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 Abe Returns To APC, Seeks Support For Tinubu

The Rivers State Governorship candidate of the Social Democratic Party in the 2023 election, Senator Magnus Abe, has formally announced his return to the All Progressives Congress.

Abe dumped the APC for the SDP ahead of the 2023 election where he secured the party’s ticket to contest the governorship election.

But while speaking to newsmen shortly after a meeting with stakeholders in Port Harcourt on Wednesday, he said he has dumped the SDP for his former party.

He explained that his decision is to join other ‘well-meaning Nigerians’ to support the President Bola Tinubu-led administration, and to ensure that Rivers people benefit from the development at the centre.

He stated, “The new year offers a lot of opportunities and hopes for all Nigerians and indeed all Rivers people. My message has been consistent that we all need to come together; work together to be able to harvest these expectations for our people.

“So basically I called my people here today to intimidate them of some of the ongoing issues and also to let them know that we are returning to the All Progressives Congress to join other well-meaning Nigerians to support the government of President Bola Tinubu. And to do our own best to also make sure that Rivers people are able to be part of the development at the centre and to also carry the state along in what we are doing.”

Abe added that he and his team members were not back to the party because of any individual.

“We are in the APC because we are founding members of this party and we are grassroots supporters of the President. It is proper that we are in the party to continue to give that full support to the President’s developmental agenda,” he explained.

Asked how he intends to work with those he allegedly fell out with when he dumped the APC to pursue his governorship ambition, Abe said he was ready to work with others to ensure prosperity for Rivers people.

He added, “My coming to the APC is to work together with other members of the party to ensure growth, inclusion, prosperity and progress for Rivers State and Rivers people.

“If we all have the same mind, we will be party to achieving that. So, I think that this is a new year and everybody who wants the APC to move forward in Rivers State need to realise that the APC cannot be a personal estate of anybody.

“We are all very strong characters. There is none of those people, myself, Rotimi Amaechi, Nyesom Wike and Tony Okocha that is a walk over. But you will also agree that if all of us must come together, there should not be any other force in Rivers State that can stop us.

“So, I believe that if we can find a common ground which we have all found in the APC definitely there is a space for everybody.”

Meanwhile, the State APC Caretaker Committee Chairman, Chief Tony Okocha, said Abe is welcomed to the party, describing him as a founding member of the party.

Okocha said this while answering questions from newsmen shortly after he visited the New Generation Vision Orphanage in Elelenwo, Obio/Akpor Local Government Area and the Home for the Elderly in Port Harcourt, where he distributed items, including bags of rice, cartons of noodles, toiletries and cash donations.

He said, “In politics, it is the more, the merrier. I listened to one of his (Abe’s) conversations on air that he intends to return to the APC. We can’t stop him.

