There was no approval by the National Assembly before the procurement of the new presidential jet for President Bola Ahmed Tinubu, Daily Trust’s findings have revealed.

Late in June, an online news platform reported that the federal government had acquired an Airbus A330 aircraft from a German bank.

According to PREMIUM TIMES, the German bank had seized the aircraft from an unnamed Arabian prince and businessman, who reportedly failed to pay hundreds of millions of dollars he owed the bank.

Officials of the Presidency, according to the online news platform, had “kept their lips shut” about the planned purchase of a new aircraft for the Presidential Air Fleet.

And since then, there has not been any official statement from the Presidency on the matter.

The actual cost of the aircraft is yet to be ascertained. A report earlier by Premium Times had said it was learnt that government was negotiating to acquire it for $100 million, but said it could not establish the actual price it was procured.

Speaking on the matter during a plenary session of the upper legislative chamber, however, Senate President Godswill Akpabio said the request for purchase of the aircraft had not been tabled before the parliament, but that once done, members would consider and approve it.

“We care about the president and we care about the Nigerian people. We will approve things that will benefit the Nigerian people”, Akpabio had said then, in respect of the bid to acquire the presidential aircraft.

Akpabio, who alleged that the National Assembly was being “blackmailed” over the matter, said: “But I can tell you that when you hear stories such as the death of the vice president of Malawi as a result of a defective plane, and then the death of the president of Iran as a result of defective aircraft; we shouldn’t ever sit and allow such to be at the ocean. It wouldn’t be.

“The Senate is very responsible. The National Assembly is very responsible. We will look into issues that will benefit the governance of the country.

“Irrespective of anticipatory blackmail, because those people know very well that something like that might come in the future; and if it’s a necessity, the Senate will look into it.

“But there is nothing like that before us now”, he said pointedly.

Nothing was heard about the matter until the recent controversy broke about the seizure of three Nigerian aircraft by a Chinese firm, acting on an order of a French court.

The French court had ordered the seizure of the three jets amid a long-standing dispute between Zhongshan Fucheng Industrial Investment and the Ogun State government, over a massive industrial park that was to be developed to attract investors.

The planes were said to be undergoing  “routine maintenance” at the time of the seizure.

Meanwhile, the Chinese firm said on Friday that it had released, “as a gesture of goodwill”, the Airbus A330 for Tinubu to travel for a meeting with French President Emmanuel Macron.

A presidential spokesperson confirmed to Daily Trust that the new aircraft was purchased for the president.

“That is settled. Something that is now released (referring to the seized aircraft Airbus A330). If it was not purchased, how could it be withheld by the Chinese company? There’s no controversy around it. Almost everything has been concluded and it was out in the media”, the aide who declined to be named said.

On whether an approval was obtained from the National Assembly before the procurement of the presidential jet, the spokesperson said, “There was a story that the National Assembly directed that the aircraft should be procured for the President. There are a number of windows to the National Assembly.”

The government official also hinted that the aircraft could have been purchased under the Service Wide Vote, which he said, may not require the parliament’s assent.

Our National Assembly correspondents found that though the House of Representatives Committee on National Security and Intelligence led by Satomi Ahmed had, earlier in June, recommended a new aircraft be procured for the president, the lawmakers did not approve it before they proceeded on their annual recess on July 23.

No approval request from the president for the procurement of a new presidential was considered on the floors of both the Senate and the House of Representatives.

The House of Representatives had, on July 23, passed the supplementary bill which sought to raise the 2024 Appropriation Act from N28.7 trillion to N35.06 trillion.

The chairman of the House Committee on Appropriation, Abubakar Bichi, who presented the harmonised joint Senate and House report on the budget, had said, “As you can see, we have passed the N6.2 trillion budget of Mr President, the budget of Renewed Hope.

“N3.2 trillion is for capital expenditure; while about N3 trillion will go to the current. And as I said last time, the Lagos-Calabar coastal highway is a critical road infrastructure that Mr President wants to actualise.”

We’re not aware of approval for new presidential jet – Lawmakers 

Some lawmakers, who spoke to our reporters on condition of anonymity yesterday, said the National Assembly neither considered nor approved any request for the procurement of a presidential jet before proceeding on recess.

A credible source in the Senate said: “At no time was deal discussed at the plenary meeting. It was not tabled. But then, there is the probability that the president had sent the letter.”

Another source also said he was not aware of any approval by the Senate for the purchase of a new presidential jet.

“The last time we heard something about the new aircraft was when the Senate president, Akpabio, said no communication about it yet from the Villa, but that the National Assembly would not hesitate to approve it.

