Today’s Headlines: New Twist in Niger as Russian Mercenaries Arrive; Govt to Curb Rising Inflation With ‘Cut in Money Supply’

New Twist in Niger Crisis as Russian Mercenaries Arrive

The Russian mercenary group Wagner’s arrival in Mali, along with soldiers, arms, and ammunition, has added complexity to the crisis surrounding the military coup in Niger Republic.

The group claims that its presence in Mali aims to assist the Mali military government in combating terrorists and pursuing other interests, as reported by Al-Jazeera.

Mali and Burkina Faso, both ruled by military juntas, have expressed support for the coup in Niger and have criticized the sanctions imposed by the Economic Community of West African States (ECOWAS) and the African Union (AU) following the coup. They have vowed to stand with Niger against any potential use of force against the junta.

To demonstrate their commitment, these nations have reportedly deployed troops to Niamey as a backup for the Niger military.

ECOWAS has rejected the three-year transition plan proposed by Niger coup leader General Abdourahamane Tchiani, maintaining the possibility of employing force if diplomatic negotiations fail.

The junta has adamantly stated that it will not heed ECOWAS’ position. The Wagner presence in Mali, which shares a lengthy border with Niger, is believed to provide support for the junta.

The coup leaders had requested assistance from Wagner, and Prigozhin confirmed his team’s readiness to offer support.

(photo credit: THE NATION)

A former Russian official alleged that Wagner and the Russian state conspired to facilitate the military coup in Niger. Russian military blogger Mikhail Zvinchuk, also known as “Rybar,” claimed, “The recent coup in Niger was carried out in close cooperation with Russian special services and Private Military Company (PMC) consultants.”

The junta took control recently, overthrowing President Mohamed Bazoum’s government and confining him to house arrest in the Presidential Palace in Niamey.

ECOWAS Envoy to Niger Republic, General Abdulsalami Abubakar, expressed optimism that the situation is unlikely to worsen. He spoke with reporters after a meeting with President Bola Ahmed Tinubu, Chairman of the ECOWAS Authority of Heads of State and Government.

Gen. Abdulsalami, a former Head of State, mentioned that he conveyed the junta’s peace terms to ECOWAS, and communication between the regional bloc and Niger’s military rulers is ongoing.

He emphasized that his role as envoy has fostered productive communication. President Tinubu will consult with colleagues regarding the next steps.

The African Union (AU) froze Niger’s membership and supported ECOWAS’ efforts to reinstate democratic governance. The junta intends to restore constitutional rule within three years, a plan that West African nations have rejected.

Govt to Curb Rising Inflation With ‘Cut in Money Supply’

The Federal Government plans to reduce the cash in circulation to control inflation, as indicated by Mr. Wale Edun, the Minister of Finance and Coordinating Minister for the Economy (CME). This move aims to maintain inflation at a desirable and stable level.

Edun, who was inaugurated as minister on Monday, spoke in Abuja while chairing the Federation Account Allocation Committee (FAAC) meeting. He emphasized the importance of discipline in managing money supply, referring to the careful regulation of money creation and circulation within the economy.

On the monetary front, this involves measures like adjusting interest rates, conducting open market operations, and setting reserve requirements for banks to control the growth of money supply. The goal is to strike a balance between ensuring sufficient money supply for economic growth and preventing excessive inflation that can devalue currency and lead to economic instability.

The finance minister also emphasized the need for the government to gather resources to fulfill its mandate of increasing employment and reducing poverty.

During the meeting, FAAC agreed to distribute N966.11 billion as federal allocation to the three tiers of government for the previous month. This amount was derived from a total gross revenue of N1.746 trillion, including statutory revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference revenue.

For that month, total deductions for collection costs amounted to N62.42 billion, while deductions for savings, transfers, refunds, and tax credit cancellation totaled N717.96 billion.

The Excess Crude Account (ECA) held a balance of $473,754.57.

A communiqué provided to reporters after the meeting outlined the distribution of the total revenue. From the N966.11 billion, the Federal Government received N374.48 billion, states received N310.67 billion, and the 774 local government areas were allotted N229.41 billion. An additional N51.55 billion was shared among relevant states as 13 percent derivation revenue.

