Tag: Renewed Hope

  • Renewed Hope

    Renewed Hope

    • We hope Budget 2024 will live up to its name

    President Bola Ahmed Tinubu November 29 presented the first appropriation bill of his administration, (the 2024 Budget), to a joint session of the National Assembly. Christened “The Renewed Hope Budget”, it seeks, according to the president, “to achieve job-rich economic growth, macro-economic stability, a better investment environment, enhanced human capital development, as well as poverty reduction and greater access to social security.”

    Among its key highlights are, an aggregate expenditure of N27.50 trillion, the highest ever; although some 10.8 percent higher than the N24.82 trillion Budget 2023, it actually assumes a much lower deficit of N9.18 trillion – a 33.5% reduction compared to the 2023 budget deficit of N13.78 trillion.  And whereas last year’s revenue was estimated at N11.05 trillion, next year, the Federal Government is targeting a rather ambitious figure of N18.32 trillion.

    On the deficit, the president says that this “will be financed by new borrowings totalling N7.83 trillion, N298.49 billion from privatisation proceeds and N1.05 trillion drawdown on multilateral and bilateral loans secured for specific development projects.”

    Ironically, whereas the government plans to spend N8.25 trillion (30 percent) of the budget on debt servicing, the total capital expenditure is a comparatively modest N8.7 trillion. The key top spenders sectorally are defence and security, N3.25 trillion, (12 percent), education, N2.18 trillion (7.9 %), and health N1.33 trillion (five percent).

    The budget’s key assumptions are $78 oil price, 1.78 million (bpd) crude oil production, naira/dollar exchange rate of N750, inflation rate of 21.40% and a GDP growth rate of 3.76 percent. 

    Although overtly ambitious in several respects, the budget could in equal measure be described as pragmatic. Thanks to a new framework of security in the Niger Delta, we have seen a steady ramp up in oil production to give room for optimism. So is a discernible resolve to raise tax revenues through the Taiwo Oyedele-led Presidential Committee on Fiscal Policy and Tax Reforms. These two separate but related developments cannot but speak to a clear-headed determination to address what successive administrations had tended to pass off as an ‘intractable’ revenue question. 

    Problems of course remain. One such is the ballooning debt – and with it the burden of servicing it. At nearly a third of the total proposed outlay, it remains a major source of concern. As for unemployment, it remains intolerably high, particularly among youths. Currently, inflation is more or less on the rampage at around 27 percent, and with it across-the-board hikes in food prices, all of which, together, continue to make life very difficult for the citizens. Wasteful expenditures in government of course remain a big issue; so is corruption. But it seems to us that the biggest of them all is the cycle of poor implementation that has tended to make the budgets over the years a farce. The times are such that call for bold and imaginative leadership.

    Read Also: Tinubu to launch Renewed Hope Town Hall Meeting on Community Policing in Lagos

    While the prognoses cannot be anything but one of a difficult year ahead, Nigerians nonetheless expect the budget to live up to its promise to renew their hope.

    And just as we are under no illusions that Budget 2024 or any budget for that matter can solve all of the problems in any given year, Nigerians surely expect that the Tinubu administration will, in the course of the current budget cycle, finally settle some of those age-long problems which have hobbled the nation’s developmental march.

     Top on the list is the fuel import albatross, which not only continues to sap the economy but has fostered the culture of rent and associated corruption. In line with the administration’s promise, we expect the current fuel import regime to terminate in 2024 with the planned re-streaming of the refineries in Port Harcourt later this month, Kaduna later in the coming year, and of course, the coming of the Dangote refinery any time from now. 

    The same applies to the on-going power projects across the country; Nigerians cannot wait to see them come on stream if only to terminate the reign of nightmare foisted by a cartel of clueless operators. Needless to state that the administration’s delivery on these would have a direct bearing on the budget performance. 

    And, while much has been said about the budget as not matching our stature as the ‘African Giant’, a sure way to make the budget relevant is to ensure that Nigerians have value for every kobo of their money – as appropriated.

  • Renewed Hope: 100 CSOs laud Mining DG on Agency’s transformational drive

    Renewed Hope: 100 CSOs laud Mining DG on Agency’s transformational drive

    No fewer than 100 civil society groups have passed a vote of confidence on the Director General of the Nigeria Mining Cadastral Office (NMCO), Obadiah Simon Nkom, for his exceptional and transformative leadership in the agency.

    The groups, under the aegis of the Nigeria Civil Rights Movement, said that Engr Nkom has effectively and efficiently aligned with the Renewed Hope Agenda of President Bola Tinubu.

    In a press conference on Monday, December 4, in Abuja, the convener of the group, Nwogu Ndubisi, said Nkom has made a significant impact at the NMCO – particularly in the implementation of a modern and efficient cadastral system.

