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Dabiri-Erewa assures diaspora investors of enabling environment in Nigeria .

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The Chairman/Chief Executive Officer, Nigerians in Diaspora Commission (NIDCOM), Mrs Abike Dabiri-Erewa has assured Nigerians abroad, who plan to invest in the nation, of government’s support and enabling environment.

Dabiri-Erewa gave the assurance during a courtesy visit to Marcelle Ruth Cancer Centre and Specialist Hospital in Lagos.

The News Agency of Nigeria (NAN) reports that the hospital, founded by Dr Modupe Elebute-Odunsi and her husband, Mr Bolaji Odunsi, was set up in Victoria Island, Lagos about six months ago.

Dabiri-Erewa said it was commendable that one of the best professionals in healthcare, left her comfort zone, took the risk to come back and set up a hospital in Nigeria.

She added that it was an inspiration to many Nigerians abroad who wanted to do likewise.

“I think this is most commendable; to come back home to give back. It is not just giving back but giving the best to your society.

“When we travel abroad, we didn’t get anything better than this and the beauty of this is that it is owned by all Nigerians,” she said.

Acknowledging the challenges the hospital may be experiencing in service delivery, Dabiri-Erewa pledged government’s support in helping the hospital achieve its goals.

“The role of government is to create an enabling environment and the good thing is that we have a diaspora policy that puts all the things we are saying to make life better for those who want to come back.

“This is about the fourth that we are acknowledging; we also have a Stroke Centre in Imo state, set up by a Nigerian in diaspora.

“People are coming from abroad but we don’t see these things, we rather see the negatives. We are here to celebrate positivity.

“Government will support every other Nigerian professional that wants to come back home,” she said.

Dr Modupe Elebute-Odunsi, Chief Executive Officer (CEO) of Marcelle Ruth Cancer Centre and Specialist Hospital said the desire to contribute to healthcare in Nigeria was not done light-heartedly.

Elebute-Odunsi, who is also a Consultant Haemato-Oncologist, who has about 30 years experience of working internationally, said it took a lot of planning to achieve.

She said her team did not just want to give back to the society but do it properly, by establishing a hospital that was of international standards.

“What we decided to do here was a complete one-stop shop. We see the issues when patients access care, it’s so disjointed.

“They come to see a doctor somewhere then go and see a specialist somewhere else; they do blood test in one place, scan somewhere else, there’s no cohesiveness.

“If they need a biopsy, chemotherapy, surgery, everything, it’s done here.

“Apart from a PET CT Scan, there is no reason why anybody should get on a plane to go and access care for cancer outside Nigeria,” she said.

Speaking further on the equipments, she said that Nigeria needed about 1,000 Linear Accelerator Machines to deliver radiotherapy for her population of cancer patients but currently have only five available.

Elebute-Odunsi commended the Chairman of NIDCOM for her support in ensuring that people in the diaspora who want to come home to contribute to the development of the nation are able to do so.

She urged banks to make financing accessible to people in the diaspora to make it possible for them to thrive.

Also, Mrs Kemi Ogunyemi, Director of Nursing at the hospital said that the aim of the hospital was to ensure that the journey of cancer care remained positive, regardless of what happens during the treatment.

Ogunyemi, who specialises in Oncology and Cancer Care said the period she worked as a Director of Outpatient Clinic in the United States of America had exposed her to quality and standard, which she pledged to maintain.

She urged NIDCOM to fast track the process so Nigerians in the diaspora, who are at the top of their fields and want to come back home to help with the development of the nation.

One of the patients, Mrs Ifeoma Dibia observed that accessing healthcare at the hospital was not different from what she receives when she goes abroad for treatment.

Dibia said the reasons she preferred receiving treatment at the hospital was because she receives the same quality without having to pay for flight tickets, accommodation and being disconnected from her family.

She urged NIDCOM to encourage more professionals to come back home to invest.

“We need them here, in all fields, especially health. There is no hospital you go to in New York you don’t have Nigerians. So let them come home,” she said. (NAN)

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Business & Economy

Senate Passes MTEF/ FSP, To Probe N8.4tn Withheld Subsidy Funds By NNPCL

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The Senate has passed the 2024 – 2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for implementation by the Federal Government.

The passage followed the presentation of a report by the chairman of the Joint Committees on Finance and National Planning & Economic Affairs presented by Sen. Musa, Mohammed Sani (Niger East).

The senate also tasked its Committees on Finance and Petroleum as well as Gas to investigate allegations of withheld funds by the NNPC, including NGN 8.48 trillion in petrol subsidies, and $2 billion (NGN 3.6 trillion) in unpaid taxes.

The allegation was highlighted by reports from the Nigeria Extractive Industries Transparency Initiative (NEITI) and the Revenue Mobilization, Allocation, and Fiscal Responsibility Commission.

The development comes following the Office of the Auditor-General of the Federation, saying it had received the necessary and complete documents required to verify the N2.7 trillion fuel subsidy claim by the Nigerian National Petroleum Company Limited against the government.

The Senate approved the exchange rate projection of 1,400 USD for 2025-2027 with a provision for review in early 2025, based on prevailing monetary and fiscal policies.

They also resolved that any excess on the official figure would be used for debt servicing.

During the debate on the report submitted by the Chairman Senate Committee on Appropriations, Senator Sani Musa (APC, Nigeria East ), the Lawmakers also demanded a reduction in the petrol prices against the backdrop of the commencement of the Port Harcourt Refinery.

Chairman of the Senate Committee on Appropriations, Senator Adeola Olamilekan referenced the Federal Government’s Compressed Natural Gas initiative as the underlying imperative for the adoption of the N1400 to one dollar.

