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  • Tinubu capable of fixing economy, says SSANU

    Tinubu capable of fixing economy, says SSANU

    • Union applauds President’s pronouncements on workers’ wage

    The Senior Staff Association of Nigerian Universities (SSANU) has expressed optimism that President Bola Tinubu has the wherewithal to fix the nation’s economy.

    The union said it was elated by the President’s pronouncements on workers’ wages, describing them as gladdening.

    SSANU noted that though the economy was at its lowest ebb, it expressed optimism that “the new government has what it takes to do the right thing”.

    The union spoke through its National President, Mohammed Ibrahim, who addressed reporters at the weekend in Ilorin, the Kwara State capital, on the sidelines of the 72nd zonal executive council (ZEZ) meeting of the association.

    Ibrahim said: “Every Nigerian today knows what he is going through. The economy is not doing well. The purchasing powers of workers are at their lowest ebb and the security situation is also becoming something else.

    Read Also: Tinubu, Robin Hood and corruption

    “However, we are optimistic that there is a new government and they have come with vigour. They have also displayed that they have what it takes to do it.

    “We will only tell them our patience is running out. We will encourage them not to only hit the ground running but also ensure that the right things are also done.

    “We are happy that there are pronouncements to the effect that issues about workers are going to be handled through wage awards. President Tinubu did mention that within the quarters or so of this year, we are going to have a new minimum wage.

    “We will only pray for the President and his cabinet members that within this estimated period, we will see these things done so that Nigerians will not continue to suffer because life is difficult.”

    Also, the Western zone’s SSANU National Vice President AbdulSuboor Salam condemned the spate of insecurity and kidnappings in the country.

    Salam said: “It has become very worrisome. There was a time when kidnapping was restricted to the rich. But now, civil servants in Abuja have become victims of kidnapping and ransoms going to millions of naira are being demanded. Nobody is safe. We are in a season of anomie, shamelessness and corruption.”

  • Tinubu, Robin Hood and corruption

    Tinubu, Robin Hood and corruption

    It’s money for the poor stolen by the rich. The scandals affecting Betta Edu, Sadiya Farooq, Halima Shehu and their shadows cast over Olubunmi Tunji-Ojo, draws the mind to the core of President Bola Tinubu’s philosophy of public service.  That is, take from the rich and give to the poor. It’s brigandage on behalf of the little citizen.

    In its final chapter, how he implements it will either reinforce or cast aspersions on his image as the Robin Hood of Nigeria’s politics and history. Babatunde Raji Fashola (SAN) bemedaled him with that name because of his doings as the first citizen of Lagos.

    The programmes in the Buhari era, including school feeding, cash transfer to the poor, et al, arose from Tinubu’s mind. Buhari defiled it. Unfulfilled ideas, wrote former United States President Richard Nixon in his memoirs, are “like babies that are still born.” The baby died under Buhari. Stillbirths lack the luxury of a sweet cry. This time, the president must not only make this baby let out a great inaugural cry, but it must punch, kick and let out mellifluous shrieks of dawn like the baby born in Charles Dickens’ Dombey and Son.

    One of the tragedies of the modern era is its obsession with the poor. The first real culprit was the French Revolution. Before that, the elite did not pretend to love the downtrodden. In fact, religions and systems – from aristocracy to monarchism to feudalism – valorised the notion of the glorious eternity of poverty. The scriptures do not only say God loves the poor, but the rich will be blessed for taking care of them. No one goes to heaven for abolishing poverty.

    “The poor will always be with us,” said Jesus. To become equal with the rich, the poor must first die. The grave is the equalizer. On earth, the poor never won. After brandishing equality and fraternity, even the French Revolution roared back into its feudal privileges under Napoleon. Across the pond, the U.S. anointed a capitalist-feudal revolution with some of the fancy phrases for equality and freedom. “Give me liberty or give me death,” declared Patrick Henry.