    Ndubisi added that the NMCO DG has also demonstrated an unwavering commitment to ethical practices and good governance.

    He said: “Today, we stand here united as a collective voice of the Nigeria Civil Rights Movement, to express our profound appreciation and admiration for the Nigeria Mining Cadastral Office (NMCO) and its exceptional alignment with the Renewed Hope Agenda of President Bola Ahmed Tinubu.

    “We are honoured to extend our heartfelt commendation to the, for his unwavering dedication, supportive role, and tireless efforts in building a brighter future for our great nation.

    “One of the key achievements of the NMCO has been its successful implementation of a modern and efficient cadastral system. This system has revolutionized the way mining rights and licenses are managed, ensuring that the process is streamlined, transparent, and devoid of corruption. By embracing cutting-edge technology and best practices, the NMCO has not only enhanced accountability but has also attracted local and foreign investments, leading to increased revenue generation and job opportunities for our fellow Nigerians.

    Read Also: 10 important things you need to know about Tinubu’s 2024 proposed ‘Budget of Renewed Hope’

    “In addition to these achievements, Engr. Nkom has demonstrated an unwavering commitment to ethical practices and good governance. His dedication to fostering a culture of integrity and professionalism within the NMCO has not only earned the trust and respect of industry stakeholders but has also set a benchmark for excellence. By prioritizing transparency and accountability, Engr. Nkom has laid a solid foundation for sustainable growth and development within the mining sector.

    “Furthermore, the Nigeria Civil Rights Movement is mesmerized by a deep commitment to environmental sustainability and responsible mining practices that have been demonstrated by the Nigeria Mining Cadastral Office over the years.

    “We know that Environmental degradation is a pressing concern in today’s world, and it is heartening to witness the NMCO’s dedication to mitigating the negative impacts of mining activities on our precious ecosystems. Through the enforcement of stringent environmental regulations, the NMCO has set a high standard for responsible mining, ensuring that our natural resources are protected for future generations.

    He further stated: “In addition to its operational achievements, the NMCO has also prioritized capacity building and human resource development. Recognizing that a skilled workforce is essential for the success of any organization, the NMCO has invested in training programs and knowledge-sharing initiatives. By empowering its staff and stakeholders with the necessary skills and expertise, the NMCO has positioned itself as a centre of excellence, contributing to the overall growth and professionalism of the mining sector.

    “Engr. Obadiah has shown exceptional leadership and unwavering commitment to the development of our nation. His visionary approach, strategic thinking, and tireless efforts have been instrumental in transforming the NMCO into a beacon of hope and progress. Under his guidance, the NMCO has become a shining example of how a government institution can effectively align itself with the aspirations of the people and the vision of a transformative leader.”

    The groups, therefore, expressed confidence that NMCO will continue to play a pivotal role in the realizlsation of President Tinubu’s Renewed Hope Agenda, propelling our nation towards unprecedented heights of prosperity and development.

  • 2024 budget will deliver ‘Renewed Hope’ agenda to Nigerians, says Senate leader

    2024 budget will deliver ‘Renewed Hope’ agenda to Nigerians, says Senate leader

    The Senate leader, Opeyemi Bamidele, has boasted that that Nigerians would laugh last despite the hardship occasioned by the current economic reforms of President Bola Tinubu.

    Bamidele noted that Tinubu would deliver the renewed hope agenda with 2024 budget because of the changes he introduced to percentage of consumables and Capital development.

    Speaking with newsmen in Ilesa, Osun State over the weekend, the Senate leader said that President Tinubu has the leadership acumen and scientific understanding of how to solve the problem of the country.

    He said: “The budget of 2024 will be a budget of reality, renewed hope, a budget that will also help to chart our course as a nation. There is no doubt that this is an unusual time in the life of our country, the entire global economy is in crisis and Nigeria is not an exception but when the going get tough, it is said that it is the tough that gets going.

    Read Also: Realising vision of renewed hope

    “Difficult time are the time that will show the ingenuity leadership, and we have a leader today who is president Bola Tinubu who I know has a scientific understanding on what to be done and will do Nigeria proud. He will bring to bear his own intellectual acumen in ensuring that our issues are addressed in a way that life will be meaningful for Nigerians.

    He added: “From the mid term expenditure framework that was sent to the National Assembly, it is obvious to us that it going to be an unusual budget, it is a budget that will ensure that a greater percentage is committed to capital development and infrastructure unlike in the past that large percentage is dedicated to consumable, it is not going to be same story.”

  • First Lady: Renewed Hope implementation requires women’s contribution

    First Lady: Renewed Hope implementation requires women’s contribution

    The First Lady, Oluremi Tinubu, yesterday emphasised the role of women in the effective  implementation of the Renewed Hope Agenda of the Tinubu administration. 

