VP SHETTIMA TO REPRESENT PRESIDENT TINUBU AT G77+CHINA LEADERS’ SUMMIT IN HAVANA, CUBA
The Vice President, Sen. @KashimSM will depart Abuja today to represent President Bola Tinubu at the G77+China Leaders’ Summit in Havana, Cuba from 15th to 17th September, 2023.
He will be joining other world leaders, including the United Nations Secretary-General, Antonio Gutteres at the Summit to deliberate on development issues facing members mostly from the global south. The Summit will equally explore proactive ways of addressing challenges facing the development of the member-states leveraging science, technology and innovation to enhance socio-economic growth.
Also, Vice President @KashimSM will on the sidelines of the Summit hold bilateral meetings with other world leaders to promote Nigeria’s trade and investment relations in line with the economic development diplomacy of the Tinubu administration.
The Havana Summit is being hosted by the President of the Republic of Cuba, Miguel Díaz-Canel in his capacity as Chairman of the G77 and China, under the theme: “Current Development Challenges: The Role of Science, Technology and Innovation.”
Nigeria is a founding member of the G77 group which was established in 1964 by seventy-seven developing countries. The group - a coalition of 134 developing countries with 80% of world population, aims to promote its members' collective economic interests and create an enhanced joint negotiating capacity in the United Nations.
The Vice President is accompanied on the trip by the Minister of Agriculture and Rural Development, Abubakar Kyari; Minister of Innovation, Science and Technology, Uche Nnaji, and the Permanent Secretary, Ministry of Foreign Affairs, Amb. Adamu Lamuwa, amongst others.
Olusola Abiola Director Information Office of the Vice President 12th September, 2023
President Bola Tinubu has directed the immediate payment of insurance entitlements owed families of officers and soldiers who died while fighting to defend the nation.
The Chief of Army Staff (COAS), Lt.-Gen. Taoreed Lagbaja, made this known at the opening of the combined second and third quarters COAS conference, on Tuesday in Abuja.
I extend my heartfelt condolences to King Mohammed VI of #Morocco following Saturday's devastating earthquake in his homeland, which claimed many lives.
I commiserate with all families who lost loved ones and all those otherwise affected by this tragedy, while wishing a full and swift recovery to those who were injured.
I assure the government and people of Morocco that the heartfelt prayers and thoughts of Nigerians are with them during this difficult moment of tragedy.
In the face of this adversity, Nigeria will continue to stand in solidarity with Morocco as they recover, rebuild, and come out stronger than ever from this unfortunate event.
President Tinubu has already secured $14billion commitment and still counting from India business leaders in Foreign Direct Investments on the back of the G20 summit.
By Temitope Ajayi, Senior Special Assistant to President Tinubu On Media and Publicity
Unlocking Global Opportunities - SCIONY And IP RADIO Announce Collaboration To Commonly Support Innovation In Nigeria
SCIONY And IP RADIO Announce Collaboration To Amplify Nigeria's Innovation Ecosystem, Encouraging Cross-Sector Collaboration And Driving Economic Growth I am confident that our partnership between Sciony and IP Radio will leverage both of our efforts to support, guide, and elevate the innovation and startup communities in Nigeria.” — Nosakhare Uwadiae, Founder of IP Radio
LONDON, UNITED KINGDOM, September 4, 2023/EINPresswire.com/ -- SCIONY®, the first of its kind "idea-commercialisation-and-innovation-ecosystem" tech solutions company and IP RADIO™, Nigeria's premier online radio station focused on Intellectual Property rights, announced today their collaboration to jointly help more inventors and entrepreneurs to successfully commercialise their ideas and Intellectual Property (IP) in Nigeria.
This partnership unlocks a realm of shared benefits, enhancing reach, expertise, and collaboration potential while leveraging both companies' support of Nigeria's innovators. With the mutual goal of fostering entrepreneurship and Intellectual Property, this collaboration provides a platform for Nigerian innovators to connect, develop business ideas, and access resources while safeguarding inventor's Intellectual Property. It intends to strengthen the nation's innovation ecosystem, encourage innovation collaboration, and drive economic growth, propelling Nigeria's innovation landscape to new heights.
Georg Roth, SCIONY's Director affirmed, “We at SCIONY are dedicated to democratising innovation. Our expanding user base of innovators underscores our ability to transform idea and IP commercialisation while shielding inventors' IP. SCIONY's features revolutionise start-up support, connecting inventive ideas, funding, and expertise. This technology empowers all, newcomers and professionals alike, to revolutionise collaboration, fast-tracking idea-to-market journeys while protecting Intellectual Property and fostering local and global innovation”.
"I've experienced that the lack of knowledge about what is needed to successfully commercialise ideas, the lack of expertise, insufficient advice by non-qualified experts and the informal networking within the innovation space are sources of stress and frustration for many innovators. I believe that millions of inventors can benefit from the cooperation between SCIONY and IP RADIO and their easy-to-understand idea and IP commercialisation support, encouraging everyday inventors and entrepreneurs to start-up, protect their inventions and confidently get their ideas and IP to market when ready", says Georg Roth.
“Platforms like IP RADIO and SCIONY are enabling innovators and everybody with great business ideas to protect and to commercialise their ideas, inventions and Intellectual Property in a safe and easy way”, said Nosakhare Uwadiae, Founder of IP RADIO. “I'm truly impressed by SCIONY's streamlined support of the innovator community. I firmly believe that our collaboration will enhance our joint mission to empower, mentor, and elevate the innovation and start-up ecosystems in Nigeria.”
The collaboration between SCIONY and IP RADIO marks a milestone in Nigeria's innovation journey. By amplifying the support, resources, and protection available to innovators, this partnership is set to redefine how ideas are nurtured, developed, and protected in the Nigerian innovation landscape.
...As Reno Omokri Publishes CSU's Letter Affirming Tinubu's Studentship
Controversy has continued to trail the news making the round on whether or not Labour Party's presidential candidate, Mr Peter Obi allegedly funded the funeral of the late father of Arise TV's journalist, Mr Rufai Oseni.
In the news making the rounds, Number one bestselling author and former aide to ex president Goodluck Jonathan, Pastor Reno Omokri, had asked the former Anambra State Governor to come clean on whether or not he gave monies to Mr Rufai Oseni during the letter's father's funeral, a move Reno said has influenced the journalist into making political comments and analysis in favour of Obi.
Pastor Omokri, in one of the tweets, called on Mr Obi to publicly deny ever inducing Mr Oseni financially.
He asked Obi if he did sponsor Oseni's late father's funeral or not. "I asked a question that Mr. Peter Obi has NOT answered and has tried to use semantics to dodge.
"My question is this: Did Peter Obi fund the funeral of Mr Rufai Oseni's father by giving him money in cash or via electronic means, either directly or through a third party, and has that influenced Mr. Oseni's open bias in favour of Peter Obi, whereby Mr. Oseni used the AriseTV platform as a medium to campaign for and launder the image of Mr Peter Obi, and his undisguised personal animosity towards me for my refusal to support Mr Peter Obi's Presidential ambition," asked Omokri"
But in his response to Pastor Omokri's questions, Mr Peter Obi denied the allegations.
According to Obi, "... I have recently been mentioned to have bribed Mr. Rufai Oseni by financially sponsoring the burial of his father.
"I have never and will never monetarily induce any journalist to speak or write in my favour. When I am invited to birthday celebrations or funerals, people know that I do attend. Countless journalists, media personnel, the less privileged, the wealthy etc.,have all invited me to their occasions, and they will attest to the fact that I honour such invitations, especially when people are grieving. I have never been to Rufai's village. Even at the point of writing this, I do not know where he is from."
But, in further tweets, Pastor Omokri said the presidential candidate did not answer his questions. He said Mr Obi, in that response, only tried to use sophistry to dodge answering the real questions.