“I read it in the media that the aircraft had been purchased, and as I speak with you, no one has denied that the deal was sealed,” he said.

A member of the House of Representatives also told Daily Trust yesterday that no correspondence from the president was presented to them about the purchase of a new aircraft for the president.

He said: “We’ve not seen anything in the main budget or the supplementary budget about the purchase of a new presidential aircraft. Another thing is that, there is no detail of the supplementary budget passed. So, we don’t know whether it is in the 2024 supplementary budget because we have not been availed with the detailed breakdown. It was presented as a lump sum.

“We don’t know about the purchase of the aircraft because it was not presented to us and we have not seen any details about it. So, we cannot say anything. So, I won’t have any comments until I see the details”.

It can’t be true – NSA’s spokesman

When contacted on telephone last night, the spokesman of the Office of the National Security Adviser (NSA), Zakari Mijinyawa, told one of our reporters that it could not be true that the new presidential plane was purchased without an approval of the National Assembly.

“It cannot be true. This is the time I am hearing this whether in government or outside government,” he said.

Later in a telephone call to Daily Trust, Mijinyawa said he was informed by someone “within the system” that the purchase was captured in the Service Wide Vote.

Presidency, Defence ministry, Senate, Reps mum

The Special Adviser to the President on Senate Matters, Bashir Lado, did not respond to WhatsApp and text messages seeking his comment. His phone line was busy several times one of our reporters called yesterday.

The chairmen of the Senate and House of Representatives Committees on Media and Public Affairs, Yemi Adaramodu and Akin Rotimi respectively were contacted yesterday by Daily Trust via phone calls and text messages to confirm whether or not the purchase of the new presidential jet was authorized by the legislature, but they did not oblige.

In the same vein, the chairmen of the Senate and House Committees on Appropriations, Solomon Olamilekan Adeola and Abubakar Bichi respectively, neither answered phone calls nor replied to messages sent to their mobile lines telephone mobile line for enquiries.

Several calls and a text message to Mati Ali, the media aide to the Minister of Defence, Abubakar Badaru, were also not answered.

 

Daily Trust

Investors on the Nigerian stock market suffered a significant loss of N750 billion on Monday as bearish sentiment continued to dominate trading. The market downturn was primarily driven by heavy selloffs in the shares of Dangote Cement and Tier-1 banks, including Guaranty Trust Holding Company (GTCO) and FBN Holdings.

The market capitalization, which stood at N55.132 trillion at the opening of the week, declined by 1.36 percent, closing at N54.382 trillion. Similarly, the All-Share Index dropped by 1.36 percent, ending the day at 95,781.68 points, down from 97,100.31 points recorded on Friday. This decline also led to a reduction in the Year-To-Date (YTD) return, which fell to 28.10 percent.

Despite the overall market decline, market breadth was positive, with 31 stocks gaining and 19 losing. Among the gainers, Cutix Plc, RT Briscoe, and Sky Aviation Handling Company each saw a 10 percent increase, closing at N2.64, N1.87, and N26.40 per share, respectively. Oando also gained 9.90 percent to close at N39.40, while FTN Cocoa Processors rose by 9.57 percent to N2.06 per share.

On the losing side, Dangote Cement led the decliners, dropping by 10 percent to close at N532 per share. Secure Electronic Technology followed, losing 9.76 percent to close at 37 kobo per share. African Prudential fell by 9.68 percent to N8.40, Beta Glass decreased by 9.43 percent to N48, and Caverton declined by 6.38 percent to N1.32 per share.

Market activity analysis showed an increase in trade turnover compared to the previous session, with the value of transactions rising by 2.47 percent. A total of 3.55 billion shares valued at N7.65 billion were traded in 9,291 deals, compared to 348.95 million shares worth N7.46 billion exchanged in 7,677 deals in the prior session.

GTCO led both the volume and value charts, with 59.25 million shares traded, valued at N2.73 billion.

MTN Group reported a half-year loss on Monday as Africa's biggest telecom operator grappled with the devaluation of the Nigerian naira and operational challenges in Sudan.

It said it was working on cutting costs and reiterated it was on track to reach a target to sell off non-core assets by next year.

The company reported a loss before tax of 9 billion rand ($507 million) in the six-month period ended June 30, compared with a restated profit of 8.3 billion rand a year earlier.

"The further devaluation in the naira against the U.S. dollar ... and the ongoing conflict in Sudan had the most significant impact on reported results," CEO Ralph Mupita said.

Nigeria has suffered chronic dollar shortages that have forced authorities to devalue the naira twice in less than a year, as part of the new government's measures to stabilise the currency and attract investment.

