Tag: Bola Tinubu

  • A sunny chat

    A sunny chat

    I was with a few editors the other day and they expressed surprise at the acuity of the president in his first media chat of his reign. I expressed surprise at their surprise. Didn’t they know him, I wondered? Why would they expect anything less? One of them said, he acquitted himself better than the campaign, asserting that candidate Bola Tinubu was not coherent during the stumps. The gathering was not for that purpose, but my only response was that they were looking at his campaign from the wrong lens, so they saw the wrong thing. They saw and heard what they wanted to see and hear. In literary circles, it is called hermeneutics, the theory of reader-response.

    What was more coherent than “emilokan”? What was better phrasing than the “church rat and poisoned holy communion,” or the idea of “recharging Lake Chad?” Was he not the one who said he would bring headmaster Cardoso to help revive the economy? Or was he not the first of the four to promise to collapse the exchange rate regimes and remove fuel subsidies?

    Anyway, those who thought he was afraid of the chat, should be afraid no more. I read and watched a lot of comments about the outing. The contrarian voice said, the media team picked tame and suppliant journalists. Maybe they wanted gangsters as questioners. They asked very good questions, but such interviews cannot by any means exhaust all issues. No interviews of that calibre ever do. If any of them thought they could rattle the man, they were probably not prepared enough. The man is a soldier of wit, and can outmanoeuvre many a fighter as we saw. But what has been missing in all the comments so far is that President Tinubu did not fill the studio with the glum spirit of combat. It was a president of sunny face, cheery in spite of the gloom of the hour. He cheered to all the questions. Even when it called for sobriety, he spiced it with an optimistic tone. His spirit was saying, the moment must be biting, but let us look beyond the painful now. American President Franklyn Delano  Roosevelt who led his country through a war and depression on his wheelchair, had said, “the only thing to fear is fear itself.” It was in a time when people woke up to see their pockets dry, and men fell off roofs in suicide. It was like the words of the New Testament about fear coming over people because of the evil to come. President Roosevelt gave them so much cheer that the historian Doris Kearn Goodwin recalls the story of the man who said his roof had caved in, his wife had left him, he had no money in the bank and his dog had run away but he was happy because Roosevelt was president and would save the economy.

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    Tinubu may not have FDR’s eloquence but he evinced his spirit. Roosevelt, though, did not confront the sort of fractious malice we have today in Nigeria. Never mind an opposition figure dismissed his economic policy then known as The New Deal as the “raw deal.”

    No doubt, it was a sober media chat, but it is credit to the president, he lifted the gloom rather than bow to it. Even the phrase, “I doff my hat to him,” about FCT Minister Nyesom Wike, was nifty. The discussion on the tax bill was anticipated, but he was at once firm and conciliatory. He minced no words, though, about the thrust of the bill as “pro-poor.” As Reuben Abati noted, the president displayed a mastery of subject. At times, it seemed to me he had rattled his interlocutors, so much so, that their follow-up questions seemed tame.

    I would have expected, as some had observed, for the president to speak more about the suffering and his sympathy. But the nature of the exchange was less about emotions than logic. He had to justify fuel subsidy, collapse of exchange rate, tax bill, his ministers, war on corruption, the flights of inflation, mushroom of ministers, etc. On the cost of governance, I thought they could have asked him how much it cost government and whether cost of maintaining that many ministers was worth the investment. I think, they might have gotten better insight on the thinking of the man. I think the subjected spews much ignorance. Many do not know that more ministers do not mean more ministries. No new civil servants were hired or new infrastructures. They have to share the available resources.

    He, however, challenged them on anyone who was not performing, and it took a while for Abati to rib Wike, and the president lectured Nigerians on their disdain for order and compliances. A few days later, there was Wike and his sons in a photo-op with the president. When was the last time a president challenged a cast of high-profile editors and broadcasters and they were caught almost with no words dribbling off their lips?