The former presidential aide therefore threw the questions again at Mr Obi, asking thus: "Look, I have a Masters in Law and am not moved by empty sophistry. I asked a question that Mr. Peter Obi has NOT answered and has tried to use semantics to dodge.
"My question is this: Did Peter Obi fund the funeral of Mr Rufai Oseni's father by giving him money in cash or via electronic means, either directly or through a third party, and has that influenced Mr. Oseni's open bias in favour of Peter Obi, whereby Mr. Oseni used the AriseTV platform as a medium to campaign for and launder the image of Mr Peter Obi, and his undisguised personal animosity towards me for my refusal to support Mr Peter Obi's Presidential ambition? Yes or no."
He also asked saying, "Mr. Peter Obi, you did not respond to that question. You said you did not "bribe" Mr Rufai Oseni. However, that is not what I asked. Did you or did you not give money, either directly or indirectly, to Mr Rufai Oseni? Yes or no? Simple," asked Omokri.
Similarly, Omokri, in other tweets, accused Arise TV's Rufai Oseni of threatening to kill him in a recorded audio and also lying to Nigerians that he (Mr Oseni) obtained a subpoena From Chicago State University (CSU) denying Tinubu's Studentship at the institution.
In a social media challenge he tagged #PublishTheSubpoena, the number one bestselling author called on the journalist to publish the said subpoena on Tinubu.
Pastor Omokri also said that Tinubu actually graduated from the University just like documents from the institution, which he has also published on his handle, confirmed.
His statement reads thus: "This is now the fifth day of my challenge to Rufai Oseni to publish the subpoena upon which he said that Chicago State University denied Bola Tinubu's academic credentials on Tuesday, November 22, 2022.
"Rufai Oseni also challenged me to publish the document I was given by @ChicagoState University, which I did.
"I also published their phone number (+1 (773) 995-2517) and their email address (CSU-Registrar@csu.edu), urging anyone who doubted the genuineness of the document and the veracity of what it contains to contact Chicago State University directly.
"Now, I call on all Nigerians who want to know the truth about whether or not President Bola Tinubu attended Chicago State University to call on Rufai Oseni to #PublishTheSubpoena."
I mostly use private healthcare facilities when the need arises even though my first child was delivered at public facility (safe and sound).
As a result of a knee injury I sustained recently, I decided to use the National Orthopaedic Hospital in Kano.
I went to the hospital early and processed necessary payments. In under 4 hours, I was able to do some tests, an X-ray scan, and saw a doctor who has more than 2 decades of experience. My conversation with the doctor confirmed my earlier assumption of his experience and wealth of knowledge (in both medicine and religion).
I paid a meager N650 for consultation and also a subsidized fee for the X-ray scan and test.
Nigeria happened to me. If you were expecting a sad story, that's on you.
Williams Clowes, the Bloomberg hitman on Nigeria, feels that his only journalistic obligation is to dredge up negative stories about Nigeria and Africa.
In his latest drivel on Nigeria, he described Abuja Metro, the light rail line from Idu Train Station to the city centre that connects Nnamdi Azikwe International Airport, as a 'public transit project to nowhere' just because the metro stopped commercial run after initial launch.
A rail line connecting the city centre to the international airport cannot, even to a shallow mind, be labelled as one leading to 'nowhere.' Clowes' mind is not just shallow, but dim and perverse as well.
What will Mr. Clowes write about California high-speed rail project where a single mile of track has not been laid in 15 years after $9.8billion was spent by the California High Speed Rail Authority? We can only imagine what the Clowes of this world would have written if an African government had spent just $1billion on a failed project like the California high-speed rail.
The high-speed rail designed to connect Los Angeles to Central Valley and then San Francisco in two and half hours was abandoned by the State of California after cost overrun and US Federal Government funding.
Reductionist reporters like Mr. Clowes have made it a habit to always negatively slant every single report on Nigeria and Africa while they turn blind eyes to the worse situations in their backyard. His agenda-driven journalism is obvious to those with interest in balance and fairness.
-Ajayi is the Senior Special Assistant on Media & Publicity to the President of Nigeria
After a thorough review of President Bola Tinubu’s Renew Hope Agenda and steps already taken to address Nigerians’ yearnings, the President, the National Union of Road Transport Workers (NURTW), Tajudeen Baruwa, has disclosed the union’s readiness to support the administration towards actualizing its economic policies and programmes already outlined for implementation within the next four years.
Baruwa said that NURTW members would be working closely with the president through the transportation sector to ensure the country’s economy becomes better and address Nigerians’ concerns irrespective of the location they may be.
He noted that the union would be ensuring commuters and their goods arrive at their desired destination safely without subjecting them to any delay, saying this will further assist the Federal Government in its economic recovery.
Baruwa gave the assurance after he was sworn in alongside other executive members of the union during the 10th National Quadrennial delegate conference of NURTW held in Nasarawa State
According to him, the Conference in-session after critically assessing President Tinubu’s Administration, though less than three months in office, expressed satisfaction with the steps taken so far towards revamping the economy of the country for the overall benefit of the people. “Due to this, we expressed our total support to his administration’s policies and programs with the belief that if transparently implemented, it will definitely reduce the hardship been encountered by the masses”, he added.
Meanwhile, he commended the Nasarawa State Governor, Abdullahi Sule, for his labour-friendliness disposition particularly the NURTW, which the administration aided with the provision of a conducive atmosphere to operate and hold its conference without encountering any hitches.
Under his leadership, the NURTW president promised that the union would continue to strengthen cooperation with the Nigerian Police Force especially the Inspector General of Police, to ensure law and order were often adhered to across parks and garages in the country.
Aside from the police, he disclosed that other stakeholders would also be parleyed to ensure the country’s transportation sector becomes better.
The Federation Account Allocation Committee (FAAC) has shared the sum of N966.110 billion July Federation Account Revenue to the Federal Government, States and Local Councils
This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting , in Abuja, Tuesday.
The meeting was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The N966.110 billion total distributable revenue comprised statutory revenue of N397.419 billion, Value Added Tax (VAT) revenue of N271.947 billion, Electronic Money Transfer Levy (EMTL) revenue of N12.840 billion and Exchange Difference revenue of N283.904 billion.
Cost of collection was allocated N62.419 billion, while deductions for savings, transfers, refunds and tax credit cancellation stood at N717.962 billion.
The balance in the Excess Crude Account (ECA) was put at $473,754.57
According to the communiqué, from the total distributable revenue of N966.110 billion; the Federal Government received N374.485 billion, the State Governments received N310.670 billion and the Local Government Councils received N229.409 billion.
The sum of N51.545 billion was shared to the oil producing states as 13% derivation revenue.
Gross statutory revenue of N1. 150 trillion was received for the month of July.
That figure was lower than the N1. 152 trillion received in the month of June by N2.497 billion.
From the N397.419 billion distributable statutory revenue, the Federal Government received N190.489 billion, the State Governments received N96.619 billion and the Local Government Councils received N74.489 billion.
The sum of N35.822 billion was shared to the relevant States as 13% derivation revenue.
For the month of July, the gross revenue available from the Value Added Tax (VAT) was N298.789 billion. This was higher than the N293.411 billion available in the month of June 2023 by N5.378 billion.
The Federal Government received N40.792 billion, the State Governments received N135.974 billion and the Local Government Councils received N95.181 billion from the N271.947 billion distributable Value Added Tax (VAT) revenue.
The N12.840 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N1.926 billion, the State Governments received N6.420 billion and the Local Government Councils received N4.494 billion.
From the N283.904 billion Exchange Difference revenue, the Federal Government received N141.278 billion, the State Governments received N71.658 billion, the Local Government Councils received N55.245 billion and the sum of N15.723 billion was shared to the relevant States as 13 percent mineral revenue.
