The Supreme Court has slated Monday, 23 October, to hear three appeals contesting the decision of the Presidential Election Petition Court that upheld President Bola Tinubu’s election victory.

The announcement came from the court’s registrar, Zainab Garba, on Thursday.

The appellants in the case are Atiku Abubakar of the Peoples Democratic Party, Peter Obi of the Labour Party, and the Allied Peoples Movement (APM). They are urging the Supreme Court to nullify the Presidential Election Petition Court’s ruling that affirmed Mr. Tinubu’s victory on September 6.

The Presidential Election Petition Court, led by Justice Haruna Tsammani, had dismissed the suits on the grounds that the petitioners failed to substantiate their allegations of electoral fraud against Nigeria’s electoral commission, INEC, and Mr. Tinubu.

Atiku Abubakar’s Appeal

In Atiku’s appeal, his lead lawyer, Chris Uche, presented the case on 35 grounds. Uche, a Senior Advocate of Nigeria (SAN), argued that the Presidential Election Petition Court erred in its verdict. He contended that the court failed to adequately evaluate Atiku’s evidence before reaching its conclusions and also criticized the use of “disparaging words” against Atiku, which he claimed showed bias.

Additionally, Atiku filed fresh evidence concerning President Tinubu’s academic records obtained from Chicago State University in the United States. Although the issue was previously dismissed by the presidential election court, Atiku intends to reinvigorate it with the newly acquired documents.

Peter Obi’s Appeal

Peter Obi’s appeal, presented by his lawyer Livy Uzoukwu, consists of 51 grounds challenging the Presidential Election Petition Court’s judgment. Uzoukwu, a SAN, argues that the PEPC reached incorrect conclusions. He criticized the court’s evaluation of Mr. Obi’s evidence, asserting that it wrongly ruled on the failure to establish polling stations where electoral malpractices occurred during the presidential election.

APM’s Suit

The Allied Peoples Movement (APM) based their appeal on the alleged improper nomination of Vice President Kashim Shettima, President Tinubu’s running mate. APM’s lawyer, Chukwuma-Machukwu-Ume, a SAN, predicated his client’s suit on 10 grounds. He asked the Supreme Court to nullify the Presidential Election Petition Court’s verdict for its numerous errors in law.

President Tinubu, INEC, and other respondents have urged the apex court to dismiss the appeals, arguing they lack merit and that the court’s previous decision affirming Mr. Tinubu’s victory was correct.

As Nigeria gears up for these crucial legal proceedings, the nation awaits the Supreme Court’s decision, which will have far-reaching implications on the political landscape. The court’s ruling will play a pivotal role in determining the future course of Nigerian politics.

Atiku’s fresh evidence from the CSU is expected to significantly impact the case. The former Vice President had urged the Supreme Court to jettison technicality and grant his application, arguing that the Nigerian presidency is too big to be tainted by the issue of certificate forgery.

“The need to rebuff, eschew, and reject technicality and the duty of the court to ensure substantial justice is very germane in this matter, given the gravity of the constitutional issue involved in deciding whether a candidate for the highest office in the land, the office of President of the country, presented a forged certificate or not,” he said.

 PricewaterhouseCoopers (PwC) Nigeria has released its bi-monthly economic outlook for October 2023, shedding light on the country’s economic trajectory and the challenges it faces in the coming years. The report, which considers the impact of global economic trends on Nigeria’s foreign exchange, presents a nuanced picture of the nation’s financial outlook.

According to the report, PwC projects a 2.8% growth rate for Nigeria in 2023, with an expected increase of 3% in 2024. While the growth forecast is promising, it is underpinned by a series of economic dynamics and challenges that require careful navigation.

Inflation and Cost of Living: PwC’s report indicates that inflation is likely to surge in the short to medium term. This is attributed to increased petroleum prices and a devalued naira, which will impact food, transportation, and non-food prices. As the cost of consumer goods rises, consumers are expected to face higher prices, potentially leading to a decrease in demand.

Petroleum Prices and FX Implications: The rise in international oil prices is expected to drive up the cost of petroleum products. This, in turn, will impact food, transport, and core inflation rates. Consumers may feel the pressure of these higher prices, potentially resulting in reduced demand. Furthermore, the lack of wage adjustments proportionate to inflation may exacerbate the situation.

Policy and Leadership Changes: The report highlights several significant developments, including the installation of a new ministerial cabinet to drive economic direction and fiscal policy management. Additionally, the implementation of the Finance Act 2023, which introduces key reforms for expanding the tax base, is set to have an impact.

Foreign Exchange Uncertainty: The lack of clear guidance on foreign exchange (FX) policy and unsettled FX obligations backlog are expected to continue affecting investor sentiment. The reintroduction of Bureau de Change (BDCs) is seen as a potential solution to address the devaluation of the naira in the short to medium term. The appointment of a new Central Bank of Nigeria (CBN) governor and management team is anticipated to shape monetary policy direction.

Economic Growth and Investment: Continued inflationary pressures and a rise in the cost of living may lead to marginal real economic growth in the medium term. PwC’s projections foresee a 2.8% growth rate for Nigeria in 2023, increasing to 3% in 2024.

Investment and FX Concerns: Capital reallocation from Nigeria’s economy is seen as a potential obstacle to foreign investment flows. Investors may adopt a cautious “wait and see” approach due to the lack of clarity in FX policy, which may lead to a scarcity of goods and inputs for manufacturing and trade, further driving up prices.

Government Spending and Consumer Demand: Government spending is expected to increase, but it will continue to be constrained by debt servicing obligations and a substantial fiscal deficit. A rise in energy, food, transportation, and import costs is likely to dampen consumer spending on non-discretionary items.

Production and Net Exports: High FX rates are expected to drive up the cost of goods and services, negatively impacting firm performance. Businesses may face challenges due to increased interest rates and devaluation losses. In the short term, the reintroduction of BDCs (bureau de change) and the adoption of the FX Price Verification System are aimed at improving FX accessibility and accountability. PwC projects a 1.6% decline in industrial production in 2023, with a growth of 6.7% in 2024.

Global Economic Trends: PwC’s report also underscores the impact of global economic trends on Nigeria’s outlook, including concerns about the cost of funding, capital reallocation, trade balance, remittances, and declining confidence due to fiscal deficits and debt servicing ratios.

Global GDP growth is expected to slow down with economic projections falling short of historical growth. IMF projects that GDP growth in the United States, the EU and the UK is expected to decline to 1.8%, 0.9% and 0.4% respectively in 2023.

“A weak global economic growth may negatively affect remittance flows into the economy. The decline in remittance flows may reduce FX flows to the economy. Though remittances to Nigeria accounted for 38% of the total flows to the region, it increased by only 3.3% to $20.1 billion,” the firm said.

As Nigeria navigates these economic challenges and opportunities, the path to sustained growth remains a complex endeavor. It will require astute policy management and strategic decision-making to mitigate the potential pitfalls and leverage the opportunities that lie ahead.