• Tuesday, March 05, 2024
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Five things to know to start your Tuesday


Presidential Election Petitions: Military, Police issue warning ahead of tribunal’s Wed’s verdict


As the Presidential Election Petition Tribunal in Abuja prepares to deliver its verdict on Wednesday, both the military and the police have issued warnings against any unlawful actions by troublemakers.

Tukur Gusau, the Director of Defence Information, cautioned against violence on the judgment day. The tribunal is set to rule on the petitions challenging the declaration of Bola Tinubu as the winner of the 2023 presidential election by the Independent National Electoral Commission.

Five political parties contested the results, with Atiku and Obi leading the charge to nullify Tinubu’s victory. Security measures have been reinforced across various states to maintain order, and the police have vowed to prevent protests or demonstrations that may arise from the judgment.

Meanwhile, President Bola Tinubu’s spokesperson, Ajuri Ngelale, has expressed confidence and stated that Tinubu sees no need to threaten judicial officers regarding the election petition.

Read also: Abure optimistic about Peter Obi’s victory at presidential tribunal

Economic disruption looms as labour initiates strike amid subsidy woes


The Nigeria Labour Congress (NLC) has declared a two-day nationwide warning strike in response to the economic challenges arising from the removal of fuel subsidies by the Federal Government.

This move has gained support from key stakeholders, including the banking sector, civil society organizations, and workers’ unions. The National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) has confirmed its participation in the strike, which will disrupt financial activities across Nigeria.

NUBIFIE emphasized the need to draw the government’s attention to the dire economic situation faced by Nigerians and stated that all banks would be shut down during the strike.

Various states, including Abia and Kogi, have also ordered their members to join the strike. The Federal Government has appealed to organized labor to reconsider the strike, emphasizing its efforts to mitigate the impact of the subsidy removal.

However, the NLC has shunned last-minute reconciliation meetings, indicating its determination to proceed with the strike.

The widespread support for the strike highlights growing frustration with government policies that are seen as worsening the plight of ordinary citizens. The strike’s impact and the government’s response will be closely watched in the coming days.

NEITI reports N814bn in solid minerals earnings over 15-Year period


Nigeria’s earnings from the solid minerals sector over a 15-year period from 2007 to 2021 amounted to N814.6 billion, according to the Nigeria Extractive Industries Transparency Initiative (NEITI).

NEITI revealed this information in its 2021 industry report on the solid minerals sector, which highlighted that Nigeria earned N193.6 billion from the sector in 2021, showing a substantial increase of N60.32 billion or 51.89 percent growth compared to the 2020 revenue.

Despite this positive trend, NEITI noted that the sector’s contribution remains relatively low, accounting for only 2.6 percent of the total government revenue of N6.62 trillion in 2021. The report emphasized the sector’s untapped potential for the Nigerian economy.

UAE carbon alliance commits $450m to African carbon credits investment


The UAE Carbon Alliance has signed a non-binding Letter of Intent to purchase $450 million worth of African carbon credits by 2030 through the Africa Carbon Markets Initiative (ACMI).

ACMI, launched during COP27, aims to create high-integrity carbon credits in Africa, reduce emissions, and enhance transparency in voluntary carbon markets. Signatories under ACMI’s Advance Market Signal represent carbon market buyers interested in African carbon credits.

The UAE Carbon Alliance’s Chairperson, Khalifa Al Nahyan, sees carbon markets as crucial in the decarbonization journey and hopes to foster efficient carbon market mechanisms between the UAE and Africa. Nigeria has the potential to generate over $500 million annually in carbon offsets by 2030.

August sees slower UK consumer spending growth despite ‘Barbenheimer’ Uplift”


UK consumer spending growth slowed in August, with annual growth on credit and debit cards dropping from 4.0 percent in July to 2.8 percent, per Barclays data.

The bank attributed the slowdown to rainy weather and falling inflation, notably a 20 percent YoY decrease in vehicle fuel costs. Spending on essentials like food and fuel grew by just 1.0 percent, the lowest since April 2020. Cinema ticket spending rose by 101 percent, partly due to films like “Barbie” and “Oppenheimer.”

However, with inflation at 6.8 percent, household consumption remains constrained in real terms. Analysts suggest monetary tightening’s impact is being increasingly felt.