The communiqué indicated that in the month of July, Import and Excise Duties and Electronic Money Transfer Levy (EMTL) increased considerably while Value Added Tax (VAT) increased marginally.
It added that Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and Oil and Gas Royalties recorded significant decreases.
Minister of Women Affairs, Uju Kennedy Meets with Staff, Inspects Properties and Pays Medical Bills of Indigent Women and Children at the National Hospital
The newly inaugurated Minister of Women Affairs, Barrister Uju Kennedy yesterday embarked on a series of impactful engagements demonstrating her dedication to the empowerment and well-being of women and children across Nigeria.
The Minister after her inauguration, had a productive meeting at the Ministry of Women Affairs headquarters with key members of staff to discuss strategic priorities and action plans aimed at advancing gender equality and the welfare of women in various sectors.
Following the meeting, Minister Kennedy addressed the press in a candid press conference, highlighting the Ministry’s commitment to fostering an inclusive society where women’s rights and opportunities are safeguarded and promoted. She emphasized the importance of collaboration among stakeholders to achieve tangible results in women’s development.
Continuing her day of activities, Barrister Uju Kennedy visited several properties under the jurisdiction of the Ministry, including the Women Development Center. During this inspection, she interacted with beneficiaries of the center’s programs, gaining firsthand insights into their experiences and needs.
Underlining her dedication to improving the lives of the less privileged, Barrister Uju then proceeded to the National Hospital, where she personally undertook the responsibility of paying the medical bills of indigent women and children. This compassionate gesture aligns with her commitment to ensuring that all citizens, regardless of their socioeconomic status, have access to quality healthcare services.
Minister Uju Kennedy’s dynamic approach to her role as the Minister of Women Affairs reflects her unwavering commitment to effecting positive change in the lives of women and children. Her actions yesterday underscore her commitment to women’s empowerment, healthcare accessibility, and social inclusivity.
Igbo investors have been advised to emulate the concept of Maduka University, Ekwegbe-Nsukka in Enugu State to develop Igbo land.
Dr Dele Maxwell Ugwuanyi stated this on Wednesday during a radio programme in Enugu, which was monitored by our correspondent.
Maduka University is an entrepreneurial-based university founded by business mogul Chief Samuel Maduka Onyishi, chairman, Peace Group.
Dr Ugwuanyi said, “Maduka University will benefit the people of the South East primarily. It is a magnificent investment that will outlive the owner. It will create jobs, generate ideas for transformation, and also empower many people who will do petty businesses there. It is also a research centre. It is the first private university in the South East with the capacity of Harvard, Oxford universities.
“You can only find such in South-West Nigeria because they understand how to develop their homes. Afe Babalola University and Adeleke universities are examples. They are world-class. I know that Ekiti government built roads leading to Afe Babalola University just to encourage the venture. Can we say the same in South East?”
A development researcher, Dr Chukwuma Okoli, who spoke at the event, tasked states in the South East to encourage local investors through favourable policies and building of infrastructure.
In his words, “Our people should think towards establishing businesses that will outlive them. They should bring in investors probably as shareholders to sustain such businesses forever. With the support of the government, such ventures will have huge multiplier effects.
“It is a pity that South-East states, except Anambra, were very low rated in the 2023 Ease of Doing Business ratings. Governments should do well by thinking towards encouraging the private sector if they want to make the ‘aku ruo uno’ dreams of Ndigbo realistic.”
Nigerian President, Bola Ahmed Tinubu has join recently launched social media, Threads.
The thread which is owned by Mark Zuckerberg's instagram was launched earlier today and the president has joined with his personal handle. He also posted his first message below
The Nigerian Stock Exchange (NGX) All-Share Index appreciated by 18.9% to close at 60,108.86 index points in the first half of 2023.
This is the highest point since over 15 years ago when it rose to as high as 63,016.6 Analysts attributed the rally to the policies of the new administration of President Bola Tinubu, the harmonization of different exchange rates, and the floating of the naira.
Equity trading on the Nigerian Exchange Limited (NGX) concluded the first half of the year on a positive note, with the NGX All-Share Index gaining 18.9% and closing at 60,968.27 index points.
This marks a significant milestone for the index, reaching its highest level in 15 years since March 5, 2008, when it stood at 66,381.20 points.
The month of June saw the All-Share Index rise by 9.32%, breaking a four-year streak of losses for stocks during this month. It also represents the best monthly performance for the stock market in approximately two and a half years.
Stocks rally on positive sentiments
Despite concerns such as rising inflation, interest rate hikes, and apprehension surrounding the fallout of the 2023 general elections, investor confidence remained strong, leading to increased buying activity.
The positive sentiment among investors can be attributed to several factors, including the peaceful transition to power following the 2023 elections, favorable policies introduced by President Bola Tinubu’s new administration such as the removal of fuel subsidies, streamlining of exchange rates, and the floating of the naira.
Investors responded to the changes in Nigeria’s foreign exchange operational framework and also viewed President Bola Tinubu’s decision to suspend Central Bank Governor Godwin Emefiele, who had implemented restrictive policies affecting their profits, in a favorable light.
Market performance
Available statistics to the Nairametrics showed that the All-Share Index, which is the broad index that measures the performance of Nigerian stocks, opened the trading quarter at 51,251.06 index points at the beginning of trading in January 2023 and closed at 60,968.27 points at the end of the half-year on June 30, gaining 9,717.21 basis points or 18.9%.
Further analysis revealed that activities on the Nigerian Exchange Limited (NGX) which opened the trading year at N27.915 trillion in market capitalization at the beginning of trading, closed the quarter at N33,197 trillion, hence has earned a year-to-date gain of about N5.282 trillion or 18.9%.
Market analysts believed the renewed sentiment in the local bourse market had also grown following crave to increase capital gains on the back of low prices of stocks owing to upset in the financial market arising from unstable policies and build-up to the 2023 general elections.
Fundamental shift
The Managing Director, of Arthur Steven Asset Management Limited, Mr. Olatunde Amolegbe in a chat with Nairametrics said that a Demographic shift has happened in the NGX in the last few years.
“We now have more local institutions and retail investors in the market than foreign portfolio investors. The reverse used to be the case, this shift has naturally reduced volatility in stock prices as the locals are likely to have more faith in the local market than foreigners. That’s why you see the NGX ASI continuing to rise despite all the uncertainties in the environment.”
Amolegbe further said that the expectation that the policies will encourage the inflow of foreign investment is the primary trigger that is causing the stock market rally.
“The second trigger will include the fact that some of these policies will lead to a short-term increase in inflation level and typically stock prices tend to rise along with inflation,” he said.
He explained that the other driver might also be the fact that we are moving toward the end of the first half of the year, and this normally led to portfolio rebalancing by fund and asset managers,
“They rebalance their portfolio every quarter and every half year and this normally results in the stock rally,” he said.
Emergence of Tinubu
The Managing Director, of Crane Securities Limited, Mr Mike Eze said the result of the election which brought President Bola Tinubu stabilized the market.
“At the beginning of the year, there was so much tension and anxiety because of the election. When the election was over, investors saw that the tension did not lead to what was expected, it brought stability to the market.
And once the market is stable, it leads to a rally which means there is adequate demand for stocks in the capital market. So, one of the major reasons that led to stocks’ rally in half a year was the election that led to the emergence of Bola Tinubu as president of Nigeria,” he said.
He noted that policies that are market friendly introduced by the new president such as harmonization of the different exchange rates, the shake-up in the apex bank which trickle down to the money deposit bank, and the floating of the naira were major drivers for the rally.
Eze added that the removal of fuel subsidies further made the country attractive to foreign investors and high-net-worth local investors.
He noted that many investors are rebalancing their portfolios in readiness for half-year results that will hit the market any moment from now.
