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Six key takeaways from Tinubu’s New Year address

President Bola Tinubu has addressed Nigerians on his mandate to make the nation a prosperous and economically viable one in the New Year.

He gave the speech by 7 a.m. on Monday, January 1, assuring Nigerians that 2024 will be better for the nation.

Here are seven key takeaways from his speech:

1. Electricity:

President Tinubu highlighted that a developing economy cannot survive without stable electricity.

He said: “Just this past December during COP28 in Dubai, the German Chancellor, Olaf Scholz, and I agreed and committed to a new deal to speed up the delivery of the Siemens Energy power project that will ultimately deliver a reliable supply of electricity to our homes and businesses under the Presidential Power Initiative which began in 2018.

Other power installation projects to strengthen the reliability of our transmission lines and optimise the integrity of our National grid are ongoing across the country.

My administration recognises that no meaningful economic transformation can happen without a steady electricity supply.”

2. Local refinery:

He also promised the resumption of production at the local refineries.

He said: “In 2024, we are moving a step further in our quest to restart local refining of petroleum products with Port Harcourt Refinery, and the Dangote Refinery which shall fully come on stream.”

3. Food supply:

The president spoke on food supply in the country, he revealed the plans the solve the food scarcity crisis in Nigeria.

He said: “To ensure constant food supply, security and affordability, we will step up our plan to cultivate 500,000 hectares of farmlands across the country to grow maize, rice, wheat, millet and other staple crops.

We launched dry season farming with 120,000 hectares of land in Jigawa State last November under our National Wheat Development Programme.”

4. Cabinet members:

The President on Monday, January 1, reiterated his resolve to transform the country regardless of the challenges being faced in achieving his set goals.

He also emphasized that he would not tolerate poor performance from any of his appointees, saying that there wouldn’t be any room for failure.

Read Also: BREAKING: Tinubu addresses Nigerians, says 2024 will be prosperous

5. Local and foreign investments:

Tinubu also addressed the issues foreign investors face in Nigeria. He promised that his administration would remove these barriers.

He said: “In this new year, we will race against time to ensure all the fiscal and tax policies reforms we need to put in place are codified and simplified to ensure the business environment does not destroy value.

On every foreign trip I have embarked on, my message to investors and other business people has been the same. Nigeria is ready and open for business.”

6. Realizing the 2024 budget

The president also broke down the priority areas for the 2024 budget

He said: “In my 2024 Budget presentation to the National Assembly, I listed my administration’s 8 priority areas to include national defence and internal security, job creation, macro-economic stability, investment environment optimization, human capital development, poverty reduction, and social security.

Because we take our development agenda very seriously, our 2024 budget reflects the premium we placed on achieving our governance objectives.”

January 1, 2024
Tinubu to workers: We’ll implement new minimum wage this year

President Bola Tinubu has reassured Nigerian workers that his government will implement a new national minimum wage this year to alleviate their plights.

The president, in a nationwide broadcast on New Year’s Day, Monday, January 1, said his administration would work diligently to make sure every Nigerian feels the impact of their government.

He said the economic aspirations and the material well-being of the poor, the most vulnerable and the working people shall not be neglected.

Tinubu said: “It is in this spirit that we are going to implement a new national living wage for our industrious workers this New Year. It is not only good economics to do this, but it is also a morally and politically correct thing to do.”

He added that in this New Year, his government would race against time to ensure all the fiscal and tax policies reforms it needed to put in place were codified and simplified to ensure the business environment did not destroy value.

Read Also: Tinubu felicitates Kaduna Governor Sani at 53

He said on every foreign trip he had embarked on, his message to investors and other business people had been the same, that Nigeria is ready and open for business.

Tinubu vowed to fight every obstacle that impedes business competitiveness in Nigeria and that he would not hesitate to remove any clog hindering the path to making Nigeria a destination of choice for local and foreign investments.

He explained that in his 2024 Budget presentation to the National Assembly, his administration’s eight priority areas included national defence and internal security, job creation, macro-economic stability, investment environment optimization, human capital development, poverty reduction and social security.

He added: “Because we take our development agenda very seriously, our 2024 budget reflects the premium we placed on achieving our governance objectives.”

January 1, 2024
FULL TEXT: President Tinubu’s New Year address to Nigerians

Dear Compatriots,

It gives me immense joy to welcome each and everyone of you – young and old- to this brand new year 2024. We must lift up our hands to Almighty God, in gratitude, for his grace and benevolence to our country and our lives in the year 2023 that has just gone by.

Though the past year was a very challenging one, it was eventful in so many ways. For our country, it was a transition year that saw a peaceful, orderly, and successful transfer of power from one administration to another, marking yet another remarkable step in our 24 years of unbroken democracy.