    The first real system that devoted its idea to the poor was Marxism. Yet, when it came to fruition, the poor fulfilled Christ’s prophesy. Lenin and his country lived a lie for many decades until Gorbachev saved them with another lie called perestroika and Glasnost (restructuring and openness). Mao and Castro left a legacy that glamorizes poverty. The Russian people keep tagging along even though they invented a new oligarchy with their President Valdimir Putin as one of the richest men alive. The idea of Robin Hood, who is the eponymous hero of men who fight for the poor from Marx to Tinubu, is that poverty needs to be abolished. But the concept of the rich implies the preponderance of the poor.  Hence the bearded Pierre-Joseph Proudhon, part anarchist, part revolutionary, said “the possessions of the rich are stolen properties…”

    Not everyone believes so. Maybe that accounts for why the president places premium on his social empowerment programmes and the politicians see it as an opportunity for self-enrichment. He wants to take from the rich and give to the poor. Some of his appointees are perceived as taking from the poor to over-bloat the rich.

    Read Also: Commendation trails Tinubu’s reversal of Perm Sec posting to FCTA

    It is this divide in government, not only in actions but philosophy, that the president needs to articulate to his cabinet and staff. Perhaps the first step was the decision to suspend the entire programme and reimagine it. I hope the programmes is going to sleep to wake up with a new dream.

    The first act is not just to abolish poverty, but to abolish the contempt of the elite class. The contempt has two brands. One, cynical love. This is the more toxic. It implies the love of the poor from a distance. You love to send them money, send them bags of rice, but you don’t want them near you. This is often the case with philanthropy of the official kind. The word was coined by Greek playwright Aeschylus. It entails time, talent and treasure. It must give relief and improve lives under the rubric of social reform. The more intimate word is charity because it evokes sentiment of giving and sacrifice.

    The other brand of contempt is ostentation. In the old television drama Hotel De Jordan, the rich man said all the poor were filthy and smelly and should be deposited in the public dump. We had that under IBB when a series of public officers said telephone, higher education, etc were not for the poor. These days, it is more subtle and more dangerous. It is stealthy and hides in the sewer. When it explodes in the open, the smoke smells like Edu and Shehu.

    But it is no score for the poor. No system has ever saved the poor in history. It only mitigates, especially in the western countries. What is poor in Nigeria is not poor in Norway. But the worst form of poverty is in the mind. In my first visit to the United States, I had a discussion about poverty with a black American woman, a journalist, in Kansas City. I remarked that her complaint about the sufferings of her fellow blacks were touching but they can eat, clothe, and sown cars no matter how sputtering. Our poor see all that as luxury. About a year ago, an American journalist in Colorado could not believe that a friend of his who hails from Senegal could make anything out of used car spare parts he imported home. All poverty is not created equal. Otedola and Elumelu are rich but one is Forbes and the other is not.

    And at the bottom of President Tinubu’s Robin Hood philosophy is that the poor are often impotent. In his The Last Unicorn, Peter S. Beagle writes, “We steal from the poor because they can’t fight back.” Hence they need a hero. When they fight, they either bring down the system or prick the elite conscience for a short time. When the system comes down like in France, or Russia or even Cuba, it is a few powerful who will rebuild and own it. When they prick the conscience like the Glorious Revolution or even apartheid, the structure shows a little mercy and returns to its old disdain. So, the poor keep paying taxes in cash and toil for the rich and never die in peace. Recreating the elder Poet Pinder in the play The Acharnians, Greek poet Aristophanes quotes him as saying, “What I’d saved to buy a coffin, I must spend to pay a fine.” Most poor don’t save enough to buy their coffins when they die. That is what is at stake for the Tinubu Robin Hood image and poverty programmes.

  • President Tinubu calls for Global Tax System Review

    President Tinubu calls for Global Tax System Review

    President Bola Tinubu has called for a comprehensive review of the global tax system.

    The president argued that rectifying the imbalances within the international tax regime has become increasingly crucial.

    Speaking at the Third South Summit of the Group of 77 and China in Kampala, Uganda, President Tinubu who was represented by the Minister for Budget and Economic Planning Senator Abubakar Bagudu emphasized Nigeria’s commitment to multilateralism in addressing global challenges.

    President Tinubu highlighted the impact of the current international tax systems, which are predominantly influenced by the interests of wealthier nations.