MTN Nigeria, which was the group's largest business, is now its second biggest by revenue.

The unit has a number of initiatives aimed at restoring profit and addressing its negative equity position, including concluding renegotiations earlier this month on tower lease terms with tower operator IHS.

The improved commercial terms are expected to result in annualised cost savings of between 100 billion to 110 billion naira ($71 million), with annualised EBITDA margin benefit of 4 to 6 percentage points, Mupita told investors.

This is "not a silver bullet in addressing negative equity," Mupita said, but added discussions continued on proposed tariff increases with Nigerian authorities that could help.

MTN Group, which has 288 million customers across 18 markets in Africa, said its group service revenue decreased 20.8% to 85.3 billion rand. In constant currency, group service revenue rose 12.1%.

The company has raised 21.7 billion rand so far as part of its 25 billion rand non-core asset sales programme and should reach its target by next year, Mupita said on a post-earnings media call.

The telecom operator reduced its stakes in MTN Ghana and MTN Uganda during the reporting period for a combined 1.7 billion rand.

There will be further stake sales in Ghana of about 2.1%, and in Cameroon, Ivory Coast and Nigeria, according to Mupita.

($1 = 1,540.0000 naira)

($1 = 17.7571 rand)

 

Reuters

Hamas, Islamic Jihad claim responsibility for bomb blast in Tel Aviv

The armed wings of Hamas and Islamic Jihad claimed responsibility on Monday for a bomb blast near a synagogue in Tel Aviv that Israeli police and the Shin Bet intelligence agency described as a terrorist attack.

A man who was carrying the bomb was killed and a passerby was injured in the incident late on Sunday, according to police at the scene in Israel's commercial capital.

Israeli government spokesperson David Mencer said the man was carrying a backpack loaded with explosives that detonated "before he managed to reach a more heavily populated area".

In a joint statement, the two Palestinian militant groups said their "martyrdom operations" inside Israel would return to the forefront as long as the "occupation's massacres and assassination policy continue". This was an allusion to Israel's offensive in Gaza and the July 31 killing of Hamas leader Ismail Haniyeh in Tehran.

Israel has neither claimed nor denied responsibility for Haniyeh's death in the Iranian capital.

The war in Gaza began on Oct. 7 last year when Hamas gunmen stormed across the border into Israeli communities, killing around 1,200 people and abducting about 250 hostages according to Israeli tallies.

Israel's military campaign has since levelled wide swathes of the Gaza Strip and killed at least 40,000 people, according to the enclave's health authorities.

Sunday's explosion in Tel Aviv came about an hour after U.S. Secretary of State Antony Blinken arrived in Tel Aviv to push for a ceasefire in Gaza to end the 10-month-old warbetween Israel and Hamas.

There has been increased urgency to reach a ceasefire deal amid fears of an escalation across the wider region. Iran has threatened to retaliate against Israel after the assassination of Haniyeh.

 

Reuters

WESTERN PERSPECTIVE

Kyiv: our Kursk attack shows Kremlin red lines are bluff

Ukrainian President Volodymyr Zelenskiy said on Monday his country's assault on Russia's Kursk region showed that Kremlin threats of retaliation were a bluff, and he urged Kyiv's allies to loosen curbs on using foreign-supplied weapons.

Zelenskiy said Ukrainian forces now controlled more than 1,250 square kilometres (483 square miles) and 92 settlements in Kursk region, while Russia said Ukraine had struck a third bridge in the region, complicating Russian efforts to repel the Ukrainian attack.

Ukraine launched its surprise strike on the Russian region on Aug. 6, the biggest invasion of Russia since World War Two, in an operation that Kyiv says is aimed at carving out a buffer zone and wearing down Russia's war machine.

Speaking to a gathering of Ukrainian diplomats, Zelenskiy singled out allies who have supplied long-range weapons but told Kyiv they cannot use them deep inside Russia for fear of crossing "red lines" set out by Russian President Vladimir Putin.

"We are witnessing a significant ideological shift – the naive, illusory concept of so-called red lines regarding Russia, which dominated the assessment of the war by some partners, has crumbled apart these days," Zelenskiy said.

He said Ukraine, because of the restrictions imposed by allies, could not use the weapons at its disposal to hit some Russian military targets. He urged allies to be bolder in their decisions about how to help Kyiv in the war.

"The world sees that everything in this war depends only on courage - our courage, the courage of our partners. On brave decisions for Ukraine, on courage in supporting Ukraine," Zelenskiy said.

