There’s no mercy for money
Your favourite Nigerian governors spent over ₦900 billion on refreshments in Q1
Can we come together as a nation and beg Miss Tems to unsing Crazy Things Are Happening? We’re still recovering from a nationwide blackout, now there’s a report that shows how our governors spent generational wealth on refreshments in just three months.
Here’s a little TW, the details are crazy and we spilled it all.
- Margaret
Word count: ~1300
Reading time ~6 mins
Let’s get into today’s edition:
Governors splurge over ₦900 billion on refreshments in just three months
Tinubu names Abuja road after Wole Soyinka
Naira predicted to reach ₦1450 per dollar by December
Senate promises to fast track new minimum wage bill
The Big Deal
Governors splurge over ₦900 billion on refreshments in just three months
The opening line of the new national anthem is the most Nigerian line ever written. Not to give you another reason to “hail” Nigeria today but a report provided by Open Nigerian States has revealed that 30 governors spent ₦968.64 billion on refreshments in the first three months of 2024.
The money, which is enough to purchase 50kg bags of rice for over 11 million Nigerians, was spent on refreshments, sitting allowances, travelling, utilities, etc, by Governor Sanwo- Olu of Lagos state, Alex Otti of Abia and 28 other Nigerian governors.
Across these 30 states, ₦34.63 billion was used to pay for local and foreign travel expenses, ₦5.1 billion for guest refreshments, ₦4.67 billion for government officials’ sitting allowances,and ₦5.64 billion for utility bills like electricity, internet, water charges, and similar expenses.
How did your favourite governors divide the national moimoi?
At the top of the list of big spenders is Governor Sanwo-Olu. Lagos state spent a total of ₦189.62 billion on refreshments, utilities, sitting allowances, and travels in three months. Next on the list is Governor Dapo Abiodun of Ogun state who spent ₦47.12 billion on similar expenses. Comparably, Governor Umo Eno of Akwa Ibom spent a total of ₦46.85 billion.
Coming closely behind is Governor Seyi Makinde of Oyo state who spent ₦40.12 billion. Kogi state and Bauchi state are also high on the list with ₦37.4 billion and ₦35.75 billion spent respectively within the three-month period.
Other states include Kaduna with ₦34.69 billion, Kano ₦34.41 billion, Ondo ₦31.12 billion, Kwara ₦24.34 billion, Katsina ₦21.87 billion, Kebbi ₦11.67 billion, Nasarawa ₦18.61 billion, Osun ₦24.39 billion, Plateau ₦24.70 billon Taraba ₦20.93 billion, Jigawa State ₦15.52 billion and Zamfara ₦13.46 billion.
Stats for states like Benue, Imo, Niger, Rivers, Sokoto, and Yobe are hard to find at the moment but we’ll share as soon as we know more.
Why is this a big deal?
Nigeria’s inflation rate is currently at 33.69%. For the average Nigerian, the reality is even worse. In a country where people are struggling to afford actual meals, spending over ₦900 billion of national funds on refreshments in only 3 months is alarming. With democracy day being around the corner, it also raises a question of whether the Nigerian government is where Nigerians want it to be and if democracy day is worth celebrating at all.
Tinubu names Abuja road after Wole Soyinka
Nigerian writers are getting presidential recognition for giving Nigerians a much needed escape from reality. Wole Soyinka, known for legendary books like Ake, now has a road named after him, thanks to President Tinubu.
The President has officially opened the new road which stretches from Northern Parkway to the Outer Northern Expressway (ONEX), stating that the idea of naming the new road in honour of the renowned playwright is a welcome idea.
“He has brought Nigeria fame, pride, and international acclaim”, he said.
Presidential spokesman Ajuri Ngelale mentioned that this new road will improve traffic flow for the surrounding areas of Mabushi, Katampe, Jahi, and Kado.
