TOP 5 STORIES OF THE DAY | SERAP Urges President Tinubu to Lead by Example in Asset Declaration Transparency

• SERAP Urges President Tinubu to Lead by Example in Asset Declaration Transparency
• Atiku Abubakar Condemns Military Honors Accorded to Seyi Tinubu, Calls for Investigation
• President Tinubu to Announce Ambassadorial Appointments in Coming Weeks, Says Aide
• Nigerian Banks Borrow N27.95 Trillion from CBN in Q3 2024 Amid Liquidity Constraints
• High Building Material Costs Exacerbate Housing Shortage Despite N11 Trillion Contribution to GDP in 2024

SERAP Urges President Tinubu to Lead by Example in Asset Declaration Transparency

The Socio-Economic Rights and Accountability Project (SERAP) has called upon President Bola Tinubu to instruct the Code of Conduct Bureau (CCB) to make his asset declaration public. In an open letter dated December 28, 2024, SERAP also encouraged the President to motivate Vice President Kashim Shettima, ministers, National Assembly leaders, state governors, and local government chairpersons to follow suit.

SERAP commended President Tinubu’s recent statement during his inaugural Presidential Media Chat, where he expressed willingness to consider requesting the CCB to release his assets. The organization emphasized that such transparency would significantly curb corruption by limiting opportunities for public officials to misuse their positions. They noted that the prevailing secrecy surrounding asset declarations has facilitated corruption across various government levels, including the 36 states, the Federal Capital Territory, and local governments.

In their letter, SERAP stated, “Transparency and openness would also increase public confidence in the integrity of high-ranking public officials and ensure that political authorities are honest when they provide services to the people.” They further urged the President to act promptly, asserting that immediate action would demonstrate a serious commitment to transparency.

Atiku Abubakar Condemns Military Honors Accorded to Seyi Tinubu, Calls for Investigation

Former Vice President Atiku Abubakar has expressed strong disapproval over a recent incident where military honors were accorded to Seyi Tinubu, son of President Bola Tinubu. In a statement released on December 29, 2024, Atiku described the event as a gross violation of military tradition and called for a thorough investigation.

Atiku’s statement read, “It is with utter dismay and concern that Nigerians were subjected to a nauseating video circulating online, where a group of young men, armed and in full military procession, bestowed upon the President’s son unwarranted military honours.” He emphasized that such actions are an aberration, as it is inappropriate for any branch of the Armed Forces to organize a formal parade for a non-designated public figure.

The former Vice President also questioned the legitimacy of the group involved, noting that the so-called “Nigeria Cadet Network” is not a recognized entity within the Nigerian Armed Forces. He expressed concern that the term “Cadet,” typically associated with young, formally trained military personnel, was being misused by civilians, thereby tarnishing the esteemed traditions of the military.

President Tinubu to Announce Ambassadorial Appointments in Coming Weeks, Says Aide

An aide to President Bola Tinubu has disclosed that the President is set to announce a new slate of ambassadorial appointments within the next few weeks. This move is anticipated to strengthen Nigeria’s diplomatic engagements and enhance the country’s representation on the global stage.

The forthcoming appointments are expected to reflect the administration’s commitment to promoting Nigeria’s interests abroad and fostering international partnerships. The selection process is reportedly focused on individuals with proven diplomatic experience and a deep understanding of global affairs.

This development comes as part of President Tinubu’s broader foreign policy strategy aimed at repositioning Nigeria as a key player in international diplomacy. The appointments are anticipated to fill existing vacancies and ensure that Nigeria’s missions abroad are adequately staffed to effectively carry out their mandates.

Nigerian Banks Borrow N27.95 Trillion from CBN in Q3 2024 Amid Liquidity Constraints

Nigerian banks have reportedly borrowed a total of N27.95 trillion from the Central Bank of Nigeria (CBN) during the third quarter of 2024. This significant borrowing underscores the liquidity challenges faced by financial institutions within the country.

The increased reliance on the CBN’s lending facilities indicates that banks are experiencing funding pressures, prompting them to seek support to meet their short-term obligations. Analysts attribute these liquidity constraints to various factors, including tightened monetary policies, reduced inflows from oil revenues, and macroeconomic uncertainties.

The CBN’s role as the lender of last resort has been pivotal in maintaining stability within the banking sector. However, the substantial borrowing raises concerns about the sustainability of such support and the underlying health of the financial system. It also highlights the need for structural reforms to enhance liquidity management and resilience within the banking industry.

High Building Material Costs Exacerbate Housing Shortage Despite N11 Trillion Contribution to GDP in 2024

Despite the construction sector’s substantial contribution of N11 trillion to Nigeria’s Gross Domestic Product (GDP) in 2024, the country continues to grapple with a significant housing shortage. Industry experts attribute this paradox to the escalating costs of building materials, which have made housing development increasingly unaffordable.

The surge in prices for essential construction materials such as cement, steel, and roofing sheets has been linked to factors including inflation. These cost pressures have impeded developers’ ability to deliver affordable housing solutions, thereby widening the housing deficit

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