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NASS: How Not to Overburden the Donkey

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By Taiwo Adisa

Opinions are often divided about the rightness or wrongness of political actions, such as the declaration of a state of emergency in Rivers State as announced by President Bola Tinubu last week. This is because opinions are offshoots of attitudes and behaviours. They fluctuate. It is also a big difference between behavioral and natural sciences. Whereas the latter can be sure of its facts gathered through scientific laboratories, which process can be replicated by any other researcher, following the same prescribed methods, behavioral enquiries do come with variations in outcomes and less certainty.

So, when you hear the opinion expressed by citizen Bola Ahmed Tinubu about the declaration of a state of emergency by the administration of President Goodluck Jonathan in 2013 and juxtapose the same with his 2025 action on Rivers State, you should know opinions are not static. President Jonathan had in the wake of ceaseless Boko Haram attacks on Adamawa, Yobe, and Borno States, declared a state of emergency on the three states. Even though the former president did not tamper with the political strictures in the states he placed under emergency, citizen Tinubu did not spare the former president, accusing him of working out an agenda in favour of his party and his re-election.

He had told President Jonathan: “The body language of the Jonathan administration leads any keen watcher of events with unmistakable conclusion of the existence of a surreptitious but barely disguised intention to muzzle the elected governments of these states for what is clearly a display of unpardonable mediocrity and diabolic partisanship geared towards 2015. Borno and Yobe states have been under armies of occupation with the attendant excruciating hardship experienced daily by the indigenes and residents of these areas. “This government now wants to use the excuse of the security challenges faced by the Governors to remove them from the states considered hostile to the 2015 PDP/Jonathan project.”

Last week, however, President Tinubu declared that “No good and responsible President will standby and allow the grave situation to continue without taking remedial steps prescribed by the Constitution to address the situation in the state.” He added that the measures he had previously taken to restore peace to the state had been frustrated.

Politics and diplomacy share different things in common, especially in adherence to the words of Lord Palmerston, a British diplomat who said: “There are no permanent enemies, and no permanent friends, only permanent interests.” That was in a speech he delivered in the House of Commons on March 1, 1848. So, we can say that the words of Lord Palmerston are at work when President Bola Tinubu condemned the declaration of a state of emergency in 2013 and utilized the same measure to cure what he perceived as a malignant national tumour in 2025.

The National Assembly acted on the declaration of a state of emergency in Rivers State with some precision, as each chamber passed the emergency rule without dissenting voices. But the development appeared to have landed on the wrong side of public opinion once again. We know that our people have tagged the assembly with different names, rubber stamps, and being one of the most common. Not a few had expected the leaders of the chambers to sweat before securing the required two-thirds majority needed to pass the emergency rule through the line. The constitution expressly says so. The constitution equally provides that once the emergency rule is declared, it must secure a two-thirds vote of the legislature. That ordinarily looks simple. Just get 73 senators and 240 members of the house, and the emergency rule is sailing home. But the way the 2023 election was won and lost altered the shape of things. No one party was able to muster two-thirds majority in each of the chambers. The three parties thrown up by the 2023 election shared the figures in the chambers. There are members of the ruling All Progressives Congress (APC), the Peoples Democratic Party (PDP), the Labour Party (LP), Social Democratic Party (SDP) and the All-Progressives Grand Alliance (APGA) in the Senate and the House of Representatives. Following the precision with which the NASS members dispersed the emergency rule declaration last week, and the variety of attacks on the institution of the legislature, I conducted a brief check on the very essence of representative governance and came up with findings that should interest our lawmakers. The first question that got thrown up in view of the attacks on the National Assembly was who are the lawmakers accountable to, the executive or the people? How are they required to conduct crucial affairs that require the attainment of certain thresholds? I discovered that whereas operators in the executive arm of government can exercise some latitudes and luxuries, in difference to the ‘no permanent friend and no permanent enemy stuff’, the legislators do not. While politicians and diplomats, especially in the executive arm of government, are allowed to apply the words of the British diplomat as circumstances permit, legislators have a burden of the constitution to carry. The 1999 Constitution of the Federal Republic of Nigeria ( 1999) (as amended), provides that the National Assembly shall reserve the right to modify its procedure. And that’s where the trouble started for the legislature. In the exercise of that power, the lawmakers went ahead to give themselves rules and orders from time to time. The current assembly is guided by Senate and House Orders, 2023, as amended. In the case of the passage of the emergency rule, the constitution and the rule books jointly made provisions. None of the provisions, however, sidelined the need for voting.

From what we saw in the two chambers last week, none utilized the electronic voting system, and no manual voting was even applied. What we saw was voice voting. The question on the lips is how you ascertain the attainment of two-thirds majority in a voice vote situation. Yes, assembly hands have stated that there were no dissenting voices, but that constitution stipulates that the emergency rule shall be passed by two-thirds majority of members.