It was a year, you the gracious people of this blessed nation, entrusted your faith in me with a clear mandate to make our country better, to revamp our economy, restore security within our borders, revitalise our floundering industrial sector, boost agricultural production, increase national productivity and set our country on an irreversible path towards national greatness that we and future generations will forever be proud of.

The task of building a better nation and making sure we have a Nigeria society that cares for all her citizens is the reason I ran to become your President. It was the core of my Renewed Hope campaign message on the basis of which you voted me as President.

Everything I have done in office, every decision I have taken and every trip I have undertaken outside the shores of our land, since I assumed office on 29 May 2023, have been done in the best interest of our country.

Over the past seven months of our administration, I have taken some difficult and yet necessary decisions to save our country from fiscal catastrophe. One of those decisions was the removal of fuel subsidy which had become an unsustainable financial burden on our country for more than four decades. Another was the removal of the chokehold of few people on our foreign exchange system that benefited only the rich and the most powerful among us. Without a doubt, these two decisions brought some discomfort to individuals, families, and businesses.

I am well aware that for some time now the conversations and debates have centred on the rising cost of living, high inflation which is now above 28% and the unacceptable high under-employment rate.

From the boardrooms at Broad Street in Lagos to the main streets of Kano and Nembe Creeks in Bayelsa, I hear the groans of Nigerians who work hard every day to provide for themselves and their families.

I am not oblivious to the expressed and sometimes unexpressed frustrations of my fellow citizens. I know for a fact that some of our compatriots are even asking if this is how our administration wants to renew their hope.

Dear Compatriots, take this from me: the time may be rough and tough, however, our spirit must remain unbowed because tough times never last. We are made for this period, never to flinch, never to falter. The socio-economic challenges of today should energize and rekindle our love and faith in the promise of Nigeria. Our current circumstances should make us resolve to work better for the good of our beloved nation. Our situation should make us resolve that this new year 2024, each and everyone of us will commit to be better citizens.

Silently, we have worked to free captives from abductors. While we can’t beat our chest yet that we had solved all the security problems, we are working hard to ensure that we all have peace of mind in our homes, places of work and on the roads.

Having laid the groundwork of our economic recovery plans within the last seven months of 2023, we are now poised to accelerate the pace of our service delivery across sectors.

Just this past December during COP28 in Dubai, the German Chancellor, Olaf Scholz, and I agreed and committed to a new deal to speed up the delivery of the Siemens Energy power project that will ultimately deliver reliable supply of electricity to our homes and businesses under the Presidential Power Initiative which began in 2018.

Other power installation projects to strengthen the reliability of our transmission lines and optimise the integrity of our National grid are ongoing across the country.

My administration recognises that no meaningful economic transformation can happen without steady electricity supply. In 2024, we are moving a step further in our quest to restart local refining of petroleum products with Port Harcourt Refinery, and the Dangote Refinery which shall fully come on stream.

To ensure constant food supply, security and affordability, we will step up our plan to cultivate 500,000 hectares of farmlands across the country to grow maize, rice, wheat, millet and other staple crops. We launched the dry season farming with 120,000 hectares of land in Jigawa State last November under our National Wheat Development Programme.

In this new year, we will race against time to ensure all the fiscal and tax policies reforms we need to put in place are codified and simplified to ensure the business environment does not destroy value. On every foreign trip I have embarked on, my message to investors and other business people has been the same. Nigeria is ready and open for business.

I will fight every obstacle that impedes business competitiveness in Nigeria and I will not hesitate to remove any clog hindering our path to making Nigeria a destination of choice for local and foreign investments.

In my 2024 Budget presentation to the National Assembly, I listed my administration’s 8 priority areas to include national defence and internal security, job creation, macro-economic stability, investment environment optimization, human capital development, poverty reduction and social security. Because we take our development agenda very seriously, our 2024 budget reflects the premium we placed on achieving our governance objectives.

We will work diligently to make sure every Nigerian feels the impact of their government. The economic aspirations and the material well-being of the poor, the most vulnerable and the working people shall not be neglected. It is in this spirit that we are going to implement a new national living wage for our industrious workers this new year. It is not only good economics to do this, it is also a morally and politically correct thing to do.

I took an oath to serve this country and give my best at all times. Like I said in the past, no excuse for poor performance from any of my appointees will be good enough.

It is the reason I put in place a Policy Coordination, Evaluation, Monitoring and Delivery Unit in the Presidency to make sure that governance output improves the living condition of our people.

We have set the parameters for evaluation. Within the first quarter of this new year, Ministers and Heads of Agencies with a future in this administration that I lead will continue to show themselves.

