POLITICS
Nigeria Doing well Under Tinubu- Group
The Independent Media and Policy Initiative (IMPI), says Nigeria’s economy did remarkably well in the first quarter of 2024 under President Bola Tinubu in spite of criticisms.
Chief Niyi Akinsiju, the Chairman, IMPI said this at a news conference on Monday in Abuja.
He said following government economy reforms, Nigeria had bounce back an economic giant waiting to take its position in the sun.
This, he said, was in spite the fact that the country had remained stunted over the years because of policy misapplications.
“Already, we have started witnessing the green shoots of the impact of the policy deployments on the economy,” he said, adding that the periodic under review witnessed commendable strides in the oil and gas sector.
These, he said, included the domiciling of Nigeria National Petroleum Corporation Limited (NNPCL) revenue account with the Central Bank of Nigeria (CBN), which had facilitated a truly single treasury account platform for the country’s oil earnings.
“In addition, in a continued upward trajectory witnessed in oil and gas exploration activities, oil rig count, an index with which upstream activities are measured, surged by 23 per cent year-on-year to 16 rigs in February 2024.
“The increased rigs activities have resulted in higher crude oil production inclusive of condensates averaging 1.65 million barrels a day as per last quarter.
“While this has positive prospects for accretion to our foreign reserve, we estimate that crude oil production should increase to 1.8 million barrels a day
“Which is more than the 1.78 million crude oil production target projected in the 2024 federal budget, by the end of the second quarter of 2024,” the IMPI chairman said.
He said the government had taken the economy a notch higher with the introduction of the Consumer Credit Scheme known as The Nigerian Consumer Credit Corporation (CrediCorp).
This, he said, had the potentials to improve consumption capacity for Nigerians, resulting in expanded productive capacity for the manufacturing sector.
“This implies that you do not need to wait until you have saved so much to purchase what you desire.
“The establishment of the Credit Scheme and the extension of payment of Social Security to NCE graduates upward with a commitment of N100bn by the President.
“And the approval of Social Security Unemployment Programme to alleviate economic difficulties for unemployed youths.
“Are part of the actions and decisions of the Tinubu administration within the first quarter of the year, which we consider to be courageous, timely and commendable,” Akinsiju said.
He called on the media to sensitise and encourage them to register for BVN and NIN to enable them benefit from government’s social security programmes.
He also advised government on the urgent need to rejig its cash transfer programmes to ensure effectiveness, transparency and accountability.
He said the group was delighted to note that the Compressed Natural Gas (CNG) powered transportation system had become a reality as promised by the president.
This, he added was especially as Nigeria had now joined the group of nations with fleets of CNG vehicles.
Akinsiju said this was as all was now set for the launch and deployment of the first set of mass-transit CNG vehicles and tricycles across the 36 states of the federation and the Federal Capital Territory (FCT) in May, 2024.
He said the eco-friendly vehicles would transport commuters at reduced cost, provide thousands of job opportunities for our youths, and improve the standard of living of the people.
He added that in the immediate, the Federal Government was growing stronger on opening up and truly liberalising the Nigerian national economy from the fetters of the past.
He further added that this had reflected in the market-determined movement of the naira in the foreign exchange market.
He said with the situation at the parallel market, the naira was now competing favourably with other world currencies and continued to affirm its place as one of the best performing currencies globally.
“On the revenue side, the removal of fuel subsidy has become a financial elixir for the hitherto constricted revenue earning capabilities of the national economy.
“Nigerians are now witnesses to the monthly spectacle of Federation Accounts Allocation Committee’s (FAAC) sharing and savings never-before-earned revenue among the three tiers of government.
“Which has averaged N250bn monthly, thereby enhancing the Federal, States and Local Government Areas capacity to pay workers’ salaries and provide critical infrastructure.
“While the economy is gaining much needed momentum in the enunciated areas as recorded in the first quarter of the year,” he said.
He said the group however, observed with mixed feelings, rocketing food prices which continued to manifest in high headline inflation rate recorded at 33.2 per cent, driven by a 40.01 per cent food inflation rate in March.
He said in spite of the increase in food prices, the conscious efforts of President Bola Tinubu to rejig the economy and ensure food security through massive investment in agriculture must be encouraged.
He commended the administration for funding the ongoing dry season cultivation of 120,000 hectares of farmland for the production of wheat.
He noted that this aggressive push to boost food production was a confirmation of the president’s seriousness on his declaration of State of Emergency on Food Security on July 13th 2023.
He also commended Jigawa government for allocating 80,000 hectares of land to the Presidential initiative on wheat, and the Government of Kano and Kaduna States for making available the remaining 40,000 hectares.(NAN)
From Rabiu Sanusi, Kano
The House of Representatives has backed plans to increase Nigeria’s strategic petroleum reserve from 20 days to 90 days by 2027 in a move aimed at strengthening the country’s fuel security and ensuring a more reliable supply of petroleum products.
