Nigerian press zooms in on hearing of appeals against Tinubu’s victory, others

APA – Lagos (Nigeria)
The report that the Supreme Court of Nigeria today begins hearing of the appeals challenging the electoral victory of President Bola Tinubu dominates the headlines of Nigerian newspapers on Monday.
The Punch reports that as the Supreme Court today hears the appeals challenging the electoral victory of President Bola Tinubu, the ruling All Progressives Congress has expressed confidence that the President will come out victorious.
Tinubu’s victory in the February 25 presidential poll is being challenged by the Peoples Democratic Party and the Labour Party.
The opposition parties had earlier lost at the Presidential Election Petitions Court where they first challenged Tinubu’s victory.
Displeased with the verdict of the PEPC, both parties and their candidates, Atiku Abubakar (PDP) and Peter Obi (LP) proceeded to the Supreme Court, which has fixed today for hearing.
Speaking on Sunday ahead of today’s hearing, the APC Director of Publicity, Bala Ibrahim, told The PUNCH the opposition would lose again.
He said, “We are expecting justice and I know the Supreme Court Justices are just. They are going to look at the cases on merit. So, we are optimistic that justice is going to be done just as was done earlier on (tribunal judgment).
“We are not expecting anything different from a just and fair ruling. Whatever may be the case, my confidence is in the judicial system of Nigeria. So, I am consoled that justice will be delivered and whoever wins or loses should take it in good faith.
“But as a party, the APC is confident the Supreme Court is going to be just.”
The newspaper says that Nigeria’s total public debt may hit N118.37tn in the next three years, findings by The PUNCH have shown.
The figure was based on analysing Nigeria’s current debt profile and the debt projections in the Medium Term Expenditure Framework and Fiscal Strategy Paper 2024-2026.
According to the new MTEF/FSP, the Federal Government plans to take N26.42tn loans between 2024 and 2026.
The fiscal policy also indicates that debt servicing will gulp N29.92tn in three years.
The data show that the national government plans to borrow N7.81tn in 2024, slightly less than the N8.84tn targeted for the same year in the previous MTEF/FSP.
A breakdown for 2024 shows that the Federal Government plans to get N6.04tn from domestic lenders and N1.77tn from foreign creditors.
By 2025, the Federal Government plans to borrow N8.54tn, which is also less than the N10.62tn targeted for the same year in the previous MTEF/FSP.
A breakdown for 2025 showed that the Federal Government plans to get N6.42tn from domestic lenders and N2.12tn from foreign creditors.
The Federal Government plans to borrow N10.07tn by 2026, which consists of N8.94tn domestic loans and N1.13tn external debt.
Based on our analysis, the Federal Government is reducing its appetite for foreign loans to focus more on borrowing from domestic lenders.
The PUNCH also found that the country had borrowed about N5.05tn between January and June from its N9.62tn borrowing plan for 2023, which means that the Federal Government will likely still borrow at least N4.57tn more this year.
The Debt Management Office recently said Nigeria’s total public debt hit N87.38tn at the end of the second quarter.
The Guardian reports that amid sluggish growth, rising debt prices and global banking turbulence, over 1,000 African finance leaders are to meet in Lome, Togo for an inclusive, competitive and robust Pan- African financial services industry.
Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso and others are among speakers to deliver presentations at this year’s Africa Financial Industry Summit (AFIS).
Essentially, the forum provides a platform for Nigeria’s financial industry leaders to develop concrete solutions to challenges facing the sector and collaborate with other continental experts.
AFIS 2023’s agenda encompasses touching topics, including attracting African institutional investments to local capital markets, ensuring free movement of capital and regulatory harmonisation, nurturing talent essential for digital transformation and unlocking innovation in areas like climate finance and tokenisation.
This year’s event holding next month with the theme: “Building a World-Class African Financial Industry: A $1.5 Trillion Opportunity,” would bring together major players from both public and private sectors to explore transformation of the African financial industry in the face of technological advancements and the African Continental Free Trade Area (AfCFTA).
The AFIS has been instrumental in fostering change in African finance by facilitating discussions on pivotal themes within the sector. Over 20 Ministers of Economy and Finance, Central Bank Governors, Deputy Governors, and regulatory authorities are to be in attendance.
Other speakers include Mamo Esmelealem Mihretu (National Bank of Ethiopia); Manuel António Tiago Dias (National Bank of Angola); Dr. Ernest Addison (Central Bank of Ghana); Jean-Claude Kassi Brou (BCEAO); Ministers Romuald Wadagni of Benin and Sani Yaya of Togo.
The newspaper says that the Petroleum Training Institute (PTI) has said that it is working with the Nigerian National Petroleum Company Research, Technology and Innovation Division (NNPC RTI) to develop Compressed Natural Gas (CNG) conversion technology for automobiles and commercial tricycles.
PTI explained that the technology would not only hasten conversion of tricycle from petrol powered but also improve the efficiency of CNG automobile and tricycles.
The Principal, Chief Executive PTI, Dr. Henry Adebowale Adimula, who disclosed this ahead of the Institute’s third Biennial International Conference on Hydrocarbon Science and Technology, in Abuja, next Monday, said the technology would reduce the demand for petrol in the transportation sector.
Adebowale said that a lot of skilled workers have also been trained by the institute on modular refining capacity, adding that PTI would continue to collaborate with its partners to equip the industry with the needed manpower and technology to drive the oil and gas industry.
He said: “The country today, especially the practice or lack of technology that is being used, especially by skilled workers refiners, one of the things we have done is to develop concepts and also to help to train the individuals so that whatever they do would not adversely affect the environment.
“We at the Institute have built up our own. Now, what is next is to scale it up to find ways to make it commercial. But as an institute, we have that already. We have a template, we have drawings, we have all the fabricated parts and everything so that it is easier to now bring people in, teach them on the various components of what they will actually encounter in the field.”
He further said the conference, which has the theme: ‘the future of the oil and gas: the opportunities, challenges and development,’ would help promote and showcase some of the major research outcomes from the institute and in the industry.
The Director, Research and Development, PTI, Dr. Tina Isichei said the conference is being held in collaboration with NNPC RTI, NNPC Academy, Petroleum Technology Development Fund, PTDF, and the African Petroleum Producers Organisation (APPO).
GIK/APA