“Most quoted companies, particularly from the banking sector, have done relatively well and so the expectation is that there will be a sumptuous return on investment. They are repositioning and re-investing in other sections of the market and by so doing it led to diverse action which led to the rally that we are witnessing this half year,” he said.
Earning season
Mr. David Adonri, Executive Vice Chairman, of Hicap Securities Limited also in a chat with Nairametrics said that investors were in the earning season and that what investors will get from dividends is one of the factors that drove the demand for shares in the market during the half year.
He noted that the equities market is defying current political uncertainties because investors are futuristic that the prospect for a yield environment is bright.
“Most companies, especially banks, released their 2022 full-year results during the first quarter. The market normally sustains positive sentiment during the earning season. However, the season was within the period of an election, but I think the craving for dividends overshadowed what would have been the impact of the elections,” he said.
Enugu state Police Command has denied the viral video clip and media report that Enugu-Ugwogo road is not safe, that hoodlums kidnapped three persons on Friday.
Police public relations officer, Enugu Police Command, DSP Dan Ndukwe in a statement on Saturday, described the report as untrue and misleading.
The statement read:
Enugu State Police Command is in receipt of a viral video clip depicting gunshots and people running in a forest, with the accompanying message that “Enugu-Ugwogo is not safe now… Yesterday, hoodlums kidnapped three times yesterday. The first was by 12pm, 2pm and 6pm.” This was similarly published in some news blogs and webpages with the title: “kidnappers conduct marathon operations at Nsukka-Ugwogo-Nike-Enugu Road”.
“The Command, therefore, wishes to state categorically that the video, with the accompanying message and the news publications, are not only untrue, but highly unfounded and misleading.
“This is because there was no such serial or repeated incident of kidnapping on the same day as reported, or shooting and chaotic incident as relayed in the video, at the mentioned location or any other part of the State.
“As a matter of fact, forensic analysis of the video indicates that it did not happen anywhere in the country, let alone Enugu State. In the same vein, the Command sees the unverified and unfounded report of repeated kidnapping incidents on the same day, as a misleading and mischievous act of misinformation, aimed at creating panic in the State.
“Nonetheless, the Command, while acknowledging the recent reoccurrence of acts of abduction/kidnapping at some locations of the said road, wishes to clearly state that sensationalizing and blowing the situation out of proportion, as intended by peddlers of the video clip and the publication, will never be in the best interest of the security and safety of the State and her people.
“Consequently, the Commissioner of Police, CP Ahmed Ammani, fdc has ordered the massive deployment of the Command’s policing resources to the said location and other of such locations, to sustain onslaught against criminal elements.
” He reiterates the unwavering commitment of the Command to contain such acts of crime and criminality in the State and to bring their perpetrators to book.
“The CP, therefore, enjoins citizens of the State, especially those of locations where acts of abduction/kidnapping and other criminality are perpetrated, to assist the Command with credible information and intelligence required to tackle the situations headlong. This they can do by reporting at the nearest Police Station or by calling the Command’s emergency hotlines on: 08032003702, 08075380883, 08086671202 or 08098880172, or send email to infoenugupolice@gmail.com, Nduka said
During his inauguration speech, the president of the federal republic of Nigeria, Asiwaju Bola Ahmed Tinubu announced that the subsidy regime has come to an end. It got the whole nation fired up – queues returned to filling stations across the country, public affairs analysts and economists went on tirades about whether it was the right or wrong thing to do at that specific time.
Some have claimed that the path towards subsidy removal requires careful planning, effective communication, and collaboration among stakeholders. It is crucial for the government to address public concerns, provide support for vulnerable population, and promote renewable energy adoption.
The journey towards Nigerian fuel subsidy removal, although announced by the president didn’t start from him. That is common knowledge by now.
As the president announced, petrol subsidy is gone. Adjusting to the new normal is crucial. It is important to note that the process of subsidy removal will be accompanied by measures to mitigate the impact on the most vulnerable segments of society. These will take the form of targeted cash transfers, investment in social welfare programs, and the promotion of renewable energy that can help alleviate the burden and create a more equitable transition.
Such moves are already underway; the enhancement of the local refining capacity will reduce reliance on imported petroleum products and mitigate the impact of fluctuating global oil prices. By investing in the modernization and expansion of domestic refineries, the country can enhance its self-sufficiency in meeting fuel demands and reduce the need for subsidies. The Dangote refinery is an important stopgap in this regard.
The government will be ramping up efforts in investment into social welfare programs.
Enhancing social welfare programs, such as healthcare, education, and poverty alleviation initiatives, can help improve the overall well-being of the population. By re-allocating funds that would have been previously allocated to fuel subsidies, the government can invest in these programs to provide essential services and support. These services will help to cater to the most vulnerable in the society.
There will also be investment in alternative and renewable energy such as solar and wind power, reduce dependence on fossil fuels and mitigate the impact of fuel subsidy removal. By promoting clean energy solutions, Nigeria can diversify its energy mix, create jobs in the renewable energy sector, and contribute to a greener and more sustainable future.
In the same vein, promoting and developing efficient and affordable public transportation systems can help alleviate the burden on individual commuters. By investing in public transportation infrastructure and improving the quality and accessibility of services, the government can encourage people to rely less on private vehicles, reducing fuel consumption and easing the impact of subsidy removal.
In conclusion, the Nigerian fuel subsidy removal case is complex and multifaceted. While the subsidy has aimed to provide affordable fuel for the population, its sustainability and economic implications cannot be ignored. By removing the subsidy and implementing alternative measures, Nigeria can free up resources for critical sectors, reduce corruption, promote market efficiency, and drive sustainable economic growth. By doing so, the country can embark on a journey towards a more resilient, sustainable, and prosperous future.
The case for subsidy removal is a serious and considerate one. This is undoubtedly challenging, but it presents an opportunity for the country to address long-standing issues, foster economic growth, and promote sustainable development. By implementing effective policies, embracing alternative energy sources, and engaging with the public, Nigeria can pave the way for a more prosperous and sustainable future.
-Fadoju, a public affairs analyst wrote from Lagos
Nigerian banking sector investors gained N544.807 billion as the stock market closed the trading week on a positive note, with the banking sector index emerging as the best-performing index. The gains in the banking sector were driven by changes in Nigeria’s foreign exchange operational framework and the suspension of Central Bank Governor Godwin Emefiele, whose restrictive policies affected bank earnings.
President Bola Tinubu also announced a list of technocrats as special advisers for his economic team, further shaping investor sentiment.
Investors in Nigeria’s banking sector raked in a whopping N544.807 billion in gains from banks listed on the Nigerian Exchange Limited (NGX) as the local bourse closed the trading week positive.
The banking sector index gained 12.59% to emerge as the best-performing index at the close of trading.
Investors were reacting to the changes in Nigeria’s foreign exchange operational framework and President Bola Tinubu’s suspension of Central Bank Governor, Godwin Emefiele, who oversaw restrictive policies that cramped their earnings.
The president also announced a list of technocrats as special advisers for his economic team.
Market performance Available statistics to Nairametrics showed that the NGX All-Share Index and Market Capitalization appreciated by 5.49% to close the week at 59,000.96 and N32.126 trillion respectively.
Similarly, all other indices finished higher except NGX Industrial Goods and NGX Growth which depreciated by 1.63% and 1.07% respectively while the NGX ASeM index closed flat.
Banking index The banking index which measures the performance of the banks quoted on the floor of the Nigerian Exchange however appreciated by 12.59% or 66.21 basis points to close at 592.14 points from 525.93 points it closed the previous week.
Nairametrics analysed how the share prices of fourteen banks quoted on the floor of the Nigerian Exchange Group performed during the week. Notable among the banks are Zenith Bank Plc, Access Holdings Plc, FBNH Plc, UBA Plc, GTCO Plc, Stanbic IBTC Holdings Plc, and ETI Plc.