Fellow Nigerians, my major ambition in government as a Senator in the aborted Third Republic, as Governor of Lagos State for eight years and now as the President of this blessed country is to build a fair and equitable society and close the widening inequality. While I believe the rich should enjoy their legitimately-earned wealth, our minimum bargain must be that, any Nigerian that works hard and diligent enough will have a chance to get ahead in life. I must add that because God didn’t create us with equal talents and strengths, I cannot guarantee that we will have equal outcomes when we work hard. But my government, in this new year 2024 and beyond, will work to give every Nigerian equal opportunity to strive and to thrive.

Read Also: BREAKING: Tinubu addresses Nigerians, says 2024 will be prosperous

For the new year to yield all its good benefits to us as individuals and collectively as a people we must be prepared to play our part. The job of building a prosperous nation is not the job of the President, Governors, Ministers, Lawmakers, and government officials alone. Our destinies are connected as members of this household of Nigeria. Our language, creed, ethnicity and religious beliefs even when they are not same should never make us work at cross purposes.

In this new year, let us resolve that as joint-heirs to the Nigerian Commonwealth, we will work for the peace, progress and stability of our country. I extend this call to my political opponents in the last election. Election is over. It’s time for all of us to work together for the sake of our country.

We must let the light each of us carries – men and women, young and old- shine bright and brighter to illuminate our path to a glorious dawn

I wish all of us a happy and prosperous year 2024.

May God continue to bless the Federal Republic of Nigeria.

Bola Ahmed Tinubu, GCFR

1 January 2024

January 1, 2024
BREAKING: I won’t accept poor performance from my appointees, Tinubu declares

President Bola Tinubu on Monday, January 1, reiterated his resolve to transform the country regardless of the challenges being faced in achieving his set goals.

The president also emphasized that he would not tolerate poor performance from any of his appointees, saying that there wouldn’t be any room for failure.

Read Also: BREAKING: Tinubu addresses Nigerians, says 2024 will be prosperous

Tinubu made this known in his New Year speech to Nigerians.

January 1, 2024
BREAKING: Tinubu addresses Nigerians, says 2024 will be prosperous

President Bola Tinubu is currently addressing Nigerians on his mandate to make the nation a prosperous and economically viable one.

The president said: “It gives me immense joy to welcome each and everyone of you – young and old- to this brand new year 2024. We must lift up our hands to Almighty God, in gratitude, for his grace and benevolence to our country and our lives in the year 2023 that has just gone by.

“Though the past year was a very challenging one, it was eventful in so many ways. For our country, it was a transition year that saw a peaceful, orderly, and successful transfer of power from one administration to another, marking yet another remarkable step in our 24 years of unbroken democracy.

“It was a year, you the gracious people of this blessed nation, entrusted your faith in me with a clear mandate to make our country better, to revamp our economy, restore security within our borders, revitalise our floundering industrial sector, boost agricultural production, increase national productivity and set our country on an irreversible path towards national greatness that we and future generations will forever be proud of.

“The task of building a better nation and making sure we have a Nigeria society that cares for all her citizens is the reason I ran to become your President. It was the core of my Renewed Hope campaign message on the basis of which you voted me as President.”

Details shortly…

January 1, 2024
Supreme Court ruling okay by Kanu, says lawyer
- ‘We will apply for bail’
Counsel for the Indigenous People of Biafra (IPOB), Ifeanyi Ejiofor, has said the group’s leader Mazi Nnamdi Kanu was not disappointed by the December 15 Supreme Court ruling.

The high court reversed the October 13, 2022 decision of the Court of Appeal discharging and acquitting Kanu in the case of treasonable felony brought against him by the Federal Government.

A five-member panel, presided over by Justice Kudirat Kekere-ekun, held that the Court of Appeal was wrong to have discharged and acquitted Kanu.

The Court of Appeal had hinged its decision on the ground that the Federal Government acted illegally in the manner the IPOB leader was brought back from Kenya to face trial after jumping bail.

In the lead judgment written by Justice Mohammed Lawal Garba, but read by Justice Emmanuel Agim, the Supreme Court held that although Kanu was illegally brought back from Kenya, his trial was not illegal.

The Supreme Court held that under Nigerian law, evidence obtained through the violation of the right of an accused person to privacy and an illegal search is valid before the court.

Ejiofor said despite the ruling, the IPOB leader still believed in the rule of law and that justice would be served eventually.

Speaking to reporters at the Obi Ezumeru Palace where he was conferred with a chieftaincy title along with 27 other dignitaries, Ejiofor reiterated that Kanu accepted the court’s verdict not because the court is perfect, but because he respects its final decision.

He said: “My client was not traumatised nor shaken by the judgment. We still believe in the rule of law and that justice will eventually be served. We’re not shaken.

“We’ll be applying for his bail to be reinstated, in line with the Supreme Court pronouncement.