The president also mentioned that the road is more than its name, the project also provided job opportunities for over 1,500 Nigerians and “serves as a credit to the Renewed Hope Agenda for creating job opportunities for our teeming youth.
But some Nigerians are not impressed…
Wole Soyinka has been in the news for the wrong reasons lately. To Nigerians on X, he’s “a bigot” who “fell off”.
The Nobel Prize winner has been very critical of the leadership skills of Peter Obi, President Tinubu’s opposition during the 2023 election, which has led some Nigerians to believe that the honorary naming is President Tinubu’s way of saying thank you.
Naira predicted to reach ₦1450 per dollar by December
Looks like the naira doesn’t have what it takes to beat the dollar this year. International credit rating agency, Fitch Ratings, has predicted that the currency which has been on its Anthony Joshua energy since the beginning of 2024 will end the year at ₦1,450 per dollar.
Gaimin Nonyane, the director at Fitch Ratings, said “Naira is still finding its feet. It is still in price discovery mode. So we would expect a lot of volatility in the near term. However, as I just mentioned, there is the expectation of multilateral donor funding coming in Q3 this year in addition to improved oil receipts. So that should help to reduce volatility somewhat by Q3 this year.”
She added that the future value of the naira will largely depend on the progress of foreign exchange reforms. Nonyane pointed out that the country's foreign exchange reserves have dropped from around $34 billion in March to about $32.7 billion now. This decline happened because the gains from oil sales were used to pay off existing debts, including repayments on foreign exchange swaps and sales to Bureau De Change, according to the Central Bank of Nigeria.
“Currently, we see a path to a sustainable recovery in CBN foreign exchange position. And sustained current account surpluses. Currently, the current account surplus is low, below one percent of the GDP, although they are experiencing some surpluses, it is still not significant in addition to that, if we see a sustained reduction in inflation and greater stability in the foreign exchange markets, and one key factor is the tax revenue. We need to see stronger mobilisation of domestic non-oil revenue. So all of these combined collectively, it’s not one or the other, which could potentially lead to an upgrade.” She added.
If you still have Detty December plans, may the dollar be in your favour.
Senate promises to fast track new minimum wage bill
When it comes to the new minimum wage conversation, Labour and Senate agree on one sentence – wrap it up!
The Senate has promised to quickly review the National Minimum Wage Bill as soon as the federal government and organised labour conclude their negotiations. While they are happy to help make the minimum wage take effect as fast as they can, they’ve advised against raising the wage beyond what the economy can handle.
House spokesman Akin Rotimi said, "While the Green Chamber fully supports the call for better wages and working conditions, we must be careful not to increase the minimum wage to a level that our economy can't sustain. This could lead to unintended consequences like inflation, layoffs, and other negative economic impacts. Therefore, it's crucial to approach this issue from a balanced perspective to ensure long-term stability and prosperity for all Nigerians."
Meanwhile, Labour isn’t planning to settle…
Even though the union has backed down from their initial ₦494,000 request, it has no intention of accepting any insignificant addition to the proposed ₦60,000.
“At the meeting on Friday, they said they would not add anything more to the ₦60,000 but in the meeting of yesterday (Monday), Mr President was able to commit to doing what is more than ₦60,000,” the President of the Trade Union Congress (TUC), Festus Osifo said.
Although the union leader did not specify an exact amount, he insisted that the new minimum wage must have the same purchasing power as ₦30,000 did in 2019 and ₦18,000 did in 2014.
The Big Picks
FG, Labour, Private Sector Resume Wage Talks After Strike: Yesterday, the Tripartite Committee on Minimum Wage reconvened at the Nicon Luxury Hotel in Abuja to continue negotiating a new minimum wage for workers across the country.
Binance Will Face All Due Process On Charges – FG: The Minister of Information and National Orientation, Mohammed Idris, stated that due process is being followed in the ongoing trial of the online platform Binance and one of its executives, Tigran Gambaryan.
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Seyi Makinde is the governor of Oyo State, not Seyi Tinubu.