By Mathew Dadiya, Abuja
President Bola Tinubu, yesterday directed the National Economic Council (NEC) led by Vice President Kashim Shettima to device an approach and begin the process of working on interventions to mitigate the impact of subsidy removal on the Nigerians.
Governor of Ogun State, Dapo Abiodun, stated this after leading some major oil marketers on a courtesy visit to the President at the State House in Abuja.
Addressing correspondents after the meeting, Abiodun, who was a former chairman of the oil marketers association, stated that the marketers expressed solidarity with the President for removing the N4trn subsidy burden, a move that can enhance the Federation Account Allocation Committee (FAAC) allocation to states.
The group of marketers subsequently announced their intention to donate to 50 to 100, fifty-seater mass transit buses that would run on CNG, costing N100m each and N10bn cumulatively, to cushion the effect of the removal within the next 30 days.
They are hoping other corporate bodies can emulate their action.
The President’s meeting with the oil marketers comes amid the controversy and protests trailing the removal of subsidy on Premium Motor Spirit known as petrol.
President Tinubu, during his inaugural speech on May 29 at the Eagle Square in Abuja had announced the removal of subsidy payment on petrol. The President said that the immediate past administration of Muhammadu Buhari did not make provisions for subsidy in the 2023 budget beyond June.
Many Nigerians had expected that the new price regime would come into effect by July 1 but almost immediately after the presidential pronouncement, queues resurfaced at filling stations across the country even as retail outlets hoard the product and increase prices.
Already, a litre of petrol is being sold at over N500 across the country following NNPC price adjustment and the presidential pronouncement on subsidy removal.
Fuel queues have since surged for the vital commodity, compounding the traffic situation in parts of the country, even as transportation cost skyrocket to more than 100% increment.
The Organised Labour had resolved to embark on a nationwide strike beginning Wednesday but was restrained by a court order of Monday, June 5, 2023. The Organised Labour subsequently shelved its planned strike after a meeting with the Federal Government late Monday.
UNGA 78: Nigeria, 192 UN Members Adopt Plan Against Pandemics
Nigeria and other UN Member States have pledged to prevent a repeat of the devastating health and socio-economic crises caused by COVID-19 and shore up the world’s ability to head off another pandemic.
All 193 UN Member States adopted a political declaration at a high-level meeting on Pandemic Prevention, Preparedness and Response at the ongoing 78th session.
Adopting a milestone political declaration at the first-ever summit on pandemic prevention and response, nations also committed to get back on track to reach the 2030 Sustainable Development Goals (SDGs)
“[This] is a historic milestone in the urgent drive to make all people of the world safer, and better protected from the devastating impacts of pandemics,” Tedros Ghebreyesus, Director-General of the UN World Health Organisation (WHO), said.
“I welcome this commitment by world leaders to provide the political support and direction needed so that WHO, governments and all involved can protect people’s health and take concrete steps towards investing in local capacities, ensuring equity and supporting the global emergency health architecture that the world needs.”
The declaration was the result of months of intense negotiations to refine and agree on actions at the national, regional and global levels. It will be submitted to the General Assembly in due course for formal endorsement.
The political declaration asserts the need for Member States to conclude negotiations on a formal agreement on pandemic prevention, preparedness and response, known also as the Pandemic Accord – and make targeted amendments to International Health Regulations – by May next year.
It also calls on States to address the negative, physical and mental health impacts of health-related misinformation, disinformation, hate speech and stigmatization, especially on social media platforms.
Instead, it calls for public information campaigns based on science and the facts.
Member States also committed to strengthening health work forces and rapid response capacities, surveillance, and local manufacturing abilities, so countries can meet their own needs to prevent, prepare for and respond to pandemics.
Speaking at the summit, UN Secretary- General, Antonio Guterres, recalled that the global response to COVID-19 showcased both human ingenuity and exposed society’s shortcomings.
While rapid test and vaccine development were notable achievements, there were also a lack of preparedness, disproportionate impacts on the world’s poorest and vaccine hoarding by wealthy nations.
“We must not repeat the mistakes of the past when the next pandemic strikes – as we know it will – and other health threats emerge,” he said.
Reiterating the importance of the declaration, the UN chief urged countries to support the WHO, including increasing their financial contributions.
Tinubu Attends NASDAQ, Rings Closing Bell
President Bola Tinubu on Thursday, rang the bell at the National Association of Securities Dealers Automatic Quotation System (NASDAQ), becoming the first African Head of Government to do so.
