The Federal Government has announced significant boosts in the nation’s economy, with notable increases in various financial accounts. The Excess Crude Account now stands at $473.75 million, while the Stabilization Account has surpassed N28.7 billion. Additionally, the Natural Resources Fund has reached over N53.89 billion.

These figures were disclosed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during the 142nd National Economic Council (NEC) meeting, chaired by Vice-President Kashim Shettima in Abuja. The meeting saw the ratification of six state governors as members of the Board of Niger Delta Power Holding Company (NDPHC).

The governors, representing Nigeria’s six geopolitical zones, are from Borno, Katsina, Imo, Ekiti, Kwara, and Akwa Ibom. NEC highlighted the importance of NDPHC to the country’s economic development in approving these nominations.

Addressing Environmental Challenges

A significant portion of the meeting focused on environmental challenges. Governor Ahmed Ododo presented key updates and recommendations from the ad hoc committee on flood, erosion, drought, and desertification. The committee emphasized the need to revitalize State Emergency Management Agencies (SEMAs) and improve coordination between various government levels to mitigate these environmental threats.

To strategize on funding sources for these initiatives, the vice president and ministers of finance, agriculture, and the economy will meet on Monday, with outcomes to be presented to the President on Tuesday. The council resolved to implement the committee’s recommendations and provide the needed funds to states and relevant MDAs to tackle these issues effectively.

Economic Affairs and Crude Oil Theft

Governor AbdulRahman AbdulRazaq provided an update from the NEC’s ad hoc committee on economic affairs. The committee is working closely with states to address challenges related to foreign exchange loan facilities and fuel pricing. The council resolved that the committee should align its mandate with the national economic management team to develop robust solutions to the nation’s economic challenges.

Governor Hope Uzodimma, chair of the ad hoc committee on crude oil theft prevention and control, presented interim measures to improve security at oil and gas terminals and enhance regulatory oversight in the sector. Governor Seyi Makinde was co-opted into the committee as a subject matter expert. The committee is expected to submit its final report to the council within one month.

The council also received updates on establishing state police, urging states to expedite their submissions on the matter. To bolster food security, the vice president announced presidential approval for operationalizing the presidential food system coordinating unit. This unit is tasked with developing robust economic solutions for the country’s food system.

Fostering Economic Growth by Boosting Oil Production

However, the matters deliberated on during the meeting highlight the persistence of fundamental issues hindering economic growth in the oil sector. Economists have been relentless in their calls for the government to boost oil production as a major way to increase revenue generation. Nigeria’s oil output has been on a decline, resulting in lower-than-expected revenue for the government and exacerbating the nation’s foreign exchange (FX) crisis.

The decline in oil production has had a ripple effect on the economy, reducing the inflow of foreign currency and putting pressure on the naira.

Increasing oil production, economists argue, would significantly enhance revenue generation and provide the government with more resources to address pressing economic issues. This, in turn, could help stabilize the FX market and reduce the volatility that has been a major challenge for businesses and consumers.

In a political landscape where every debate performance can make or break a campaign, President Joe Biden’s appearance on the Thursday night debate with Donald Trump has left many Americans more concerned than ever about his cognitive fitness for office.

The stakes were high, and Biden’s performance did little to quell the doubts surrounding his ability to lead the nation, according to analysts. They noted that instead, it amplified the doubts, setting off alarm bells within his own party and providing ample ammunition for his opponents.

President Biden’s appearance on the debate stage was marked by noticeable lapses in clarity and coherence, according to analysis by BBC. His responses were frequently rambling, his delivery flat, and his overall demeanor lacked the energy one expects from a sitting president vying for re-election. Midway through the debate, the Biden campaign attempted to explain his raspy voice by attributing it to a cold, but this explanation felt more like an excuse to many viewers.

The most troubling aspects of Biden’s performance were moments of apparent confusion. At one point, he inexplicably concluded a rambling answer with, “We finally beat Medicare,” a baffling statement given the context of the discussion. This was just one of several instances where Biden seemed to lose his train of thought, raising serious questions about his cognitive abilities.

These concerns were not alleviated by Biden’s supporters or campaign officials. Even Kate Bedingfield, his former communications director, admitted on CNN that it was not a good debate for Biden. She said that proving his energy and stamina was critical, and he failed to do so. For a president already under scrutiny for his age and mental sharpness, this debate performance was seen as a significant setback.

The debate’s early focus on critical issues such as the economy and immigration, where polls show Americans trust Trump more, did not help Biden’s case. His inability to articulate clear and coherent responses only intensified the perception that he may not be mentally fit for the presidency. This perception is not just a talking point for his opponents; it is becoming a serious concern for many voters and political analysts.

Trump’s Disciplined Approach

In stark contrast, former President Donald Trump delivered a more disciplined and focused performance, BBC analyst noted. Gone were the interruptions and belligerence that characterized his 2020 debate appearances. Instead, Trump methodically attacked Biden’s record, steering the conversation back to his points whenever possible. Although Trump’s statements often included inaccuracies and outright falsehoods, Biden struggled to counter them effectively.

