The Labour Party has welcomed Senator Rabiu Kwankwaso’s recent offer to be Peter Obi’s running mate in the 2027 presidential election. Kwankwaso, the New Nigeria People’s Party (NNPP) presidential candidate in 2023, expressed willingness to serve as Obi’s deputy, provided certain conditions are met.
Kwankwaso’s statement comes nearly two years after failed merger talks between the Labour Party and NNPP ahead of the 2023 election. He noted his political seniority and success as a former governor but indicated readiness for collaboration with Obi under specific terms.
Labour Party’s National Secretary, Umar Farouk, embraced the offer but urged Kwankwaso to avoid rhetoric about being the “bigger politician.” Farouk stressed that unity between Obi and Kwankwaso could strengthen their chances against the ruling APC in 2027.
Meanwhile, an aide to the Deputy President of the Senate expressed confidence that President Bola Tinubu would secure re-election in 2027, citing his administration’s reform policies and strong political support in Kano State.
Asian markets surged on Monday following a robust US jobs report that eased concerns over the global economy. The dollar maintained its gains as investors reduced expectations of another significant interest rate cut. Meanwhile, oil prices saw a slight dip as traders awaited Israel’s response to Iran’s recent missile strike, raising fears of broader conflict in the Middle East.
On Wall Street, major indexes rallied after the US added 254,000 jobs in September, outperforming forecasts and calming recession worries. This job growth, the strongest in six months, bolstered the dollar as traders reassessed the likelihood of further aggressive Federal Reserve rate cuts.
In Asia, Japan’s Nikkei 225 climbed nearly 2%, while markets in Hong Kong, Sydney, and Seoul also posted gains. European markets opened positively, with London, Paris, and Frankfurt all seeing early rises.
Crude oil prices, initially spiking on concerns over potential Israeli strikes on Iranian oil sites, later eased as President Biden discouraged such action. Investors now await further developments on Middle East tensions, coinciding with the anniversary of Hamas’s attack on Israel.
The revenue generated by Nigerian electricity distribution companies (Discos) surged to ₦887.86 billion in the first seven months of 2024, following a significant tariff hike. Data from the Nigerian Electricity Regulatory Commission (NERC) shows that Discos collected 79.7% of a total electricity bill of ₦1.14 trillion during this period. The tariff increase, which raised rates from ₦66 to ₦225 per kilowatt-hour, has sparked public dissatisfaction, with many consumers facing higher costs as more are transitioned to Band A feeders. Despite complaints, Power Minister Adebayo Adelabu insists Nigeria’s tariffs remain among the lowest in Africa.
The Rivers State faction of the Peoples Democratic Party (PDP) loyal to Nyesom Wike has rejected the results of the recent local government elections, in which the Action Peoples Party (APP) won 22 out of 23 chairmanship positions. Describing the poll as illegal and a “charade,” the PDP faction, led by Publicity Secretary Kenneth Yowika, plans to challenge the election results in court, citing a Federal High Court judgment barring the conduct of the poll. Despite the election dispute, Governor Fubara swore in the new council chairmen.
The Rivers State Police Command has officially reopened all 23 Local Government Area secretariats following the recent local government elections and the swearing-in of new chairmen. Acting on the directives of the Inspector General of Police, Kayode Egbetokun, the state’s Commissioner of Police, Mustapha Bala, withdrew the police personnel deployed to secure the secretariats. The police clarified that they would only return if there were any crises or disruptions to law and order. Residents have been urged to remain calm and law-abiding.
The black market exchange rate for the dollar to naira stands at N1675 for buying and N1680 for selling as of today, 7th October 2024. This is based on data from Lagos Bureau De Change sources. Meanwhile, the Central Bank of Nigeria’s (CBN) official rate remains lower, with a buying rate of N1656 and a selling rate of N1657. The CBN urges individuals to use formal banking channels for foreign exchange transactions, as it does not recognize the parallel market.
Real Madrid coach Carlo Ancelotti has confirmed the injuries of two key players, Vinicius Junior and Dani Carvajal, during their 2-0 La Liga win over Villarreal. Vinicius, who scored in the match, was forced off with a shoulder injury, while Carvajal suffered a serious knee injury and had to be stretchered off. Ancelotti expressed concern, particularly over Carvajal’s condition, and stated that Vinicius would undergo further tests. The injuries are a blow to Madrid, currently second in the league, as they continue their title defense.