Contrary to what many would say that the development robs off on the executive, I say that the legislature comes off worse. Lobbying is a well-established mode of communication in the legislative arm. It means you sell your views and standpoint to the opposing figures until you can secure the required number. By opting for the easy way out, the National Assembly might just be adding petrol to a raging fire. Reports out there already suggest a worsening image for the legislature across the globe. The acceptability rate varies from country to country. The UNDP/IPU in a survey puts the acceptability rate of the Nigerian legislature at 34.5 per cent. But that is as must as the statistics say. In real life situation, we can see that the acceptability rate is far lower than that and if you go by the turnover rate of the legislature which has been hitting 70 per cent after every election cycle for years, we can conclude that the legislature’s acceptability in Nigeria is not above 30 per cent.

If you have an institution that has about 30 percent public acceptability rating, I think the onus should be on the leaders not only to be transparent but to be seen as actually transparent. Yes, some voices have said that there were no dissenting votes, but how can one independently ascertain the actual figures of Senators on the floor that day? And who keeps the register of lawmakers in the chamber? The register is not a public document, as we discovered years ago. It is locked up in the closet of the presiding officer. There was an instance where we tried to conduct a search on a senator who was seen as perpetually absent from the chamber some year back. The task was to know whether he was able to make one-third of the 181 days required by the constitution in a legislative year. It was a task we were unable to accomplish because the then Senate President usually locked up the register. So, if the register is not accessible to Nigerians, how do you defend whether the institution had fulfilled the constitutional provision or not? Some people have said that only 64 senators were on the floor during the emergency rule consideration, while the House of Reps announced that 243 lawmakers were in its chamber.

There is a trend around the world that a growing democracy like Nigeria must avoid. People of different destinations are losing interest in their parliaments and are beginning to place trust in the ombudsman and other sources. That is, even though the parliament is a distinguishing feature of democratic rule. The UNDP/IPU, in the first ever global parliamentary report released in 2012, had noted that declining public trust was presenting “a challenge for parliaments in that they offer alternative forms of representation, accountability and redress.”

The report further stated: “In the first place, the collective representative role of parties and parliament faces competition as citizens can now seek representation in numerous ways through a variety of organizations in civil society. Second, parliament’s traditional role as the route for the redress of grievance is now contested by the variety of statutory agencies and individuals, including ombudsmen, watchdogs, and audit agencies. Each is designed specifically to deal with aspects of maladministration and has far greater resources and expertise to deal with such cases than would be available through parliament.” This sort of situation can only portent a possible annihilation of the legislature, the unique symbol of democratic governance. To prevent things from getting that bad in this clime, parliamentarians need to emphasise lobbying and transparency in their dealings.

   

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Time Nigeria is a modern and general interest Magazine with its Headquarters in Abuja. The Magazine has a remarkable difference in editorial philosophy and goals, it adheres strictly to the ethics of Journalism by using the finest ethos of the profession to promote peace among citizens; identifying and harnessing the nation’s vast resources; celebrating achievements of government agencies, individuals, groups and corporate organizations and above all, repositioning Nigeria for the needed growth and development. Time Nigeria gives emphasis to places and issues that have not been given adequate attention by others. The Magazine is national in outlook and is currently being read and patronized both in print and on our vibrant and active online platform (www.timenigeria.com).
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The Missing Middle of Infrastructure Finance: Why Capital Still Fails to Become Infrastructure