Others are Fidelity Bank Plc, Jaiz Bank Plc, Sterling Bank Plc, Union Bank Plc, Unity Bank Plc, Wema Bank Plc, and FCMB Group Plc.
Data obtained from the NGX showed that the stocks of the banks recorded a combined gain of N544.807 billion in market value during the week under review.
Note that aside from the shares of Union Bank Plc, whose share price closed flat, all other banks recorded an appreciation in market value following positive sentiment on the part of investors excited by the new reforms.
Further checks revealed that banks such as Zenith Bank, Stanbic IBTC, GTCO, Fidelity Bank, and ETI topped the list of gainers during the week.
These banks collectively recorded a gain of N373.810 billion in market capitalisation, accounting for about 68.61% of the combined gain of all the banks.
1. ETI – N51.379 billion ETI Plc enjoyed a profitable week in its equity performances. The Bank recorded a gain of N51.379 billion in market capitalization during the week from N231.204 billion the previous week to close at N282.583 billion on Friday. Its share price grew to N15.40 per share from N12.60 it recorded the previous week, representing an increase of 22%.
ETI closed its last trading on Friday at N15.40 per share on the Nigerian Stock Exchange (NGX), recording a 1% gain over its previous closing price of N15.25. Ecobank began the year with a share price of N10.60 and has gained 45.3% on price valuation.
2.FBNH-N61.021 billion FBNH recorded a gain of N61.021 billion in market value from N506.123 billion it opened the week’s trading to N567.145 at the end of trading on Friday, representing a growth of 12.06%.
The share price equally grew by 12.06% to close at N15.80 per share compared to 14.10 as of the previous week.
FBNH ended its trading session at the weekend at N15.80 per share, recording a 1.9% drop from its previous closing price of N16.10. The group began the year with a share price of N10.90 and has gained 45% on price valuation.
3. GTCO- N76.521 billion GTCO Plc closed the week with a gain of N76.521 billion in market capitalization, from N824.073 billion the previous week to close at N900.594 billion, accounting for 9.28%.
The share price gained 9.28% to close at N30.60 per share from N28.00 recorded as of the previous week.
GTCO closed its last trading session at N30.60 per share recording a 3.9% drop from its previous closing price of N31.85. Guaranty Trust Holding began the year with a share price of N23.00 and recorded 33% on that price valuation.
4. Stanbic IBTC-N90.698 billion Stanbic IBTC Plc also enjoyed a profitable week in its equity performance. The group recorded a growth in market capitalization of N90.698 billion to close at N673.763 billion at the close of the week’s trading, from N583.064 billion the previous week.
Stanbic IBTC’s share price appreciated by 15.55% to close the year at N52.00 per share from N45.00 recorded a week after.
Stanbic finished the last trading day of the week at N52.00 per share, posting a 3.7% drop from its previous closing price of N54.00. Stanbic IBTC began the year with a share price of N33.45 and has since achieved 55.5% on the price valuation.
5. Zenith Bank- N94.189 billion Zenith Bank Plc closed the week with a gain of N94.189 billion in market value, from N879.101 billion the previous week to close at N973.291 billion on Friday.
The share price recorded a gain of 10.71% to close at N31.00 per share from N28.00 recorded as of the previous week.
Zenith Bank closed at N31.00 per share on the Nigerian Stock Exchange (NGX), recording a 3.3% drop from its previous closing price of N32.05. Zenith began the year with a share price of N24.00 and has since gained 29.2% on the price valuation.
Others include Access Holdings- N43.431 billion UBA- N39.329 billion Fidelity Bank- N33.900 billion Sterling Bank- N19.289 billion Jaiz Bank-N14.161 billion Wema Bank – N9.257 billion FCMB – N8.119 billion Unity Bank- N3.506 Union Bank – Flat
What financial analysts are saying The former President of the Chartered Institute of Brokers (CIS) and the Managing Director of Arthur Steven Asset Management Limited, Mr Olatunde Amolegbe, said the main driver of the Nigerian Banks’ stock appreciation was the beginning of the cleanup programme by the president at the CBN.
He noted that market operators now expect that the reforms in the monetary and forex policy will lead to an inflow of foreign portfolio investment in the market.
“The changes at the CBN will lead to changes in the monetary and forex policies which is expected to increase foreign participation in the market.
“Recall that the previous policies of the CBN had hitherto led to a sharp drop in participation by foreign portfolio investors from 65% in 2015 to less than 10% in 2022. The new reform will lead to an increase in appetite by this class of investors in our market,” he said.
Tajudeen Ibrahim, Director of Research at investment firm Chapel Hill Denham, said:
“Banking index appreciation is a reflection of investor sentiment around a possible clean-up of the sector as indicated by the president.”
The Managing Director of APT Securities and Funds Limited, Mallam Garba Kurfi, noted that the international response to the decision to suspend the apex bank’s chief could have an impact on the domestic market.
He said the direction of the market reflects its response, adding that the action of the acting CBN Governor would also influence the markets going forward.
Meet the newly appointed Special Advisers to President Bola Ahmed Tinubu
1. Mr. Dele Alake, served as Adviser on Information to late MKO Abiola, a former Lagos State Commissioner for Information and Fellow of the Nigerian Guild of Editors.
2. Mr. Wale Edun
- Former Head of Treasury and Deputy Head of Corporate Finance, Chase Merchant Bank;
- Co-founder and Executive Director of Stanbic IBTC PLC
- He also founded Denham Management Limited.
3. Dr. Salma Anas Ibrahim
Dr. Salma has over twenty-five years of experience in Health Sector Development. She has experience in health sector policy formulation, strategic development, resource mobilization and implementation of various health programmes at international, regional and national levels.
Her technical skills and expertise cut across Health Systems Strengthening with particular reference to PHC and Health System Strengthening and a passion for improving access to quality Reproductive, Maternal, Newborn, Child Adolescent and Elderly Health plus Nutrition (RMNCAEH+N) services, including Sexual and Reproductive Rights, as well as Gender Based Violence.
She is vastly experienced both in the public and the private sector.
4. Mr. Nuhu Ribadu
- Pioneer Executive Chairman of @officialEFCC
- Assistant Inspector General of Police
- Served as Chairman of Petroleum Revenue Special Task Force (PRSTF)
Tinubu’s 15 Days in Office Leave Investors Excited About Nigeria:
Nigeria’s President Bola Tinubu has pulled the right levers for markets: ridding the country of a costly fuel subsidy, removing a controversial central bank governor, and promising to unify a web of varying exchange rates.
Foreign investors have embraced those decisions, sending Nigeria’s dollar debt surging on Monday. Tinubu set the tone in his inauguration speech on May 29, when he announced that the country’s gasoline subsidy was “gone” — a bold move that had set off riots when previous leaders attempted it.
“Overall, President Tinubu has shown that he’s willing to take on two of the most important factors investors are focusing on, which is fuel subsidies and FX reform, in a very short space of time,” said Thys Louw, a portfolio manager at Ninety One in London.
“Reform momentum in Nigeria has picked up considerably, although from a low level and sustaining this will be important given poor economic conditions Tinubu inherited.”
In two major moves, Tinubu suspended central bank Governor Godwin Emefiele on Friday, and on Monday a senior adviser said it’d be a matter of months before he unified its exchange rates, a key demand of investors and multilateral institutions like the World Bank. Emefiele is widely considered the chief architect of a set of unorthodox policies — including propping up the naira, allowing a complex regime of multiple exchange rates, and lending tens of billions to the government of Tinubu’s predecessor — that have been blamed for crippling Africa’s largest economy.
Nigeria’s State Security Service detained Emefiele Saturday for “investigative reasons,” and Folashodun Shonubi, a deputy governor in charge of operations at the bank, took over in an acting capacity.