“Trial is a very long process. The establishment of such a case takes a very rigorous process. But we’re ready for them.

Read Also: Supreme Court affirms Mbah’s victory as Enugu gov

“Meanwhile, he’s undergoing a very serious medical treatment, which is a reason he will apply to be granted bail.

“He needs to be taken care of because it’s only the living that can stand trial. If he is not properly taken care of, he could die and that will be the end of the case.

“What we’ll ask the court for is to grant him bail, especially when the Supreme Court has condemned the revocation of his bail.

“One obvious thing is that the matter has taken a political dimension and if you critically assess the ruling, you’ll appreciate it was political judgment.

“I’m still at a loss how they arrived at that conclusion even after the Supreme Court practically resolved all matters we raised in our appellate brief in our favour.

“But we’re not worried. We understand the interest. Justice can only be delayed, but not denied.”
January 1, 2024
‘Factional Speaker’ Ehie quits Rivers House of Assembly
- Lawmaker writes INEC chair, may be Chief of Staff
Leader of the group of four Peoples Democratic Party (PDP) lawmakers in the Rivers State House of Assembly, Ehie Edison, has resigned his membership of the legislative house.

In a letter he personally signed and addressed to the Independent National Electoral Commission (INEC), Edison said he was resigning as ‘Speaker’ of the House of Assembly.

He also quit his membership of the 10th Rivers House of Assembly representing Ahoada East Constituency II.

Edison was picked by four members as the ‘factional speaker’ in the heat of the crisis that rocked the Assembly.

It was learnt that Edison’s resignation was in line with the Abuja peace pact brokered by President Bola Ahmed Tinubu between Governor Siminalayi Fubara and Federal Capital Territory (FCT) Minister, Nyesom Wike.

There were strong indications last night that he might be named Chief of Staff to the Governor.

Edison’s notice to INEC Chairman, Prof. Mahmood Yakubu, was with effect from December 29th, 2023.

Edison declared himself the Speaker same day he was removed as the House leader, following ensuing disagreement between the governor and his predecessor.

His letter of resignation reads: “This is to formally notify you of my voluntary resignation as Speaker and Member of the 10 Rivers State House of Assembly representing Ahoada East Constituency II with effect from the date of this letter.

“I wish to deeply appreciate my colleagues and the people of my Constituency for the rare opportunity to serve and hope to continue to give my utmost best in service to Rivers State subsequently.

“Kindly accept the assurances of my highest esteem at all times.”

A top source, who spoke in confidence, said: “The resignation was part of the implementation of the peace pact between Governor Siminialaye Fubara and his godfather, the Minister of the FCT Nyesom Wike.

“To rehabilitate Edison, he is likely to be made the Chief of Staff to Governor Fubara. In fact, he prefers to hold this strategic position as part of his future political career.”

The dispute between Fubara and the House culminated in bombing the hallowed chamber and issuing an impeachment notice to the governor, who later responded by demolishing the complex of the Assembly in Port Harcourt.

Read Also: BREAKING: Fubara’s ally Ehie resigns as factional speaker, quits Rivers Assembly

But, the intervention of President Tinubu led to the signing of the eight-point resolution by Fubara and the lawmakers.

As part of the agreement, the lawmakers withdrew their impeachment notice while Fubara paid all their withheld entitlements.

It was gathered that after the peace deal, Edison fought back because the resolutions did not recognise him.

Sources said some promises had been made to Edison, who was seen as the only weak link in permanently resolving the dispute.

He had obtained a court order that recognised him as the Speaker in a case he instituted against the lawmakers.

It was before the Edison-led House of Assembly that the governor presented the state’s 2024 Appropriation Bill, which was passed a day after and signed by Fubara. The peace deal requires him to re-present the Bill to the Amaewhule-led Assembly.

Edison’s resignation was said to have facilitated the process of ending all disputes and fulfilling the other items in the peace document.
January 1, 2024
Better days coming, says Senate President Akpabio

Senate President Akpabio described this year as another time to renew hope about a better Nigeria.

He congratulated Nigerians for making it to 2024 in a New Year message by his Special Adviser on Media and Publicity, Eseme Eyiboh, in Abuja.

Akpabio expressed optimism that with President Bola Tinubu in the driving seat, the country would regain its enviable place in the comity of nations.

In their messages, Senate Leader Bamidele Opeyemi, House of Assembly Speaker Tajudeen Abbas and Lagos State Governor Babajide Sanwo-Olu assured that better days were coming for Nigerians.

Urging Nigerians to keep hope alive, Akpabio said: “I wish to use the occasion of this New Year to congratulate our countrymen and women for successfully stepping into 2024.

“I wish to reassure you that things will turn for the better in the year 2024. Keep believing in us and we shall surely deliver on our promises.