    To actualise the agenda, he Federal Capital Territory (FCT) administration promised to collaborate with her office.

    According to a statement by her spokesperson, Busola Kukoyi, Mrs Tinubu spoke on the role of women while receiving the Minister of the Federal Capital Territory, Nyesom Wike, at the State House, Abuja, to discuss areas of collaboration.

    The minister, accompanied by the minister of state for the FCT, Mariya Mahmood, said the collaboration became necessary because there is no directorate for women affairs in the FCT.

    Wike said: “We want to collaborate with her on how to take care of women, and work with her to ensure that the Renewed Hope Agenda is achieved.The FCT wants to play its own role in that agenda.” 

    As part of the plan to establish a directorate for women affairs in the FCT, the minister said he will seek approval from the President. 

    While waiting for the approval, Wike appealed to the First Lady to take him and his ministry as part of her team.

    Applauding the minister for placing premium on women inclusion, the First Lady said moves by the FCT to develop agriculture, one of the priority areas for the Renewed Hope Initiative, has a lot of prospects to be exploited.

    Read Also: Nigerians in diaspora advise Tinubu on Renewed Hope Agenda

    She said: “Just this morning, I saw a newsflash that the FCT minister is collaborating with Israel on agriculture and I said I would love to discuss agriculture with the honorable minister. Although women and children are what we do,  it is not just women. 

    “We went as far as Belarus to study what they are doing. They have so much to offer in different areas and they are willing to assist, going as far as offering us scholarships at the Renewed Hope Initiative.”

    Mrs Tinubu added: “What you have done today has really brought a lot of ease to our work because once you have the directorate there, we would know how to reach them. That is why I think that God has a hand in what we are doing. You have really lightened my burden.”

  • Renewed Hope Agenda: And Baba asks his ministers ‘what are your goals?’

    Renewed Hope Agenda: And Baba asks his ministers ‘what are your goals?’

    The last week strolled past like the thirteen other ones before it, but like those ones too, it did not go without leaving Nigerians with critical events and activities to ponder on. There were days when the events were not many, but the few that happened kept President Bola Tinubu in the office till dusk. There were also those with big events, but which permitted him to close early. Ultimately, it was the week that will always be referred to as epochal in the life of the administration because it saw the President setting targets for the administration as well as giving Nigerians an idea of the direction he intends to turn the country.

    Although he made a number of remarkable statements, as well as a couple of appointments, the star event of the week has been adjudged to be the conduct of the first ever Federal Executive Council (FEC) meeting on Monday. It was another very colourful day, just like the one before it, when the ministers were sworn-in; a full house, brimming with officers of the administration, about to take their marching orders on the task of redirecting the nation.

    All along, right from May 29, when he was sworn-in as President, Tinubu has left no one in doubt that he has been worried over how the nation’s finances and the entire economy had performed and that he will waste no time reordering everything. His first act as President, while still on the podium where he was administered with the Oaths of Office and Allegiance, was to speak the age-long petrol subsidy into disappearance. His reason for this, he later explained, was the suffocating hold of the subsidy on the very existence of Nigeria as a nation.

    He has consistently reminded Nigerians of his views on how the country has fared over the years; he is not comfortable with how the state of the economy, particularly resource generation and deployment, have been managed and believes repairing the situation must be an urgent and serious task. So right from the onset, he has dripped a trail of what to be expected along the way.

    It was not a surprise when his pep-talk to his ministers on their first official day together as a team was all about getting the economic the economy back on its feet, so that the poor can breathe indeed.

    Read Also:Renewed Hope: Why Tinubu needs ministers’ cooperation to succeed, by Shettima Yerima

    “As I said during the inauguration, I am the bus driver and you are the conductors. We have to make sure this country stays on the right path to succeed on behalf of over 200 million Nigerians. We willingly accepted the appointment and I accepted the mandate of Nigerians. I have delegated some of these powers to you to serve the country. You are a very lucky person to be selected among millions of Nigerians and we will use the opportunity to show that Nigeria has what it takes to dig ourselves out of our problems. We must find a home-grown re-engineering of our finances, manage our resources and let the economy work for the people of this country.

    “There are so many things some cynics will say are impossible, but in your dictionary of service, everything is possible and must be possible. We have the talents; we have the level of intellectual capacity to turn this country around. You and I know that the expectation is high and it’s a tough time right now. We must work hard, commit ourselves and create a buoyant economy that will serve every Nigerian. We have an employment level that is unacceptable. We are threatened by climate change. We still have underemployment.

    “But to turn things around, you have been selected to perform your utmost best. The policy agenda will be set out to reform the economy to deliver sustainable and inclusive growth, and strengthen national security for peace and prosperity. Without security there can be no investment. That is true. You have to convince them and the time is now to do that. When you look around the world, every leader is clamouring for what they believe on what should be there policy on food security. We have declared a state of emergency. What is your goal?

