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#EndSARS: BRT Operators quantify losses, as 9 Nigerians contest in Tuesday’s U.S. elections

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#EndSARS: BRT Operators quantify losses, as 9 Nigerians contest in Tuesday’s U.S. elections

The Operators of the Bus Rapid Transit (BRT) in Lagos say they are still quantifying the losses incurred by the two-week suspension of operations, occasioned by the violence that trailed the recent #EndSARS protests across the country.

The Head of Corporate Communications of the organisation, Mr Mutiu Yekeen, stated this on Sunday in Lagos.

“Like every other company that has been affected by these crises, we are still trying to quantify our losses as an organisation.

“We have not been able to operate for 14 days, and this has affected our business negatively. As an organisation, we are currently quantifying our losses,” he said.

Yekeen, who said that the firm commenced operation on Friday, assured the commuters that it would resume full operations to reduce the hardship which commuters were currently going through.

“We are going to operate maximally as an organisation. We have a lot of buses on our corridor.
“We have started operations. We will do our best to ensure that people get to their destinations within record time,” he said.
He said that the firm had always put safety of commuters and its members of staff as top priority.

The violence and massive destruction of public and private investment and property by hoodlums in the aftermath of #EndSARS protests had led to the stoppage of operations by the firm.

The Lagos Bus Service Limited (LBSL), operator of the government-owned Marcopolo high capacity buses, has yet to resume in the state since the suspension of operations, occasioned by the #EndSARS protests.
Following the development, many commuters in the state have been experiencing untold hardship commuting from one place to another.

Also read:  #EndSARS: PDP faults Sanwo-Olu’s projection of N1trn to restore destroyed properties, businesses

In another development, no fewer than nine Nigerian Americans are said to be on the ballot in Tuesday’s general elections in the United States,

From top left to bottm right: Oye Owolewa, Yomi Faparusi, Yinka Faleti, Paul Akinjo, Adewunmi Kuforiji, Esther Agbaje, April Ademiluyi, Ngozi Akubuike and Benjamin Osemenam.

Running mostly on the platform of the Democratic Party, the candidates are bidding for different offices at the federal, state and local levels.

The presidential election, governorship polls are holding in 11 states and two territories, in addition to other state and local elections.

Congressional elections are also holding on Tuesday with all the 435 seats in the U.S. House of Representatives, and 35 of the 100 seats in the Senate up for grabs.

At the federal level, Mr Oye Owolewa, whose father is from Kwara and mother from Oyo, is aiming for a ‘shadow’ (non-voting) seat in the House of Representatives.

Owolewa, a Ph.D holder in Pharmacy from Northeastern University, Boston, is seeking to represent the District of Columbia (DC) under the Democratic Party.

If elected, the 30-year-old, whose agenda includes fighting income inequality in the U.S., would be the first Nigerian congressman in the country’s history.

Also at the federal level, Mr Yomi Faparusi, an Ibadan-born native of Ode-Ekiti in Ekiti State, is vying as an independent candidate to represent the state of Tennessee in the U.S. Senate.

Faparusi holds a doctorate in Medicine from the University of Ibadan, a Ph.D. in Health from Johns Hopkins University, and Juris Doctorate from the Widener University School of Law, Delaware.

This is not his first shot at the U.S. Congress. In 2014 and 2016, he vied for the Republican Party’s ticket to the House of Representatives but lost in both occasions

Faparusi’s priorities include being a positive voice for all Nigerians in the U.S. Senate, and inspiring Americans of African or Nigerian descent to seek public office in the country.

In Missouri, a Republican-controlled state, Mr Yinka Faleti from Lagos is the Democratic Party flagbearer in the election for the office of Secretary of State.

According to Wikipedia, Faleti was in the U.S. Army as an active-duty officer from 1998 to 2004. He served in Kuwait, first under Operation Desert Spring and later as part Operation Enduring Freedom.

The 44-year-old father of four holds a Bachelor’s degree from the United States Military Academy, West Point, and a Juris Doctorate from the Washington University School of Law.

His goals as a Secretary of State include protection of the “right to vote for Missouri families”, and ensuring elected officials hear the people’s voice.

Also at the state level, Mr Paul Akinjo from Ondo, is running for election to the California State Assembly under the Democratic Party to represent District 12.

Akinjo once served as Vice Mayor of Lathrop, California, and in the U.S. Army Reserve from 1982 to 1989. His priorities include housing, immigration and transportation.

In Delaware, a small Mid-Atlantic U.S. state, Adewunmi Kuforiji is aspiring to represent District 34 in the state House of Representatives.

Kuforiji, originally from Ibadan, Oyo, secured the Democratic Party’s ticket on Sept. 15 after defeating his challenger, Robert Haynes, at the primary. He holds a Bachelor in Accounting and a Master’s in Business Administration from the Delaware State University.

In the 2018 mid-term elections, he vied for the same position but lost to the incumbent, Lyndon Yearick, of the Republican Party, whom he is facing on Tuesday.