“The Executive arm of government and indeed members of the National Assembly are not oblivious of the sacrifices you are making. I still appeal to you not to lose faith in Nigeria but to be hopeful and prayerful.

“I want to assure you that it will not be long before you will start reaping the benefits of voting the present government to power. The president is committed, the National Assembly is intentional and the Renewed Hope Agenda is real and we will not fail you.”

He added: “We understand the plight of the average Nigerian and every decision we make is aimed at improving your standard of living and making things easy for you.

“We appreciate the confidence you have entrusted in the All Progressives Congress (APC)-led administration and we will not fail to reciprocate your kind gesture.”

Abbas: prosperity imminent

House of Representatives Speaker Abbas and his Deputy, Benjamin Kalu, said prosperity was imminent, urging Nigerians to keep hope alive.

They said 2024 promises to be a better year.

Abbas said with the Renewed Hope Agenda and the Legislative Agenda of the 10th House, Nigeria would witness massive growth and development.

However, he said for the country to be great again, the people must support the policies, projects, and programmes of the government.

The Speaker urged political, religious, and traditional leaders to work towards a common goal of an indivisible and prosperous nation.

He also urged the citizens, especially the youth, to remain patriotic and law-abiding, and shun ethno-religious sentiments.

Deputy Speaker Kalu said the 2024 budget will substantially meet the expectations of Nigerians when assented to by President Tinubu.

He also commended security agencies for their sacrifices and untiring efforts to rid the country of insurgency, crime and criminality, urging them to be more vigilant and diligent in the protection of lives and property.

Kalu urged the people of the Southeast to embrace the recently launched Peace In Southeast Project (PISE-P) as a life-improving programme.

He expressed optimism that Nigeria would come out better and stronger from its current economic challenges.

Kalu said: “It’s a new dawn. The new year, 2024 is here. I congratulate Nigerians. I appreciate God Almighty for His Grace. I enjoin all Nigerians to remain committed to the task of building a strong and virile economy.

Sanwo-Olu to Lagosians: live in peace

Sanwo-Olu urged Nigerians, particularly Lagos residents, to live in peace and harmony

He urged them to remain hopeful about greater prosperity, saying that the government would continue to tackle the myriad challenges facing the state and the nation.

Sanwo-Olu, in his New Year message signed by his Chief Press Secretary, Mr Gboyega Akosile, said his administration was committed to making life better and more prosperous for all Lagosians.

The governor assured Lagos residents that greater accomplishments will happen across the sectors in line with the THEMES agenda of his administration.

He said: “I wish every Lagosian a Happy and Prosperous New Year. We are thankful to God for the grace to see the New Year and we welcome 2024 with hope and faith.

The year 2023 was one of great strides for us in Lagos. It was indeed a significant year for our administration. We are happy and grateful to Lagos residents for coming out in large numbers to re-elect us for another four years. We will not disappoint you.

“I want to assure millions of Lagos residents that 2024 is the year we will act with speed to deliver more good governance and dividends of democracy that you voted us in for. As your Governor, I promise to continue to provide leadership that will usher in greater opportunities and a more prosperous life for Lagosians.

“We will work for Lagos better and faster this year and the remaining years of our second term in office to accelerate developments across the identified areas in our THEMES+ agenda.

“My New Year message to all Lagosians is not to despair and remain hopeful of greater prosperity for Lagos. I want to assure you that better times are ahead of us. We are committed to ensuring that we can give hope to the hopeless. This was our solemn promise and we’re committed to achieving it. We wish all Lagosians the very best this New Year.”

Bamidele: current travails temporal

Bamidele welcomed Nigerians into the new year with optimism, saying that the current travails will never truncate God’s plan for Nigeria.

He urged Nigerians to walk by faith and not by sight, adding that 2024 “is not a year to live our lives according to proclamations and prophecies of some religious merchants, who are fond of foretelling evil about Nigeria.”

In a New Year message, Bamidele urged Nigerians not to be discouraged by the economic, political and social challenges that have threatened the peace, progress and unity of the country.

He said: “God’s plan for Nigeria is neither doom nor evil as evident in the Scripture. His plan for us as a people is peace, prosperity and a great future. And it is divinely ordained that His plans shall definitely come to pass if we hold fast the profession of our faith.

Read Also: Tinubu, Akpabio to attend PISE-P launch, reception for Kalu in Abia

“As a people, we have a part to play in realising God’s plan for Nigeria. Our part is to daily trust in God Almighty for the fulfilment of all His promises; pray without ceasing for those He had ordained to rule over us and support the Government of Renewed Hope.

“We should all know that we have God who created us only for His glory, plan and purpose. We should therefore not walk by sight. We should walk by faith in God the Omniscient and Omnipotent.