    Developing countries, particularly in terms of taxing digital economies, are often left at a disadvantage as a result.

    This systemic imbalance he said has resulted in significant revenue losses, hindering sustainable development efforts and economic self-reliance.

    Read Also; Fresh posers over deadly Ibadan blast

    To address this issue, Nigeria has championed a historic initiative alongside other member states of the African Group at the United Nations, calling for the establishment of a Framework Convention on Tax.

    This resolution is viewed as a significant step toward creating a fairer and more inclusive global tax system.

    President Tinubu expressed Nigeria’s gratitude to the countries that supported the global tax review initiative.

    “These nations’ solidarity reflects a shared commitment to rectifying the inequities of the current tax system and fostering a more just economic order” he said.

    “The Nigerian President also reaffirmed Nigeria’s dedication to South-South economic collaboration and emphasized the Action Committee on Raw Materials (ACRM) of the G-77’s critical role.

    The resuscitation of the ACRM, with an emphasis on data-driven strategies and information systems he said “is essential for improving trade terms, promoting economic self-reliance, and enhancing resilience among developing countries, he stated”.

    Furthermore, President Tinubu addressed the recent developments in the Israeli-Palestinian conflict and called for an immediate ceasefire and a peaceful resolution.

    “Nigeria aligns itself with the international community’s plea for a two-state solution, upholding the principles of sovereignty, territorial integrity, and the promotion of peace and security” he said.

  • What Blinken will discuss with Tinubu, by U.S.

    What Blinken will discuss with Tinubu, by U.S.

    United States Assistant Secretary for African Affairs Molly Phee has given an insight into what Secretary of State Anthony Blinken will discuss with President Bola Tinubu in Nigeria next week.

    Phee spoke at a teleconference.

    The Secretary is also visiting Cabo Verde, Cote d’Ivoire and Angola.

    He said the internal security challenges in Nigeria will be a major talking point between Blinken and Tinubu.

    The U.S., he said, has had a longstanding security partnership with Nigeria, which has been battered by ISIS-WA, Boko Haram and bandits.

    “We can never get away, though, from peace and security issues. So, when we are in Cote d’Ivoire, we’ll talk about the situation in the Sahel and coastal West Africa.

    “As many of you know, Nigeria is dealing with a lot of internal security challenges. And Angola has played a really important role in trying to address and reduce the tensions in the eastern Congo.

    “So those will also be topics I expect we’ll discuss,” Phee said.

    The talks in Nigeria, he said, will also include artificial intelligence, an African seat on the Security Council, and Security Council reform. 

    “So, there’s a lot to discuss, a lot of work we do together on the continent and globally, and that’s going to be the focus of the trip,” Phee said.

    He added that the visit was a follow-up to last year’s U.S Africa Leaders Summit.

    Phee said: “It’s in part a follow-up to the very successful U.S.-Africa Leaders Summit that we held in December 2022.

    “The Secretary wants to go to the continent and demonstrate and assess the follow-up that the United States has undertaken to implement the commitments and topics we discussed during the summit.

    “So, we’ll be looking at issues like our economic partnership, how are we promoting the development of commercial ties?

    “We’ll be looking at our longstanding health partnership. We’re looking at areas that really excite the Secretary, particularly in food security.

    “We’ll be, of course, sort of furbishing our diplomatic constant engagement on so many issues, not only on the continent but in the global conversation.

    “So, there’s a lot to do to show where we are, what we’ve done, and where we’re going.

    “We think this trip will hopefully be very positive. A lot of times, the news out of Africa is negative.

    “I think it can highlight the great capacity of the African people, particularly the youth.

    “It can show really forward-looking types of engagements – for example, our partnership with Angola in outer space.

    Read Also: Tinubu advocates equitable capital market access for developing countries

    “And I think it will demonstrate the advances that Africans have made that will contribute to the continued progress on the continent.”

    On the military bombing in Kaduna, Phee said: “I wouldn’t call it an attack.  The Nigerians have admitted it was an operational error that tragically killed people in Kaduna State.

    “I think the Secretary will definitely talk about that with the president.