Also at the state level, Ms Esther Agbaje, is seeking to represent District 59B in the Minnesota House of Representatives on the platform of the Minnesota Democratic–Farmer–Labor Party (DFLP), an affiliate of the U.S. Democratic Party.

The 35-year-old daughter of an Episcopal priest and a librarian, both Nigerian immigrants, defeated longtime state Representative Raymond Dehn in the party’s primary in August.

She is one of one of four progressive greenhorns who defeated established Democratic legislators in the primary.

Agbaje has a law degree from Harvard University, a Master’s from the University of Pennsylvania, and has served in the U.S. Department of State, among others.

As a millennial, a “generation that has suffered numerous setbacks”, she seeks to bring a fresh perspective and new ideas to government.

On the ballot at the local government level are April Ademiluyi, Ngozi Akubuike and Benjamin Osemenam.

Ademiluyi, 39, is running on the Democratic Party’s ticket for Judge of the Seventh Circuit Court in Prince George’s County, Maryland.

For her part, Akubuike, a legal practitioner, is an independent candidate for judge of the Minnesota 2nd District Court Position 8.

Akubuike studied law in Nigeria, then worked in the banking sector before moving to the U.S. where she graduated from the Mitchell Hamline School of Law.

She has served in several capacities, including legal manager for the state of Minnesota.

Osemenam, who moved to the U.S. in 1982, is contesting for a seat in the Brooklyn Park City Council of Minnesota to represent East District.

An engineer with the Minnesota Department of Transportation, he is vying on the platform of National Party.

He is a former president of the Association of Nigerian Engineers in Minnesota.

 

Economy

FAAC: FG, States, LGs Share N1.208trn Revenue For April

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FAAC: FG, States, LGs Share N1.208trn Revenue For April

The Federation Account Allocation Committee (FAAC), has shared the sum of N1.208 trillion as revenue for April among the Federal Government, states and Local Government Councils (LGCs).

The revenue was shared on Thursday at the May meeting of FAAC in Abuja.

A communiqué issued by the committee said that the N1.208 trillion total distributable revenue comprised statutory revenue of N284.716 billion, and Value Added Tax (VAT) revenue of N466.457 billion.

It also comprised Electronic Money Transfer Levy (EMTL) revenue of N18.024 billion, and Exchange Difference revenue of N438.884 billion.

The communique said the total revenue of N2.192 billion was available in April.

“Total deduction for cost of collection is N80.517 billion; total transfers, interventions and refunds is N903.479 billion.

The communique said the Gross statutory revenue of N1.233 billion was received for the month under review. This was higher than the sum of N1.017 billion received in March by N216.282 billion,” it said.

It said that the gross revenue available from VAT in April was N500.920 billion, which is lower than the N549.698 billion available in March by N48.778 billion.

The communiqué said that from the N1.208 trillion total distributable revenue, the Federal Government received N390.412 billion, the state governments received N403.403 billion and the LGCs received N293.816 billion.

“A total sum of N120.450 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

It said that on the N284.716 billion distributable statutory revenue, the Federal Government received N112.148 billion, the state governments received N56.883 billion and the LGCs received N43.855 billion.

It said that the sum of N71.830 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

“The Federal Government received N69.969 billion, the state governments received N233.229 billion and the LGCs received N163.260 billion from the N466.457 billion distributable VAT revenue.

“A total sum of N2.704 billion was received by the Federal Government from the N18.024 billion EMTL, the state governments received N9.012 billion and the LGCs received N6.308 billion.

“The Federal Government received N205.591 billion from the N438.884 billion Exchange Difference revenue; the state governments received N104.279 billion, and the LGCs received N80.394 billion.

“The sum of N48.620 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

According to the communiqué, Oil and Gas Royalties, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), EMTL and CET Levies increased significantly.

It, however, said that Import Duty and VAT recorded considerable decreases.

“The balance in the ECA was 473.754 million dollars.

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Extension Of Nigeria’s Continental Shelf As Lesson On Continuity

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Extension Of Nigeria’s Continental Shelf As Lesson On Continuity

On May 14, the High Powered-Presidential Committee on Nigeria’s Extended Continental Shelf Project was in the Presidential Villa, Abuja.

The committee came to brief President Bola Tinubu on recommendations given to Nigeria regarding its submission for an extended continental shelf by the United Nations Commission on the Limits of the Continental Shelf (CLCS).

The briefing was led by veteran diplomat, Amb. Hassan Tukur, the Chairman of the committee.

The update with the president featured technical presentations by Prof. Larry Awosika, a renowned marine scientist and Mr Aliyu Omar, Member/Secretary of the Committee and former staff of the National Boundary Commission (NBC).

Omar also served as the Desk Officer for the project office in New York for several years.

Worthy of note, Nigeria’s request to have it continental shelf extended was approved by the CLCS in August 2023.

The project, which aims to extend Nigeria’s maritime boundaries under the United Nations Convention on the Law of the Sea (UNCLOS), has granted Nigeria sovereignty over an additional 16,300 square kilometres of maritime territory.

This is roughly five times the size of Lagos State.

The CLCS is mandated to, inter alia, consider the data and information submitted and provide recommendations on the outer limits submitted by the coastal state.