“If we are obsessed with the present conditions of our economy, we will not see the glorious and great future that God has already set before us. If we cannot see such a glorious future, then we will find it to walk confidently into it.

“God did not create us to punish us. He did not create us to languish on earth. He did not create us to be at war. Rather, God created us in His own image, for His glory and according to His divine will. As I always say, our past is a story already told. Yet, our future can be written in gold.”

January 1, 2024
How N28.78tr budget can impact economy, by experts
- ‘Why we raised capital component’
Finance and economy experts have called for effective implementation of the N28.78 trillion 2024 budget approved by the National Assembly at the weekend in order to boost the economy and relieve the populace of expected challenges from major economic reforms.

The National Assembly has assured that it would work with the Executive to ensure successful implementation of the budget.

The National Assembly at the weekend approved N28.78 trillion as budget for the 2024 fiscal year. Both the Senate and the House of Representatives increased the budget estimates by N1.2 trillion from the N27.5 trillion presented by President Bola Tinubu.

The National Assembly increased the exchange rate from N750 to N800 per dollar while the 1.78mbpd oil production, $77.96 oil benchmark price and GDP growth rate of 3.88 per cent were approved as proposed by the President.

The breakdown include N1.74 trillion for statutory transfer; N8.77 trillion for recurrent expenditure; N9.99 trillion for capital expenditure; and N8.27 trillion for debt servicing.

Experts were unanimous that the weekend passage of the budget was timely and commendable as the budget remains a key decision-making tool for operators in the economy.

They were unanimous that while the overall policy direction and headline details of the budget were realistic, the overall success of the budget depends on the implementation and prioritisation of key projects and initiatives with immediate impact on the citizenry.

Read Also: Economy: Tantita pledges collaboration with Army

Experts who spoke to The Nation included Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe; Group Executive Director, Investment Banking, Cordros Capital Group, Mr. Femi Ademola; President, Association of Capital Market Academics, Professor Uche Uwaleke; Managing Director, HighCap Securities, Mr David Adonri and Lead Director, Centre for Social Justice, Eze Onyekpere.

Amolegbe said the budget was realistic, although there is still more room for the country to be more aggressive with spending, particularly on infrastructure, which is needed at this time to drive local production and employment.

“The focus should be on budget performance and implementation, so funding the components that will have immediate impact on ameliorating the negative impact of recent policy reforms on the citizenry should be prioritized. We must also be focused on achieving the benchmark set on the revenue side of the budget in other to reduce the debt component as much as possible,” Amolegbe, a former president of Chartered Institute of Stockbrokers (CIS) said.

He said government should consider alternative funding options including disposal and privatisation of government assets that are better managed by the private sector.

According to him, alternative funding options that focus on optimising existing and emerging assets and opportunities will have a dual impact on the economy by providing government with much-needed resources to fund its growth agenda while also directly benefiting the citizenry in terms of multiplier effects of improved management and operations.

Ademola said the quick passage of the 2024 budget was “very impressive”.

According to him, the improvement in the budget passage process might be a signal that the country now has improved budgetary process or that the contents of this budget were quite very clear and agreeable by all the parties so there was no need for any political brinkmanship.

“While the speed of passage is impressive, we hope that the implementation of the budget would also be that impressive by the time we measure the progress on periodic basis.

“One notable thing with the budget is that despite the increase in debt servicing and statutory transfers, the budget deficit was proposed to reduce by N4.6 trillion. This is brought about by expected increase from revenue, especially oil revenue that has been at the lowest levels in the past years. While exchange rate and oil price add significantly to this positive, projected increase in production is the most important contributor to the increase. Non-oil revenue is also projected to increase by more than 40 per cent. It would be interesting to see these materialise as proposed,” Ademola said.

Adonri said the passage of the budget was commendable as policy makers in both the private and public sectors need the budget to anchor major decisions.

“It is now left for the executive to implement it efficiently,” Adonri said, noting that the real impact of the budget will be decided by the effectiveness of the implementation and monitoring processes.

Uwaleke said the adjustments to the initial budget estimates by the executive arm of the government were in order in line with the statutory responsibilities of the National Assembly.

He however noted that the increase by N1.2 trillion was largely on account of the upward adjustment in the exchange rate from N750 to N800 per dollar, pointing out that a sustainable basis for any increase ought to have been an increase in the forecast for non-oil revenues.

“Increasing the size of the budget on the basis of a hike in the exchange rate benchmark has adverse implications for inflation and interest rates environment in 2024 as it automatically renders unrealistic the inflation rate projection of 21.4 per cent for 2024,” Uwaleke said.

Onyekpere said while the budget details were largely achievable, the real underlining impact of the budget will be in implementation.

According to him, the projections may not tell the whole story which will emerge from the actual expenditure during budget implementation.