The gross statutory revenue for July was N1.15 trillion, slightly lower than the N1.15 trillion generated in June by N2.49 billion. From the available N397.42 billion in statutory revenue, the federal government received N190.49 billion, states received N96.62 billion, and local councils received N74.49 billion. Oil-producing states received N35.82 billion as 13 percent derivation.

In July, the gross revenue from VAT totaled N298.79 billion, a slight increase from the N293.41 billion in June. The federal government received N40.792 billion, states received N135.97 billion, and local councils received N95.18 billion from the distributable VAT revenue.

The EMTL revenue of N12.84 billion was shared among the federal government (N1.93 billion), state governments (N6.42 billion), and local government areas (N4.49 billion).

Exchange Difference revenue of N283.9 billion was distributed with the Federal Government receiving N141.28 billion, state governments receiving N71.66 billion, councils receiving N55.245 billion, and N15.72 billion shared among relevant states as 13 percent mineral revenue.

The communiqué highlighted notable increases in Imports and Excise Duties as well as Electronic Money Transfer Levy (EMTL) revenue, while revenues from VAT, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and Oil and Gas Royalties experienced declines.

Ekweremadu, Wife Not Missing at Son’s Wedding

In times of trouble, people turn to friends and family for support. Former Deputy President of the Senate, Ike Ekweremadu, and his wife, Beatrice, would likely have felt loved if they attended their son Lloyd Ike Ekweremadu Jnr’s wedding to Tiffany Adaobi last Saturday. The wedding took place at the Basilica of Grace Anglican Church, Gudu District, Abuja.

Despite the couple’s absence due to their incarceration in the United Kingdom, Lloyd and Adaobi received immense love from friends and political associates who stood by them during their wedding. The event was attended by prominent members of both the People’s Democratic Party and the All Progressives Congress, transcending political differences to support the Ekweremadu family.

Lloyd’s wedding demonstrated that true friendship is evident in times of sorrow, highlighting that humanity is more important than politics. The wedding was smooth, and Lloyd felt supported by the presence of various dignitaries, including Anyim Pius Anyim, David Mark, Bukola Saraki, Senator Dino Melaye, Benjamin Kalu, Francis Nwifuru, Senator David Umahi, and many others.

Despite criticism about holding an elaborate wedding while his parents were absent, Lloyd remained unfazed as his parents had given their consent.

Edo: Court fixes judgment for Sept 7 in Shaibu’s case against Obaseki

A Federal High Court in Abuja has set the judgment date for September 7 in the case brought by Edo State Deputy Governor Philip Shaibu against Governor Godwin Obaseki, seeking to halt his potential impeachment by the House of Assembly. Justice Ahmed Mohamed scheduled the date after hearing final arguments from both parties’ lawyers in the suit, identified as FHC/ABJ/CS/2027/2023.

In this lawsuit, Shaibu alleges that Governor Obaseki is orchestrating efforts to hinder him from performing his official duties and is instigating the Assembly to impeach him. This is believed to be a move to thwart Shaibu’s plans to contest the state’s governorship election next year.

The defendants include Governor Obaseki, the Inspector-General of Police (IGP), the Department of State Services (DSS), the Speaker of the Assembly, and the Chief Judge of Edo State.

Shaibu’s legal representative, George Ibrahim, asserts that while the defendants argue that the deputy governor’s case solely revolves around impeachment, they fail to address the claim that Obaseki intends to obstruct his client from fulfilling his constitutional responsibilities. Ibrahim also mentions that even the Oba of Benin and other influential figures in the state aimed to intervene but were discouraged by Obaseki’s reported insistence that Shaibu publicly renounce his plans to join the All Progressives Congress (APC).

Ibrahim requests that the court uphold his client’s claims and grant the sought-after reliefs.

However, counsel for the governor and the Assembly, Ken Mozia (SAN), contests the case’s competency and the court’s jurisdiction to hear it.

Mozia argues that the plaintiff deliberately involved the IGP and the DSS as parties to give the Federal High Court in Abuja jurisdiction.

He further contends that Shaibu has failed to provide evidence of the Assembly initiating impeachment proceedings against him. Accusing Shaibu of intentionally avoiding official meetings with Governor Obaseki, Mozia urges the court to dismiss the suit.