NEWS
Exit From Recession key Indicator of ESP’s Performance – Presidency

Nigeria’s prompt exit from recession is a key indicator of the success of the ongoing Economic Sustainability Plan (ESP) approved by the Federal Government, the Presidency has said in a statement on Sunday in Abuja.The statement issued by Mr Laolu Akande, Senior Special Assistant to the President, Media and Publicity, Office of the Vice President, said Nigerians should expect more as the implementation of the ESP gathered momentum.
Akande provided update on ESP progress and the latest Gross Domestic Product (GDP) figures for the last quarter of 2020.He said that the president and the Federal Executive Council had approved the ESP in June 2020, while the vice president was asked to lead the implementation of the Plan.“The plan is aimed, among others, at preventing a deep recession and putting cash in the hands of Nigerians after the economic fallouts of the pandemic.“Right from the 2020 third quarter, the economy was already on a rebound, adding that the latest fourth-quarter figures show that indeed, the recovery of the Nigerian economy is a steady one.“Like we explained late last year after the release of the third-quarter figures, the ESP, which was a calculated intervention by the Federal Government, is driving the Nigerian economy in the right direction – upwards.“Nigerians can expect more because the administration is unrelenting in its determination to pursue the steady recovery and growth of our economy,” the statement read in part.The presidential spokesperson said the ESP was entering into an even more potent phase with the revving up of plans to install five million solar installations across the country.He said that the social mass housing plan would result in hundreds of thousands of affordable houses for ordinary Nigerians.According to him, both aspects will yield several hundreds of jobs besides giving the national economy a significant spur like never before.He explained that, so far, the Survival Fund was making waves with MSMEs, artisans, transport workers, hundreds of thousands receiving cash stimulus, and the payroll support where an equal number of people running into hundreds of thousands employed by businesses were collecting N50,000 monthly.Akande said that the payroll support covered three months’ salaries for beneficiaries.“Already about 311,000 employees have received the payroll support coming from 64,000 businesses nationwide and over 165,000 artisans have also benefited from the Survival Fund. In all, the Survival Fund is on course to safeguard at least 1.3 million jobs.“Underway also is the Government Off-take Scheme, GOS, where the Federal Government will pump an additional N15 billion to support Nigerian-owned businesses by off-taking a number of products in a bid to keep businesses alive and create jobs.“The GOS will cover products such as facemasks, liquid soaps, disinfectants, hand sanitisers, and other processed foods and spices.“Altogether, the GOS will benefit 100,000 MSMEs, while an additional 100,000 Nigerians will also be benefiting from a one-off N50,000 MSME grant different from those already paid to artisans, transport workers and separate from the payroll support.”Akande said that the quarter four GDP figures grew by 0.11 per cent in Q4 2020 following two consecutive quarters of negative growth showing an exit from the pandemic induced recession. “This positive quarterly growth in Q4 2020 contributed to overall GDP, which contracted by -1.92 per cent and for the full year in 2020.” (NAN)NEWS
Troops kill 8 Terrorists in Katsina

Troops of 17 Brigade, operating under Operation Fasan Yamma at Forward Operating Base (FOB) Kurfi in Katsina State, have on Wednesday, eliminated eight terrorists in an encounter along Kurfi – Batsari Road.This is contained in a statement by the Director, Defence Media Operations, Maj.
-Gen. Markus Kangye, on Thursday in Abuja. Kangye said the troops swiftly engaged the terrorists and thwarted their plans after a prolonged duel. He said the terrorists suffered significant casualties, with recovery of five AK-47 rifles, six AK-47 magazines, and 13 rounds of 7.62mm special ammunition.According to him, a soldier was however, wounded in action and evacuated to 17 Brigade Medical Centre for treatment.“The situation remains calm, while troops’ morale and fighting efficiency remain high.“The Defence Headquarters commends the bravery and professionalism of the troops involved in the operation.“We reassure Nigerians of our continued efforts to ensure the safety and security of our citizens,” he said. (NAN)NEWS
Tinubu to Visit Kaduna Thursday to Inaugurate key Projects