Chairman of the House Committee on Petroleum Resources (Downstream), Ugochinyere Ikeagwuonu, disclosed this in Abuja during a technical briefing, where the committee also passed a vote of confidence in the administration of President Bola Tinubu over its efforts to secure the nation’s petroleum pipelines.
Ikeagwuonu said the proposed expansion of the strategic reserve would be supported by sustained domestic petroleum supply, reducing the country’s vulnerability to supply disruptions.
The committee further reported that contributions from local refineries to Nigeria’s national petrol supply had increased by more than 75 per cent, with the country recording over 25 days of supply sufficiency and no reported shortfalls so far.
The development, according to the committee’s briefing, highlights the growing role of domestic refining in supporting the nation’s energy security.
In a related development, the committee established two subcommittees to investigate separate petitions concerning gas distribution licences issued by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and allegations of abuse of office against Mumuni Dagazau, Executive Vice President, Downstream of the Nigerian National Petroleum Company Limited (NNPC Limited).
The proposed 90-day reserve target represents a significant policy ambition for Nigeria petroleum sector as the country seeks to strengthen supply resilience, improve energy security and reduce exposure to disruptions in fuel distribution.
The outcome of the planned investigations and progress towards the 2027 reserve target will remain important issues for the downstream petroleum industry.
From Francis Sadhere, Delta
Former Governor of Delta State, Dr. Emmanuel Eweta Uduaghan, has died. He was 71.
Uduaghan, who governed the state from 2007 to 2015, reportedly passed away on the morning of Monday, October 19, 2026.
His death was announced in a statement signed by Toju Anire Uduaghan on behalf of the family, which described his passing as a devastating loss to the family, Delta State and Nigeria.
The family said the former governor was a beloved father, brother, uncle and patriarch, whose life and service touched many people across the state and the country.
“His passing has left us devastated. Words can hardly express the depth of our sorrow at the loss of a man who meant so much to our family and whose life and service touched countless others across Delta State and Nigeria,” the statement said.
Uduaghan held several key positions in the Delta State Government before becoming governor. He served as Commissioner for Health from 1999 to 2003 and Secretary to the State Government from 2003 to 2007.
He subsequently emerged as governor in 2007 and remained in office until 2015, during which the family said he demonstrated commitment to the human and infrastructural development of the state.
The family described his death as a profound loss, noting that he was a source of strength, a father figure and a respected elder whose memories and legacy would remain cherished.
“We are grateful to Almighty God for his life, his service, and the legacy he leaves behind,” the statement added.
The family prayed for the repose of his soul and divine comfort for relatives, friends, associates, former colleagues and others mourning his death.
“Your memory will forever remain in our hearts, and your legacy will endure in the lives of those you touched,” the family said in its farewell message.
Uduaghan’s death marks the loss of a former leader who occupied prominent positions in Delta State’s political and administrative history.
The family concluded its announcement with a prayer for his peaceful repose, saying, “May your gentle soul rest in perfect peace. Amen.”
By Tambaya Julius, Abuja
The Federal Government has urged vice-chancellors of Nigerian universities to introduce degree programmes that address critical manpower shortages and meet the growing demand for specialised healthcare and social services.
The proposed programmes include Audiology, Occupational Therapy, Speech and Language Therapy, Clinical Psychology and Medical Social Work.
The government said expanding training in these fields would help bridge gaps in specialist care and create more employment opportunities for Nigerian graduates.The Minister of Education, Dr.
Tunji Alausa, also reaffirmed the Federal Government’s commitment to establishing autism centres across the six geopolitical zones to improve access to specialised care and support for persons on the autism spectrum and their families.Alausa said universities must align their academic programmes with national workforce needs and emerging societal challenges, stressing the importance of equipping graduates with practical skills for professional practice and employment.
He explained that developing the proposed programmes would strengthen Nigeria’s capacity to provide essential services locally, reduce dependence on limited specialist services and produce professionals capable of meeting the needs of the population.
The planned autism centres are expected to provide access to diagnosis, therapeutic services and research, while serving as regional support hubs for families, healthcare professionals and educational institutions.
The minister said the initiatives reflect the Federal Government’s commitment to strengthening local capacity and improving support for persons with autism and other developmental conditions.
He assured stakeholders that the government would continue to pursue reforms aimed at expanding access to relevant education, strengthening institutional capacity and promoting skills development.
Alausa also commended the Chairman of the Federal Government Committee for the Advancement of Audiology, Occupational Therapy and Speech and Language Therapy, Dr. Victoria Amu, for her dedication and commitment to advancing the specialised fields.
He urged vice-chancellors and other university administrators to work closely with Amu, relevant regulatory agencies and professional bodies to facilitate the introduction of the proposed programmes.
According to him, such collaboration would help ensure that the programmes meet the required academic and professional standards.
The minister reiterated the government’s commitment to building a responsive and inclusive higher education system that equips Nigerians with relevant skills, addresses critical manpower gaps and expands access to essential specialised services.
He added that the initiatives form part of broader efforts to develop human capital, improve service delivery and ensure that Nigeria’s education system responds effectively to national priorities and the needs of its citizens.
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