    “Every one of you is a member of this team, every one of you, no partitioning. We can do whatever we want from the assignment of responsibility, but all depends on you, if you stay focused, we will all arrive at a better destination and the country will be better off for it. We must unlock the energy and natural resources of this country. We must start producing for ourselves, and dig ourselves out of the hole. We must focus on education, healthcare and social investment that is essential for the development of our people.

    “Our priority areas are defined in our economic programmes. Every area is our priority and you belong in the driver’s position to realize and make that priority a fulfilling promise to the entire nation and the continent of Africa. You must achieve the economic growth that is expected of us. We must feed our people. We must leverage on what we have and grow more to satisfy Nigerians. It is all in your hands now”, he had told the ministers last Monday.

    This Presidential charge, heavily dominated by economic concerns, has come under review by various sections of the country, who have also offered how they believe the administration, through the ministers, can achieve the targets set by the President.

    In its Editorial Opinion on Friday, The Guardian newspaper noted the urgency of time and the fact that the people cannot wait to start breathing with relief. According to the newspaper, all that is needed for the country to scale the hurdles placed between it and the desired ease, which is the President’s primary target, is just for every minister to take his job seriously, focus on the task reeled out by the President and genuinely desire to succeed

    “Now that President Bola Tinubu has constituted the Federal Executive Council (FEC), with portfolios assigned to respective ministers, his government should settle down to serious work. There is so much to do in so little time. Nigerians are understandably impatient and ministers cannot afford to loaf. Every ministry is important and indeed, should take charge of the numerous issues affecting the country in the particular portfolio.

    “If every minister works assiduously to overcome challenges in his sector, it will translate to the country’s progress and provide reliefs for hapless Nigerians who are directly on the receiving end of government bitter economic policies, topped by removal of petrol subsidy. Ministers should set an achievable agenda for themselves, and put a time frame for achievement, along with means of assessment open to the public. It will be disastrous for the ministers and the government if the new cabinet should steer the business as usual of the old”, the newspaper opined.

    Also, a Port Harcourt-based journalist and public affairs analyst, Mr Egufe Yafugborhi, while analysing the picked three points that ought to be of special importance to the ministers from the President’s charge to them.

    “First is to point that the cheering appeal on the President’s maiden interaction with the ministers was not in the matching order to shape up or ship out. His predecessors had given same matching orders without achieving anything near the target results. The cheering deductions from the maiden FEC meeting that were pointers to the President’s commitment to making the difference include the emphasis on every cabinet member, the ministers in particular, to see the management of their respective portfolios as mutually inclusive to realising the eight-point agenda for economic recovery.

    “The second pointer to that was the President acknowledging the task before the cabinet as herculean and likening it to swearing to ‘fetch water from a dry well’. And flowing from that, he pledged to make them (ministers) not to be afraid to take decisions, a commitment to giving them free hands to maximise their potentials in making the right decisions to achieve their portfolio targets to add up to the overall set goals.

    “But all said and done, both the Bus Driver (the President), the conductors in the analogy by Tinubu, must realise that realising the set goals won’t come by wishful thinking. It will only come by everyone keeping their pledge of commitment, giving in all it take to make that seeming impossible possible to the satisfaction of Nigerians. It is good the President, by his matching orders, has put everyone one involved on same page. What is now needed is everyone walking the talk in dedication and integrity. Is it possible to make the difference, very much possible”, Yafugborhi said.

    Of course, the first FEC meeting will be always be of interest to most, much more the target that would be set at the meeting, but there were other very interesting activities during the week that were also worth the interest of various segments of society.

    For instance, the President used Sunday to reach out to the Nigeria Bar when he spoke at opening ceremony of the Nigerian bar Association’s (NBA) Annual Conference in Abuja, speaking on why the nation needs to take a different route to public financing. On Monday, besides setting the ball of FEC rolling, took steps towards cutting cost of governance by slashing spending on overseas official events.

    On Tuesday, he received words from the private sector community. Chairman of HEIRS Holdings, Tony Elumelu, visited on behalf of the business community, to commend him for what he has so far done in repositioning the economy. Same day he appointed a new Board and Management for the Niger Delta Development Commission (NDDC).

    Then between Wednesday and Friday, it was all about international and some local targets; the coup in Gabon, sorting out the Niger Republic concerns and many other local issues dominated his itinerary.

    The new week, from what was disclosed to journalists by his spokesman, Ajuri Ngelale, on Friday, will deal more with attracting Foreign Direct Investments and other positives from India, where he will be attending the G20 Leaders Summit. This is what we need to see.