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  By Chidi Nwafor  In October 2023, a Gulf sovereign wealth fund quietly closed a $2 billion allocation to global infrastructure, earmarked in part for emerging-market energy and transport assets. The announcement drew the usual applause: another sign, commentators said, that institutional capital was finally waking up to the infrastructure opportunity in the Global South. Eighteen months later, less than a tenth of that allocation had actually left the fund’s balance sheet. Not because the mandate had changed. Not because the fund had lost appetite. According to two people familiar with the portfolio, the constraint was simpler and more uncomfortable: there were not enough investable projects to put the money into. This is not a story about a reluctant investor. It is a story about capital that wants to move, cannot find enough places willing and able to receive it in a form it can underwrite, and quietly waits instead. Multiply that fund by the hundreds of pension schemes, sovereign wealth vehicles, commercial banks and infrastructure funds now carrying dedicated allocations for emerging-market infrastructure, and a pattern emerges that rarely makes it into a headline: the world is not short of capital for infrastructure. It has capital in historic abundance, sitting adjacent to a historic infrastructure gap, unable to cross the distance between the two. The Comfortable Explanation  The explanation on offer at every major infrastructure summit is a familiar one. Global infrastructure investment needs run into the tens of trillions of dollars over the coming decade; committed capital falls well short; therefore, the problem is one of insufficient funding, and the solution is more of it: more pledges, more blended-finance facilities, more climate funds, more multilateral capital increases. It is a comfortable explanation because it assigns responsibility clearly to governments who under-fund, institutions who under-commit, and it offers a clean remedy: raise more. It is also, on close inspection, not what the evidence shows. Pension funds globally hold trillions in assets under management with explicit infrastructure allocations that remain structurally underweight, not because trustees have rejected the asset class but because deal flow meeting their risk and governance thresholds has not materialised at the pace their mandates assume. Sovereign wealth funds report the same pattern. Commercial banks with dedicated project finance desks describe pipelines that look full at the term-sheet stage and thin dramatically by financial close. Development finance institutions, whose entire purpose is to absorb risk that commercial capital will not, routinely report that their binding constraint is not capital adequacy but the volume of bankable transactions their teams can originate and structure in a given year. None of this fits the scarcity narrative. All of it fits a different one. Availability Is Not Deployability  Capital availability and capital deployability are not the same condition, and the conflation of the two is doing real damage to how the world thinks about the infrastructure gap. Availability asks whether money exists somewhere with a mandate that could, in principle, be pointed at infrastructure. Deployability asks something much narrower and much harder: whether a specific project, at a specific moment, has been engineered, structured, documented and de-risked to the point where an investment committee can approve it without exception. The first condition is met, overwhelmingly, across nearly every category of capital that matters to infrastructure. The second is met by only a small fraction of the projects competing for it. The result is a market that looks, from the outside, like a financing gap, and functions, from the inside, like a conversion problem: an abundance of capital on one side, an abundance of infrastructure need on the other, and an underbuilt set of mechanisms in between capable of turning one into the other at any meaningful scale. Where the Conversion Breaks  The break does not happen at the ends of the process. It happens in the middle, in the unglamorous sequence of work that turns a plausible concept into an instrument a fiduciary can sign. A promising transmission project needs a feasibility study rigorous enough to survive institutional scrutiny rather than optimistic enough to attract early interest. It needs offtake arrangements that hold up under real counterparty and currency risk, not the counterparty risk assumed in a base case. It needs environmental and social documentation calibrated to the standards of the institutions being asked to fund it, not the standards of the jurisdiction hosting it. It needs a legal and commercial structure that allocates risk in ways a commercial lender, not only a development financier, will accept. It needs a sponsor capable of executing what has been proposed, not merely capable of proposing it. Each of these is ordinary project finance discipline. None of it is exotic, and in mature infrastructure markets it happens as a matter of course, absorbed into systems built over decades: specialist advisers, standard-form contracts, established procurement norms, deep pools of transaction expertise. What is missing in the markets where the infrastructure gap is largest is not the standard itself but the machinery that meets it. Projects arrive at investment committees with ambition intact and preparation incomplete, and that gap is treated, again and again, as an individual project’s failure rather than what it actually is: a structural absence in the systems responsible for producing investable transactions at scale. The Missing Middle  This is the Missing Middle of Infrastructure Finance: the institutional architecture that sits between capital that wants to move and infrastructure that needs building, and whose incompleteness explains far more of the global infrastructure gap than any shortfall in committed funds. It consists of project preparation facilities able to fund feasibility and structuring work before commercial viability has been proven. Transaction advisers capable of building deals that satisfy development mandates and commercial return thresholds at once, rather than treating the two as separate constituencies to be managed sequentially. Risk-sharing and guarantee instruments that convert political, regulatory and currency risk into something a commercial balance sheet can underwrite. Aggregation platforms that bundle smaller, individually sub-scale projects into portfolios large enough to justify institutional transaction costs. Standardised documentation that reduces the bespoke legal cost of every new deal. And coordination across ministries, regulators and financiers robust enough that a technically sound project does not die in bureaucratic sequencing after the money has already been found. None of these are new ideas in isolation. What is missing is their assembly into a coherent system, deliberately funded and institutionally accountable, rather than scattered across donor-funded pilots that end when the grant does. The African Dimension  Africa makes this dynamic unusually visible, and consequently offers an unusually clear opportunity to correct it. The continent’s infrastructure financing need, by any measure, is vast. Less understood is that the shortfall is disproportionately one of preparation rather than capital. Nigerian gas-to-power, off-grid solar and mini-grid developers have each demonstrated that individual projects can clear the bankability bar; what has not emerged is systemic pipeline scale, a steady stream of comparably prepared projects large enough to absorb the capital already circling the sector. The pattern repeats, with local variation, from grid infrastructure in East Africa to transport corridors in West Africa. Interested capital is rarely the scarce input. Investment-ready projects are. The Global Comparison  Mature markets solved this problem gradually and mostly invisibly, through decades of institution-building that predates the current infrastructure conversation: specialist project finance units inside banks, standardised PPP frameworks, established regulatory playbooks, deep benches of transaction lawyers and engineers who move between deals rather than between one-off assignments. Emerging and frontier markets are not being asked to meet a lower standard. They are being asked to meet the same standard without having built the same machinery, and then being told, when deals fail to close, that the problem is insufficient funding….
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