Peter Obi, presidential candidate of the Labour Party (LP) in the February 25 election, says Nigeria is swinging away from the boundaries of democracy.

In a post on his official X page on Friday to commemorate international democracy day, Obi called on Nigerians to remain committed to building and reinforcing the democracy of the nation.

“As witnessed in the country today, the mindless erosion of the very ideals and tenets on which Nigeria’s democracy was built, if not checked, will only push the nation deeper into lawlessness,” Obi said.

“The current trend of endemic corruption, abuse of the constitution, disrespect for the rule of law, and transactional politics which cuts across the executive, legislative, and judicial arms of government, have continued to conflict with our nation’s enforcement of democracy.

“Consequently, our dear nation has continued to swing dangerously away from the boundaries of true democracy.

“Gradually, we are losing one of the biggest intangible assets that makes a nation strong, which is respect for the rule of law. I call on all Nigerians to remain committed to building and reinforcing our nation’s democracy.”

Obi, who came third in the presidential election, said he remains committed to a new and truly democratic Nigeria.

“Once again, I restate my commitment to a new and truly democratic Nigeria. I am in this struggle solely for the betterment of our society,” he said.

“My vision of a new and truly democratic Nigeria is borne out of the deep conviction that Nigeria if given good leadership as I offer to give, will be beneficial to every Nigerian.

“We must not give up on our nation because a New and truly democratic Nigeria is possible.”

Obi and his party had gone to the tribunal to challenge the electoral victory of President Bola Tinubu who was the candidate of the All Progressives Congress (APC) in the election.

But the five-man panel struck out his petitions as lacking merit.

The Cable

WESTERN PERSPECTIVE

Zelenskiy to visit US Congress next week, reports say

Volodymyr Zelenskiy will visit the U.S. Congress next week, according to media reports, after a U.S. official earlier said the Ukrainian president was expected to meet with U.S. President Biden on Thursday.

Punchbowl News on Friday said Zelenskiy's visit with Congress was tentatively scheduled for Thursday. The Washington Post also reported Zelenskiy was set to travel to the U.S. Congress on Thursday, while the Wall Street Journal said he would meet with U.S. lawmakers.

Representatives for Zelenskiy and congressional leaders could not be immediately reached for comment on the reports.

Zelenskiy is expected to head to Washington next week following his trip to New York for the U.N. General Assembly meeting, the U.S. official told Reuters on Thursday.

His visit comes as Biden, a Democrat, presses U.S. lawmakers to provide an additional $24 billion for Ukraine and other international needs amid Russia's ongoing invasion.

Any funds must be approved by Congress. Biden's fellow Democrats control the U.S. Senate, but Republicans narrowly control the U.S. House of Representatives and have signaled resistance to the additional funding request for Ukraine.

** Poland, Hungary, Slovakia to introduce own bans on Ukraine grains

Poland, Slovakia and Hungary announced their own restrictions on Ukrainian grain imports on Friday after the European Commission decided not to extend its ban on imports into Ukraine's five EU neighbours.

Ukraine was one of the world's top grain exporters before Russia's 2022 invasion reduced its ability to ship agricultural produce to global markets. Ukrainian farmers have relied on grain exports through neighbouring countries since the conflict began as it has been unable to use the favoured routes through Black Sea ports.

But the flood of grains and oilseeds into neighbouring countries reduced prices there, impacting the income of local farmers and resulting in governments banning agricultural imports from Ukraine. The European Union in May stepped in to prevent individual countries imposing unilateral bans and imposed its own ban on imports into neighbouring countries. Under the EU ban, Ukraine was allowed to export through those countries on condition the produce was sold elsewhere.

The EU allowed that ban to expire on Friday after Ukraine pledged to take measures to tighten control of exports to neighbouring countries. The issue is a particularly sensitive one now as farmers harvest their crops and prepare to sell.