Despite its thrust into Russia, Ukraine's forces are on the defensive elsewhere. They face a battle to protect the strategic eastern city of Pokrovsk, where Russia has steadily advanced in recent weeks in heavy fighting more than two years since Russia's full-scale invasion.

Ukraine's military said late on Monday its forces had fought 63 skirmishes over the course of the day against Russian forces on the Pokrovsk front, and it expected that area to remain the focus of Russian attacks.

Russia said a third bridge had been struck and damaged on the Seym River that winds through the Kursk region bordering northeastern Ukraine.

Ukraine has not yet commented on the strike, but Kyiv's air force chief has said his forces have destroyed two bridges to weaken enemy logistics.

Military analysts said the bridges were part of critical supply lines for Russian troops defending the area. Reuters could not independently confirm the damage to the bridges or the battlefield situation in Kursk.

Zelenskiy said on Sunday his troops were unleashing what he described as "maximum counteroffensive actions" aimed at creating a buffer zone and hurting Moscow's military potential.

More than 121,000 people have been evacuated from nine border districts in the Kursk region, Russia's emergencies ministry said.

Russian presidential aide Yuri Ushakov said Moscow was not ready to hold peace talks with Ukraine for now, given Kyiv's Kursk attack. Ukraine has demanded a full withdrawal of Russian troops from its territory before it sits down for any talks.

PUSH TOWARDS POKROVSK

Ukrainian forces face a tough battle near Pokrovsk, a transport hub for Ukrainian forces. Russian troops are now around 10 km (6 miles) from the outskirts of the city, said Serhiy Dobriak, head of the local military administration.

He said up to 600 people were leaving on a daily basis, and that municipal services could be cut off within a week as Russian forces close in.

Regional governor Vadym Filashkin said a curfew in settlements close to Pokrovsk had been tightened and the situation was "very difficult".

Ukraine's top general said Kyiv was also "doing everything necessary" to defend the eastern city of Toretsk as Moscow tries to threaten Ukrainian supply lines. Russia said its forces had captured the nearby town of Zalizne.

The war, which has killed tens of thousands and devastated cities across Ukraine, shows no sign of letting up. Kyiv expects Moscow to boost its forces in Ukraine by year's end to 800,000, up from around 600,000 now, Ukrainian Deputy Defence Minister Ivan Havryliuk told Ukrainian media.

Ukraine has been backed by arms from its allies but is worried that support may drop as the war grinds on.

German defence stocks fell on Monday after a newspaper said the finance ministry would not approve additional applications for Ukraine military aid because of budget constraints.

A German finance ministry spokesperson later said Berlin was working intensively with its Group of Seven partners on a plan to make loans available for military support for Ukraine, funded by the proceeds of frozen Russian assets.

 

RUSSIAN PERSPECTIVE

Kiev’s plans and Ukrainian losses: latest update on situation in Kursk Region

Ukraine’s daily losses in the Kursk Region amounted to more than 330 troops and 27 armored vehicles, the Russian defense ministry said.

Its overall losses over the period of combat operation stand at up to 3,800 troops.

Ukrainian troops are regrouping in the Kursk Region in an attempt to stage an attack at another location but Russian forces are in control of the situation, Major General Apty Alaudinov, deputy chief of the Russian Armed Forces’ Main Military-Political Department and commander of the Akhmat special forces commando unit, said.

Here are key facts about the current situation.

Situation in the region

- Russian forces repelled Ukrainian attacks on Olgovka, Russkoye Cherkasskye, and Porechnoye in the Kursk Region.

- Russian forces hit Ukrainian troops and vehicles near the settlements of Borki, Bogdanovka, Vishnevka, Viktorovka, Kositsa, Lyubimovka, Melovoy, Snagost, west of Martynovka and southeast of Korenevo.

- Russian aircraft struck areas of deployment of Ukrainian troops and combat vehicles near the settlements of Basocka, Vorozhba, Kruzhok, Miropolye, Novaya Sech, and Sadki in the Sumy Region.

- The operation to wipe out Ukrainian army units continues.

Ukraine’s losses

- During the past day, Ukraine lost more than 330 troops and 27 armored vehicles, including four tanks, a combat infantry carrier, three armored personnel carriers, 19 armored combat vehicles, eight automobiles, two artillery systems, and three mortars.

- Ukraine’s overall losses over the period of combat operation in the Kursk Region stand at up to 3,800 troops, 54 tanks, 26 combat infantry carrier, 46 armored personnel carriers, 281 armored combat vehicles, 123 automobiles, 27 artillery systems, fire air defense systems, seven multiple missile launchers, including three HIMARS and one MLRS launchers, five electronic warfare stations, four engineering vehicles, including two obstacle removal vehicles and one UR-77 mine clearing system.