    “The president and the leadership of Nigeria went to Kaduna State.  They acted with transparency, immediately acknowledged the horrific accident.

    “They set up a reparation process and a transparent investigation. So, they have, I think, responded to that tragedy in a constructive way that will contribute to rebuilding confidence of the Nigerian people and the security services.

    “And these issues of how to protect civilians when doing complex operations in a fraught security environment, which Nigeria is dealing with, the importance of promoting and protecting human rights, including religious freedom, and, again, sort of the best practices of accountability and transparency, are part of our ongoing dialogue with the government and with the security services.

    “We host – we are hosting this week a Nigerian delegation led by the national security adviser, and we hosted about four hours of discussions here at the State Department yesterday, and that was a running theme throughout the day.

    “So, I’m certain the Secretary will talk about it when he sees the president and the foreign minister.”

  • Tinubu advocates equitable capital market access for developing countries

    Tinubu advocates equitable capital market access for developing countries

    President Bola Tinubu has suggested provision of equitable access to capital for developing countries as a way of solving some of the most pressing challenges in the world today.

    President Tinubu who made the suggestion at the 19th Summit of Heads of State and Government of the Non-Aligned Movement at the weekend in Kampala, Uganda, explained that access to capital to countries in that category will provide them with much-needed resources for development.

    According to a statement issued yesterday  by the Director of Information in the Ministry of Budget and Economic Planning, Mrs. Folasade Boriowo, the President, however, pointed out that the developing world is not looking for sympathy or begging, but fair and equal opportunity.

    Chaired by Ugandan President Yoweri Kaguta Museveni, this year’s summit was attended by many presidents and heads of government. The Non-Aligned Movement is the largest gathering of countries, second only to the United Nations General Assembly.

    President Tinubu noted that the combined population of the 120 countries that make up the Non-Aligned Movement is over 4.4 billion or about 55% of the world’s population, yet the total financial resources available to all these countries are much less than that of some countries.

    The total budgetary resources for the 120 countries is less than $3.5 trillion, which is less than the budget of the United States alone. Whereas the aggregate public debt of less than $6.6 trillion, mostly at higher interest rates and shorter tenor, is about one-sixth of one or a few developed countries, he said.

    These startling statistics, according to the Nigerian leader, is clear evidence that the non-aligned countries suffer from a lack of access to capital and resources for development.

    “More often than not, public debt available to developing countries is far more expensive and not substantial enough to make an impact. Therefore, we wish to advocate a financing mechanism and equitable capital market access that can provide adequate financial resources to the Global South,” he said.

    Represented at the well-attended summit by the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, President Tinubu also listed the challenges facing the world currently to include climate change, conflict and wars, terrorism, and widening inequality.

    “All these are happening as we are battling to come out of the COVID-19 pandemic. It is not possible for any one nation to tackle these multidimensional challenges,” he said, stressing that this calls for greater collaboration between and among Member-States as they struggle to achieve sustainable development goals.

    According to him, the theme of the summit which is “Deepening Cooperation for Shared Global Affluence” bore relevance with respect to the current trend of wars, proliferation of small arms and light weapons, threat of use of nuclear weapons and the dangerous polarization between developed countries, similar to the era of cold war.

    “In this regard, we must recommit to the foundational principles of Non-Aligned Movement to better assure of global peace and security,” he said.

    On climate change, the Nigerian president pointed out that the developing countries were moving forward on the issue with courage and ambition.

    “Developing countries have striven in the last two decades under the United Nations Framework Convention on Climate Change (UNFCCC) process to make common but differentiated responsibilities a basic principle of global climate action.

    To move forward decisively, access to affordable climate finance and technologies is critical, he said.

    President Tinubu urged NAM to work in collaboration with the United Nations to stress the need for the developed countries to provide climate finance of $1 trillion at the earliest to fulfill their promise of $100 billion annual commitment to climate finance to developing countries.

    Read Also: Tinubu advocates equitable capital market access for developing countries

    The Nigerian leader also lent Nigeria’s voice to the Non-Aligned Movement (NAM) Member States’ common position in condemning the present wanton destruction of lives and properties in the State of Palestine, which has assumed a critical dimension.

