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Economy

Fuel Subsidy: Tinubu Begs Nigerians to Endure 

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By Mathew Dadiya, Abuja

President Bola Tinubu has assured Nigerians that the framework for palliatives to remedy the effects of fuel subsidy removal was being worked out, assuring that the decision was in the best interest of the country, especially in guaranteeing future prosperity.

The President, who received 18 governors who served with him, Class of 1999, on Wednesday at the Presidential Villa Abuja, appealed for more patience from Nigerians, while the government will increase effort, speed up the process and ensure a full-proof social security structure that will not be compromised, especially in cash-transfer.

He said, “I understand that our people are suffering yet there can be no childbirth without pain.

The joy of childbirth is the relief that comes after the pain. Nigeria is reborn already with fuel subsidy removal. It is a rebirth of the country for the largest number over a few smugglers.

“Please tell the people to be a little patient. 

The palliative is coming. I don’t want cash-transfer to fall into wrong hands. I know it pinches and it is difficult. In the end, we will rejoice in the prosperity of our country,’’ he told the governors, who were led by former Governor of Edo State, Lucky Igbinedion.

“We served as governors and sat in this Council Chamber. All I wanted was democracy and the salvation of the country. I never thought I was going to be here as President, but God Almighty has brought me,’’ President Tinubu stated.

The President also assured the governors and Nigerians that he will work towards “unity, equity, stability, and prosperity of the country’’.  

“My commitment to that democratic value is unwavering. I am overwhelmed and honored by the numbers of you here,’’ he said, “I have an open door policy. You are my advisers. We went into the pond and wrestled with a pig. We got dirty, and cleaned up. That is why I am here today.’’

Tinubu noted that the country will not make meaningful progress without fixing electricity, assuring that his administration will harness gas resources, and explore every opportunity to ensure stable power generation and supply.

On Security, the President who had earlier met with Governor Babagana Zulum of Borno State to review situation in the North East, appealed to Nigerians, especially Plateau State, to sheath their swords and use dialogue in resolving conflicts, adding that issues of borders were man-made, not created by God.

“We will do everything possible to stabilize the country,’’ he added.

The former governors urged the President to pursue his vision for a greater Nigeria with vigour, steadfastness, and resilience, trusting their support for development policies, and promising to provide the necessary social structure for actualization.

“We are here with you. We are your foot soldiers, and you can tap into our experience. You are a person who believes in Nigeria. With your good leadership, Nigeria will take its place,’’ Igbinedion, Chairman, Class of 1999, said.

He affirmed that they were 19 at the meeting, including President Tinubu, who was former Governor of Lagos State and Secretary to the Government of the Federation (SGF), George Akume, former Governor of Benue State, while ten of their mates had passed on.

Other governors at the meeting with President Tinubu were Niyi Adebayo, Ekiti State, Sen. Orji Uzo Kalu, Abia State, Sen. Sam Egwu, Ebonyi State, Adamu Muazu, Bauchi State, Donald Duke, Cross River State, James Ibori, Delta State, Obong Victor Attah, Akwa Ibom State, Chimaroke Nnamani, Enugu State, Saminu Turaki, Jigawa State, Sen. Aleiro Adamu, Olusegun Osoba, Ogun State, Adebisi Akande, Osun State, Sen. Joshua  Dariye, Plateau State, Attahiru Bafarawa, Sokoto State, Ahmad Sani Yarima, Zamfara State and Rev. Jolly Nyame, Taraba State.

Economy

Minister Says Upgrading MAN to Varsity will Unlock Maritime Opportunities 

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Mr Adegboyega Oyetola, the Minister of Marine and Blue Economy says upgrading the Maritime Academy of Nigeria (MAN), Oron to a university, will unlock opportunities in the maritime economy.

Oyetola made the expression at the 2024 MAN cadets graduation ceremony in Oron, Akwa Ibom on Saturday.

Represented by Mr Babatunde Bombata, the Director, Maritime Safety and Security, the minister said the Federal Government was working assiduously to unlock opportunities within the marine and blue economy.

He said that the ministry was already  collaborating with the Ministry of Education and the Nigerian Universities Commission to ensure MAN’s seamless transition to a university.

“It is our hope that this upgrade will unlock new opportunities for advanced learning, cutting edge research and innovation within the marine and blue economy fields,” he said.

Oyetola urged the graduating cadets to be innovative, resourceful and forward looking in their future endeavours.

“The maritime and blue economy sectors are filled with opportunities, so your contributions to the sector will be instrumental in ensuring a brighter future.

“The government is committed to fostering excellence and innovation in these fields, and we eagerly anticipate the positive impact you will make in your careers,” he said.

He further said that the Federal Government was working on developing a national policy on marine and blue economy.

“This policy will serve as a strategic framework to drive economic diversification, attract investments, create jobs and youth empowerment.

In his remarks, Gov. Umo Eno of Akwa Ibom, said the state government would continue to collaborate with the academy to develop the maritime sector.

Represented by the Commissioner for Internal Security and Waterways, Gen. Koko Essien, (Rtd), Eno urged the graduating cadets to utilise their training in developing the maritime sector.

“I am hopeful that you will utilise the training you have acquired here to further your career as seafarers and in the development of our blue economy,” he said.

Eno commended the Acting Rector, Dr Kevin Okonna and his management team for their commitment towards repositioning the academy for greater results.

Earlier, Okonna said that graduates of the institution had contributed immensely to the growth of Nigeria’s maritime and blue economy.

“Today, we have an opportunity to celebrate a new set of well-trained personnel to the maritime and allied industries.

“We pride ourselves as the pioneer maritime training institution, this is because of the institution’s contributions to national development,” he said.

The acting rector urged the graduating cadets to made effective use of the knowledge gained during their training to make meaningful impact on the growth of the maritime sector.

Report says that awards were given to graduating cadets who distinguished themselves in character and learning. (NAN)

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Economy

Investors Gain N183bn on NGX

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The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.

Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.

The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.

68, against 98,206.
97 recorded on Tuesday.

Consequently, the Year-To-Date (YTD) return increased to 31.

74 per cent.

Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.

Market breadth closed positive with 34 gainers and 17 losers.

On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.

Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.

On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.

Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.

A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.

Meanwhile, ETranzact led the  activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)

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Economy

Yuan Weakens to 7.1870 Against Dollar

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The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.

The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
(Xinhua/NAN)

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