Kiev’s plans

Ukraine is regrouping its troops in the Kursk Region in an attempt to stage an attack at another location but Russian forces are in control of the situation, Major General Apty Alaudinov, deputy chief of the Russian Armed Forces’ Main Military-Political Department and commander of the Akhmat special forces commando unit, said.

- According to Alaudinov, Ukraine’s plan was to enter Kursk and begin "bargaining" a peace agreement.

- Ukraine’s army used "everything it could engage," including tanks and armored vehicles, to stage the attack, Alaudinov said.

Assistance to residents

- More than 121,000 people have been resettled from nine border areas in the Kursk Region since the beginning of the evacuation campaign, with more than 650 of them being evacuated from dangerous zones in the past 24 hours, Artyom Sharov, deputy head of the Russian emergencies ministry’s information policy department, said.

- Russian emergencies ministry’s bomb specialists have drfused around 130 explosive objects in the Kursk Region after shelling attacks by Ukrainian troops.

- Russian emergencies ministry’s convoys delivered more than 250 tons of humanitarian cargoes to the region during the past day, with overall humanitarian deliveries exceeding 2,400 tons.

 

Reuters/Tass

The global significance of the July 4th, 2024 election, in which the British Conservative Party suffered its greatest loss in its 190-year history, marks the symbolic death of the neo-liberal economic policies that British Prime Minister Margaret Thatcher and U.S. President Ronald Reagan globalized over 40 years ago.

Initially termed Neoconservative or neoclassical economics, these policies essentially negated the social contract between governments and the governed, shifting social responsibilities to free-market principles. This shift resulted in widespread poverty, sociopolitical destabilization, and the rise of money politics devoid of ideology worldwide.

In response to the 1929 Great Depression, economists like John Maynard Keynes advocated for government intervention to stimulate the economy, even if it required operating a deficit budget. Keynes argued that it was the government's social responsibility to provide employment, alleviate poverty, and support businesses. In 1933, U.S. President Franklin D. Roosevelt introduced the 'New Deal' to combat the depression by strengthening the financial system and commissioning large public infrastructure projects, which provided jobs and stimulated the consumer market. Although these efforts temporarily halted the depression, it was the extensive military spending during World War II that ultimately ended it.

The Keynesian model, which promoted government investment in social services even with budget deficits, was widely adopted until the oil crisis of the 1970s. The British Fabian Society spread these economic ideas to leaders of newly independent nations, including Nigeria's Obafemi Awolowo, India's Jawaharlal Nehru, Pakistan's Muhammad Ali Jinnah, Singapore's Lee Kuan Yew, and Michel Aflaq, the founder of the Ba'athist movement in the Arab world.

However, classical economists pushed back against Keynesian economics, particularly its advocacy for government interventions. They ignored that the West was engaging in "military Keynesianism," where government investment in military-related industries like automobiles, aircraft, and computers stimulated the economy. The tide turned when Milton Friedman of the Chicago School of Economics won the Nobel Prize in Economics in 1974, leading to the adoption and globalization of neoclassical economic theories by the U.S. Republican government and Bretton Woods institutions.

While there was a brief pause during President Gerald Ford's administration in 1977, British Prime Minister Margaret Thatcher, who came to power in 1979, reignited these policies. When President Ronald Reagan assumed office in 1981, the IMF and World Bank imposed these policies as structural adjustment programs on nations struggling with the double impact of the global fuel crisis and falling commodity prices, especially in Sub-Saharan Africa and South America. These policies were imposed uniformly, regardless of each country's specific conditions or developmental stage.

In the 1960s, Black African nations had adopted social welfarism and were on par with, or even wealthier than, East Asian nations. However, IMF and World Bank policies, which pushed for the withdrawal of subsidies from education, food, health, and other services, and offered loans that were not directed towards these critical sectors, led to economic collapse in Black African countries. Poverty increased exponentially, while East Asian nations, which did not adopt these policies, experienced rapid growth.

Neo-Conservative economic theories narrowed the political space for alternatives, forcing even liberal leaders like President Bill Clinton and Prime Minister Tony Blair to adopt them, transforming them into neo-liberal economic policies. In Black Africa and South America, political leaders lacked the power to resist the economic tyranny imposed by the IMF and World Bank. Ideological politics became obsolete as leaders like Kenneth Kaunda realized that the international financial system could oust any leader through financial pressure, leading to infamous IMF riots.