  • Macroeconomic Review 2024…Industries: Grappling with reforms

    Macroeconomic Review 2024…Industries: Grappling with reforms

    Bold and necessary reforms, particularly the fuel subsidy removal and exchange rate liberalisation have inflicted temporary pains on households and businesses, especially manufacturers, writes Assistant Editor, CHIKODI OKEREOCHA

    Since May 29, 2023 when he took over the leadership of Africa’s largest and most populous economy, President Bola Tinubu has never wavered in his resolve to position Nigeria’s real sector, particularly manufacturing, as the continent’s most productive and globally competitive sector.

    The recent commencement of the disbursement of N75 billion single digit loan to Micro, Small and Medium Enterprises (MSMEs) through the Bank of Industry (BoI) was seen by policy analysts and operators in diverse sectors as a demonstration of his firm resolve to put the manufacturing sector and, by extension, the economy on a sustainable growth trajectory.

    The N75 billion single digit loan facility, with nine per cent interest, and no hidden charges, allows MSMEs to access up to N1 million. It was in fulfillment of the President’s 2023 promise to approve some funds as palliative to cushion the effects of subsidy removal, which implementation inflicted some temporary pains on manufacturers and other real sector operators.

    Indeed, since President Tinubu’s May 29, 2023 ‘subsidy is gone’ declaration, including the simultaneous liberalisation of the exchange rate, it’s been a topsy-turvy situation for operators in various sectors including manufacturers, with many of them lamenting both policies’ unintended backlashes such as high cost of borrowing, soaring inflation, exorbitant exchange rate and escalated energy prices, among others.

    Unsurprisingly, the unsavoury effects of these two major reforms snowballed into year 2024. For instance, the Managing Director of Coleman Wires and Cables Industries Limited, Mr. George Onafowokan, described 2024 as a particularly challenging year for manufacturers in Nigeria, citing subsidy removal, devaluation of the naira, and currency instability as significant factors that impacted the industry.

    According to Onafowokan, the convergence of the naira, its ongoing instability, and the removal of fuel subsidies contributed to increased transportation costs and general economic strain. “There’s nobody who has not felt the negative impact of the economy. We have negativity almost literally everywhere,” he stated.

    The Coleman MD also expressed concern over the instability of the naira, which he said made business planning nearly impossible. He, however, stressed the importance of manufacturers remaining hopeful despite the challenges, noting that losing hope would effectively mean shutting down operations.

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    Interestingly, the hope which Onafowokan encouraged manufacturers to imbibe in the face of challenges, appeared to have paid off with BoI’s N75 billion incentive. He said that the intervention fund could provide some relief to manufacturers and also help close the working capital gap created by naira devaluation.

    The Director-General of Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, in his overview of the sector, said Nigeria’s economy continued to grapple with formidable challenges in 2024 which stymied its growth potential and eroded economic stability.

    He said, for instance, that real Gross Domestic Product (GDP) growth rate was sluggish, reflecting the country’s struggle to regain momentum amidst persistent economic and policy headwinds.

    Inflationary pressures also intensified, significantly diminishing the purchasing power of Nigerians, with millions more being pushed into poverty due to the combined effects of soaring prices and stagnant wages.

     “The policy environment during this period was marked by uncertainty and turbulence. Despite efforts to stabilise the economy, including aggressive monetary tightening by the Central Bank of Nigeria (CBN), which raised the Monetary Policy Rate (MPR) to an unprecedented 26.25 per cent, the desired outcomes in terms of curbing inflation and stimulating growth remained elusive,” Ajayi-Kadir said.

    According to him, the higher interest rates exacerbated borrowing costs, placing further strain on businesses across various sectors, particularly manufacturing, which already faced significant challenges, such as forex scarcity, high operational costs and unreliable electricity supply.

    This year, the CBN hiked the benchmark interest rate six consecutive times from 22.75 per cent to 27.5 per cent. However, inflation remained elevated. Ignited by further rise in price of Premium Motor Spirit (PMS), the headline inflation resumed its upward trajectory to 33.88 per cent in October 2024 after easing to 32.7 per cent in the third quarter due to bumper farm harvest.

    The high inflationary pressure and continuous interest rate hikes, according to manufacturers, constrained GDP growth. They identified the major stoking factors of the high inflation as rising exchange rate, energy prices, food prices and money supply growth.

    Insecurity, poor storage facility and high transport cost caused food inflation to resume its upward trajectory.