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4 hours ago

APC United Kingdom
LASG SET TO IMPROVE WASTE COLLECTION, MANAGEMENT… Signs MOU With Jospong Group on Upgrading DumpsitesThe Lagos State Commissioner for Environment and Water Resources Mr. Tokunbo Wahab said the present administration has ramped up its activities for improved and timely waste-clearing efforts all over the state, adding that the two main dumpsites at Olusosun and Soulous have also experienced rehabilitation leading to increased capacity. Speaking today on activities of the Ministry in the past 12 Months at the Y2024 Annual Ministerial Press briefing held at the Bagauda Kaltho Press Centre Alausa, to commemorate the First Year, Second Term in the office of Governor Babajide Sanwo-Olu Administration, Wahab added that the State Government has also signed an MOU with Jospong Group from Ghana to ensure the identification of existing Dumpsites/Transfer Loading Station as potential candidates for conversion/upgrading to Material Recovery Facilities (MRFs) and Compost Facilities. The Commissioner maintained that the collaboration between LASG and JOSPONG technical teams will re-engineer the solid waste management system in Lagos State and ensure the creation of job opportunities in the Waste to Wealth value chain.He said the Lagos Waste Management Authority (LAWMA), during the period under review, identified 103 illegal blackspots across the metropolis and ensured that they were dislodged, adding that a total of 1,081 environmental offenders were arrested for various environmental offences with 1016 persons prosecuted by the Mobile Magistrate’s court and sentenced to community service at various locations in the state.Wahab disclosed that based on the information of the grave health concerns and the dangers of the use of styrofoam to the ecosystem and drainage channels, the Ministry pronounced a ban on the use, sale and distribution of Styrofoam food containers in the state, noting that over 322.5 kg of Styrofoam food containers have so far been confiscated and deposited at the TLS Marini in Oshodi for destruction.He stated that more efforts are being intensified on public awareness and sensitisation of residents on the dangers inherent in the continued usage of the Styrofoam food containers.While outlining the achievement of the State Environmental Protection Agency (LASEPA) the Commissioner said the Agency undertook 367 enforcement activities in households, markets, hotels, warehouses, service centres, eateries, stores, churches, mosques and 140 hospitality facilities including Supermarket, Nightclubs and Bake houses to ensure compliance with the state environmental laws.He said 76 abatement notices were served to individuals and organisations violating laws on the indiscriminate discharge of raw sewage into the lagoon or other forms of water and land pollution, saying “A 25% compliance rate with environmental laws was recorded compared to the previous year”.In a renewed step to ensure the safety of lives and property of residents, the Commissioner said operatives of KAI/LAGESC re-enforced the use of pedestrian bridges with 1,032 persons arrested for crossing the highway and failure to use pedestrian bridges, adding that 165 miscreants and squatters on the pedestrian bridges across the state were dislodged and the bridges cleaned up.He said the operative of KAI recently unearthed an illegal housing settlement constructed under the Dolphin Bridge where 80 rooms housing miscreants were dismantled, adding that the government is determined to dislodge all under bridges across the state and convert them into proper public use. He stressed that the banning of street traders on the Island will also spread to other Local Government Areas in the state as it will be a continuous exercise.Wahab said the Lagos State Parks and Gardens Agency (LASPARK) has continued to create beautiful and serene spaces for sports relaxation and leisure all around the Lagos metropolis and remarkably increased the greenery with a total of 2,910 trees planted on the annual Tree Planting Day and other ceremonial days.He assured residents that most mini waterworks across the state will be regenerated, stressing that residents should desist from vandalising waterworks pipes and other government properties.“I would like to appeal to the residents to always take ownership of their environment, if you notice something kindly speak out. So that the environment can be habitable for all”, the Commissioner said. See MoreSee Less
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9 hours ago