Nottingham Forest managed a 1-1 draw against Chelsea despite being reduced to 10 men, while Manchester United endured a goalless draw against Aston Villa in Premier League action today. Forest’s Chris Wood opened the scoring before Chelsea’s Noni Madueke equalized, with Forest’s James Ward-Prowse sent off late in the game. At Old Trafford, United showed defensive resilience but couldn’t find a breakthrough against Villa. Both matches highlighted the intensity of the Premier League, with Chelsea’s unbeaten run continuing and Forest remaining undefeated away.
Prominent Nigerians, including former President Olusegun Obasanjo and South-East governors, have confirmed their participation in the burial of the late President-General of Ohanaeze Ndigbo, Chief Emmanuel Iwuanyanwu. The ceremony is slated for November 1 at his hometown, Attah, Imo State.
Senator Ben Obi, Head of the Burial Planning Committee, revealed that national leaders like Yoruba leader Ayo Adebanjo and other dignitaries will attend to honor Iwuanyanwu, who was a notable politician and businessman.
Represented by Prof. Ike Ikechukwu, Chairman of the Media Sub-committee, Obi highlighted ongoing efforts to reach out to elder statesmen, stakeholders, and well-wishers, both locally and internationally.
“The South-East governors reaffirmed their commitment to giving Iwuanyanwu a dignified farewell, supported by national figures and the Diaspora community, which is also organizing activities in his honor,” Obi said.
The burial event will culminate on November 1, 2024, with the final interment.
The Minister of Transportation, Senator Said Ahmed Alkali has disclosed that the potential of rail transport system will make it displace the oil sector as the greatest contributor to Nigeria’s revenue in a short while.
The Minister made this known Friday while on an inspection of the ongoing Kano-Daura-Maradi rail project alongside members of the Senate Committee on Land Transportation who were also on an oversight visit of the project.
According to the Minister, a lot of governors are already investing in the rail sector, from Lagos to Plateau, and even that of Kaduna, they have all indicated their interest in expanding railways in their states.
He said “The idea of unbundling the sector is to allow private sector participation. You can also see the huge investment the federal government is making in the sector to ensure infrastructure is in place.
“By the time you start freight from Lagos to Maradi, in line with the African Continental Free Trade Agreement, we are going to generate a lot of money, it will make a lot of impact on the GDP of the country. By the time we link Port Harcourt and Onne ports through Aba to Maiduguri, you will see the transformation and you will see how it will be next to oil.
At the University of Transportation Daura, the Minister disclosed plans to give students specialised training that will make them take over the transportation system as a whole.
The minister also disclosed that there have been serious improvements by the contractors handling the rail construction since his last visit. “I have also directed the contractor to ensure the payment of compensations for those affected along the construction corridor,” he added.
Meanwhile, the Chairman Senate Committee on Land Transportation, Senator Adamu Aliero who led the delegation of the National Assembly, has pledged full support for the project which he said will be of great economic benefit to the country. He said the committee is really impressed by what it is seeing but a lot more needs to be done.
According to him, the inspection visit underscores the commitment of the current administration to give Nigerians a new lease of life.
He disclosed however that the progress made so far has been from the counterpart funds from the Nigerian government as that from other partners are yet to come.
At the University of Transportation Daura, the Senator confirms that a lot has been done to put the institution in good standing while insisting that much more needs to be done.
“It is a national university and for it to be able accommodate students from all over the country, it needs to expand its facilities. So far, with what we have seen, the federal government must build more facilities.
Currently, it can only receive about 1,300 students out of about 5000 requests for admission received.”
The Kano-Maradi railway project will cost Nigeria over $1.9B which is equivalent to N400 Billion.
According to Minster, the Federal government is to pay 15% of the project while the partnership company source for the 85% funds on loan which the Federal government would pay within 50 years duration.
The project which started in 2022 by the Buhari administration is expected to be completed in December 2026.
The Nigerian government, through the Federal Ministry of Transportation is building a railway line that will connect Kano to Jigawa States, on northern border of Nigeria, and will extend across Niger to Maradi. In addition, a new branch line will be constructed from Kano to Dutse in Jigawa State, Nigeria. The new railway line with around 400 km and 13 stations, in three federated states of Kano, Jigawa, and Katsina and will extend to Niger.
This new infrastructure will integrate rail transport with existing road transport to improve passenger and cargo transportation in the served states.
The objective is to develop the Nigerian rail network by promoting logistical integration with other transport networks, thus creating a fast, safe and ecological rail infrastructure to optimize and improve means. Once completed, the railway is expected to transport 9,300 passengers and 3,000 tons of freight daily, stimulating agricultural and manufacturing growth along the route.