    They also noted that despite the progress in exchange rate unification, the naira depreciated between Q3 2023 and November 20, 2024 by over 54 per cent and 56 per cent respectively.

  • How to tackle corruption, by President Tinubu 

    How to tackle corruption, by President Tinubu 

    President Bola Tinubu has outlined ways on how the country can effectively tackle corruption at various levels. 

    Tinubu argued that corruption, which is endemic, cannot be totally be eliminated but can be reduced to the barest minimum. 

    He spoke during the first Presidential Media Chat with journalists on Monday, December 23 at Ikoyi, Lagos. 

    He said: “Corruption in all ramification is bad. There is need to pay enough attention to the causes. Why are the people corrupt? The lack of social amenities, the lack of need in some areas lack of funding for children’s education. 

    “There are so many anti-corruption mechanisms to checkmate corrupt activities and to help people not to be corrupt.

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    “Pay them good and living wages. I’ve moved from N35,000 to M70,000 minimum wage, to me that’s anti-corruption. I’ve given more money to states and local government. 

    “I’ve been transparent with my earnings. Every month, there’s publication as to how much this country is making.

    “Abilities to stem corruption is part of the instruments of EFCC. That’s why their discovery and all sorts of inefficiencies in the system has helped in blocking corrupt activities. Part of the anti-corruption is removal of subsidies too. 

    “It is very difficult to say you will eliminate corruption, it will be reduced to barest minimum. Meet the People’s needs, help people to grow, and help them with the education their children. Our students loan is part of anti corruption, no parents should lament.”

  • BREAKING: I don’t have regret removing subsidy – Tinubu

    BREAKING: I don’t have regret removing subsidy – Tinubu

    President Bola Tinubu has defended the removal of the fuel subsidy, stating it was a crucial decision that he implemented on his first day in office as President of the Federal Republic of Nigeria.

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    Speaking during the ongoing presidential media chat on Monday evening, Tinubu expressed no regrets about the subsidy removal, emphasizing that it was a necessary step to address the economic realities his administration must confront.

    Details shortly… 

  • BREAKING: Tinubu to inaugurate Immigration command, control centre in Abuja

    BREAKING: Tinubu to inaugurate Immigration command, control centre in Abuja

    …services for passports applicants suspended 

    All is now set for President Bola Tinubu to inaugurate the Nigeria Immigration Service (NIS) Command and Control Centre at the headquarters of the Service in Abuja.

    Security has been beef up around the NIS headquarters as at 8am on Tuesday, while services have been suspended for Nigerians seeking to renew their passports documents. 

    Those given appointments for capturing of their biometric information have been asked to come back for the exercise another time as some NIS officials who were billed to attend to them have also be given Pass (off duty) for the day. 

    Banks operating inside the premises were also shut down with security personnel watching over movements of people in the premises. 

    The Command and Control Centre to be commissioned by the President is equipped with state of the art surveillance and monitoring gadgets for movements of passengers in and out of the country’s airports. 

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    The centre is connected with all the nation’s international airports with capability to obtain advanced information on passengers outside the country and block their entries in case they are persons of interests. 

    The Centre alongside the electronics gates (e-gates) already installed at the Murtala Muhammed International Airport in Lagos, Nnamdi Azikiwe International Airport in Abuja, Portharcourt and Enugu International airports and Kano International Airport are parts of the reforms initiated by the present administration to ensure seamless air travels in the country. 

    The e-gates are installed to ensure clearance of passengers within five minutes at the Airports and without human interface with officials of the Nigeria Immigration Service. 

    Last week, the Minister of Interior Dr Olubunmi Tunji-Ojo announced the Nigeria Immigration Service (NIS) blocked 14 internationally flagged persons of interest from entering Nigeria.

    Dr Tunji-Ojo said the development was a major breakthrough in the country’s fight against terrorism and cross-border crime. He attributed the feat to various reforms initiated by the present administration for effective border management and security.  

  • Tinubu committed to easing hardship – FG

    Tinubu committed to easing hardship – FG

    Minister of Information and National Orientation, Mohammed Idris, has reiterated President Bola Tinubu’s dedication to alleviating the economic hardship of Nigerians, particularly due to the removal of fuel subsidies.