Nigeria’s international bonds due in 2029 jumped the most among emerging-market peers on Monday, a public holiday in Nigeria. Those notes jumped as much as 3 cents before closing around 88 cents on the dollar, the highest since January, according to data compiled by Bloomberg. The extra yield investors demand to hold the nation’s debt over US Treasuries fell 38 basis points to 7.19 perctange points, according to a JPMorgan index.
The changes at the central bank “could spell the end of unorthodox and often conflicting and confusing monetary policies that held back economic growth and destroyed local and foreign investor confidence,” Ayodeji Dawodu, head of Africa sovereign and corporate credit research at BancTrust & Co. in London, said by phone.
Under Emefiele, the central bank offered the US dollar through several windows at tightly controlled rates, with little liquidity, to businesses and individuals. This forced many to the black market, where the dollar traded more freely but at about a 60% premium to the official rate.
Wale Edun, an influential member of Tinubu’s advisory board, told Bloomberg by phone on Monday that the unification of exchange rates was “imminent.”
“I would say it would have to be done within a quarter as rather than within a year,” he said. “ I think you’re talking, think quarters rather than years, that’s where I would put it.”
Emefiele was widely seen as acting in lockstep with the administration of Tinubu’s predecessor, Muhammadu Buhari. That government was perceived to be more statist and socialist in its approach, said Yemi Kale, chief economist for Nigeria at KPMG LLP and the nation’s former statistician general. “The markets will respond positively to an administration it believes to be more market oriented,” Kale said.
President Bola Ahmed Tinubu (GCFR) a few minutes ago signed into law, The student loan bill, which provides for interest-free loans to indigent Nigerian students.
the 'Students Loan (Access to Higher Education) Bill, 2019, a.k.a a Bill for an Act to provide for easy access to higher education for Nigerians through interest-free loans from the Nigerian Education Fund established in this Act sponsored by Rt Hon @femigbaja in 2019
The bill seeks to make access to higher education for Nigerians through interest-free loans from the Nigerian Education Fund established in this Act with a view to providing education for all Nigerians and for other purposes connected thereto.
The Bill (now law) seeks the establishment of the Nigerian Education Fund, domiciled with the Central Bank of Nigeria (CBN) from which qualified applicants can access education loans through the commercial banks in the country.
The Act provides that notwithstanding anything to the contrary contained in other enactments, all students seeking higher education in any public institution of higher learning in Nigeria shall have an equal right to access the loan under this Act without any discrimination arising from gender, religion, tribe, position or disability of any kind.
The loan referred to in this Act shall be granted to students only for the payment of Tuition fees. The grant of the loan to any student under this Act shall be subject to the students/applicant(s) satisfying the requirements and conditions set out under this Act."
In keeping to his campaign promise, interest and quest in ensuring access to higher education, President Bola Ahmed Tinubu signed the legislation that will guarantee access to quality higher education by qualified Nigerians.
President Bola Ahmed Tinubu (GCFR) a few minutes ago signed into law, The student loan bill, which provides for interest-free loans to indigent Nigerian students. pic.twitter.com/f8EYr95wCN
TEXT OF DEMOCRACY DAY NATIONAL BROADCAST BY HIS EXCELLENCY PRESIDENT BOLA AHMED Tinubu, GCFR ON JUNE 12, 2023
Fellow Nigerians,
It is exactly three decades today that Nigerians went to the polls to exercise their inalienable right to elect a President of their choice to lead the transition from military dictatorship to a representative government of the people.
The abortion, by military fiat, of the decisive victory of Chief Moshood Kashimawo Olawale Abiola of the defunct Social Democratic Party (SDP) in the June 12, 1993, presidential election, up to that time, the fairest and freest election in the country’s political evolution, turned out, ironically, to be the seed that germinated into the prolonged struggle that gave birth to the democracy we currently enjoy since 1999.
In rising to strongly oppose the arbitrary annulment of the will of the majority of Nigerians as expressed in that historic election, the substantial number of our people who participated in the struggle to de-annul the election signified their fierce commitment to enthroning democracy as a form of government that best ennobles the liberty, the dignity of the individual and the integrity as well as the stability of the polity. The fierce opposition to the annulment of the June 12, 1993, presidential election and the unrelenting pro-democracy onslaught it unleashed was the equivalent of the battle against colonial rule by our founding fathers that resulted in the gaining of Nigeria’s independence in 1960.
Just like the anti-colonial movement, the pro-June 12 vanguard demonstrated, once again, the enduring validity of the 19th century historian, Arnold Toynbee’s eternal postulation, that civilization and societies experience progress as they are forced to respond to challenges posed by the environment. The unjust annulment of a widely acknowledged free and fair election was a challenge that elicited resistance by a resurgent civil society, leading ultimately to the attainment of our ‘second independence’ as exemplified by the return of democratic governance in 1999.
Fellow compatriots, we celebrate a day that has remained a watershed in our nation’s history, not just today, but for every June 12, for the endless future that our beloved country shall exist and wax stronger and stronger, generations of Nigerians will always remind themselves that the democracy that is steadily growing to become the defining essence of our polity was not gifted to us on a silver platter.
We can easily recall the sacrifice and martyrdom of Chief MKO Abiola, the custodian of the sacred mandate that was so cruelly annulled. He sacrificed his life in unyielding, patriotic defense of the ideals of democracy as symbolized in his choice, by his fellow countrymen and women, as their duly-elected President. There was an easier choice for him. It was to forgo the justice of his cause and opt for the path of ease and capitulation in the face of the tyranny of power. To his eternal credit and immortal glory, Abiola said no. He demonstrated the time-tested eternal truth that there are certain ideals and principles that are far more valuable than life itself.
Everyday, on this day, down the ages we will recall the several other heroes of democracy such as Kudirat Abiola, wife of Chief Abiola, who was brutally murdered while in the trenches fighting on the side of the people. We remember Pa Alfred Rewane, one of the heroes of our independence struggle and Major General Shehu Musa Yar’Adua (rtd) who were silenced by the military junta while in pursuit of democracy. They gave their yesterday for the liberty that is ours today.
The point is that we must never take this democracy for granted. We must forever jealously guard and protect it like a precious jewel. For, a people can never truly appreciate the freedoms and rights democracy guarantees them until they lose it.
We have traversed the dark, thorny path of dictatorship before and those who experienced it can readily testify to the unbridgeable gap between the dignity of freedom and the humiliation and degradation of tyranny. True, rancorous debates, interminable wrangling, ceaseless quarrels, bitter electoral contestations may be perceived by some as unattractive features of democracy. But they also testify to its merit and value.
This year, we held the seventh in the cycle of elections that have become sacred rituals of our democratic practice in this dispensation since 1999.
That the polls were intensely contested is in itself positive evidence that democracy is well and alive in our land. It is only natural that even as those who won and experienced victory in the various elections are elated and fulfilled, those who lost are disenchanted and disappointed. But the beauty of democracy is that those who win today can lose tomorrow and those who lose today will have an opportunity to compete and win in the next round of elections.
Those who cannot endure and accept the pain of defeat in elections do not deserve the joy of victory when it is their turn to triumph. Above all, those who disagree with the outcome of the elections are taking full advantage of the constitutional provisions to seek redress in court and that is one of the reasons why democracy is still the best form of government invented by man.
For Chief MKO Abiola, the symbol of this day, in whose memory June 12 became a national holiday, democracy is eternal.
It is about rule of law and vibrant judiciary that can be trusted to deliver justice and strengthen institutions. It has become imperative to state here that the unnecessary illegal orders used to truncate or abridge democracy will no longer be tolerated.
The recent harmonization of the retirement age for judicial officers is meant to strengthen the rule of law, which is a critical pillar of democracy. The reform has just started.