EU Trade Commissioner Valdis Dombrovskis said on Friday countries should refrain from unilateral measures against imports of Ukrainian grain, but Poland, Slovakia and Hungary immediately responded by reimposing their own restrictions on Ukrainian grain imports. They will continue to allow the transit of Ukrainian produce.

"As long as Ukraine is able to certify that the grain is going to get to the country of destination, through the trucks and trains, the domestic use ban is not really going to put a dent in Ukraine's ability to get exports out," said Terry Reilly, senior agricultural strategist for Marex. He noted that disruptions to Black Sea exports are a bigger concern.

It is unclear how much Ukraine has pledged to restrict exports or how the new bans would impact the flow of produce from Ukraine. The issue has underscored division the EU over the impact of the war in Ukraine on the economies of member countries which themselves have powerful agriculture and farming lobbies.

Ukrainian President Volodymyr Zelenskiy welcomed the EU's decision not to further extend the ban on Kyiv's grain exports, but said his government would react "in civilised fashion" if EU member states broke EU rules.

But the three countries argue their actions are in the interests of their economies.

"The ban covers four cereals, but also at my request, at the request of farmers, the ban has been extended to include meals from these cereals: corn, wheat, rapeseed, so that these products also do not affect the Polish market," Polish Agriculture Minister Robert Telus said in a statement posted on Facebook.

"We will extend this ban despite their disagreement, despite the European Commission's disagreement," added Polish PM Mateusz Morawiecki. "We will do it because it is in the interest of the Polish farmer."

Hungary imposed a national import ban on 24 Ukrainian agricultural products, including grains, vegetables, several meat products and honey, according to a government decree published on Friday.

Slovakia's agriculture minister followed suit announcing its own grain ban. All three bans only apply to domestic imports and do not affect transit to onward markets.

SOLIDARITY LANES

The EU created alternative land routes, so-called Solidarity Lanes, for Ukraine to use to export its grains and oilseeds after Russia backed out of a U.N.-brokered Black Sea grain deal in July that allowed safe passage for the cargo ships.

The EU Commission said existing measures would expire as originally planned on Friday after Ukraine agreed to introduce measures such as an export licensing system within 30 days

The EU said there was no reason to prolong the ban because the distortions in supply that led to the ban in May had disappeared from the market.

The EU said it would not impose restrictions as long as Ukraine exercises effective export controls.

Farmers in the five countries neighbouring Ukraine have repeatedly complained about a product glut hitting their domestic prices and pushing them towards bankruptcy.

The countries, except Bulgaria, had been pushing for an extension of the EU ban. Bulgaria on Thursday voted to scrap the curbs.

Romania's government, which unlike its peers did not issue a unilateral ban before May, said on Friday it "regretted that a European solution to extend the ban could not be found."

Romania said it would wait for Ukraine to present its plan to prevent a surge of exports before deciding how to protect Romanian farmers.

Romania sees over 60% of the alternate flows pass through its territory mainly via the Danube river and its farmers have threatened protests if the ban is not extended.

For the last year, Ukraine had moved 60% of its exports through the Solidarity Lanes and 40% via the Black Sea through a U.N. brokered deal that fell apart in July.

In August, about 4 million tonnes of Ukraine grains passed through the Solidarity Lanes of which close to 2.7 million tonnes were through the Danube. The Commission wants to increase exports through Romania further but the plan has been complicated by Russian drone attacks on Ukraine's grain infrastructure along the Danube and near the Romanian border.

RUSSIAN PERSPECTIVE

Western nations ‘dream’ of sending troops to Ukraine – Lukashenko

NATO might be just one step away from seeing its troops deployed to Ukraine, President of Belarus Alexander Lukashenko said during a meeting on Friday with Russian leader Vladimir Putin in Sochi. Poland in particular has formed forces ready to cross into the Ukrainian territory at any moment, the visiting president added.

