The report that the United States State Department has cleared the sale of 12 AH-1Z Cobra attack helicopters to Nigeria worth nearly $1bn and the failure of lawmakers to sanction importers of contaminated petrol are some of the leading stories in Nigerian newspapers on Friday.
The Punch reports that the United States State Department has cleared the sale of 12 AH-1Z Cobra attack helicopters to Nigeria worth nearly $1bn, apparently after US lawmakers lifted objections over human rights concerns.
The Defense Security Cooperation Agency on Thursday announced the sale of the helicopters and related defence systems to the Nigerian military.
The package includes $25m for human rights-related training, according to YahooNews.
The sale includes the Bell-made Cobras; 28 General Electric-made T700-401C engines; 2,000 Advanced Precision Kill Weapon Systems used to convert unguided missiles into precision-guided missiles; and night vision, targeting and navigation systems.
The case highlights the Biden administration’s attempts to balance human rights concerns in the arms sale process.
Foreign Policy had reported in July that the top Democrat and Republican on the Senate Foreign Relations Committee delayed the sale amid concerns Nigerian President Muhammadu Buhari was drifting toward authoritarianism. The country is facing multiple security challenges, including terrorism.
The newspaper says that consumers of petrol on Thursday kicked against the decision of the House of Representatives not to sanction those who imported methanol-blended contaminated PMS in January this year.
The House of Representatives said on Thursday that nobody would be sanctioned for the supply of adulterated petrol which caused a major crisis in Nigeria’s fuel chain and untold hardships on Nigerians.
At the plenary on Thursday, the House considered and adopted the reviewed report on the investigation by its Committee on Petroleum Resources (Downstream), which exonerated both the Nigerian National Petroleum Company Limited, former Nigerian National Petroleum Corporation, and the suppliers in the Direct Sale-Direct Purchase deal between the Federal Government and the importers.
Tempers had frayed in the House on February 10, 2022, over the importation of methanol-contaminated petrol. Several members who spoke on the development called for sanctions against Federal Government agencies and officials who failed to carry out due diligence before passing the product for onward distribution to marketers.
The House had consequently resolved to investigate the matter, insisting that those in the import and distribution chain whose action or inaction led to the spread of the commodity must be held accountable.
The Majority Whip, Mohammed Monguno, had moved a motion of urgent public importance, titled ‘Need to Investigate the Release and Sale of Adulterated Premium Motor Spirit (PMS) in Petrol Stations across Nigeria.’
The Guardian reports that the Central Bank of Nigeria (CBN) has released N3.5 billion as rebates for exporters of semi- and fully-processed non-oil commodities under the newly-created RT200 Non-oil Export Proceeds Repatriation Rebate Scheme.
At least 150 exporters will benefit from the rebate fund, which was approved at the Bankers’ Committee meeting concluded yesterday.
The CBN Governor, Godwin Emefiele, recently unveiled the scheme, which is aimed at raising $200 billion from processed and semi-processed non-oil exports in the next three to five years.
According to the implantation guideline, exporters of eligible non-oil commodities will receive N65 for every $1 repatriated and sold at the Investors’ and Exporters’ (I &E) window for third-party use, while those who repatriate through the window for their use will be paid N35 per dollar as a rebate.
Briefing the media on the outcome of the meeting, the Managing Director of Fidelity Bank Plc, Nneka Onyeali-Ikpe, said 150 exporters would benefit from the first tranche of the rebate, which would be paid quarterly. She added that exporters of “semi, intermediate and fully-processed non-oil commodities” would also benefit from long-term single-digit credits to boost the country’s external sector and shore up non-oil earnings.
Onyeali-Ikpe also disclosed that there is an ongoing engagement between the Banker’s Committee and state governments on the development of export processing zones and terminals, initiatives that would stimulate growth and expand the local capacity utilisation when they take off.
Onyeali-Ikpe’s colleague at GTBank, Miriam Olusanya, disclosed efforts being taken by the Committee to increase the adoption rate of eNaira, which was unveiled in October. She said the initiative would receive more attention from the body in terms of publicity, adding that the second phase of its development would focus on “onboarding of the unbanked” through the USSD code option.
The Nation says that the Nigerian economy will be negatively impacted by the N4trillion vote for petrol subsidy in the revised 2022 budget passed yesterday by the National Assembly, experts have said.
The lawmakers acceded to President Muhammadu Buhari’s request for adjustments to the 2022 fiscal framework.
They approved a revised budget of over N17 trillion for this fiscal year with a provision of N4 trillion for petrol subsidy.
The police got an increase of N182 billion to take care of salaries.
The size of the 2022 budget was increased to N17,319,704,091,019 from an initial N17,126,873,917,692.
The Medium Term Expenditure Framework was revised as requested by the President.
The Centre for the Promotion of Private Enterprise Chief Executive, Dr. Muda Yusuf, is concerned about the country’s macroeconomic outlook in the near term.
He said: “The outcome of these approvals include increased borrowing, higher debt service, surge in fiscal deficit, heightening inflationary pressure and a risk of further depreciation in the naira exchange rate.”
The newspaper reports that former Governors Joshua Dariye and Jolly Nyame, jailed for corruption, got a reprieve yesterday.
They will be released from prison with 157 others, following the acceptance of government’s proposal for pardon by the Council of State.
The Council, which met for the fourth time under President Muhammadu Buhari, took the decision in exercise of its prerogative of mercy for convicts.
The recommendation was made by the Attorney General of the Federation and Minister of Justice, Abubakar Malami.
The Council also approved the proposal to give national awards to 434 Nigerians, as presented by Minister for Special Duties Chief George AKume.
Another major decision at the meeting is the approval of a national census to hold next year April after the general election.
GIK/APA