Onyekpere said projection of 1.78mbpd oil production is optimistic for now, although the position may change in early 2024 as Nigeria gears up to raise its OPEC quota.

He said Nigeria has what it takes to achieve the target, adding that he had expected between 2.1mbpd oil production to 2.5mbpd oil production.

House of Representatives Speaker Tajudeen Abbas said the N28.78 trillion 2024 Appropriation Bill, when signed into law by the President, will define his administration as people-centric.

Abbas, who addressed reporters after his visit to Tinubu in Lagos, urged Nigerians to expect a notable difference in budget implementation this year.

“We expect the budget to deliver because there’s no sector that we did not crosscheck, scrutinise, and make enquiries on what is required to make the desired impact to the economy and to the people.

“I assure you that by the time the 2024 appropriation is signed into law and we start implementing it, Nigerians will see the difference.

“This is a budget that is going to define the Tinubu administration’s commitment to the people of this country,” Abbas said.

Also, Chairman, House of Representatives Committee on Appropriation, Abubakar Kabir Bichi, explained that the increase in budget size to N28.78 trillion was necessitated by the promise by Government Owned Enterprises (GOEs) to increase their revenue generation in the 2024 fiscal year.

He said revenue-generating agencies had pledged to generate a substantial revenue increase this year to prop up the budget.

“We had a meeting with the GOEs. We believe that their submissions are not enough. They have agreed to increase their revenue. That is how we were able to get that N1.2 trillion which we applied to capital,” Bichi said.

He said the budget increase in the Appropriation Bill was allocated to the capital component rather than recurrent expenditure.

“I believe this budget is brilliant and Nigerians will see a lot of impacts. This is the first time the capital (component) is bigger than recurrent,” Bichi said

According to him, citizens made contributions in to the Bill at a one-day town hall meeting organised by the House, while the National Assembly’s Joint Committee on Appropriation worked closely with the Executive to arrive at the budget.

During budget defence, Bichi had urged the Comptroller General of the Nigeria Customs Service (NCS), Adewale Adeniyi, to increase the agency’s revenue target for this year to N6 trillion from its proposed N5.79 trillion, saying the government would need more money to finance several projects.

The appropriation committee chairman also urged the Nigerian Upstream and Downstream Petroleum Regulatory Commission (NUPRC) to increase its revenue target to N6 trillion from the proposed N5.6 trillion.
January 1, 2024
Terrorists deposited arms ahead of attacks on Plateau communities, says senator
- Father, son killed in fresh violence
- Defence minister leads Service chiefs to attacked villages
A chilling account of how communities were attacked in three local government areas of Plateau State was given on the floor of the Senate at the weekend.

Senator Abdul Ningi (Bauchi Central) held the Red Chamber spellbound when he told his colleagues how almost 200 people were massacred by bandits.

According to him, the bandits deposited their arms at different points within the communities ahead of the attacks.

Ningi, chairman of the Northern Senators’ Caucus, said he got the details during his 72-hour visit to the state.

He met with Governor Caleb Mutfwang and visited hospitalised victims in Jos, the state capital.

He said: “The stories I heard about the attacks were mind-boggling.”

“I was in Bauchi for my Christmas break when the news broke and instantly, on behalf of the Northern Senators Forum, I moved into the Plateau.

“I had two sessions with the governor. What happened in Bokkos was unprecedented. The attack was by a catchment of bandits, over 400 of them moving at a go. The stories I heard were mind-boggling.

“First, there was a rumour of this attack. Second, the governor tried to make this information available but they didn’t take him seriously.

“I was at JUTH (Jos University Teaching Hospital) and you could see a three-month-old with a gunshot wound. Three months! Some were beheaded. This is unprecedented…

“What was discovered is that these marauding bandits were not moving with weapons. Those weapons were domiciled in certain locations.

“All they did was to come and pick them. That means there’s something behind what is happening in Plateau.

“Who are these people and why are they doing it? Because if you go there, you would think it’s a religious war.

“There’s something behind it that this Senate must unearth. It’s a very terrible phenomenon.

“The National Assembly members are shown the way out after four years and we even have a recall item in the Constitution.

“If you cannot deliver, our constituents will be asked to recall us and every four years we also go for elections.

“We can’t keep doing all these things all the time and no results. This insecurity is pervading the entire Northern atmosphere.”

Ningi spoke while seconding a motion by Senator Diket Plang (Plateau Central) on the Plateau mayhem.

The Senate ratified the motion with a resolution to summon the Service Chiefs.

Also to be invited are National Security Adviser Nuhu Ribadu; Director-General of the Department of State Services (DSS) Magaji Bichi; Inspector-General of Police Kayode Egbetokun and Director-General of the National Intelligence Agency (NIA) Ahmed Rufai Abubakar.

