Nigeria recorded N927.2bn trade surplus in Q1 2023 – NBS

*Exports stood at N6.49 trillion, imports N5.56 trillion Nigeria’s economy recorded N927.16 billion trade surplus between January and March 2023, according to the National Bureau of Statistics (NBS), Foreign Trade in Goods Statistics Report for Q1 2023 released in Abuja on Tuesday. In the report, the NBS said Nigeria’s total exports stood at N6.49 trillion, and imports at N5.56 trillion. The NBS report shows that in the quarter under review, the nation’s total trade stood at N12.05 trillion. This, the bureau said,  is higher than the value (N7.86 trillion) recorded in the corresponding period (Q1) of 2021. It also said that total imports increased by 3.67 per cent in Q1 2023 compared to the value recorded in Q4 2022 at N5,362.83 billion. “Total imports however fell by 25.83 per cent when compared to the value recorded in Q1 2022 at N7,495.67 billion,” it said. The NBS said re-exports value in the quarter under review stood at N32.17 billion representing 0.50 per cent of total exports. The report said the top five re-export destinations were Cameroun, Ghana, Equatorial Guinea, the United Kingdom, and Liberia. It said the most re-exported commodity was vessels and other floating structures for breaking up with N21.07 billion. “This was followed by light vessels, fire floats, floating cranes, and other vessels valued at N4.71 billion. “Followed by this were other instruments and appliances for surveying amounting to N0.93 billion and parts of work-truck of the type used in factories, warehouses, dock areas or airports valued at N0.85 billion.” The report said the top five export destinations in Q1 2023 were the Netherlands accounting for 12.91 per cent, followed by the U.S. at 8.93 per cent. “This is followed by Spain at 7.53 per cent, France at 7.51 per cent, and India at 7.04 per cent of total exports. “Altogether, exports to the top five countries amounted to 43.92 per cent of the total value of exports, ” NBS stated. It said the commodity with the largest export values in Q1 2023 was Petroleum oils and oils obtained from bituminous minerals, crude at N5,148.58 billion representing 79.37 per cent. This, the bureau said,  is followed by ‘Natural gas, liquefied’ at N622.36 billion accounting for 9.59 per cent, and ‘Urea, whether or not in aqueous solution’ at N146.79 billion or 2.26 per cent of total exports. In terms of Imports, the report said in Q1 2023, China, The Netherlands, Belgium, India, and the USA were the top five countries of origin of imports to Nigeria. It said the value of imports from the top five countries amounted to N3,101.42 billion representing a share of 55.78 per cent of the total value of imports. The commodities with the largest values of imported products, it said, were Motor Spirit Ordinary at N1,492.28 billion, Gas Oil at N472.40 billion and Durum Wheat (not in seeds) at N249.22 billion.

NLC, TUC suspend proposed strike after meeting with FG

Nigerian labour unions have suspended the proposed strike scheduled for Wednesday, June 5 after meeting with government officials at the Presidential Villa in Abuja. Both parties met for two days but no resolution was met to halt the proposed industrial action. Labour unions are opposing the removal of fuel subsidy by President Bola Tinubu, causing petrol prices to jump over N500 per litre in different parts of the country. Nigeria Labour Congress (NLC) president Joe Ajaero and his team arrived at the presidential villa at about 5:45 pm on Monday. The NLC was absent at the meeting between the government representatives and organised labour on Sunday. Representatives of the Trade Union Congress (TUC) were however in attendance. Federal government representatives at the meeting on Monday included House of Reps speaker Femi Gbajabiamila, Dele Alake, spokesperson for the government’s delegation; group CEO of NNPCL Mele Kyari, former governor of Edo state Adams Oshiomhole and former governor of Ogun State Ibikunle Amosun. Our correspondent gathered that the labour unions agreed to halt the strike for government to introduce plans to cushion the effect of fuel subsidy removal on Nigerians. Gbajabiamila said the Federal Government, the TUC and the NLC would establish a joint committee to review the proposal for any wage increase or award and establish a framework and timeline for implementation. “The Federal Government, the TUC and the NLC would review World Bank Financed Cash transfer scheme and propose inclusion of low-income earners in the programme,” Gbajabiamila said. “The Federal Government, the TUC and the NLC to revive the CNG conversion programme earlier agreed with Labour centres in 2021 and work out detailed implementation and timing. “The Labour centres and the Federal Government to review issues hindering effective delivery in the education sector and propose solutions for implementation. “The Labour centres and the Federal Government to review and establish the framework for completion of the rehabilitation of the nation’s refineries. “The Federal Government to provide a framework for the maintenance of roads and expansion of rail networks across the country.” Prior to the meeting, the National Industrial Court restrained the labour unions from embarking on any form of strike. Ruling on an exparte application filed before the court, Justice O.Y. Anuwe restrained the defendants (the TUC and the NLC) from embarking on the planned nationwide strike on Wednesday pending the hearing and determination of the motion of notice dated June 5, 2023. The judge also ordered that the defendants be immediately served with the originating processes, the motion on notice and the order of the court.