    “Nigeria supports and reiterates call for an immediate durable and sustained humanitarian truce in that region. Many lives, including women and children, have been lost since the commencement of the crisis between the States of Israel and Palestine with so many displaced.

    “The daily increase of displaced persons and shortage of humanitarian supplies due to impeded access have greatly impacted on the people, exacerbated the humanitarian catastrophe in the region and increased civilian casualties,” he said.

    As a promoter and protector of human rights, Nigeria urged the parties in the conflict to uphold the fundamental values of international humanitarian law, which places high premium on ensuring civilians’ safety and wellbeing.

    “This should go beyond mere politics and rhetorics. Destruction of lives and properties including hospitals and religious and cultural sites is a violation of international law.

    “Nigeria therefore calls for a ceasefire and reiterates its call once again for quick de-escalation of hostilities by both sides which should help us in getting to a two-state solution. This seeming permanent cycle of violence needs to be broken,” he said.

    President Tinubu told the NAM member states that it is their responsibility to build bridges and take urgent practical actions to scale up success and lessons learned. “We must work together to tackle these challenges by touching the lives of the most vulnerable in society.”

    The President concluded, saying that the pursuit of shared prosperity for all must be at the centre stage of multilateralism.

    “Shared prosperity is the ultimate guarantee for peace. Our countries are looking for equity, not sympathy. It is justice and development that shall make freedom blossom.”

  • Nigeria’s relevance in global technological  development non-negotiable – Tinubu

    Nigeria’s relevance in global technological  development non-negotiable – Tinubu

    President Bola Tinubu has restated the federal government’s commitment to developing science and technology base of the nation to ensure its relevance in global landscape.

    Tinubu who stated this on Friday at the 19th Convocation Ceremony of Federal Polytechnic, Oko, Anambra State described technical education as critical to driving national development, particularly for a country striving for economic growth and global competitiveness.

    Represented by Director of Polytechnic Education and Allied Institutions in the Federal Ministry of Education, Dr Ejeh Usman, the President said his administration had recorded giant strides in funding of education and would not relent in such a feat.

    He urged the polytechnic and other technical institutions not to backtrack in producing skilled and entrepreneurial graduates capable of carving out a niche for themselves and be relevant to the growth of national economy.

    Read Also: Tinubu advocates equitable capital market access for developing countries

    He said, “As a nation we must ensure our relevance in the global landscape and set the stage for long term progress and prosperity. We cannot afford to lag behind in the global technological development.

    “As a government, we are aware of the role and impact of quality education with respect to science and technological development. It can never be overstated that education is the key to this. This informed government’s unwavering commitment to the educational growth of our nation.

    “There are several grants and intervention schemes which educational institutions are beneficiaries of in order to train and develop manpower, promote research and aid teaching and learning.”

    The President further enumerated several projects the Polytechnic had benefitted through TETFUND interventions, including sponsorship of staff of the institution in both local and foreign Institutions for their post-graduate programmes and attendance of workshops and conferences.

    “Government, in line with the Renewed Hope Agenda has, through the present Management provided the following infrastructural developments projects; Multipurpose Hall, ICT, School of Renewable Energy, Agricultural Technology Engineering, Chemical Engineering laboratory and Deans Complex.

    “Other projects include Food Technology Laboratory, the Male and Female hostels, the School of Environmental Design and Technology, School of General Studies , Public Administration and the School of Arts, Design and Printing Technology Buildings.”

  • ‘Tinubu’s steps on agro-product export ‘II encourage livestock, crop farmers’

    ‘Tinubu’s steps on agro-product export ‘II encourage livestock, crop farmers’

    President Bola Tinubu’s bold steps on the exportation of agricultural products to the global market will encourage both livestock and crop farmers to double their efforts in production, Donkey Dealers Association (DDA) has said.

    President of the association, Dike Ifeanyi Obinna made this known while speaking with journalists in Abuja.

    Obinna, while congratulating the new Acting Comptroller General of the Nigeria Agricultural Quarantine Service, Dr. Godwin Sunday Audu, pledged to work with him to rid the donkey value chain of smugglers.