Read Also: Troops kill 8,256 terrorists, rescue 4,620 hostages in one year

The Senate observed a minute silence and resolved to send a high-powered delegation to the state.

The Senate called on the Federal Ministry of Humanitarian Affairs to direct its agencies and the National Emergency Management Agency (NEMA) to provide building materials to the victims with immediate effect to enable them to return home and decongest the IDP camps.

The Red Chamber also urged the IGP to complete the mobile police barracks in Barkin Ladi.

It urged the Chief of Defence Staff to establish a mobile military base in Kerang Village, in Mangu Local Government Area, which “is a border point and an entry route for the criminals who commit these barbaric acts and escape freely”.

The Senate further urged the military to deploy intelligence and aerial surveillance in the affected local government areas and their environs.

It also urged the Minister of Solid Minerals Development, Dele Alake, “to immediately take action in putting a check on illegal miners and mining activities in the country, especially the crisis-prone regions.”

Additionally, the Senate urged the Plateau State Government to “strengthen its environmental mining laws to check the excesses of illegal miners in the state” as well as “to upscale dialogue between traditional and religious leaders, especially in the affected crisis areas, to find non-kinetic solutions towards curbing the crisis.”

It also resolved to issue such further directives as deemed expedient in the circumstance to ensure compliance with its resolutions.

Senate President Godswill Akpabio described the killings as a “very unfortunate, barbaric and terrible tragedy for Nigeria”.

He said it was “a black Christmas for the country because the level of killings was unprecedented and the number of villages affected simultaneously was also unprecedented”.

“It is very clear that these attacks were very well coordinated and therefore we believe there was failure of intelligence and failure of timely reaction and the Senate is taking this very seriously.”

Father, son, vigilante killed in fresh attack

Three persons were killed in the attack by assailants in Durbi village of Shere district, Jos East Local Government Area on Saturday night.

Transition Implementation Committee Chairman, Markus Nyam, said the attackers invaded the village and killed a father and his son.

Nyam also said a member of the vigilantes, who engaged the assailants, was killed as the attackers fled.

The Joint Security Task Force Operation Safe Haven personnel responded to the community’s distress call, preventing the attackers from causing more damage.

COAS: arrests made

Lt-Gen. Lagbaja said some suspects in the Christmas Eve killings have been arrested and that security agencies are on the trail of others.

He led other Service chiefs on visits to the communities at the weekend.

Addressing members of one of the attacked villages in Barkin Ladi Local Government Area, Gen. Lagbaja said: “Some people have been arrested. We will not reveal their names now because the investigation is still ongoing.

“We are still on the trail of some other people. We desire to round up everybody involved in this carnage in line with the directive of Mr President to ensure lasting peace in Plateau.”

He said the Federal Government was working to ensure that all the displaced persons returned home and that the communities were provided adequate security.

“We need your support as a people. We need the cooperation of the people to help the troops to succeed. Help us with information, and provide support to these troops.

“We are working towards ensuring all the displaced return to their ancestral homes as quickly as possible. Accept our condolences and our assurance that going forward this will not occur again,” Gen. Lagbaja said.

Minister of State for Defence, Bello Matawalle, accompanied by his Humanitarian Affairs and Poverty Alleviation counterpart, Betta Edu, told Governor Mutfwang that the visit was on the directive of President Tinubu.

He said: “We are here on the directive of the President to commiserate with you and assure you of total commitment toward securing the lives and property of the people.

“I want to assure you that this incident will not occur again; these criminals will be crushed soon.”

Matawalle assured the governor that the humanitarian needs of the victims would be addressed.

“This is why the Minister of Humanitarian Affairs joined this delegation; she is expected to ascertain the humanitarian needs of the people,” he said.

A traditional ruler, Edward Bitrus, said it was the “saddest Christmas in all my 70 years in life”.

“We have been living peacefully in our community. I then wonder what led to these killings.

“Our children may not resume schools in January because the economic bases of the families have been razed by the attackers.

“Our investment in dry season farming has become a waste because the owners of the farms have been killed or displaced.

“Government must fish out these attackers so that victims will get justice,” he said.

Police deploy more men

Plateau Police Command said it has deployed more men to the troubled areas.

The spokesman, Alfred Alabo, a Deputy Superintendent of Police (DSP), said in a statement: “As part of measures to protect lives and properties in the affected areas, the Commissioner of Police, Okoro Alawari, has placed a ban on all forms of late-night spiritual and social gathering in Bokkos, Barkin-Ladi, Riyom and Mangu Local Government Areas.”

Also, the Plateau State Tourism Corporation & organisers of the Jos Christmas Festival announced the cancellation of all remaining events at the Jos Christmas Festival.
January 1, 2024