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)

Dr Abdullahi Ganduje, the National Chairman of the All Progressives Congress (APC) says President Bola Tinubu will remain in office beyond 2027.
Ganduje said this on Monday in Abuja at the party’s national secretariat when he addressed a crowd of supporters who paid a solidarity visit to him.

He said the opposition parties were afraid of defeat haven been defeated in the 2023 general election.
“The NNPP is already foreseeing another defeat  in 2027 hence its recent propaganda against the leadership of the APC.
“They are so afraid because we are consolidating, they are so afraid all over the country because we are receiving new entrants into our party.
“That is creating fears in their minds, they are already eyeing 2027, but that time, there is no vacancy in the presidency, only our President Bola Tinubu will, Insh-Allah, continue as President of Nigeria,” Ganduje said.
He urged APC supporters to ignore the antics of the opposition parties and to remain focused.
“We urge you to be committed to our party so that we will continue to forge ahead, we have seen your commitment and heard your speeches, and we understand your mission.
“Our eyes are on those who are diverting our attention through political propaganda against the APC, but we will not allow them to continue that way.
“We understand what they are doing, it is a political drama, it is African magic drama to convey a failed programm and projects by failed politicians, we will not allow them continue.
“They are also sponsoring pockets of diffident protest from all over the country and spending huge amount of money for people to demonstrate against the leadership of our party,” Ganduje said.
He added that from what the APC had seen across the country,  the action was a complete failure, saying the opposition party in Kano State was sharply divided because it was a mixture of failed politicians.
“If you follow what is happening in that party, you will find out that it is sharply divided between authentic and fake members, lacking leadership qualities,” he said.
Speaking, Prof. Salihu Alizaga, the Convener of the solidarity visit said it was to show support for the APC national chairman.
“We are here to tell the world that APC is one united family, devoid of rancor as being erroneously portrayed and speculated by few individuals under the obvious sponsorship of opposition political parties.
“We advise those who wish to be APC National Chairman after Ganduje to wait till the next elective convention where everyone will be allowed to test their popularity at the convention.
“The National Executive Committee (NEC) of our great party has elected Ganduje as national chairman, and he has a tenure of office to complete, there is no ambiguity at all.
“As faithful party men and women, we unequivocally pass a vote of absolute confidence on President Tinubu and Ganduje for jobs well done, our support for them is 100 per cent,” Alizaga said. (NAN)

The Peoples Democratic Party (PDP) has suspended Rep. Awaji-inomek Abiante (PDP- Rivers) for anti party activities.
This is contained in a statement signed by the Caretaker Committee Chairman of his Ward 1, Ngo town, Andoni, Mr Dike Bara, and the Secretary, Mr Dokubo Jackson on Monday in Port Harcourt.

“That Hon. Awaji-inomek Abiante should be, and is hereby suspended from the party for not only promoting factions at the ward level but also belonging to a group under the guise of the party: not being a group provided for in the party’s constitution.

Which action is in breach of Sec. 58(l)(j) of the party’s constitution.

“Furthermore, the suspension of Dagomie Abiante became indispensable putting into consideration his involvement in organising, training and equipiing group of members for the purposes of employing violence coercion and other form of intermediation within the party.

Thereby, breaching section 58(l)(k) of the party’s constitution.

“We are committed to the party and determined to weed out bad eggs who are acting as agents of opposition political parties to weaken our party no mater how highly placed and to ensure that our ward remains PDP irrespective of the inducement and threat.”(NAN)