President Bola Tinubu is expected in Kaduna State Today Thursday for the inauguration of several key developmental projects executed by the administration of Gov. Uba Sani.Report says that the visit forms part of activities marking Sani’s two years in office.The projects lined up for inauguration include the 300-bed Specialist Hospital in Millennium City, Kaduna, built by the state government to bolster the provision of healthcare services.
Tinubu will also inaugurate the Institute of Vocational Training and Skills Development in Rigachikun, road projects in Soba, and Samaru Kataf LGASas well as the 24-kilometre Kafanchan Township Road. Others are the Tudun Biri Road, the 22km road linking Kauru and Kubau LGAs as wll as the Vocational and Skills Training Centre in Tudun Biri.Tinubu is also expected to unveil 100 Compressed Natural Gas (CNG) buses, as part of efforts to modernise the state’s public transportation system.The projects are part of the administration’s focus on infrastructure development, healthcare delivery, youths empowerment, and economic growth.The state government described the visit as a significant moment for the people of Kaduna and an opportunity to showcase ongoing efforts to transform the state through impactful governance.Sani, who marked his second year in office this month, has prioritised human capital development, rural infrastructure, and jobs creation since taking office in 2023.Tinubu’s visit to Kaduna State was rescheduled from Wednesday to Thursday.He was initially supposed to visit Kaduna on Wednesday, but due to the recent attacks in Benue, he shifted his trip.The president visited Benue on Wednesday to commiserate with the victims of the recent attacks and assess the humanitarian crisis.During his visit to Benue, Tinubu met with stakeholders, including traditional rulers, political and community leaders, and youth groups, to seek lasting solutions to the hostilities.He also condemned the ongoing violence and called on the residents to embrace peace and mutual understanding.The Benue Government had declared a work-free day for Tinubu’s visit, urging the residents to turn out in large numbers to welcome him. (NAN)NEWS
Tinubu Committed to Uplifting Poor Nigerians – Bagudu

By Tony Obiechina, Abuja
Minister of Budget and Economic Planning, Senator Abubakar Bagudu said President Bola Tinubu is resolutely dedicated to restoring the livelihoods of impoverished and vulnerable Nigerians.Bagudu stated this in Abuja on Wednesday during the stakeholders’ meeting concerning the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) Programme Additional Financing.
According to him, the president would support the vulnerable by ensuring food security and aiding the recovery of micro and small enterprises (MSEs), as outlined in his government’s Renewed Hope Agenda. “President Bola Tinubu’s visionary leadership and Renewed Hope Agenda have created a favourable macroeconomic environment, leading to the proliferation of highly impactful programmes aimed at vulnerable and underprivileged groups,” he told the stakeholders, which included the commissioners of Finance, Budget, and Economic Planning from the 36 states and the FCT.The NG-CARES is a programme aimed at alleviating the adverse effects of various crises arising from climate change, civil strife, natural disasters, and their resultant socio-economic impacts on vulnerable populations, particularly in the aftermath of the COVID-19 pandemic.To implement the Nigeria COVID-19 Action Recovery and Economic Stimulus Programme, which was later renamed the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) Programme, the Federal Government sought and secured a USD750 million World Bank credit through the International Development Agency (IDA), amounting to USD750 million USD on behalf of the States and FCT in June 2021.The credit facility has aided state governments in implementing programmes designed to avert poverty and vulnerability among Nigerians while simultaneously stimulating the growth of the local economy.As a Programme for Results (PforR), its implementation has delivered remarkable outcomes, benefiting over 16 million direct beneficiaries across the states and the Federal Capital Territory (FCT).Given the outstanding results achieved under the current NG-CARES Programme, the state governments, through the Federal Government, have requested an Additional Financing (AF) of USD 500 million to support the implementation of the NG-CARES AF and empower individuals and households to overcome covariate shocks that could push them further into extreme poverty.Bagudu disclosed that the World Bank Board and the Federal Executive Council had approved the credit and were awaiting the approval of the National Assembly for its targeted activities.He stated that the stakeholder meeting aimed to enhance the participants’ comprehension of the design, approach, and institutional arrangements necessary for the successful implementation of the NG-CARES Additional Financing.“It will also foster collaboration and synergy among the Ministries of Finance and Budget & Planning at the subnational level,” he stated.The minister explained that the sustained implementation of NG-CARES AF was essential, given the intervention’s emphasis on supporting the poor and vulnerable, adding that, as Africa’s largest economy, Nigeria could not afford to remain in poverty.“Therefore, sustaining the livelihoods of over 200 million people is crucial to everything we do,” he stated.“The NG-CARES AF would progressively upscale the successes achieved under the existing programme, foster stronger coordination mechanisms between the federal and state governments, strengthen service delivery platforms at all levels, and accelerate the implementation of programmes to address the current crisis, among other benefits”, he explained.Bagudu assured the stakeholders that the Tinubu administration would continue to ensure adequate quality assurance, monitoring, capacity-building, and oversight of programme activities and results.He promised that the Federal Government will offer coordinated institutional strengthening and technical support to the states through federal entities, ensuring proper programme oversight, overall guidance, coordination, strategic direction, review, and support.