    He offered the support of the Association in order to achieve the President’s declaration of exportation of agro-products.

    “This move will encourage both livestock and crop farmers to double their efforts in production knowing that there is a market for their products to be sold.

     “We the members of Donkey Dealers Association are so delighted that the present administration headed by President Bola Tinubu has decided to encourage agriculture and when we are talking about agriculture, we are not just talking about crop agriculture, we have livestock.

    Read Also: Tinubu advocates equitable capital market access for developing countries

     “We are also trying to encourage and support every strategy that is going to increase the exportation of agricultural products because agriculture is the bedrock of the economy.

     “Donkey being a livestock should also be encouraged for export because donkey has an economic value in the global market”, Dike said.

     He called on the Federal Government, the NAQS to bring smuggling and incessant killing of donkeys to a halt.

    He, however, appealed to President Tinubu to assist the Association with land where they can breed, ranch donkey and also develop pasture to feed the animals, this according to him will lead Nigeria into becoming the donkey hub for Africa.

    Furthermore, the Association tasked President Tinubu to take steps towards stopping donkey smugglers from sabotaging the efforts being made in improving the donkey value chain.

    He added that some Chinese smugglers and some local conspirators are killing donkeys and smuggling the products out of the country which he said may lead to the extinction of the livestock.

  • Tinubu advocates equitable capital market access for developing countries

    Tinubu advocates equitable capital market access for developing countries

    President Bola Tinubu has suggested provision of an equitable access to capital for developing countries as a way of solving some of the most pressing challenges in the world today.

    President Tinubu who made the suggestion at the 19th Summit of Heads of State and Government of the Non-Aligned Movement at the weekend in Kampala, Uganda, explained that access to capital to countries in that category will provide them with much-needed resources for development.

    According to a statement issued on Saturday by the Director of Information in the Ministry of Budget and Economic Planning, Mrs. Folasade Boriowo, the President, however, pointed out that the developing world is not looking for sympathy or begging, but fair and equal opportunity. 

    Chaired by Ugandan President Yoweri Kaguta Museveni, this year’s summit was attended by many presidents and heads of government. The Non-Aligned Movement is the largest gathering of countries, second only to the United Nations General Assembly. 

    President Tinubu noted that the combined population of the 120 countries that make up the Non-Aligned Movement is over 4.4 billion or about 55% of the world’s population, yet the total financial resources available to all these countries are much less than that of some countries.

    The total budgetary resources for the 120 countries is less than $3.5 trillion, which is less than the budget of United States alone. Whereas the aggregate public debt of less than $6.6 trillion, mostly at higher interest rates and shorter tenor, is about one-sixth of one or a few developed countries, he said.

    These startling statistics, according to the Nigerian leader, are a clear evidence that the Non-Aligned countries suffer from a lack of access to capital and resources for development.

    “More often than not, public debt available to developing countries is far more expensive and not substantial enough to make an impact. Therefore, we wish to advocate a financing mechanism and equitable capital market access that can provide adequate financial resources to the Global South,” he said.

    Represented at the well-attended summit by the Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, President Tinubu also listed the challenges facing the world currently to include climate change, conflict and wars, terrorism, and widening inequality. 

    “All these are happening as we are battling to come out of the COVID-19 pandemic. It is not possible for any one nation to tackle these multidimensional challenges,” he said, stressing that this calls for greater collaboration between and among Member-States as they struggle to achieve sustainable development goals.

    According to him, the theme of the summit which is “Deepening Cooperation for Shared Global Affluence” bore relevance with respect to the current trend of wars, proliferation of small arms and light weapons, threat of use of nuclear weapons and the dangerous polarization between developed countries, similar to the era of cold war. 

    “In this regard, we must recommit to the foundational principles of Non-Aligned Movement to better assure of global peace and security,” he said. 

    On climate change, the Nigerian president pointed out that the developing countries were moving forward on the issue with courage and ambition. 

    “Developing countries have striven in the last two decades under the United Nations Framework Convention on Climate Change (UNFCCC) process to make common but differentiated responsibilities a basic principle of global climate action.