APC United Kingdom
♻️ Fitch Revises Nigeria’s Outlook to Positive; Affirms at ‘B-‘[www.fitchratings.com/research/sovereigns/fitch-revises-nigeria-outlook-to-positive-affirms-at-b-0…]Thanks to H.E. President Bola Ahmed Tinubu, GCFR, and his exceptional ACE team, Fitch has elevated Nigeria’s credit rating outlook from STABLE to POSITIVE.A full list of rating actions is below.KEY RATING DRIVERSThe revision of the Outlook reflects the following key ratings drivers and their relative weights:HighSignificant Reform: The Positive Outlook partly reflects reforms over the last year to support the restoration of macroeconomic stability and enhance policy coherence and credibility. Exchange rate and monetary policy frameworks have been adjusted, fuel subsidies reduced, coordination between the ministry of finance and the Central Bank of Nigeria (CBN) improved, central bank financing of the government scaled back and administrative efficiency measures are being taken to raise the currently low government revenue, as well as oil production.Distortions Reduced: The reforms have reduced distortions stemming from previous unconventional monetary and exchange rate policies, resulting in the return of sizeable inflows to the official foreign exchange (FX) market. Nevertheless, we see significant short-term challenges, notably, inflation is high and the FX market has yet to stabilise, and the durability of the commitment to reform is to be tested.Exchange Rate Liberalisation: The CBN has stepped up efforts to reform the monetary and exchange rate framework following last year’s unification of the multiple exchange rate windows, and the large differential between the official and parallel market rates has collapsed. Average daily FX turnover at the official FX window has risen sharply from 2H23, and there has been clearance of USD4.5 billion of the backlog of unpaid FX forwards (the validity of the outstanding USD2.2 billion is being assessed by CBN), and weekly sales of FC to bureaux de changes (BDCs) have resumed (having been suspended since 2021).Return of Sizeable Non-Resident Inflows: Greater formalisation of FX activity and monetary policy tightening has contributed to a significant rise in foreign portfolio investment inflows, and a fast appreciation of the naira at the official FX window, following the 71% post-liberalisation depreciation between June 2023 and mid-March 2024, although the exchange rate remains volatile. However, Fitch views continued lack of clarity in the size of net FX reserves as a constraint on the sovereign’s credit profile.Further Monetary Policy Tightening Expected: Fitch anticipates further increases in the CBN monetary policy rate in 2H24 (following the 600bp hike to 24.75% since February 2024 alongside tightening of reserve requirements) and strengthening of monetary policy transmission, after the recent resumption of open market operations at rates closely aligned to the MPR. We project inflation, which rose to 33.2% yoy in March due partly to exchange rate pass-through and rising food prices, to average 26.3% in 2024 and 18.2% in 2025, still well above our projected ‘B’ median of 4.5%.MediumFiscal Revenue Improves, Still Low: Fitch forecasts the budget deficit to widen 0.3pp in 2024 to 4.5% of GDP (but 0.5pp lower than we projected at our last review). This is due to improving non-oil revenue and partial fuel subsidy removal being offset by underperformance in oil profits from Nigerian National Petroleum Corporation Limited (despite a potential improvement in oil production) and higher payments for debt servicing, personnel and capex.We project a 2pp rise in general government (GG) revenue/GDP from 2023 to 2025 to 9.6%, helped by increased mobilisation of non-oil tax revenue, to narrow the budget deficit to 4.1% in 2025. Nevertheless, the GG revenue/GDP ratio would remain one of the lowest of Fitch-rated sovereigns. The government has sharply reduced recourse to its CBN ‘Ways and Means’ overdraft this year, and banks’ healthy foreign currency (FC) liquidity and strong demand for government securities support domestic financing capacity.Improved Oil Production, Challenges Remain: We expect oil refining capacity to increase in 2024-2025 as the Dangote plant ramps up, with an eventual 0.65 mbpd capacity. This will reduce transportation costs and lower refined oil imports, which should ease FX demand. We anticipate an increase in crude oil production (including condensates) in 2024-2025, averaging 1.75 mbpd, from 1.58 mbpd in 2023, helped by improved onshore surveillance, but this is still well below the 2019 level, reflecting underinvestment in the sector and production outages.Nigeria’s ‘B-‘ IDRs also reflect the following key rating drivers:Rating Fundamentals: Nigeria’s rating is supported by its large economy, developed and liquid domestic debt market, and large oil and gas reserves. It is constrained by weak governance indicators relative to peers’, high hydrocarbon dependence, limited crude oil production