Tribunal admits Obi, LP’s 18 states Form EC8As as exhibits 

The Presidential Election Petition Court (PEPC) Monday, admitted as exhibits the last Form EC8As from eight States, tendered the Labour Party and it’s Presidential candidate, Mr Peter Obi, as evidence as the 2023 presidential election. At the commencement of the  proceeding om Monday, Obi, through his counsel, Patrick Ikwueto SAN tendered the remaining eight evidences from five states, adding that the documents were fully served on the parties. Among the documents tendered in evidence by the Petitioners were certified true copies of Form EC8A downloaded by the Independent Electoral Commission INEC from INEC Result Viewing Portal (IREV). The form EC8As for 13 Local Government Areas of Ebonyi State, form EC8A for 13 LGAs of Nasarawa state, EC8A for 25 LGAs of Delta state, EC8A for 33 LGAs of  Kaduna state. As well as that of 21 LGA of Kogi state. Other evidences tendered were form EC8As for 27 LGA of Imo state, EC8As for 18LGA of Ondo state as well as EC8As for 7 LGAs of Sokoto state. Reacting, Tinubu, All Progressive Congress APC and INEC through their counsel, objected to the admissibility of all documents sought to be tendered as evidence. Refusing to consent to deeming the documents as read, the parties submitted that their reasons for objection will be communicated in their final written addresses. Meanwhile, the petitioners will continue with forms EC8B, EC8C, and EC8D from Tuesday. Form EC8B is the sheet for recording and collating election results at ward level, while Form EC8C is a sheet used for collating election results at local government level.  Lastly, Form EC8D is sheet for the collation of election results at state level. Constituency and senatorial district election results are recorded in this form. The five-man panel led by Justice Haruna Tsamani admitted all the evidence tendered as exhibits. The proceedings continue tomorrow, 6th of June. 

Equity market opens negative, sheds N7bn

Domestic equity on Monday returned to a negative trend, declining by N7 billion. Market capitalisation of listed equities depreciated by 0.02 per cent to N30.387 trillion from N30.394 trillion reported the previous day. The NGX All Share Index also declined by 13.79 basis points to 55806.71 points from. 55820.50 points traded on Friday. A review of the investment showed that Omotek, NEM Insurance led gainers table during the day in percentage terms, gaining 10 per cent each to close at N0.22 Kobo and N5.50 Kobo respectively. Conoil and MRS followed with a gain of 9.94 per cent each  to close at N76.85 and N54.20 per unit respectively while Eterna Plc fell by 9.73 per cent to close at N10.15 per share. On the contrary, JohnHolt recorded the highest loss in percentage terms, declining by 9.95 per cent to N1.72 per unit, Courtvellle Business Solutions trailed with a loss of 9.80 per cent  to close at N0.46 per unit, Chams Plc down by 9.76 per cent to close at N0.32 per share, Wapic Insurance fell by 9.76 per cent to close at N0.42 per unit, Academy Press down by 7.89 per cent to close at N1.75 per unit. Investors exchanged 369.779  million shares valued at N19.841 billion in 7221 deals against 455.760 million shares worth N6.117 billion exchanged hands the previous day in 7457 deals. Transactions in the shares of Geregu Power led activity during the day, with 52.491 million shares valued at N16.365 billion, NPF MicroFinance Bank followed with account of 50.023 million shares cost N90.041 million, Access Corp traded 46.234 million shares valued at N573.551 million, Zenith Bank traded 28.745 million shares cost N800.619 million, United Bank for Africa traded 16.246 million shares worth N151.743 million.