    Speaking during a live radio programme on the Hausa service of Federal Radio Corporation of Nigeria (FRCN) “Hannu Da Yawa,”, the Minister argued fuel subsidy primarily benefited a select few at the expense of the broader public.

    Idris assured that Tinubu’s administration was working towards economic stability and added the President has urged Ministers to cut government expenses by limiting official vehicles and personnel on assignments. 

    “President Tinubu is pointing out the need to change from the old ways of doing things in Nigeria,” he said, adding that these cost-saving measures, though seemingly small, are expected to make a significant impact.

    He also noted that the recent renaming of the Ministry of Agriculture and Rural Development to the Ministry of Agriculture and Food Security reflects Tinubu’s commitment to addressing agricultural issues from multiple angles, particularly to improve food security.

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    On security, Idris stated that Tinubu’s administration continues to acquire resources for security agencies and support personnel welfare, while consultations on establishing state police are ongoing. 

    He also addressed recent power outages in northern Nigeria, describing them as unintentional and assuring that Tinubu is working on stabilising the national grid and completing the AKK Gas Pipeline Project, which he says will boost northern industries.

    Idris urged Nigerians to responsibly use social media to portray the country positively, emphasizing collective responsibility in shaping Nigeria’s image.

  • Tinubu hailed over appointment of Oladipo as SWDC’s chairman

    Tinubu hailed over appointment of Oladipo as SWDC’s chairman

    A Lagos-based political analyst and peace advocate, Mr. Ayo Davids has commended President Bola Ahmed Tinubu over the appointment of Mr. Oladosu Oladipo as the pioneer chairman of the South-West Development Commission (SWDC).

    In a statement made available to journalists at the weekend, Davids said that Oladipo “Seems to be one that would come to the table, prepared to run the race and achieve the dream that the Commission has been set up for, to deliver the benefits therein to the people of the entire Southwest.”

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    It will be recalled that the Six South-West Coordinators for Yoruba Patriots Movement/Asiwaju Bola Ahmed Tinubu’s Renewed Hope Agenda Advocacy Summit, led by Prince Afeez Adio, recently wrote to President Tinubu, canvassing that Oladipo be meritoriously given the position of Chairmanship of the South-West Development Commission.

     Davids’ statement read in part: “Oladosu Oladipo’s educational background also speaks for him, a well-lettered gentleman with solid diversified educational qualifications very suitable for pioneering the South-West Development Commission.”

    “Oladipo is a meritorious educationist and a prolific writer, who has authored and published not less than 20 books in religion, politics, administration, and development books for learning, which include.”

  • Tinubu returns from two-week working vacation

    Tinubu returns from two-week working vacation

    President Bola Tinubu returned to Nigeria last night after a two-week working vacation in the United Kingdom (UK).

    President Tinubu, who arrived the Presidential Wing of the Nnamdi Azikiwe International Airport, Abuja, at about 7:20pm was received on arrival by senior members of the administration.

    He  departed for London  on Wednesday, October 2, as part of his annual leave, according to a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga.

    “President Bola Ahmed Tinubu will depart Abuja today for the United Kingdom to begin a two-week vacation, part of his yearly leave.

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    “He will use the two weeks as a working vacation and a retreat to reflect on his administration’s economic reforms.

    “He will return to the country after the leave expires”, the statement said.

    From London the president moved to Paris,France on  October 11 for an important engagement, according to his Senior Special Assistant on Political and Other Matters, Ibrahim Kabir Masari.

    The President was received on arrival by Lagos State Governor  Babajide Sanwo-Olu; Chief of Staff to the President, Femi Gbajabiamila; Ministers, including Wale Edun (Finance), Abubakar Atiku Bagudu (Budget and Economic Planning), Nuhu Ribadu (National Security Adviser), and Abdullahi Ganduhe (National Chairman of the ruling All Progressives Congress (APC).

  • Pensioners hail Tinubu for approving N32,000 increment

    Pensioners hail Tinubu for approving N32,000 increment

    The Federal Parastatals and Private Sector Pensioners Association of Nigeria (FEPPPAN) has commended President Bola Tinubu for approving an increment of N32,000 to pensions for Nigerian pensioners under the Defined Benefit Scheme.

