Tinubu embraces PEPT ruling, calls on Obi, Atiku to support national unity
Nigeria’s President Bola Tinubu responded to the Presidential Election Petitions Tribunal’s judgement with a commitment to unite and uplift the nation. He welcomed the verdict, emphasising his dedication to serving all Nigerians regardless of their affiliations.
President Tinubu praised the tribunal’s professionalism and saw it as a sign of Nigeria’s legal system’s growth. He noted the importance of this development for African democracy.
Tinubu urged all presidential candidates and political parties to prioritise patriotism over partisanship, encouraging their supporters to support the government in improving Nigerian lives. He thanked Nigerians for their trust and promised to exceed expectations through diligent work with his team.
Read also: Tinubu buoyed by tribunal ruling, vows to unite Nigeria
Atiku, Obi to appeal as Tribunal blocks bid to oust Tinubu
Presidential candidate Atiku Abubakar of the Peoples Democratic Party (PDP) and his Labour Party counterpart, Peter Obi, have both rejected the judgment of the Presidential Election Petition Tribunal, which upheld President Bola Tinubu’s election victory.
Kehinde Edun, the Labour Party’s Legal Adviser, stated their intention to challenge the decision in the Supreme Court. Atiku’s Lead Counsel, Chris Uche, also confirmed plans to file an appeal.
The tribunal, which unanimously upheld Tinubu’s victory, found that the petitions from Atiku and Obi failed to prove their allegations of election irregularities convincingly. It noted the lack of specific details regarding alleged infractions, including the locations of affected polling units.
The tribunal also pointed out the failure to provide evidence for claims of fictitious results, over-voting, and other irregularities.
Both parties expressed disappointment with the judgment and emphasized their intention to pursue legal avenues at the Supreme Court.
PDP gains, APC loses in Tribunal battles
The All Progressives Congress (APC) has suffered a setback as the Election Petition Tribunal declared the People’s Democratic Party (PDP) candidate, Natasha Akpoti-Uduaghan, as the winner of the Kogi Central senatorial election held on February 25.
The tribunal cited inflated results in nine polling units of Ajaokuta LGA, with the APC candidate, Abubakar Ohere, losing ground. The tribunal ordered the Independent National Electoral Commission (INEC) to withdraw Ohere’s certificate of return and issue it to Natasha Akpoti-Uduaghan.
Justice K. A. Orjiako, who led the tribunal, criticised INEC for deviating from its mandate and ordered the commission to pay Natasha N500,000 for “subverting justice” in the election. Abubakar Ohere plans to appeal the decision. Natasha’s counsel hailed the verdict as a victory for the people of Kogi Central Senatorial District and the election process.
Outcry as govt raises electricity meter prices by 40%
The Federal Government of Nigeria has raised the prices of single-phase and three-phase pre-paid electricity meters by 40 percent, effective from September 6, 2023, according to an order released by the Nigerian Electricity Regulatory Commission (NERC).
The new rates are N81,975.16 from N58,661.69 for a single-phase meter and N143,836.10 from N109,684.36 for a three-phase meter. This price hike has sparked protests from consumers who are already grappling with rising costs in the energy sector.
NERC defended the increase, stating that it aims to ensure fair pricing for both Meter Asset Providers (MAPs) and end-use customers, allowing MAPs to recover their costs and achieve a viable return on investment while preventing excessive pricing.
The commission cited changes in economic indicators like inflation and foreign exchange rates as reasons for the adjustment.
The closure of the metering gap is crucial for the financial sustainability of Nigeria’s electricity supply industry, as it provides revenue assurance to utilities and customers.
MAPs are required to adjust their prices accordingly, and the industry regulator called for customer awareness campaigns regarding the price review.
China’s economic gloom hangs over Japan’s long-awaited recovery
Japan is growing increasingly concerned about China’s economic troubles affecting its fragile recovery. The deepening economic woes in China, combined with the potential lack of meaningful stimulus from Beijing, could delay Japan’s exit from ultra-loose monetary policy.
This situation, coupled with the Federal Reserve’s interest rate hikes in the United States, could leave Japan’s export-reliant economy with limited external support.
Japanese policymakers fear that a downturn in China might hinder their efforts to achieve sustained wage growth, a crucial condition for scaling back monetary stimulus.
China is Japan’s largest trading partner, and any slowdown in its economy could knock 1-2 percentage points off Japan’s annual growth, impacting Asia’s two biggest economies.
Furthermore, diplomatic tensions and a possible backlash against Japan may delay the recovery of the service sector, including tourism.
These challenges could push back the timing of a policy shift by the Bank of Japan, which aims to sustainably boost consumer demand and inflation. Japan’s economic outlook is becoming increasingly uncertain due to these factors.