The democracy that will yield right dividends to the people who are the shareholders means more than just freedom of choice and right to get people into elective offices. It means social and economic justice for our people. To the winner of June 12, democracy offers the best chance to fight and eliminate poverty. Thirty years ago, he christened his campaign manifesto, ‘Farewell to Poverty’ because he was convinced that there is nothing divine about poverty. It is a man-made problem that can be eliminated with clearly thought out social and economic policies.
It is for this reason that, in my inauguration address on May 29, I gave effect to the decision taken by my predecessor-in-office to remove the fuel subsidy albatross and free up for collective use the much-needed resources, which had hitherto being pocketed by a few rich. I admit that the decision will impose extra burden on the masses of our people. I feel your pain. This is one decision we must bear to save our country from going under and take our resources away from the stranglehold of a few unpatriotic elements.
Painfully, I have asked you, my compatriots, to sacrifice a little more for the survival of our country. For your trust and belief in us, I assure you that your sacrifice shall not be in vain. The government I lead will repay you through massive investment in transportation infrastructure, education, regular power supply, healthcare and other public utilities that will improve the quality of lives.
The democracy MKO Abiola died for is one that promotes the welfare of the people over personal interests of the ruling class and one where the governed can find personal fulfillment and happiness. That is the hope MKO Abiola ignited throughout our country in 1993.
On this year’s Democracy Day, I enjoin us all to rededicate ourselves to strengthening this form of government of free peoples that has been our guiding light these past 24 years. In particular, those of us who have been privileged to be elected into public offices at various levels in both the executive and legislative arms of government must recommit ourselves to offering selfless service to the people, and delivering concrete democracy dividends in accordance with our electoral promises.
On my part and that of my administration, I pledge anew our commitment to diligently fulfilling every component of our electoral pact with the people – the ‘Renewed Hope’ agenda.
We shall be faithful to truth. Faithful to equity. And faithful to justice. We shall exercise our authority and mandate to govern with fairness, respect for the rule of law, and commitment to always uphold the dignity of all our people.
On this note, I wish us all a happy Democracy Day celebration and pray that the light of liberty shall never be extinguished in our land.
Thank you all and may God continue to bless the Federal Republic of Nigeria.
The House of Representatives member elect of the Labour Party in Isiuakwato/Umunneochi federal constituency Abia state, Amobi Godwin Ogah praised Nigeria's president Bola Tinubu
I Never Knew Tinubu Is So Intelligent, Prepared For Nigeria – Labour Party Federal Lawmaker, Amobi Ogar
SaharaReporters had earlier reported that Tinubu met the lawmakers-elect from opposition political parties over the intensifying leadership tussle.
AHouse of Representatives member-elect on the platform of the Labour Party, Godwin Amobi Ogar has extolled President Bola Tinubu, saying he never knew the APC presidential flagbearer was so intelligent and prepared to serve Nigeria.
Amobi, who was elected from Abia State, stated this in an interview he granted to newsmen after the meeting between the federal lawmakers-elect and Tinubu at the State House to resolve the ongoing leadership crisis in the National Assembly.
By his comments, the LP House of Reps member subtly denounced Peter Obi, his party’s presidential candidate, who is still contending the victory of Tinubu at the Presidential Election Petition Court in Abuja.
SaharaReporters had earlier reported that Tinubu met the lawmakers-elect from opposition political parties over the intensifying leadership tussle.
The meeting was attended by opposition senators-elect and House of Representatives members-elect from the Peoples Democratic Party (PDP), the Labour Party (LP) and the New Nigeria Peoples Party (NNPP), among other opposition parties at the State House in Abuja.
Speaking with newsmen after the meeting, Amobi said, “Well, I can tell you that today is my best day, today I’m so happy that I’m an elected member seeing my President talking. In fact I never knew that this man is so intelligent. I never knew that this man is so prepared to serve this country.
“I saw the love, I saw the character, I saw the charisma, the belief that Nigeria can be a better nation. So I’m so glad that the meeting we have today is going to take us a little bit to a more stabilised house. Now, even without talking to us again, we’ve agreed that we are going towards the government decision. Not minding, I’m of Labour Party.
“As at now, the party is not the issue; we’re talking about building the Nation, we’re talking about the unity of the nation.”
I stand before you honoured to assume the sacred mandate you have given me. My love for this nation is abiding. My confidence in its people, unwavering. And my faith in God Almighty, absolute. I know that His hand shall provide the needed moral strength and clarity of purpose in those instances when we seem to have reached the limits of our human capacity.
This day is bold and majestic yet bright and full of spirit, as is our precious nation.
As a nation, we have long ago decided to march beyond the dimness of night into the open day of renewed national hope.
The question we now ask ourselves is whether to remain faithful to the work inherent in building a better society or retreat into the shadows of our unmet potential.
For me, there is but one answer. We are too great a nation and too grounded as a people to rob ourselves of our finest destiny.
This nation’s journey has been shaped by the prayers of millions, and the collective sacrifices of us all.
We have endured hardships that would have made other societies crumble.
Yet, we have shouldered the heavy burden to arrive at this SUBLIME moment where the prospect of a better future merges with our improved capacity to create that future.
To the surprise of many but not to ourselves, we have more firmly established this land as a democracy in both word and deed.
The peaceful transition from one government to another is now our political tradition. This handover symbolizes our trust in God, our enduring faith in representative governance and our belief in our ability to reshape this nation into the society it was always meant to be.
Here, permit me to say a few words to my predecessor, President Muhammadu Buhari. Mr President, you have been an honest, patriotic leader who has done his best for the nation you love. On a more personal note, you are a worthy partner and friend. May History be kind to you.
For many years, Nigeria’s critics have trafficked the rumour that our nation will break apart, even perish.
Yet here we are. We have stumbled at times, but our resilience and diversity have kept us going.
Our burdens may make us bend at times, but they shall never break us.
Instead, we stand forth as Africa’s most populous nation and as the best hope and strongest champion of the Black Race.
As citizens, we declare as one unified people devoted to one unified national cause, that as long as this world exists, NIGERIA SHALL EXIST.
Today, Fate and Destiny join together to place the torch of human progress in our very hands. We dare not let it slip.
We lift high this torch so that it might shine on every household and in every heart that calls itself Nigerian. We hold this beam aloft because it lights our path with compassion, brotherhood, and peace. May this great light never EXTINGUISH.
Our administration shall govern on your behalf but never rule over you. We shall consult and dialogue but never dictate. We shall reach out to all but never put down a single person for holding views contrary to our own.
We are here to further mend and heal this nation, not tear and injure it.
In this vein, may I offer a few comments regarding the election that brought us to this juncture. It was a hard fought contest. And it was also fairly won. Since the advent of the Fourth Republic, Nigeria has not held an election of better quality.
The outcome reflected the will of the people. However, my victory does not render me any more Nigerian than my opponents. Nor does it render them any less patriotic.
They shall forever be my fellow compatriots. And I will treat them as such. They represent important constituencies and concerns that wisdom dare not ignore.
They have taken their concerns to court. Seeking legal redress is their right and I fully defend their exercise of this right. This is the essence of the rule of law.
Over six decades ago, our founding fathers gave bravely of themselves to place Nigeria on the map as an independent nation.
We must never allow the labor of those who came before us to wither in vain but to blossom and bring forth a better reality.
Let us take the next great step in the journey they began and believed in.
Today, let us recommit our very selves to placing Nigeria in our hearts as the indispensable home for each and every one of us regardless of creed, ethnicity, or place of birth.
My supporters, I thank you. To those who voted otherwise, I extend my hand across the political divide. I ask you to grasp it in national affinity and brotherhood. For me, political coloration has faded away. All I see are Nigerians.
May we uphold these fitting and excellent notions as the new Nigerian ideal.
My fellow compatriots,
The Nigerian idea which I speak of is more than just an improvement in economic and other statistics. These things are important; but they can never convey the fullness of our story.
