₦airaland Forum

Nigerian presidential candidate Bola Tinubu said he will phase out costly fuel subsidies and more than triple oil production to help accelerate growth in Africa’s biggest economy if he wins elections in February.

Tinubu will work with the nation’s central bank to “carefully review and better optimize” the nation’s system of multiple exchange rates, he said Friday at the unveiling of his election pledges in the capital, Abuja. The current “ineffective” and “somewhat arbitrary” arrangement encourages “currency speculation and arbitrage,” according to a campaign manifesto released at the event.

The candidate of the ruling All Progressive Congress also proposed to base the nation’s annual budget on the predicted level of government expenditure, rather than the dollar value of projected oil revenue. “As part of this prudent growth-based budgeting, we will establish a clear and mandatory inflationary ceiling on spending,” he said.

Tinubu, 70, is one of the frontrunners to succeed President Muhammadu Buhari. His main rivals are Atiku Abubakar of the main opposition Peoples Democratic Party and Peter Obi from the Labour Party. A former governor of Lagos state, Tinubu has been influential in Nigerian politics for more than two decades and was a key part of the coalition that brought Buhari to power in 2015.

Expensive Subsidies

Under Buhari, total public debt has more than tripled and the government is currently earning less than the cost of servicing the repayment of that borrowing. A Tinubu administration will limit Nigeria’s “exposure to large debt obligations denominated in foreign currency,” according to the manifesto. His government will only contract non-naira loans that are “linked to projects that generate cash flows from which the debt can be repaid,” it said.



Nigerian presidential candidate Bola Tinubu said he will phase out costly fuel subsidies and more than triple oil production to help accelerate growth in Africa’s biggest economy if he wins elections in February.

Tinubu will work with the nation’s central bank to “carefully review and better optimize” the nation’s system of multiple exchange rates, he said Friday at the unveiling of his election pledges in the capital, Abuja. The current “ineffective” and “somewhat arbitrary” arrangement encourages “currency speculation and arbitrage,” according to a campaign manifesto released at the event.


The candidate of the ruling All Progressive Congress also proposed to base the nation’s annual budget on the predicted level of government expenditure, rather than the dollar value of projected oil revenue. “As part of this prudent growth-based budgeting, we will establish a clear and mandatory inflationary ceiling on spending,” he said.

Buhari has delayed his government’s previously announced plan to shelve expensive gasoline subsidies until after the election, leaving his successor the politically thorny choice of whether to foist much higher prices on consumers to free up funds for other investments. The bill for the intervention has shot up this year along with the oil price and, if unreformed, could exceed the government’s entire income in 2023.

Tinubu will remove the fuel subsidy and allow the market to set the pump price, according to his manifesto. The savings made by the government will then be allocated not only to health and education but also infrastructure and social welfare projects, it said.

While Nigeria still relies on oil and gas for about 90% of its export revenue, the country’s crude output has almost halved since the first quarter of 2020, falling to less than 1.2 million barrels a day in September. Tinubu has set himself ambitious targets to reverse the decline.

Creeknigga:
He needs to show his displeasure of course.
He loves to play, contribute to the success of the team and winning.

Vote Peter Obi for President

Labour Party, LP has hit back at the presidential candidate of the Peoples Democratic Party PDP, Atiku Abubakar, over his anti-Yoruba and Igbo comments.

Vice presidential candidate of Labour Party, Yusuf Datti Baba-Ahmed swiped Atiku, saying his comment was capable of jeopardizing the country’s unity.


In a statement via his verified Twitter handle on Sunday, Baba-Ahmed described Atiku as an ethnic bigot who cannot even unify his party.

Atiku had on Saturday advised Northerners to vote for him in the 2023.

He said, “What the average Northerner needs is somebody who’s from the North and also understands that part of the country and has been able to build bridges across the country.

“This is what the Northerner needs. It doesn’t need a Yoruba or Igbo candidate. I stand before you as a pan-Nigerian of northern origin,” the Adamawa-born former Vice-president said in a viral video.

Meanwhile, Atiku’s comments had since triggered mixed reactions from many Nigerians and presidential candidates including the ruling All Progressives Congress, APC.

In a statement on Sunday, the APC National Publicity Secretary, Felix Morka, said Atiku’s utterance is an attack on the country’s long-preserved national unity.

According to Morka, the PDP presidential candidate’s statement has shown his desperation to rule the country.

He said, “What does Atiku think the average Southerner needs? Why is it about what the average Northerner needs, or even what the average Southerner may need? Why is it not about what Nigeria and Nigerians need? Nigerians need bold and visionary leadership anchored on a firm commitment to transcendental national unity, over and above ethnic or sectional obsessions.

“Atiku’s words ring loud of extreme and mindless desperation and such an extremely desperate man cannot and must not be entrusted with the most important job of President – a job whose core duty is that of leading, uniting and working in the best interest of all in an ethnoreligious, pluralistic society as Nigeria. Our country does not need this kind of highly inflammable rhetoric now or ever.’’

The APC spokesperson said he wondered that, Atiku who claimed to be on a mission to unify the country could engage in acts that undermined national unity.

bender79:
Remove that headline this urchin

Urheadmaster:
This is Lokoja express way

Tunjibalogun:
This is kogi though. I have seen this pics before

Russia fires another general as Ukraine forces continue to advance across two fronts
Vladimir Putin’s Kremlin admits to being unsure of the boundaries of the territory in Ukraine it has claimed

This story is falsehood.

Journalists and online platforms should report facts accurately and stay away from propaganda

Japa Nation how far?

I came to check my brakes $40, when they diagnosed they have charged 1800 to change brake pad.Booda Suliamon and Tunde will not cost this much. They offer complimentary coca cola, I am on the 10th can, when I finish I will start with the bottled water

Advocate500:
One the most talkative governor,all he does is talk talk with little or no action.

lhordspy:
While their former governor who ran the state into abject poverty and massive under-development is in Lagos forging certificates up and down.



I will personally be present when he will be sentence to jail. I will host a party afterward.

Good riddance to bad rubbish

RockHard:
Money wey Peter Obi suppose use to mitigate erosion during his tenure was looted and 'saved' while the state was desperately screaming for help and development. I can imagine what Soludo would have done in his stead. Peter Obi was a disaster to Anambra. Tufiakwa!