Article 76 of UNCLOS (1982) allows a qualifying coastal state to extend its continental shelf up to a maximum of 350M (350 nautical miles) or 150m nautical miles beyond its traditional Exclusive Economic Zone of 200 nautical miles.

Extension Of Nigeria’s Continental Shelf As Lesson On Continuity
President Bola Tinubu receiving Nigeria’s CLCS report from the committee

The continental shelf is the natural submerged prolongation of its land territory.

The journey to extend Nigeria’s continental shelf project began in 2009 with the country’s submission to the CLCS.

The project faced delays due to a lack of funds and administrative challenges; in 2013 the Senate of the Federal Republic in its resolution of Feb. 14, 2013, urged the Federal Government to fund the project and set up an independent body to handle it.

However, it was only in November 2015 that the then President Muhammadu Buhari revitalised it.

Subsequently, he appointed the High-Powered Presidential Committee (HPPC), headed by the former Minister of Justice and Attorney-General of the Federation, Malam Abubakar Malami, to oversee the project.

The HPPC operated as an independent technical body, effectively managing the project by cutting down on government bureaucracy.

Omar had led the Nigerian Technical Team through the question-and-answer sessions with the UN Commission on the Limits of the Continental Shelf (CLCS).

He was also the Member/Secretary of the HPPC with a strong institutional memory of the project, highlighted this during the committee’s briefing to President Tinubu on May 14.

Omar said that when the HPPC briefed Buhari in 2022 on the status of the project, the United Nations Commission on the Limits of the Continental Shelf (CLCS) was still considering Nigeria’s submission and having technical interactions with the HPPC.

”These interactions and consideration have now culminated in the approval for Nigeria to extend its continental shelf beyond 200M (200 nautical miles).

”As it stands now, the area approved for Nigeria is about 16,300 square kilometres, which is about five times the size of Lagos State”, he said.

Nigeria’s extended continental shelf is in an area that is referred to as the ‘Golden Triangle of the Gulf of Guinea’ due to its abundance of natural resources such as hydrocarbons, natural gas, and a variety of solid minerals.

Awosika, a pioneer member and former Chairman of the CLCS, explained that the technical team’s work involved lengthy processes.

He said it also required highly technical steps in the acquisition, processing and analysis of extensive marine scientific data offshore Nigeria’s margin for the submission to the UN CLCS.

He said that the Nigerian team had to defend the submission with the CLCS which involved highly technical question-and-answer sessions and provision of additional data and information.

Receiving the report, Tinubu commended the members of the technical team for working tirelessly.

He applauded their high technical and scientific expertise and solidarity to national cause throughout the eight years of service to the nation before an agreement was finally reached with the UN CLCS in August 2023.

It is instructive to note that Tinubu highlighted the interactions he had with his predecessor, Buhari, on the project; given that it was he, Buhari, who set up the HPPC to oversee the project in 2015.

Tinubu recounted how Buhari briefed him on the importance of the project.

”This is a big congratulations for Nigeria. I commend the team and we must take advantage of this and invite you again to have a repeat of this knowledge exploration on geography, hydrography and marine life.

”Nigeria is grateful for the efforts that you put into gaining additional territory for the country without going to war; some nations went to war; and lost people and economic opportunities.

”We lost nothing but have gained great benefits for Nigeria; we will pursue the best option for the country,” Tinubu said.

Tinubu has also promised to ‘pursue the best option for the country’ on the project, even though the CLCS recommendations fall short of Nigeria’s submitted claim.

Perceptive observers say the achievement is a lesson on the importance of continuity in government projects. Abandoning projects due to changes in administration can lead to wasted resources and lost opportunities.

The extended continental shelf is a significant achievement of Tinubu’s administration and to Nigeria.

According to experts, this is something that has never happened in the nation’s history, and may never happen again.

By learning from the ECS project, Nigeria can improve its approach to governance and project management, ensuring that with perseverance and continuity strategic initiatives are completed despite challenges.

The ECS project, initiated in 2009, faced delays and funding issues but persistence through the efforts of the immediate past administration paid off, and was finally approved by the UN in August 2023, shortly after Tinubu assumed office.

The country has taken note of articles 7 and 8 in Annex II to the Convention on the Law of the Sea concerning recommendations received from the CLCS.

The project also demonstrates the importance of long-term thinking in governance.

Discerning stakeholders hold that while the project’s benefits may not be immediate, it will surely have a significant impact on Nigeria’s economy and maritime boundaries in the future.

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Economy

Naira Gains N61.38 Against Dollar At Official Market

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Naira Gains N61.38 Against Dollar At Official Market

The Naira on Wednesday appreciated at the official market, trading at N1,459.02 to the dollar.

Data from the official trading platform of the FMDQ Exchange revealed that the Naira gained N61.38.

This represents a 4.04 per cent gain when compared to the previous trading date on Tuesday, when the local currency exchanged at N1,520.40 to a dollar.

Also, the total daily turnover increased to 289.14 million dollars on Wednesday up from 128.76 million dollars recorded on Tuesday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,593 and N1,401 against the dollar. 

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