nigerian Bar Association is providing pro bono representation to detained protesters and has set up a monitoring committee to track interactions between law enforcement and protesters.
“We currently learnt that through their intervention six protesters were released in Kano, that is an applaud-able effort, but we need more effort from them to ensure more protesters are released.
“The Nigerian government is expected to respond to these concerns and take necessary actions to protect human rights and prevent further violations”.

Vanguard

A new strain of Covid-19 which has been predicted to become the dominant variant globally in the next few months, is rapidly spreading through Europe and the United States.

The new variant, known as XEC, was first detected in Germany in June but has spread across 27 countries, including France and the US, infecting more than 600 people.

XEC is the latest in a long list of past and current Covid variants being monitored as the Covid-19 virus naturally evolves.

The strain has been described by health experts as a recombinant variant. Recombinants can occur naturally when a person is simultaneously infected with two different Covid-19.

The XEC variants, health experts say, is a product of recombination between two hybrids of previously discovered omicron sub-variants – KS.1.1 and KP.3.3. These two parent variants are closely related, having both evolved from JN.1, which was the dominant variant around the world at the start of 2024.

Researchers detect XEC cases through the Gisaid public database, where viral genetic sequences are submitted for examination. This platform enables the identification of mutations in SARS-CoV-2, the virus responsible for Covid-19.

Currently, the US has reported 118 XEC cases, the highest globally. Germany has 92 XEC cases, the UK has 82, Canada has 77, and Denmark has 61 cases according to media reports but actual figures are likely to be higher in nations that do not regularly sequence Covid samples.

Mutation

In Europe and North America, the dominant variant is KP.3.1.1, while Asia is primarily affected by the closely related KP.3.3 variant.

XEC has not been reported from any African country, but experts suggest that the strain is likely to become the dominant variant globally in the next few months.

Compared to other strains, XEC is said to have a higher growth advantage, spreading much more rapidly than the others.

Experts said XEC has this advantage because of its relatively rare T22N mutation (inherited from KS.1.1) combined with Q493E (from KP.3.3) in the spike protein.

The spike protein is said to play a crucial role in helping the virus attach to human cells, allowing it to enter and begin replication.

However, the impact of the T22N mutation on the virus’ ability to replicate or spread among individuals remains largely unclear.

The first strain of Covid-19 and the first known case of the virus emerged in December 2019, with initial cases reported in the city of Wuhan, Hubei province, China.

The virus, later identified as SARS-CoV-2, rapidly spread worldwide, leading to the pandemic declaration by the World Health Organization (WHO) in March 2020. In Nigeria alone, at least 267,000 Covid-19 cases were recorded with a case fatality rate of 1.2 per cent.

How XEC spreads

Since the initial outbreak of Covid-19, several new strains, or variants, of the SARS-CoV-2 virus have emerged due to mutations.

These variants reflect the ongoing evolution of SARS-CoV-2, with some causing more severe waves of infection than others, often influenced by their ability to spread and evade immunity.

The newest coronavirus variant, XEC, spreads mainly via respiratory droplets released into the air when an infected individual breathes, talks, coughs, or sneezes. Though the virus can persist on surfaces, surface transmission is said to be less frequent compared to airborne spread.

As a result, health authorities recommend maintaining social distancing, wearing masks in public settings, and regularly using hand sanitiser to minimise the risk of infection.

The XEC variant does not have any unique symptoms. Like other variants, XEC can lead to symptoms like sore throat, fever, fatigue, and muscle aches, which typically emerge within two to 14 days after exposure.

These symptoms are often mild, but the severity can range widely. High-risk individuals, including the elderly, may experience more intense illness, while some cases may show no symptoms at all.

PT

A Food System/Nutrition Specialist at the Food and Agriculture Organisation (FAO) of the United Nations, Ibrahim Ishaka, has revealed that Nigeria loses around 50 per cent of its agricultural products along the food supply chain.

Ishaka disclosed this in an interview with the News Agency of Nigeria (NAN) on the sidelines of an FAO-organised training in Yola on Saturday.

He explained that food waste poses significant challenges to Nigeria’s agricultural sector, impacting food security, economic growth, and environmental sustainability.

“Some of these challenges include technological barriers, inefficient harvesting techniques, pest infestations, and lack of access to modern farming tools, all of which contribute to losses during harvest, largely influenced by consumer behavior,” he said.

Ishaka further highlighted additional factors contributing to post-harvest losses, including: inadequate storage facilities, poor handling practices and poor transportation infrastructure.

“These factors result in significant losses, especially for perishable goods such as fruits and vegetables.

He also noted that inefficient food processing methods, improper packaging, inadequate storage, and unhealthy consumption habits further exacerbate food waste.

“The nutrition expert highlighted several FAO initiatives promoting nutritious and sustainable practices within communities, focusing on reducing post-harvest losses, improving hygiene, and ensuring sanitation.

“These initiatives include investing in post-harvest infrastructure, building community capacity, training, and empowerment programmes, among others.

“I firmly believe that the key to empowering people, particularly in the north-east region, lies in giving them the power to make informed decisions and the power to educate others,” he said.

Ishaka mentioned the establishment of several FAO-supported centres that produce and distribute locally nutritious foods, such as ‘tom brown,’ to combat malnutrition and food insecurity in the region.

He mentioned the establishment of several FAO-supported centers that produce and distribute locally nutritious foods, such as ‘tom brown,’ to combat malnutrition and food insecurity in the region.

“These centres are run by local communities, promoting community-led initiatives to improve food security.”

He expressed optimism that the training would have a long-lasting impact on participants and their communities, enhancing overall well-being and food security through the adoption of best nutrition practices.

This initiative is part of the “Emergency Agriculture-Based Livelihoods Sustenance for Improved Food Security” programme, targeting Borno, Adamawa, and Yobe, with support from USAID.

NAN