Starting in 1999, China, which had avoided Western financial institutions, began investing in Africa, opening mines and industries closed by IMF policies. This investment marked a new dawn for Africa, leading to the "Africa is Rising" narrative. However, the 2008 global economic crash, triggered by subprime mortgages that had replaced government social housing programs, exposed the flaws of neo-liberal economics. The idea that everyone could own a home through free-market principles had been a key selling point of these policies, but the collapse of the subprime mortgage market debunked this myth.

The British electorate, disillusioned by 12 years of stagnant wages and a destabilized labor market under Conservative rule, ousted the Tories. Neo-Conservative policies had also embedded ethnic discrimination, with Black Diasporans arguing that the policies targeted their employment opportunities in large government institutions under the guise of rationalization and commercialization. Social welfare benefits for Black and other non-White ethnic groups were also reduced. Instead of admitting the failure of their policies, the British Conservatives engaged in divisive politics, blaming immigrants and pushing for Brexit, which further damaged the economy. Meanwhile, Continental Europe, which did not fully embrace neo-liberal policies, saw growth in infrastructure, prosperity, and quality of life indices.

Unlike Western nations with stable democracies, where Neo-Conservative/Neo-liberal politicians could be voted out, Africans often have no choice but to revolt. Recently in Kenya, youths rose up against IMF-induced tax increases by President Ruto, who is struggling to maintain power despite reversing his tax hike proposals, sacking his cabinet, and cutting political salaries.

In Nigeria, President Bola Tinubu tapped into neo-liberal practices by alleging that the "Hunger Protests" were tribally and politically motivated, while relying on tribal loyalty to avoid participating in the protests. Regardless of what African leaders do, if they do not abandon neo-liberal economics and instead use budget deficits to initiate large-scale employment and infrastructure programs to close the 40-year gap, they will face revolutions worse than the Haitian Revolution. Tinubu, who originally came from Awolowo's social welfarist group Afenifere, is living on borrowed time. If he does not retrace his steps to Awoism and initiate a Roosevelt-style New Deal, history will judge him harshly as his neo-liberal policies lead to political implosion, potentially threatening Nigeria’s corporate existence. Like the British, the people will eventually reject divisive ethnic tactics and rise up for a new social contract that emphasizes government responsibility in making life more abundant through subsidies and investment in employment, education, and health, rather than relying on free-market principles.

**Justice Faloye, President, ASHE Think Tank Foundation

Megan Sauer

Two weeks before her side hustle’s launch party, Olivia Cleary did the math: At five minutes per inch of fabric, she was running out of time to sew 20 polyester scarves.

She started working on the scarves from 7 p.m. until midnight, and 5 a.m. to 8 a.m. — when she had to leave for her full-time architectural design job. She finished the edges of her “crappy little scarves” on a $100 sewing machine that sat atop a folding TV table in the New York apartment she shared with two roommates, she says.

That was in June 2022. Today, her business — called The Clearly Collective — sells silk scarves featuring iconic architectural landmarks. It hit six figures in annual revenue for the first time in October 2023, and its sales have been relatively steady since then, according to documents reviewed by CNBC Make It.

Cleary left her full-time job in April to spend more time running the business, recently completing a startup incubator program at the University of Virginia, her alma mater, she says.

The Clearly Collective has also created scarves for corporate events hosted by St. Regis Hotels, McLaren Automotive and Bacardi, and will soon add an NFL team to that list, says Cleary. Her scarves featured in donor gift bags put together by the U.S. Olympic Committee for the Paris 2024 Olympic Games.

She credits her ability to whimsically highlight local communities’ most iconic landmarks, from the Eiffel Tower to an archway on a college campus. ”[My style] is an intersection of architecture, design and marketing,” Cleary says, adding: “The designs are a translation of how I understand what a community means to people.”

Here’s how Cleary built her business while maintaining her full-time job, gaining a boost from TikTok virality along the way.

From outdoor tables to architecture-inspired scarves

Cleary studied architecture at the University of Virginia, graduating in 2020. She moved in with her parents in Boston and, wanting to host friends outside during the Covid-19 pandemic, built two five-foot-long tables out of wooden pallets from a nearby garden store.

When her mom’s friends started asking to rent the tables, she made it a side hustle, adding placemats and glassware to her company’s rental options. Cleary called her business Backyard Banquet, and took it with her when she landed an architecture job in New York that fall.

Backyard Banquet wasn’t easy or lucrative, she says: She had to “schlep” the tables up to her sixth-floor walkup, and didn’t have enough time or funds to hire help. But the experience of running a business gave her confidence that she might be able to monetize her creative pursuits one day.

Cleary’s production setup in her New York apartment in 2022.