capacity, weak net FX reserves, high inflation, ongoing security challenges, and structurally low, albeit improving, non-oil revenue.Extremely High Interest Expenditure: Fitch expects GG debt/GDP to rise 2.6pp in 2024 to 44.8% (‘B’ median 53.2%), partly owing to currency depreciation, with the bulk of financing in 2024 domestically sourced. Domestic borrowing costs have risen due to higher policy rates, and GG interest/revenue is one of the highest of Fitch-rated sovereigns at 38.2% in 2023 (‘B’ median 11.6%). Nigeria’s public debt has a fairly long average maturity of 12.3 years, and nearly 61% is local-currency denominated, well above the current ‘B’ median of 35.9%.Moderate Gross FX Reserves: Gross FX reserves fell to USD32.2 billion at end-April, from a peak of USD34.4 billion in mid-March, partly reflecting repayment of existing debt obligations, and FX sales to BDCs to support the currency. Fitch projects a broadly flat current account surplus, averaging 0.5% of GDP in 2024-2025, supported by a modest rise in oil production and remittances. We forecast FX reserves to fall to 4.2 months of current external payments at end-2024 (‘B’ median 4.2), from 4.4 months at end-2023.Weak Net FX Reserves: Uncertainty continues over the net FX reserve position, with a particular lack of clarity on near USD32 billion of "FX forwards, OTC futures, and currency swaps" recorded as an off-balance sheet "commitment" in CBN’s last consolidated financial statement for 2022. Fitch estimates that around 30% of Nigeria’s reserves are made up of FX bank swaps, although we expect most of these to continue to be rolled over.External Debt Service Rises in 2025: Government external debt service is moderate, expected at USD4.8 billion in 2024 and USD5.2 billion in 2025 (with USD2.9 billion of amortisations, including a USD1.1 billion Eurobond repayment due in November). The government plans to meet its external financing obligations through a combination of multilateral lending, syndicated loans, and potentially from commercial borrowing.Banking Sector Resilience: The banking sector has been resilient to the impact of the sharp devaluation on the capital adequacy ratio (end-11M23: 12.3%) given balance sheet structures, including net long FC positions, which delivered large FX revaluation gains in 2023 and 1Q24. While we expect the non-performing loan ratio (end-3Q23: 4.2%) to rise in 2024, loan books are small (end-2023: 35% of banking sector assets) and overall asset quality remains closely aligned with sovereign creditworthiness, given high fixed-income securities and cash reserves at the CBN. Fitch anticipates a marked increase in equity issuance and M&A in the next two years in order to comply with a significant increase in paid-in capital requirements.ESG – Governance: Nigeria has an ESG Relevance Score (RS) of ‘5’ for both Political Stability and Rights and for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption. These scores reflect the high weight that the World Bank Governance Indicators (WBGI) have in our proprietary Sovereign Rating Model (SRM). Nigeria has a low WBGI ranking at the 17th percentile, reflecting weak institutional capacity, uneven application of the rule of law, and a high level of corruption.RATING SENSITIVITIESFactors that Could, Individually or Collectively, Lead to Negative Rating Action/DowngradeExternal Finances: Heightened external liquidity stress, potentially illustrated by a deterioration in the CBN’s net FX position, for example, due to severely constrained external financing sources, failure to push ahead with exchange-rate reforms contributing to capital outflows or banks not rolling over FX swaps with the CBN, and/or sustained lower oil receiptsPublic Finances: Higher risk of debt servicing difficulties, for example, stemming from a widening fiscal deficit, failure to put the interest/revenue ratio on a downward path, weaker demand for domestic government debt, and constrained access to Eurobond financingMacro: Greater macro-instability in the form of more entrenched high inflation or high GDP growth volatility, potentially due to renewed greater central bank fiscal financing, looser monetary policy settings, and the re-emergence of FX shortages in the economyFactors that Could, Individually or Collectively, Lead to Positive Rating Action/UpgradeExternal Finances: Reduction in external vulnerabilities, for example, due to a sustainable recovery in the CBN’s FX position, further easing of domestic FC supply constraints, or sustained current account surplusesMacro: Improved credibility and consistency in monetary and fiscal policy-making and FX management, resulting in a sustained reduction in inflation and greater stability in the FX marketPublic Finances: Sustainable improvement in public finances, potentially arising from an increase in oil revenue and stronger mobilisation of domestic non-oil revenueSOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)Fitch’s proprietary SRM assigns Nigeria a score