    To move forward decisively, access to affordable climate finance and technologies is critical, he said. 

    President Tinubu urged NAM to work in collaboration with the United Nations to stress the need for the developed countries to provide climate finance of $1 trillion at the earliest to fulfill their promise of $100 billion annual commitment to climate finance to developing countries.

    The Nigerian leader also lent Nigeria’s voice to the Non-Aligned Movement (NAM) Member States’ common position in condemning the present wanton destruction of lives and properties in the State of Palestine, which has assumed a critical dimension. 

    “Nigeria supports and reiterates call for an immediate durable and sustained humanitarian truce in that region. Many lives, including women and children, have been lost since the commencement of the crisis between the States of Israel and Palestine with so many displaced. 

    “The daily increase of displaced persons and shortage of humanitarian supplies due to impeded access have greatly impacted on the people, exacerbated the humanitarian catastrophe in the region and increased civilian casualties,” he said.

    As a promoter and protector of human rights, Nigeria urged the parties in the conflict to uphold the fundamental values of international humanitarian law, which places high premium on ensuring civilians’ safety and wellbeing.

    “This should go beyond mere politics and rhetorics. Destruction of lives and properties including hospitals and religious and cultural sites is a violation of international law.  

    Read Also: President Tinubu renews appointment of NITT boss, Farah

    “Nigeria therefore calls for a ceasefire and reiterates its call once again for quick de-escalation of hostilities by both sides which should help us in getting to a two-state solution. This seeming permanent cycle of violence needs to be broken,” he said.

    President Tinubu told the NAM member states that it is their responsibility to build bridges and take urgent practical actions to scale up success and lessons learned. “We must work together to tackle these challenges by touching the lives of the most vulnerable in society.”

    The president concluded, saying that the pursuit of shared prosperity for all must be at the centre stage of multilateralism.

    “Shared prosperity is the ultimate guarantee for peace. Our countries are looking for equity, not sympathy. It is justice and development that shall make freedom blosom.”

  • Tinubu felicitates Keyamo on birthday

    Tinubu felicitates Keyamo on birthday

    President Bola Tinubu has felicitated the Minister of Aviation and Aerospace Development, Olorogun Festus Keyamo, as he marks his birthday on Sunday, January 21.

    A statement issued on Saturday, January 20, by Special Adviser to the President on Media and Publicity, Ajuri Ngelale, commended Olorogun Keyamo on his devotion to duty and passion for service.

    He said: “President Tinubu congratulates the foremost lawyer and one of Nigeria’s leading advocates of good governance and citizens’ rights on this anniversary of his birth, and commends him for being an irrepressible proponent of justice, truth, and national unity.

    “Olorogun Festus Keyamo, a protégée of the late Human Rights Advocate, Chief Gani Fawehinmi, GCON, SAN, is a Senior Advocate of Nigeria and holder of the National Honour of Commander of the Order of the Niger. He is also a Fellow of the Chartered Institute of Arbitration in the United Kingdom. On account of his advocacy for democratic ideals and human rights over the years, in 2017, he was awarded the Global Human Rights Award by the United States Global Leadership Council in Washington. 

    Read Also: President Tinubu renews appointment of NITT boss, Farah

    “The President also commends the Honourable Minister for his devotion to duty and passion for service demonstrated by his efforts to strengthen the aviation sector to consistently deliver world-class service, safety, and performance.

    “President Tinubu wishes Olorogun Keyamo good health, wisdom, and strength in the service of the nation.”

  • In eight months of Tinubu administration, Nigeria’s stock market leads the world by Bayo Onanuga

    In eight months of Tinubu administration, Nigeria’s stock market leads the world by Bayo Onanuga

    The Nigerian economy is looking good in some sectors. This is not a harebrained assessment, despite the high inflation and the unstable exchange rate of the Naira. Those who doubt this don’t need to look far, for a reality check.

    The economic boom is happening at the Nigerian Exchange, where stockholders are not only recording unprecedented capital gains but are poised to earn equally unprecedented dividends on their investments.

    The prosperity promised by President Bola Ahmed Tinubu during the campaign is becoming a reality, for millions of Nigerian investors, among whom will be the 6.6 million Nigerian shareholders of MTN, the biggest telco in the country.