Olivia Cleary

After shuttering Backyard Banquet in 2021, Cleary created a new side hustle to supplement her $45,000-a-year job. She tried painting custom designs onto white jeans, profiting about $20 per pair sold to her friends, but the project proved too time-consuming.

Instead, she looked into printing her designs onto other materials. She settled on polyester scarves as a chic, unique and cost-effective alternative, and sewed the edges herself to add a little polish, she says.

Cleary built a website, and launched The Clearly Collective in June 2022. The business gained traction that fall after she designed an orange scarf featuring UVA’s rotunda for a friend and posted it on TikTok, she says.

The post went viral, with at least 40,000 views. Over the ensuing month, her TikTok audience grew, with another video surpassing 200,000 views.

Virality brought orders and pre-orders alike. “Strangers from all over the U.S.” requested scarves featuring architecture from colleges like Georgetown University, Duke University and The University of North Carolina at Chapel Hill, Cleary recalls.

Building a side hustle into a luxury fashion business

The pre-orders gave Cleary funds to upgrade her scarves’ quality. She tested five new manufacturers before settling on one that offered silk fabric with professionally hand-rolled edges, she says.

Cleary then raised her prices to reflect the luxurious new material, helping her company become profitable in late 2022. The scarves now start at $135 on her company’s website, up from an initial price of $45.

In February 2023, a McLaren dealership in San Francisco emailed Cleary, saying they found her on Instagram and wanted her to make scarves for guest gift bags at a car show. It wasn’t her first corporate partnership, but felt like an inflection point for the business, she says.

Cleary’s designs showcased on a McLaren car and three scarves tied together as a dress.

Olivia Cleary

Brand deals now make up about 65% of her company’s revenue, Cleary estimates. She declined to share specific revenue figures for her company.

The Clearly Collective’s staff is small: Cleary, a contractor and an intern. Cleary says she wants to hire some part-time help, particularly to help with designing, and see how big she can grow the business as her full-time job.

“When I started, I had no idea this was something I could do,” Cleary says. “I’m this random girl from Boston. I have no ties to fashion, no ties to luxury. [I didn’t realize someone like me] could suddenly establish themselves and say, ‘I’m a luxury brand designer.’”

 

CNBC

Tesco London prices as at Sunday August 18:

25kg of white rice - £37.50

25kg of brown beans - £60

400g of white bread - £1.20

1 crate of 6 eggs - £1.20

1kg of broiler chicken - £4.00.

 

For a family of 4 living on the monthly minimum wage of £1,830.40 in London earned by one of two adults in the family, let’s assume the following monthly food consumption:

1). 25kg of white rice - £37.50

2). 25kg of brown beans - £60

3). 30 loaves of 400g of white bread @ £1.20 per loaf = £36

4). 10 crates of eggs in units of 6 eggs = £1.20 x 10 = £12

5). 20kg of broiler chicken @ £4.00 per kg = £80

Total = £225.50

This is 12.32 percent of total monthly pay of £1,830.40.

 

Abuja prices as at Sunday August 18:

25kg of white rice - N40,000

25kg of brown beans - N75,000

400g of white bread - N1,500

1 crate of 6 eggs - N1,000

1kg of broiler chicken - N3,500.

 

For a family of 4 living on the newly approved monthly minimum wage of N70,000 in Abuja earned by one of two adults in the family, let’s assume precisely the same monthly food consumption as their counterpart in London:

1). 25kg of white rice - N40,000

2). 25kg of brown beans - N75,000

3). 30 loaves of 400g of white bread @ N1,500 per loaf = N45,000

4). 10 crates of eggs in units of 6 eggs = N1,000 x 10 = N10,000

5). 20kg of broiler chicken @ N3,500 per kg = N70,000

Total = N240,000

This is 343 percent of total monthly pay of N70,000.

 

This data paints a stark picture of the economic challenges faced by wage earners in Nigeria compared to their counterparts in the UK. Let's analyze the implications:

1. Purchasing Power Disparity:

The most glaring observation is the vast difference in purchasing power. While a minimum wage earner in London spends only 12.32% of their monthly income on this basic food basket, a minimum wage earner in Abuja would need to spend 343% of their monthly income to afford the same items. This means the Nigerian worker cannot even afford this basic food basket with their entire monthly salary, let alone cover other essential expenses like housing, transportation, healthcare, and education.

2. Food Insecurity:

The data suggests severe food insecurity for wage earners in Nigeria. If basic staples cost more than three times the monthly minimum wage, it's clear that many families are likely facing malnutrition or hunger, forced to drastically reduce their food intake or quality.