According to him: “With the functioning of our refineries the demand for Forex will drop. With the CNG initiative, Nigerians will have an option for your information if you leave Benin to Lagos the amount of fuel is about 130 thousand but with CNG you can’t use more than 48 thousand Naira. Another issue to be addressed is the recurrent to-capital ratio which is very high.

The need to support the manufacturing industries was also raised by Senator Yahaya Abdullahi, of the Peoples Democratic Party, Kebbi North if the projections of the MTEF are to be achieved.

In their resolutions, the Senate also adopted inflation rate projections of 15.75, 14.21 and 10.04 per cent for 2025, 2026 and 2017 respectively.

According to the recommendations, “The 2025 Federal Government of Nigeria budget proposed spending of N47.9trilion of which N34.82 trillion is retained. New borrowings stood at N9.22tn, made up of both domestic and foreign borrowings.

Capital expenditure is projected at 16.48 trillion naira with statutory transfers standing at 4.26 trillion naira and sinking funds projected at N430.27billion.

 

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Tinubu Writes NASS, Seeks Approval For N1.77tn Fresh External Borrowing

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President Bola Tinubu has written to the National Assembly, seeking approval of a fresh N1.767 trillion, the equivalent of $2.209 billion as a new external borrowing plan in the 2024 appropriation act.

If approved, the loan will be used to part-finance the deficit of N9.7tn for the 2024 budget.

The president’s request was read by the speaker during plenary on Tuesday.

The president has also forwarded the MTEF/ FSP 2025- 2027 to parliament and the National Social Investment Programme establishment amendment bill, to make the social register the primary tool for the implementation of the federal government’s social welfare programmes.

This is as the Central Bank of Nigeria recently said the Federal Government spent $3.58 billion servicing the country’s foreign debt in the first nine months of 2024.

Data sourced from the Central Bank of Nigeria (CBN) report on international payment statistics showed that the amount represents a 39.77 per cent increase from the $2.56bn spent during the same period in 2023.

According to the report, while the highest monthly debt servicing payment in 2024 occurred in May, amounting to $854.37m, the highest monthly expenditure in 2023 was $641.70m, recorded in July.

The trend in international debt servicing by the CBN highlights the rising cost of debt obligations by Nigeria.

Further breakdown of international debt figures showed that in January 2024, debt servicing costs surged by 398.89 per cent, rising to $560.52m from $112.35m in January 2023. February, however, saw a slight decline of 1.84 per cent, with payments reducing from $288.54m in 2023 to $283.22m in 2024.

March recorded a 31.04 per cent drop in payments, falling to $276.17m from $400.47m in the same period last year. April saw a significant rise of 131.77 per cent, with $215.20m paid in 2024 compared to $92.85m in 2023.

The highest debt servicing payment occurred in May 2024, when $854.37m was spent, reflecting a 286.52 per cent increase compared to $221.05m in May 2023. June, on the other hand, saw a 6.51 per cent decline, with $50.82m paid in 2024, down from $54.36m in 2023.

July 2024 recorded a 15.48 per cent reduction, with payments dropping to $542.50m from $641.70m in July 2023. In August, there was another decline of 9.69 per cent, as $279.95m was paid compared to $309.96m in 2023. However, September 2024 saw a 17.49 per cent increase, with payments rising to $515.81m from $439.06m in the same month last year.

Given rising exchange rates, the data raises concerns about the growing pressure of Nigeria’s foreign debt obligations.

The total debts of the 36 states in Nigeria rose to N11.47tn as of June 30, 2024, despite allocations by the Federal Accounts Allocation Committee (FAAC), and their respective internally generated revenues (IGR).

An analysis of data from the public debt reports released by the Debt Management Office (DMO) said the rise was 14.57 per cent higher than the N10.01tn recorded in December 2023.

External debt for the states and the Federal Capital Territory also climbed from $4.61bn to $4.89bn within the period under review.

In naira terms, the debts increased by 73.46 per cent, from N4.15tn to N7.2tn, following the devaluation of the naira from N899.39/$1 in December 2023 to N1,470.19/$1 by June 2024.

 

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Protests In Abuja Demanding Investigation Into Guaranty Trust Bank Operations

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A protest was held today at the Police Force Headquarters in Abuja, organized by the Coalition of Civil Society for Good Governance in Nigeria, calling for an urgent investigation into serious allegations against Guaranty Trust Bank Limited (GTB). The bank, under the leadership of Segun Agbaje, is facing accusations of corruption, money laundering, unsolicited account openings, and more.

The Chief Convener of the coalition, Comrade Tijani Usman addressed the crowd, highlighting the pervasive issue of corruption that has plagued Nigeria’s socio-economic landscape since 1960. He emphasized the critical role of the banking sector in economic development and criticized the lack of action from regulatory and law enforcement agencies regarding GTB’s alleged infractions.

“The allegations against GTB are serious and cannot be ignored,” Usman stated. He urged the Nigeria Police Force to prioritize these claims and conduct a thorough investigation to hold accountable those responsible for any wrongdoing.

Participants in the protest voiced their concerns about recent operational failures at GTB, particularly a prolonged outage of the bank’s payment systems, which resulted in substantial losses for customers. The coalition called for the bank’s management to focus on resolving these critical issues instead of engaging in activities that undermine trust.

The protesters also appealed to the Central Bank of Nigeria and the Economic and Financial Crimes Commission to take a proactive stance in investigating the allegations and ensuring accountability within the banking sector.

As the coalition continues its peaceful demonstrations, they remain steadfast in their commitment to advocating for justice for affected customers and investors. This protest reflects a growing demand for greater transparency and accountability in Nigeria’s banking system, as civil society seeks to foster an environment where corruption is actively challenged and addressed.

The response from authorities to this protest may significantly impact the future governance of financial institutions in Nigeria, highlighting the necessity for reform and vigilance in the fight against corruption.

 

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