Speaking about Western claims of Russia supposedly soliciting the aid of foreign mercenaries for its military campaign in Ukraine, Lukashenko said that the US and its allies should look at their own actions first and count all the mercenaries that they, according to him, sent to assist Kiev’s troops. “Black, Asian and white Americans are fighting for Ukrainians already,” the Belarusian leader claimed.

Washington and other Western nations might not just stop at that, he added, claiming that Western nations are just “dreaming of [sending] their regular military units to Ukraine.” 

“Poland has already formed … military units at the border that are ready to enter Ukraine,” Lukashenko said, calling on the West to “look for a beam in their own eye” before giving rebukes to others.

Putin, in turn, said that Russia has no need for foreign forces in Ukraine. As many as 300,000 Russian citizens signed contracts with the Russian Defense Ministry and joined the nation’s Armed Forces amid Moscow’s conflict with Kiev, the president said. Russian military units are also “equipped with state-of-the-art weapons and hardware,” he added.

The Russian president also dismissed rumors about Moscow supposedly asking Pyongyang for “volunteers” that could join its cause in Ukraine. “That is absolute nonsense,” he said. The rumors surfaced amid Putin’s meeting with North Korea’s leader Kim Jong-un, during his visit to Russia this week.

At a meeting with Lukashenko in late July, Putin had said that foreign mercenaries fighting for Ukraine had suffered “significant losses” during a major counteroffensive Kiev launched in early June. At that time, Russia’s Defense Ministry said that some 4,990 foreign fighters had been killed since the start of Russia’s military operation in Ukraine in February 2022, with roughly the same number of them fleeing the country.

In mid-August, several mercenaries from Western nations, including two Americans, told ABC news that casualty rates in their units had reached 85% during the summer offensive operation.

Reuters/RT

A UK father of four became convinced his loyal wife of three years was cheating on him — but it turns out his paranoia was a symptom of a deadly brain tumor.

Andy Hampton, 54, not only became distant from his wife, Gemma, 37, he also showed an uncharacteristic lack of interest in his family and became forgetful.

“Shortly after having Henley, I noticed huge changes in Andy’s personality,” Gemma told SWNS about their son, who was born in May 2022.

“I would ask Andy to change Henley’s [diaper], to which he would say he had a headache and I had to do it,” she continued.

At first, Gemma believed her husband was struggling to adjust to the new dynamics of their growing family, but the behavior continued to worsen.

Gemma said it felt like her husband wasn’t even “listening” to her anymore.

“Because I kept pointing out things that he was doing wrong, his paranoia caused him to believe things that weren’t true,” she explained.

“He kept saying he knew it was all in his head, but he couldn’t stop the thoughts.

By May 2023, Andy was “all over the place,” according to Gemma, and he was becoming confused more easily.

The “final straw” came when he couldn’t figure out how to put the duvet cover back on the bed, which set off alarm bells in Gemma’s head.

She took him to a doctor, who diagnosed Andy with glioblastoma, a cancerous and aggressive brain tumor, per the American Brain Tumor Association (ABTA).

Glioblastomas can cause a shift in behavior, according to the ABTA, spurring psychiatric symptoms such as delusion and confusion, which could explain Andy’s actions.

On May 31, Andy underwent surgery to remove cancerous tissue and began six weeks of combined radiotherapy and chemotherapy.

“Instantly after the operation Andy’s mood changed, and his personality resembled the old Andy,” Gemma told SWNS.

“We felt better knowing that there was something to blame for Andy’s behavior and that it wasn’t our marriage breaking down.”

Now, the couple is focused on battling the cancer and getting Andy to feel better.

As he undergoes a second round of chemotherapy, Andy has signed up for a sponsored walk to raise money for Brain Tumour Research, a UK charity that aims to find a cure for brain tumors.

Gemma said that Andy has always been “an active person,” but his treatment leaves him extremely tired, and the walk may become a challenge.

Mel Tiley, the community development manager for Brain Tumour Research, noted that Andy’s story is a “stark reminder” of the “indiscriminate nature of brain tumors,” as the disease can affect anyone at any time.