Farmers call for diversion of subsidy proceeds to agric fund

Women and Youth Farmers Associations have called on the Federal Government to put funds that would be saved from the removal of petrol subsidy into the National Agricultural Development Fund (NADF). The groups made the call in collaboration with commodity associations. Speaking during a joint press conference of Youth and Women Farmers and other Critical Commodity Associations, the National President, Nigeria Young Farmers Network, Dr. Abubakar Bamai Musa, said putting funds into the National Agricultural Development Fund will enhance agricultural productivity, promote technological advancements, and improve the livelihoods of farmers across the country. He said, “We commend the government most sincerely for the right decision and employ it to as a matter of urgency divert a great percentage of the proceeds gained from the withdrawal of this fuel subsidy to the NADF to foster sustainable agricultural practices and support the growth and development of Nigeria’s agricultural sector and enhance food security. “We have confidence in the membership of the Board of Directors of the National Agricultural Development Fund and its leadership under Dr. Garzali Muhammed Abubakar Recognizing the critical role that agriculture plays in our nation’s economy, it is imperative that we invest in its long-term sustainability.” Commending the past administration for initiating the NADF, National President, Date Farmers, Processor and Marketers Association of Nigeria, Professor Hussaini Garba Dikko, said the managers of the NADF are credible personnel that can be trusted with such huge funds. He said investing in critical agricultural infrastructure such as irrigation systems, rural roads, storage facilities, and processing centers to facilitate efficient value chain management and reduce post-harvest losses will positively impact on the country’s economy. The President, Association of Livestock Managers, Mr. Ilyasur Bulamai, said livestock is the most important product in Nigeria due to its ability to generate revenue more than any other commodity association. “If you calculate the number of our products consumed every day and night, I think you will be encouraged to fund livestock farming. Livestock does not have a season, you can produce and market anytime, and that’s why we are different from others.”  

Tribunal: Obi, LP seek leave to hear motion on interrogation against INEC

Mr Peter Obi and the Labour Party (LP) have prayed the court to hear motion originally filed on the 22nd May, 2023, seeking it’s leave to serve and deliver interrogatory letter on the Independent National Electoral Commission (INEC). The Petitioners informed the court that on June 2nd, they filed another motion seeking the leave of the court to hear the motion of 22nd May outside the pre-hearing section. In the letter, the Petitioners poses 12 questions on while INEC has not responded on the issues of calling of subpoenas to testify in the petition against the outcome of the 2013 Presidential election. Responding, INEC, through it’s counsel, Abubakar Mahmoud SAN, Wole Olanipekun SAN, counsel to Tinubu and Lateef Fagbemi SAN counsel to APC opposed the motion of June 2, stating that it was served on then on the same date. They maintained that the motion is not yet ripe for hearing as they need to time to respond. On the motion of 22nd of June, Mahmoud submitted the electoral empire has filed their responds on the 25 June. “We are opposing the June 2 application and our objection will take care of that of 22nd May. “We will file our reply within the time allotted to rules. ” We are ready to go on with the substantive matter. We have passed the stage of interrogatory. This move is a waste of time,” they submitted. In the bench ruling, chairman of the panel, Justice Haruna Tsamani fixed 6th June for hearing on the motion.

Alleged N2bn Fraud: Court discharges, acquits Stephen Oronsaye, 2 others 

The Federal High Court, Abuja, has dismissed and acquitted a former Head of Service of the Federation, Stephen Oronsaye from the N2 billion fraud charge filed against him by the Federal Government. Delivery the judgement, Justice Inyang Ekwo held that the prosecution, the Economic and Financial Crimes Commission (EFCC) failed to prove their case to warrant a conviction. The trial began in 2015 with the arraignment of Oronsaye alongside the Managing Director of Fedrick Hamilton Global Services Limited, Osarenkhoe Afe, when they were docked on 49-count charges bordering on fraud, to which they pleaded not guilty. The EFCC later amended the charges after separating the parts involving a former head of the Presidential Pension Task Force, Abdulrasheed Maina, who was at large at the time. Maina was later charged separately by the EFCC and was subsequently convicted and sentenced to eight years imprisonment in November 2021. Equally charged alongside Oronsaye by the EFCC were three companies – Cluster Logistic Limited; Kangolo Dynamic Cleaning Limited, and Drew Investment & Construction Company Limited. The anti-graft agency alleged that the defendants had between 2010 and 2011, used the firms to divert public funds through procurement fraud. The EFCC equally accused Orosanye and the others of using inflated biometrics enrolment contracts, collective allowances, and other schemes to siphon money from accounts containing pensioners’ funds. The Commission also tendered a report of the Auditor-General of the Federation on the Federal Government’s pension accounts which indicted Oronsaye and others of wrongdoing.