The president rang the bell at the world’s financial capital, New York and became the first African President to perform such task.
NASDAQ is world’s second largest stock exchange.
Tinubu, while performing the task, was in company of some Nigerian business leaders and officials of the Nigerian Exchange Ltd. (NGX).
The President also used the opportunity, presented by the historic moment, to advance his foreign investment push in front of financial markets at the famous stock exchange.
“It’s a great honour for me to be here. I am happy to bring Nigeria to your doorsteps and I am honoured that we are here, today, with a bubbling Nigerian stock market that will evolve in the West African sub-region.
‘’The greatest economy in Africa is Nigeria. There is an immense opportunity in Nigeria, where you can invest your money without fear,” the President said.
He said that his government would address longstanding problems and impediments, such as the recent economic policies taken since assumption of office in May.
He said these include restoration and unification of the foreign exchange rate market to a stable and trustworthy level.
According to him, this will allow new investors to bring their money and be free of worries about whether they can take it out at any point in time.
“You’re free to take in your money and bring out your money. I count on you to invest in Nigeria,” the President said.
Tinubu Woos Investors at Nigeria-US Business Roundtable
President Bola Tinubu has assured prospective investors of his administration’s determination to adopt necessary fiscal and regulatory measures toward the ease of doing business in Nigeria.
At the Nigeria-U.S. Executive Business Roundtable, the President said he recognised that investment capital is cowardly in nature.
He said that was the reason behind his bringing successful Nigerian industrialists and public officials to share their experiences and operational plans, respectively.
Tinubu said this was in addition to all he had done to boost the confidence of the global investment community in Nigeria, by reforming the fiscal, monetary, regulatory and tax policy environment.
“Nigeria is an opportunity that is impossible to replicate or find elsewhere in any part of the world. We have brilliant young people who both innovate and consume at a large scale.
‘’Our entrepreneurial spirit is a major part of what makes our market totally unique, aside from demography.
‘’Nigerians build businesses and Nigerian businesses partner with other businesses to conduct larger business.
‘’There is enough value to spread around. Be careful of what you hear about Nigeria. You may be dissuaded out of a major opportunity that others will take up.
‘’We are here for you. We will give you all the support you need to succeed and succeed abundantly,” the President said.
On behalf of the U.S. Government, U.S. Deputy Treasury Secretary Wally Adeyemo, told U.S. business leaders he came back from Nigeria on an official visit that later became a fact-finding mission.
“In Lagos, I saw, first-hand, some of the major reforms you implemented as the Governor of Lagos and the transformative effect on Nigeria’s commercial capital.
‘’People have attested to the fact that the reforms you have put in place as President are quickly enhancing confidence.
‘’American business is paying attention to that and from what we have seen for ourselves, Nigeria is proving to be a new frontier for investment.
‘’We will encourage our companies from our end as those reforms continue to deepen,” Adeyemo said.
The American Business Council President, Mr Sops Ideriah, said that the extensive turnouts at the roundtable by American business chief executives was impressive.
According to him, the turnouts served as a testament to the degree to which confidence is rising in response to the actions and words of the President.
He said that this was with respect to ease of doing business, investment promotion, and his willingness to intervene to clear the historical concerns of American business people about doing business in Nigeria.
“Having all the stakeholders in the room, His Excellency, the President of Nigeria being here, from government actors at the federal and state level to ministers and tax authorities present, as well as private sector industrialists in Nigeria.
‘’We are very positive about the potential of Nigeria and we are just reinforcing to our colleagues the message about the economic opportunities that exist there,” Ideriah said.
Acting Chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, assured the American captains of industry that the nation’s apex tax authority would not focus on taxing the seed.
He said it would focus only on the proportionate taxation of the fruit of fully formed industry, through efficient policy synergy with Nigeria’s sub-national authorities.
“The President is a business enabler, not a handicapper. Everything we do will be geared toward making your tax assessment and payment processes as digitally efficient and transparent as possible.
‘’We are not after the seed, but the fruit and we will keep to this commitment,” Adedeji said.(NAN)
NNPCL Signs Membership of UN Global Compact
The Nigerian National Petroleum Company (NNPC) Limited, has signed up as a participant of the United Nations Global Compact, thereby becoming the first state-owned oil company to join the global initiative.