    The upswing in the market began on 30 May 2023, the second day Tinubu was sworn into office. What triggered the big rally in the market was the announcement by the new President of the end of the fraudulent petrol subsidy regime. The market took notice of this bold measure, along with the President’s promise to harmonise the exchange rate. Although the latter remains a ‘work-in-progress’, it has been a bullish run in the market since then.

    The All Share Index which tracks the general market movement of all listed equities on the Nigerian exchange was 55,738.35 on 30 May 2023, a day after Tinubu was sworn in. In July it rose to 65,091. By 24 December, it reached 73,768, which as Bloomberg reported on 1 November, when the ASI first crossed the 70,000 mark, was the highest on record.

    As at the close of trading on Friday 19 January, the index leapfrogged to 94,538.12, more than 69 percent growth, since last May, creating yet another huge record.

    Market capitalisation also grew exponentially from N30.3 trillion recorded at the end of May 2023   to N51.7 trillion on 19 January 2024. This means investors have gained more than N20 trillion since Tinubu came into office.

    The record gains have made the Nigerian Stock Market the best in the world, outperforming the MSCI Emerging Markets Europe, Middle East and Africa Index.

    Not surprising, investors are bringing more and more money to the market. Last Friday alone, 844.4 million units of stocks valued at N15 billion were traded in 15,255 deals.

    The phenomenal growth of the market was fuelled by the record profits announced by many Nigerian banks and some of the manufacturers, such as Dangote Cement, Bua Cement, Lafarge Africa, formerly known as WAPCO.

    The banks were the first to rally the market into a frenzy, beginning from their second quarter reports, when they reported huge gains from their forex dealings. Zenith announced earnings per share in H1 at N9.29 from N3.55 in the same period of 2022. UBA’s earnings per share stood at N10.95 in H1 2023 from N1.98 per share in the same period of 2022.

    The positive Q3 reports also threw the market into more frenzy as banks announced further increases in profits. Investors, in response, lapped up the shares of the banks, sending the prices higher.

    UBA Plc which at the beginning of 2023 was trading at about N8 has seen the biggest jump in its stock price. By last Friday, it traded for N32. Access Bank which started the year at about N11-N12, has soared to N29. Zenith and GTCO are now trading in the N40s, from about N24-25 in January 2023. First Bank, FCMB, Fidelity, Sterling, Wema, Stanbic have all experienced an upswing in prices.

    Dangote Cement, Bua Cement and Bua Foods, Flour Mills of Nigeria, Okomu Oil, Presco, Transcorp, NAHCO, and WAPCO have similarly experienced some boom. Dangote on Friday, sold for N538, adding N48.9 to its weight, from its previous close of N489.9. WAPCO, otherwise known as Lafarge Africa traded at N31 in December. On 19 January, it traded for N47.

    The rise in stock prices is being propelled by investors who are taking positions, according to EDC Securities Research, ‘in fundamentally driven stocks as we approach the earnings season”.   The expectations and sentiments out there among the investors are that some dividend windfall is on the way.

    The prosperity promised by the Tinubu administration may not be felt by all our 200 million people simultaneously. But it will not be far away as the government confronts the low inflow of forex into the economy, the fundamental reason the exchange rate has gone bonkers and prices of imported and locally produced goods have increased.

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    President Tinubu and his cabinet expressed concern about the rising costs of pharmaceutical products at the last Federal Executive Council meeting. His government is poised to implement a series of measures to assist local drug manufacturers so that they lower the costs.

    To address the low forex inflow, Nigeria is discussing as much as $1.5 billion of World Bank funding support for the budget, Finance Minister Wale Edun said in a Bloomberg Television interview. The country is also looking forward to the fulfilment of the pledge by Saudi Arabia to invest billions of dollars in our economy.

    NNPC Limited in the coming weeks will continue to be under pressure to bring in more dollars into the country’s foreign reserve to boost dollar availability and overturn bleak predictions for the national currency in 2024.

    -Onanuga is the special adviser on Information and Strategy to President Bola Tinubu.