“They kill more men under 70 than prostate cancer, yet just 1% of the national spend on cancer research has been allocated to this devastating disease since records began in 2002,” Tiley told SWNS.

“We’re determined to change this, but it’s only by working together we will be able to improve treatment options for patients and, ultimately, find a cure.”

New York Post

Debt Management Office has said Nigeria’s total public debt hit N87.38tn at the end of the second quarter of 2023.

The figure represents an increase of 75.29 per cent or N37.53tn compared to N49.85tn recorded at the end of March 2023.

The DMO in a report on Thursday said the debt includes the N22.71tn Ways and Means Advances of the Central Bank of Nigeria to the Federal Government.

The DMO stated, “Nigeria’s total public debt stock as at June 30, 2023, was N87.38tn ($113.42bn). It comprises the total domestic and external debts of the Federal Government of Nigeria, the thirty-six states, and the Federal Capital Territory.

“The major addition to the Public Debt Stock was the inclusion of the N22.712tn securitized FGN’s Ways and Means Advances.”

The statement also noted that other additions to the debt stock were new borrowings by the Federal Government and the sub-nationals from local and external sources.

It added, “The reforms already introduced by the present administration and those that may emerge from the recommendations of the Fiscal Reform and Tax Policies Committee, are expected to impact debt strategy and improve debt sustainability.”

The DMO had earlier projected that Nigeria’s public debt burden may hit N77tn following the National Assembly’s approval of the request by former President Muhammadu Buhari to restructure the CBN’s Ways and Means Advances.

Ways and Means Advances are loan facilities through which the CBN finances shortfalls in the government’s budget.

Director-General of the DMO, Patience Oniha, during a public presentation of the 2023 budget organised by the former Minister of Finance, Budget and National Planning, Zainab Ahmed, noted that the debt would be N70tn without N5tn new borrowing and N2tn promissory notes.

However, the latest data showed that the current debt stock of N87.38tn exceeded the DMO’s projection by N10.38tn.

Further breakdown showed that Nigeria has a total domestic debt of N54.13tn and total external debt of N33.25tn.

While the domestic debt makes up 61.95 per cent of total debt, the external makes up 38.05 per cent.

Punch

Nigeria, among Africa’s largest producers of crude oil, will need to raise production by at least 300,000 to 400,000 barrels a day to meet President Bola Tinubu’s target of achieving 6% economic growth from next year.

That’s according to Bank of America sub-Saharan Africa Economist Tatonga Rusike, who said that restoring crude output to levels last achieved in 2014 could prove tough.

“The target is ambitious as long as we continue to see oil production below 1.3 million barrels a day,” he said in an interview this week, noting that the revenue generated by Nigerian oil provides an important economic support.

Nigeria Oil Sector Shrinks for 13th Straight Quarter

The country produced 1.18 million barrels a day of crude in August, up from a revised 1.09 million barrels a day in July, according to data on Wednesday from the Nigerian Upstream Petroleum Regulatory Commission. That’s nearly 600,000 barrels below its OPEC quota of 1.7 million barrels a day, which it has been unable to meet this year.

Nigeria’s economy grew 2.5% in the three months through June from a year earlier, compared with 2.3% in the prior quarter after the oil sector contracted for a 13th straight quarter. The country has suffered two economic recessions since 2015, with growth averaging 1.1% over the period.

Tinubu, who took office in May, pledged to raise the growth rate to 6% or more and has initiated sweeping reforms to boost the economy, including ending costly energy subsidies, relaxing the exchange-rate regime and overhauling the country’s tax system to lift revenues.

Olaniyi Yusuf, chairman of the Nigerian Economic Summit Group, said that Tinubu’s growth goal was achievable — if the energy sector steps up.

“Our sense is that the greatest lever for us is crude oil,” he said in a separate interview, arguing that if the country can advance oil production to 1.6 million barrels a day, economic growth “will do up to 6% sustainably.”