3. Poverty Trap:

This situation illustrates a poverty trap for Nigerian workers. With such a high proportion of income required just for basic nutrition, there's virtually no opportunity for savings, investment in education, or any form of economic advancement.

4. Quality of Life:

The extreme disparity in purchasing power translates directly to a significantly lower quality of life for Nigerian workers. While their London counterparts can afford food with a substantial portion of their income left for other needs, Nigerian workers are struggling for mere survival.

5. Economic Stress and Social Implications:

The financial stress of being unable to afford basic necessities can lead to numerous social problems, including increased crime rates, health issues due to malnutrition, lower educational attainment, and social unrest. The recent #EndBadGovernment protests were a confirmation of this.

6. Inflation and Currency Devaluation:

The high food prices in Nigeria relative to wages also reflect issues of inflation and currency devaluation. This further erodes the purchasing power of Nigerian workers over time.

7. Income Inequality:

This comparison highlights extreme income inequality, not just between countries but within Nigeria as well. If minimum wage earners cannot afford basic necessities, it suggests a wide gap between the lowest earners and those at the top of the economic ladder.

8. Challenge to Economic Growth:

When a significant portion of the population is trapped in such extreme poverty, it presents a major obstacle to overall economic growth and development for the country.

9. Inadequacy of Minimum Wage:

The data clearly shows that the newly approved minimum wage in Nigeria is grossly inadequate to meet even the most basic needs of workers and their families.

In conclusion, this comparison starkly refutes any narrative suggesting that Nigerian workers are getting more value for their pay. Instead, it highlights the extreme hardship and poverty faced by ordinary Nigerians, particularly those earning minimum wage. The data underscores the urgent need for significant economic reforms and social support measures to address the dire situation faced by many Nigerian families.​​​​​​​​​​​​​​​​

The National Bureau of Statistics (NBS) has reported a significant increase in fuel prices across Nigeria in July 2024. Diesel prices saw a dramatic year-on-year rise of 73.63%, while petrol prices increased by 28.35%.

Diesel Prices:

- Average price: N1,379.48 per litre (July 2024)

- Year-on-year increase: 73.63% from N794.48 (July 2023)

- Month-on-month decrease: 5.71% from N1,462.98 (June 2024)

Highest diesel prices:

1. Taraba State: N1,721.79

2. Borno State: N1,694.17

3. Bauchi State: N1,619.54

Lowest diesel prices:

1. Kogi State: N1,186.31

2. Kano State: N1,211.11

3. Osun State: N1,246.82

Zonal analysis shows the North-East with the highest average diesel price (N1,600.85) and the South-West with the lowest (N1,266.57).

Petrol Prices:

- Average price: N770.54 per litre (July 2024)

- Year-on-year increase: 28.35% from N600.35 (July 2023)

- Month-on-month increase: 2.72% from N750.17 (June 2024)

Highest petrol prices:

1. Katsina State: N950.00

2. Jigawa State: N903.08

3. Benue State: N846.95

Lowest petrol prices:

1. Kwara State: N650.00

2. Edo State: N669.75

3. Akwa Ibom State: N673.75

Zonal analysis reveals the North-West with the highest average petrol price (N820.10) and the South-South with the lowest (N678.30).

These price fluctuations highlight the ongoing challenges in Nigeria's fuel market, with significant regional disparities in both diesel and petrol prices.​​​​​​​​​​​​​​​​

President Bola Tinubu is set to depart Abuja on Monday for a visit to Paris, France, marking his first journey aboard Nigeria's newly acquired presidential jet. The announcement was made by his spokesperson, Ajuri Ngelale, in a statement released on Sunday night.

Details about the length of Tinubu's stay in France or the nature of his engagements there were not disclosed. Ngelale simply mentioned that the President would return to Nigeria "after his brief work stay" in France. This trip follows closely on the heels of another overseas visit, as Tinubu had just returned to Abuja two days ago from a three-day official visit to Equatorial Guinea.

The new presidential jet, an Airbus A330, touched down at the presidential wing of Nnamdi Azikiwe Airport, Abuja, at 8:30 p.m. on Sunday. The aircraft was received by officials of Nigeria’s Presidential Air Fleet, led by Olayinka Olusola, an Air Vice Marshal. The jet, now designated as Nigeria's Air Force One with the registration number 5N-NGA, was reportedly repossessed from an indebted oil sheikh who had used it as collateral for a loan from an unidentified German bank. The deal, brokered by American aviation firm L & L International LLC, saw Nigeria purchase the aircraft for over $100 million.

However, Nigerian raised concerns on the necessity of purchasing new aircraft amid the country's severe economic challenges.