    The increase followed a circular issued by the National Salaries, Incomes and Wages Commission in conveying the President’s approval of the increment and its implementation to miniseries, departments and agencies of government.

    FEPPPAN, which is a union representing pensioners under the Pension Transitional Directorate Arrangement (PTAD) payroll, expressed its appreciation to the President for his “unprecedented efforts in boosting the welfare of pensioners.”

    In a letter signed by its General Secretary, Franklin Erinle and Deputy President General, Elder Amako, the pensioners hailed the President’s swift action in ensuring that pension increases were issued promptly in the same month as the minimum wage adjustments for workers.

    According to FEPPPAN, the approval breaks from a long-standing tradition where pensioners were left waiting for extended periods, sometimes years, before they could receive any adjustment to their pensions after salary increases for active workers had already been implemented.

    The pensioners said this was a much-needed shift, acknowledging the President’s “unparalleled and unprecedented concern” for the welfare of senior citizens, some of the most vulnerable in Nigerian society.

    They said it was crucial that the government institutionalised a system that regularly adjusted pensions to keep pace with inflation and cost-of-living.

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    It reads: “The importance of this gesture cannot be overstated. Pensioners in Nigeria have historically been neglected in the nation’s socio-economic policies, often sidelined when it comes to critical welfare provisions.

    “As individuals who have spent decades contributing to the country’s growth, they now find themselves on the margins, grappling with inadequate financial support amidst rising inflation and an increasingly challenging cost of living.

    “President Tinubu’s administration with its Renewed Hope Agenda, through this pension review, has demonstrated that pensioners are not an afterthought, but an integral part of the nation’s welfare structure. We appreciate you Mr President and we are grateful that you care about Nigerian pensioners and have shown it through this action and approval for prompt payment of pensions.

    “Pensioners are among the most vulnerable citizens in Nigeria. Many of them rely solely on their pensions for survival, and with the skyrocketing prices of essential goods and services, including healthcare, this income often falls woefully short of meeting their basic needs. The N32,000 increment recently added to pensions is certainly a step in the right direction, even though the harsh economic reality in Nigeria bites harder.”

    The pensioners expressed hope in President Tinubu’s economic reforms and urged that practical steps and strong willed actions be taken to ensure that the reforms deliver turnaround solutions and economic growth to cushion the biting hardship in the country and improvement in the lives of the citizens.

    They pleaded that more comprehensive support be given to pensioners across board to enable them survive the hard times.

  • NGO to President, governors: stop Ododo from obstructing anti-graft fight

    NGO to President, governors: stop Ododo from obstructing anti-graft fight

    A non-governmental organisation (NGO), Vanguard for Credible Representation (VCR), has agains urged President Bola Tinubu and the Nigeria Governors’ Forum (NGF) to prevail on Kogi State Governor Usman Ododo to stop obstructing the fight against corruption.

     In a statement in Abuja by its Head of Mission, Onche Ugbabe, the NGO frowned at the activities of one of the pro-Yahaya Bello’s groups, called Africa Media Roundtable, which said Governor Ododo “should be celebrated”.

    The statement reads: “We restate our position and demand that the Presidency, the Nigeria Governors’ Forum (NGF) and the Progressive Governors’ Forum (PGF) should wade in and save Nigeria from further embarrassment by calling Governor Ododo to order.

     “The so-called Roundtable even insulted our collective intelligence by touting that Governor Ododo should be celebrated! Celebrated for his obstructive roles? Celebrated for housing a man already declared wanted by the Economic and Financial Crimes Commission (EFCC) based on the summons issued by the court of law?

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     “That Ododo be celebrated for shielding a man away from the arms of the law? For leading a show of bravado to the EFCC car park on September 18, 2024 in a flagrant display of what an executive governor should not be?”

    VCR restated its position that the protection Governor Ododo has given former Governor Yahaya Bello “undermines the renewed fight against corruption by the administration of President Bola Ahmed Tinubu, making the President and the country a laughing stock”.

    It added: “That is why we are calling on the President, the Nigeria’s Governors’ Forum and the Progressives Governors’ Forum to intervene and call Governor Ododo to order.”