Still, Nigeria’s persistently low oil production is a headwind and Bank of America has cut its growth forecast for Africa’s most populous country to 2.5% this year from an initial estimate of 3%.

“An increase in crude oil production to 1.6 million barrels a day could take growth to 4%,” Rusike said. But he cautioned that hitting that level of production is unlikely “unless there is a new field, or an old field that was not producing is reactivated.”

There will also be a time lag before Tinubu’s reforms begin to bear fruit.

“Positive reform momentum should influence economic performance for the rest of the year and into 2024,” he said.

Bloomberg

Oil prices rose to their highest level in 10 months on Friday, after China cut banks' cash reserve requirements to boost its economic recovery, and on expectations that major global interest rate hike cycles were nearing their end.

Brent crude rose 46 cents, or 0.5%, to $94.16 as of 0027 GMT, while the U.S. West Texas Intermediate crude (WTI) was up 0.6% at $90.74. Both the benchmarks were trading at their highest levels since November.

Analyst Tina Teng at CMC markets said China's reserve requirement cuts were instrumental in lifting energy and industrial metal prices in general, adding that Chinese industrial output and retail sales data could be market movers later on Friday.

Persistent worries about supply, and expectations of the U.S. central bank holding rates after Europe hinted its Thursday hike would be its last, have put oil prices on track to finish higher for a third straight week.

Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand.

"Betting on oil is becoming a favourite trade on Wall Street. No one is doubting the OPEC+ (oil-producing nations) decision at the end of last month will keep the oil market very tight in the fourth quarter," said analyst Edward Moya at OANDA.

The International Energy Agency said this week it expects Saudi Arabia's and Russia's extended oil output cuts to result in a market deficit through the fourth quarter. Prices briefly pulled back on a bearish U.S. inventories report, but soon resumed their ascent as supply worries prevailed.

Reuters

President Bola Tinubu has approved the appointment of Zacch Adedeji as the new acting executive chairman of the Federal Inland Revenue Service (FIRS).

Tinubu also directed Muhammad Nami, the current FIRS chairman, to proceed on three months of pre-retirement leave, as provisioned by Public Service Rule (PSR) 120243, with immediate effect.

The leave would lead to Nami’s eventual retirement from service on December 8, 2023, according to a statement on Thursday, by Ajuri Ngelale, special adviser to the president on media and publicity.

Ngelale said Adedeji’s appointment, according to directives of the president, takes immediate effect.

“Zacch Adedeji is hereby appointed in acting capacity for a 90-day period before his subsequent confirmation as the substantive executive chairman of the Federal Inland Revenue Service for a term of four (4) years in the first instance,” the statement reads.

“Adedeji is a first-class graduate in accounting from the Obafemi Awolowo University. He most recently served the nation as the special adviser to the president on revenue.”

Prior to his appointment as special adviser, Adedeji served as the commissioner of finance in Oyo state.

He was also the executive secretary and chief executive officer (CEO) of the National Sugar Development Council (NSDC).

The Cable

Federal Government, on Thursday, said there was no timeframe for resumption of Emirates and Etihad flights that were put on hold amid the diplomatic row between Nigeria and the United Arabs Emirates (UAE).

After a meeting between President Bola Tinubu and his UAE counterpart, Mohamed bin Zayed Al Nahyan, on Monday in Abu Dhabi, Ajuri Ngelale, Presidential spokesman, had said both leaders reached a historic agreement, which resulted in the immediate cessation of the visa ban placed on Nigerian travelers.

He added that both Etihad Airlines and Emirates Airlines were to immediately resume flight schedules into and out of Nigeria, “without any further delay”.

But the UAE authorities were silent on the visa ban lift and resumption of flights by its airlines, sparking curiosity among Nigerians.

In its statement, the Middle East country said Nigeria and the UAE would work together to reinforce their ties and explore opportunities for further bilateral collaborations.