Our mission is to improve our way of life in a manner that nurtures our humanity, encourages compassion toward one another, and duly rewards our collective effort to resolve the social ills that seek to divide us.[/b]
Our constitution and laws give us a nation on paper. We must work harder at bringing these noble documents to life by strengthening the bonds of economic collaboration, social cohesion, and cultural understanding. Let us develop a shared sense of fairness and equity.
The South must not only seek good for itself but must understand that its interests are served when good comes to the North. The North must see the South likewise.
Whether from the winding creeks of the Niger Delta, the vastness of the northern savannah, the boardrooms of Lagos, the bustling capital of Abuja, or the busy markets of Onitsha, you are all my people. As your president, I shall serve with prejudice toward none but compassion and amity towards all.
In the coming days and weeks, my team will publicly detail key aspects of our programme. Today, permit me to outline in broad terms a few initiatives that define our concept of progressive good governance in furtherance of the Nigerian ideal:
The principles that will guide our administration are simple:
Nigeria will be impartially governed according to the constitution and the rule of law. We shall defend the nation from terror and all forms of criminality that threaten the peace and stability of our country and our subregion. We shall remodel our economy to bring about growth and development through job creation, food security and an end of extreme poverty.
In our administration, Women and youth will feature prominently. Our government will continue to take proactive steps such as championing a credit culture to discourage corruption while strengthening the effectiveness and efficiency of the various anti-corruption agencies.
SECURITY
Security shall be the top priority of our administration because neither prosperity nor justice can prevail amidst insecurity and violence.
To effectively tackle this menace, we shall reform both our security DOCTRINE and its ARCHITECTURE.
We shall invest more in our security personnel, and this means more than an increase in number. We shall provide, better training, equipment, pay and firepower.
THE ECONOMY
On the economy, we target a higher GDP growth and to significantly reduce unemployment.
We intend to accomplish this by taking the following steps:
First, budgetary reform stimulating the economy without engendering inflation will be instituted.
Second, industrial policy will utilize the full range of fiscal measures to promote domestic manufacturing and lessen import dependency.
Third, electricity will become more accessible and affordable to businesses and homes alike. Power generation should nearly double and transmission and distribution networks improved. We will encourage states to develop local sources as well.
I have a message for our investors, local and foreign: our government shall review all their complaints about multiple taxation and various anti-investment inhibitions.
We shall ensure that investors and foreign businesses repatriate their hard earned dividends and profits home.
JOBS
My administration must create meaningful opportunities for our youth. We shall honour our campaign commitment of one million new jobs in the digital economy.
Our government also shall work with the National Assembly to fashion an omnibus Jobs and Prosperity bill. This bill will give our administration the policy space to embark on labour-intensive infrastructural improvements, encourage light industry and provide improved social services for the poor, elderly and vulnerable.
Agriculture
Rural incomes shall be secured by commodity exchange boards guaranteeing minimal prices for certain crops and animal products. A nationwide programme for storage and other facilities to reduce spoilage and waste will be undertaken.
Agricultural hubs will be created throughout the nation to increase production and engage in value-added processing. The livestock sector will be introduced to best modern practices and steps taken to minimize the perennial conflict over land and water resources in this sector.
Through these actions, food shall be made more abundant yet less costly. Farmers shall earn more while the average Nigerian pays less.
INFRASTRUCTURE
We shall continue the efforts of the Buhari administration on infrastructure. Progress toward national networks of roads, rail and ports shall get priority attention.
FUEL SUBSIDY
We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions.
MONETARY POLICY
Monetary policy needs thorough housecleaning. The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.
Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.
Whatever merits it had in concept, the currency swap was too harshly applied by the CBN given the number of unbanked Nigerians. The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender.
FOREIGN POLICY
Given the world in which we reside, please permit a few comments regarding foreign policy.
The crisis in Sudan and the turn from democracy by several nations in our immediate neighbourhood are of pressing concern.
As such, my primary foreign policy objective must be the peace and stability of the West African subregion and the African continent. We shall work with ECOWAS, the AU and willing partners in the international community to end extant conflicts and to resolve new ones.
As we contain threats to peace, we shall also retool our foreign policy to more actively lead the regional and continental quest for collective prosperity.
Conclusion
This is the proudest day of my life. But this day does not belong to me. It belongs to you, the people of Nigeria.
On this day, Nigeria affirms its rightful place among the world’s great democracies. There, Nigeria shall reside forever.
The course of our past and the promise of the future have brought us to this exceptional moment.
In this spirit, I ask you to join me in making Nigeria a more perfect nation and democracy such that the Nigerian ideal becomes and forever remains the Nigerian reality.
With full confidence in our ability, I declare that these things are within our proximate reach because my name is Bola Ahmed Tinubu, and I am the President of the Federal Republic of Nigeria.
May God bless you and May He bless our beloved land.
The Chargé d’Affaires ad interim of the U.S Embassy in Nigeria, Mr David Greene paid a courtesy visit to Nigeria’s Vice President-Elect, Sen. Kashim Shettima @KashimSM earlier today.
The 15th Batch of Evacuees: 147 Nationals that departed Port Sudan International Airport, landed at Nnamdi Azikiwe International Airport around 8:30 pm local time on May 13 via Tarco Air.
The total breakdown so far;
1st Batch - Military Jet C13 ~ 94 2nd Batch - AirPeace ~ 274 3rd Batch - Tarco Air ~ 130 4th Batch - Tarco Air ~ 131 5th Batch - MaxAir ~ 410 6th Batch - Tarco Air ~ 102 7th Batch - Azman Air ~ 322 8th Batch - Tarco Air ~ 133 9th Batch - Tarco Air ~ 127 10th Batch - Tarco Air ~ 136 11th Batch - Tarco Air ~ 128 12th Batch - Tarco Air ~ 136 13th Batch - Tarco Air ~ 123 14th Batch - Tarco Air ~ 125 15th Batch - Tarco Air ~ 147
Making a total of 2,518 evacuees brought back by the Federal Government.
During this exercise, no Single Nigerian life has been lost so far.
The National Agency for Food and Drug Administration and Control (NAFDAC) said on Tuesday that Noodles made in Nigeria have nothing to do with the noodles produced in Taiwan and Malaysia. The regulator also said that noodles made in Nigeria are safe for consumption.
Speaking as a guest on a popular TV show, Your View, aired on TVC television, Director-General, NAFDAC, Mojisola Adeyeye, further added that “foreign noodles have been banned from entering the country by the Nigerian government many years ago and this is on the Nigerian Customs Service importation prohibition list and this is to encourage local production of noodles and backward integration of the economy.”
NAFDAC also said it is working to ensure that foreign-made noodles are not smuggled into the country. NAFDAC Food Safety and Applied Nutrition (FSAN) organisation, has commenced post-marketing surveillance (PMS) and the Food Lab Services Directorate has also been activated on the issue.
According to the Group Corporate Communications and Event Manager, Dufil Prima Foods Plc, Tope Ashiwaju, said “Indomie Nigeria is different and a separate entity from Indomie Taiwan, and Indomie Malaysia. Indomie instant Noodles is locally produced in the country and operations have been ongoing for at least three decades. Dufil Prima has improved local capacity utilisation has aided enhanced production to meet market demand, rather than depending on importation.”
Nigeria is a major consumer of instant noodles, with Indomie Instant Noodles dominating the market. The World Instant Noodles Association (WINA) said Nigeria is one of the largest consumers of instant noodles, with 1.92 million. The ban on the importation of instant noodles is not a recent development, as instant noodles have been on the importation prohibition list of the Federal Government for a long time.
Politics › Remi Tinubu's Hope Initiative Disburses N500 Million To 500 Families In Jos by Estello(op): 7:02am On Sep 13, 2023