Tribunal: Atiku didn’t win 25% vote in FCT- PDP Witness

The first Petition Witness (PW9) of the Peoples Democratic Party (PDP) and their candidate, Alhaji Atiku Abubakar, has told the Election Petition Court that Atiku didn’t secure 25% of votes in the Federal Capital Territory (FCT) in the 2023 Presidential Election. The witness, Abraham David of Karmajiji community in the FCT, while under cross-examination, confirmed that the PDP candidate who didn’t score 25% votes, didn’t qualify to be declared the president of Nigeria. However, the businessman posited that for the fact that Ahmed Bola Tinubu who also didn’t score up to 25% votes could be returned as the president, Atiku Abubakar can also be returned as the winner.  Led by the Counsel to Tinubu, Akin Olujimi SAN, the witness, who said he visited 15 polling units out of the 2,822 polling units in FCT, maintained that unlawful votes were collated by the All Progressive Congress (APC) agents, but didn’t state the figures in his statement on oath. The witness, who claimed to be FCT Collation Officer for PDP, alleged that ballot papers and result sheets were manipulated by compromised Electoral officers in collusion with agents of other political parties. Also testifying, was a petition witness number 10(PW10), Ibrahim Mohammed Hamza of Lafia Nasarawa State.  Led in evidence by Atiku’s lead counsel, Akin Olujimi SAN, the witness, who said he is a Human Resources Consultant, identified Form EC8A 25, which is a collated result sheet from Nasarawa State. However, the witness maintained he signed clean documents while the documents he can identify with his signature were altered with cancellations. “My lords, the documents I signed had no cancellations. They must have altered the results. The cancellation was made after I endorsed my signature.” The Nasarawa State collation officer also maintained that the election results were not uploaded in most of the 3,256 polling units across the state, adding that he signed the result sheets under duress. “At the time of uploading the results, the system failed in most of the polling units across the state. “I signed the results sheet under duress because I needed a copy to submit at the state level,” he testified  So far, Atiku and his party have called 10 witnesses out of 100 witnesses lined up to prove their petition seeking to sack Bola Tinubu from Office. The proceeding continues tomorrow, the 6th of June.

Sit-at-Home: Enugu residents defy Gov Mbah’s directive, continue observance

Residents of Enugu State have defied the state government’s directives on the Monday compulsory sit-at-home order issued by the proscribed Indigenous People of Biafra (IPOB), as roads, schools, banks, markets and other public places were completely deserted. The state governor, Peter Mbah had on June 1 declared “no more sit-at-home in Enugu,” effective Monday, June 5, asking individuals and corporate organisations to ensure full-scale business activities in the state. Mbah stated that his government would be ready to engage in dialogue with people who have genuine grievances so as to foster lasting peace and security in Enugu State, adding that the order dwindles creativity and productivity of the people. It is not uncommon for residents in the state to wake up to stories of the untimely death of some who disobeyed the unauthorised sit-at-home order. It is however not clear if commercial activities will pick up before noon. The governor’s ban on the sit-at-home order came last Thursday with a call on President Bola Tinubu to release IPOB leader Nnamdi Kanu. After his first security council meeting with the heads of all the security agencies at the Government House, Enugu State, Mbah told journalists that the sit-at-home declared in the South-East to press for Kanu’s release had impeded economic activities. “Consequently, from Monday, June 6, 2023, there will be no observance of any sit-at-home in all nooks and crannies of Enugu State,” he said on Thursday.

Subsidy Removal: FG mulls TUC’s demands, sets up c’ttee to review minimum wage

The Federal Government has said it will consider the list of demands from the Trade Union Congress (TUC) which includes a review of the minimum wage for workers in Nigeria. Speaking to State House correspondents after a meeting between the Federal Government and the TUC which lasted for about several hours, the spokesperson for the Federal government, Dele Alake, said that it will also look at the practicability of the demands. Among things the government is considering is tax holidays for workers. Alake said that most fundamentally, President Bola Tinubu will constitute a tripartite committee to include states and organised labour and the private sector to study the dynamics of the minimum wage augmentation with a view to reach an amicable conclusion. According to him, there is no disagreement with the Nigeria Labour Congress (NLC) over their demand for a review of the minimum wage or a return to the status quo, noting that the FG representatives will meet with the President to crystallize decisions on the demands. He added that the absence of the NLC does not translate to an isolation of the group in the discussion but that the FG is making efforts to reach them as the parties agreed to reconvene on Tuesday 24 hours before the scheduled strike by the NLC. Meanwhile, the TUC has maintained that the Federal Government, in the interest of social dialogue, revert the price of fuel while discussions continue. President of the TUC, Festus Osifo, said the union is hopeful as the Federal Government promised to look into their demands, the top of which is a review of the current minimum wage among others. “The demands are so long, they are so many. Part of it is the demand for a (review) of the minimum wage and we stated that for us, it is quite apt that the minimum today is not a living wage, as we all know. The value of the minimum wage since it was negotiated, has plummeted to a very abysmal level as it is today.” *Channels