But speaking during the Aviation Africa Summit in Abuja on Thursday, Festus Keyamo, Minister of Aviation and Aerospace Development, said the terms of agreements were being finalised.

He said: “So, we are beginning to work out all the tiny details. I have met with Emirate before I left UAE, and we are working out the details. We cannot say the time frame. Kicking off an airline operation again on a route, does not mean you will go and grab one empty plane sitting in a place.

“There is no idle plane sitting anywhere, they have to reschedule their flights and restart their routes again. All kinds of permission will be taken from local authorities and of course, I made the point in speaking with them and I made it clear that they will have to give our airlines reciprocal rights under our Bilateral Air Service Agreements (BASAs).

“That is the point I insisted on, and they did say that any spot we need, they will give us as much as we give them those spots within Nigeria.”

Daily Trust

Federal government says the collapse of the national grid was caused by a fire outbreak on the Kainji/Jebba 330 kilovolt (kV) line.

On Thursday, in a series of posts on X, Adebayo Adelabu, minister of power, said the fire led to about 356.63MW generation loss.

Yesterday, the national grid suffered a total system collapse — the first in more than a year.

Giving updates, Adebulu said the fire has been fully arrested “and over half of the connections are now up and the rest will be fully restored in no time”.

“At 00:35Hrs this morning, Fire outbreak with explosion sound was observed on Kainji/Jebba 330kV line 2 (Cct K2J) blue phase CVT & Blue phase line Isolator of Kainji/Jebba 330kV line1 was observed burning. This led to sharp drops in frequency from 50.29Hz to 49.67 Hz at 0:35:06Hrs with Jebba generation loss of 356.63MW,” he said.

“Kainji started dropping load from 451.45 MW at 00:35:07Hrs to zero.

“At 00:41Hrs frequency dropped further from 49.37 Hz to 48.41Hz then resulted in system collapse of the grid.

“We are on top of the situation and speedy restoration is in progress.”

Adelabu said the delay in providing an update was deliberate, so as not to cause panic and to also be able to give update on the progress of remedial actions taken so far. 

This, he said, is to ensure economic and security saboteurs do not take advantage of every reported situation.

The Cable

A survey of more than 36,000 people in 30 countries has found that younger people increasingly believe that democracy is incapable of producing solutions to the issues that affect them most.

The results of the wide-ranging poll, which was conducted between May and July of this year by George Soros’ Open Society Foundations (OSF), indicate that while democracy remains the preferred option for the vast majority of respondents, just 57% of the 18-35 age group view it as being preferable to other means of governance.

“Our findings are both sobering and alarming,” OSF president Mark Malloch Brown said of the poll, the findings of which were released on Tuesday. “People around the world still want to believe in democracy but, generation by generation, that faith is fading as doubts grow about its ability to deliver concrete changes to their lives.”

Some 35% of younger people, the report adds, believe that having a “strong leader” who does not hold elections or engage with legislatures is a “good way to run a country.” In the same age group, 42% indicated support for military rule, while 20% of older respondents answered similarly.

However, the poll also indicated overwhelming support (between 85% and 95%) across all age groups and income levels for a variety of issues, principally that it is wrong for governments to discriminate against individuals on the basis of appearance, religion, sexual or gender identity.

Poverty, inequality and the climate crisis were also cited as being the most pressing issues facing people today – but over half (53%) said they felt their country was going in the wrong direction. About a third also indicated that they believed politicians are not working in the best interests of their constituents.

“Confidence in the foundational elements of democracy coexists with profound doubts and its real-world practice and impact,” Brown said.

An average of around 70%, meanwhile, said they were concerned that the climate crisis would have a negative impact on their livelihoods in the next 12 months.

The survey also found that, while the topic of migration has been ever-present in the headlines in recent times, only 7% thought it to be a major concern – with 66% saying they favored the introduction of safer and more legal means for migrants.

Russia Today