equivalent to a rating of ‘B-‘ on the LTFC IDR scale.Our sovereign rating committee did not adjust the output from the SRM to arrive at the LTFC IDR.Fitch’s SRM is the agency’s proprietary multiple regression rating model that employs 18 variables based on three-year centered averages, including one year of forecasts, to produce a score equivalent toLTFC IDR. Fitch’s QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the LTFC IDR, reflecting factors within our criteria that are not fully quantifiable and/or not fully reflected in the SRM.COUNTRY CEILINGThe Country Ceiling for Nigeria is ‘B-‘, in line with the LTFC IDR. This reflects no material constraints and incentives, relative to the IDR, against capital or exchange controls being imposed that would prevent or significantly impede the private sector from converting local currency into FC and transferring the proceeds to non-resident creditors to service debt payments.Fitch’s Country Ceiling Model produced a starting point uplift of 0 notches above the IDR. Fitch’s rating committee did not apply a qualitative adjustment to the model result.REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATINGThe principal sources of information used in the analysis are described in the Applicable Criteria.Nigeria does not publish consolidated fiscal data on a general government basis, which complicates our assessment of fiscal performance. Fitch is able to produce its own estimates for general government fiscal metrics based on disaggregated data on federal, state and local government revenue, spending and debt published by the NNPC, the CBN, the Debt Management Office, the Budget Office of the Federation and the National Bureau of Statistics. Fitch’s estimates are broadly consistent with and comparable to the data used for other sovereigns. The data used was deemed sufficient for Fitch’s rating purposes because we expect that the margin of error related to the estimates would not be material to the rating analysis.ESG CONSIDERATIONSNigeria has an ESG Relevance Score of ‘5’ for Political Stability and Rights as WBGI have the highest weight in Fitch’s SRM and are therefore highly relevant to the rating and a key rating driver with a high weight. As Nigeria has a percentile rank below 50 for the respective governance indicator, this has a negative impact on the credit profile.Nigeria has an ESG Relevance Score of ‘5’ for Rule of Law, Institutional & Regulatory Quality and Control of Corruption as WBGI have the highest weight in Fitch’s SRM and are therefore highly relevant to the rating and are a key rating driver with a high weight. As Nigeria has a percentile rank below 50 for the respective governance indicators, this has a negative impact on the credit profile.Nigeria has an ESG Relevance Score of ‘4’ for Human Rights and Political Freedoms as the Voice and Accountability pillar of the WBGI is relevant to the rating and a rating driver. As Nigeria has a percentile rank below 50 for the respective governance indicator, this has a negative impact on the credit profile.Nigeria has an ESG Relevance Score of ‘4’ for Creditor Rights as willingness to service and repay debt is relevant to the rating and is a rating driver for Nigeria, as for all sovereigns. As Nigeria has a fairly recent restructuring of public debt in 2005, this has a negative impact on the credit profile.The highest level of ESG credit relevance is a score of ‘3’, unless otherwise disclosed in this section. A score of ‘3’ means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch’s ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision.#RenewedHope#RenewedHopeIsHere See MoreSee Less
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11 hours ago

APC United Kingdom
What Peter Obi wants!What Nigeria Needs!#RenewedHope See MoreSee Less
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13 hours ago

APC United Kingdom
The Renewed Hope Cities and Estates Program:The administration of President Bola Ahmed Tinubu has embarked on a transformative journey to tackle Nigeria’s housing deficit head-on.With an ambitious goal of delivering 100,000 housing units nationwide, this program offers solutions for all.From commercial rates to concessional offerings, it ensures inclusivity and progress for diverse income brackets.#TrackThePolicy See MoreSee Less
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14 hours ago

APC United Kingdom
The passport application process in Nigeria was one of the daily struggles Nigerians go through despite all efforts made by successive governments, but so much progress has been made since President Bola Tinubu took over the reins of power last May.Through the Ministry of Interior, his vision for a better Nigeria became evident in his reforms. His commitment to reforming the passport process has made it more accessible and efficient for all reducing the stress Nigerians go through every other day.#PBATVersary #RenewedHope See MoreSee Less
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