When the topic turned to abortion, Trump misrepresented Democratic positions by claiming that they support abortions after babies are born. Despite this being a falsehood, Biden’s response did not capitalize on the opportunity to debunk Trump’s claims and assert his own stance effectively. This pattern of missed opportunities was a recurring theme throughout the debate.

Biden on the Defensive

Throughout the debate, Biden found himself on the defensive. He attempted to regain momentum by taking big swings at Trump, but these efforts were inconsistent and often fell flat. Vice-President Kamala Harris later acknowledged that Biden had a “slow start” but claimed he finished strong. This optimistic spin did little to mask the reality that Biden struggled to make a significant impact during the debate.

One of the more memorable exchanges occurred when Biden referenced Trump’s moral failings related to his alleged involvement with Stormy Daniels. Trump’s sharp retort, “I didn’t have sex with a porn star,” was a moment that highlighted Biden’s inability to land a decisive blow. Similarly, when discussing the January 6 Capitol attack, Biden accused Trump of encouraging the rioters and doing nothing to stop the violence. Trump’s evasiveness on whether he would accept the 2024 election results further underscored his contentious stance on democracy, but Biden failed to press the point effectively.

The Aftermath and Polls

The immediate aftermath of the debate saw a significant shift in public opinion. A CNN poll declared Trump the winner of the debate by a staggering 67%. This result is believed to be a clear indicator of how poorly Biden’s performance was received and how it has impacted his chances of winning re-election. While many Democrats continue to publicly support Biden, there is growing unease within the party about his ability to lead effectively.

The debate has intensified discussions within the Democratic camp about whether Biden should remain the party’s flag bearer.

The Challenge of Replacing Biden

However, replacing a sitting president is no small feat. Despite the growing consensus that Biden may not be cognitively fit to serve another term, the process of finding and promoting an alternative candidate is fraught with challenges. Some analysts believe that it would take an open revolt within the Democratic Party for such a change to occur, and so far, no prominent Democratic officials have publicly broken ranks.

However, the whispers of concern are growing louder, and the pressure on Biden to prove his fitness for office is intensifying.

It is believed that one reason the Biden team pushed for an early debate was to shift focus to Trump and give Biden time to recover from any weak performance. However, political analysts believe the debate has had the opposite effect, with more people discussing Biden’s shortcomings than Trump’s.

The Democratic National Convention in August and another debate in September are expected to provide Biden with opportunities to rebound, but concerns remain.

Potential Replacements for Biden

The debate has intensified discussions within the Democratic camp about whether Biden should remain the party’s flag bearer. Against this backdrop, political consultant and polling expert Frank Luntz named five potential Democratic alternatives who might defeat Trump if Biden steps down:

1. Gavin Newsom – Governor of California
2. Gretchen Whitmer – Governor of Michigan
3. Cory Booker – U.S. Senator from New Jersey
4. Wes Moore – Governor of Maryland
5. Mitch Landrieu – Senior Advisor to President Biden

Luntz noted that there is a “pretty unanimous” sentiment among Democrats that Vice President Kamala Harris is not a viable candidate to defeat Trump. However, analysts note that the main challenge lies in convincing Biden to step aside, which seems unlikely given his determination to remain in the race.

When he speaks, everyone pays attention. Japan’s SoftBank CEO does not write codes, making his promise to create technology systems which are smarter than humans in multiples fascinating: “Masayoshi Son, the billionaire CEO of SoftBank, is aiming for a new technology adventure called Artificial Superintelligence (ASI)…Over the years, Son has made bold investments in startups poised to revolutionize industries, cementing his reputation as a risk-taker with a keen eye for innovation.”

So, you may ask: which one is more important – the skill or the capital? Son thinks with his money he can assemble the human element to get what he wants. That explains that in the ranking of the factors of production, you need to pay attention to capital. Of course, this is not to posit that capital is ahead of humans, since knowledge, a factor of production, is there, besides labour and the entrepreneur.  Of course, knowledge comes from humans!

Here is the knowledge from Son: “SoftBank was founded for what purpose [ASI]? For what purpose was Masa Son born? It may sound strange, but I think I was born to realize ASI. I am super serious about it,” Son told shareholders at an annual meeting.

So, with his unalloyed boldness and confidence, I will rank the factors of production for the ASI future as follows: Knowledge, Entrepreneur, Capital, Labour and (Land). Good People, a man or a woman with Knowledge is a factor in this world. Upon knowledge will the empires of the future be built upon. And dreaming to create knowledge systems 10,000x better than humans assumes that  humans will even know that such a thing has happened since it is 10000x ahead of us!

SoftBank’s Masayoshi Son Vows to Create Technology 10,000 times Smarter than Humans: Artificial Superintelligence (ASI).