Group CEO of NNPC Ltd, Malam Mele Kyari, signed the Letter of Commitment, at the ongoing UN General Assembly (UNGA), signifying its participation in the UN Global Compact in New York.
A statement by the NNPC Ltd management, on Thursday, said the company signed up in a short ceremony on the sidelines of President Bola Tinubu’s session during the Global Africa Business Initiative (GABI) at the ongoing general assembly.
In a speech shortly after the signing, Kyari said the NNPCL’s participation in the UN Global Compact was a further testimony to Nigeria’s commitment to work with global partners towards attaining a just Energy Transition.
Kyari added that with this development, NNPCL supports the Ten Principles of the UN Global Compact on human rights, labour, environment, and anti corruption.
He described the NNPCL as a dynamic global energy company with businesses and operations across the entire spectrum of the energy value chain.
“We are committed to making the UN Global Compact and its principles part of our strategy, culture and day-to-day operations of our Company.
“We will engage in collaborative projects which advance the broader development of goals of the United Nations, particularly the Sustainable Development Goals (SDGs),” Kyari added.
Earlier in her remarks, the Executive Director, UN Global Compact Network, Nigeria, Ms Naomi Nwokolo described NNPCL’s move to become a participant of the UN global initiative as pivotal step in fostering a culture of ethical business conduct, environmental stewardship, and social responsibility.
With Nigeria being one of the largest producers of crude oil in Africa, a transition from an energy system driven by fossil fuels to one based on renewable energy will have far reaching positive impact, serving as a catalyst for sustainability in-country, on the continent and the world at large.
The UN Global Compact, formally inaugurated in July 2000, is a voluntary UN agreement designed to encourage companies around the world to develop, implement, and disclose responsible and sustainable corporate policies and practices. (NAN)
Minister Calls for Creative Ideas to Overcome Economic Challenges
By Raphael Atuu, Abuja
Minister of Water Resources and Sanitation, Professor Joseph Terlumun Utsev has called on Nigerians to come up with creative ideas and suggestions on how best to overcome challenges facing the country.
Engineer Utsev made the call on Wednesday, when he received members of the Nigerian Economic Summit Group (NESG) in his office in Abuja.
According to him, the administration of President Bola Tinubu was committed to making lives meaningful for all citizens and was ready to welcome creative ideas that will enable the country surmount its challenges and better the living condition of citizens.
He acknowledged the key role the Nigerian Economic Summit Group has played over the years in promoting and championing reforms of the Nigerian economy and called for synergy between the group and the Ministry to achieve the desired result.
Acting Chief Operations Officer and Senior Fellow Economic Policy, Strategy and Competitiveness, Dr Tayo Aduloju had explained that the group, which is non – profit, non -partisan private sector organization with a mandate to promote and champion the reform of the Nigerian economy into a modern globally and competitive one was at the ministry to seek partnership in the areas of providing useful ways of improving water , sanitation and hygiene in the country as well as how to make water a business .
The Minister had earlier played host to a delegation from the World Bank led by Jun Matsumoto, which were at the ministry to also seek partnership for the promotion of irrigation farming and effective utilization of dams for agriculture.
Read Our ePaper
No Casualty as Three-storey Building Collapses Story Building — NEMA
ShareThe National Emergency Management Agency on Saturday confirmed that there was no casualty in the three-Storey building that collapsed at...
Minister of Information Charges Advertising Agencies on Value Orientation
ShareMinister of Information and National Orientation, Mohammed Idris, has urged the Association of Advertising Agencies of Nigeria (AAAN) to support...
Kogi APC Alleges Vandalism on Campaign Office in Dekina
ShareFrom Joseph Amedu, Lokoja The Kogi State All Progressives Congress (APC), has said that its campaign office in Dekina Local...
Group Moves to End Cultism in Benue South
ShareFrom David Torough, Makurdi A Socio-cultural organization, Ede-ma Development Association (EDE-MA), has backed Edumoga Youth Movement (EYM) and Edumoga Youth...
NYSC Tasks Employers on Welfare, Security of Corps Members
Share From Joseph Amedu, Lokoja Ag. Director, North Central Area Office, National Youths Service Corps (NYSC),Mrs Biodun Olobukola has challenged...
UNGA 78: Tinubu Harps on Sustainable Environment for Investment in Africa
Share President Bola Tinubu has emphasised the importance of creating sustainable environment for investment opportunities in Agriculture to strive in...
30 Cleft Lip, Palate Patients Get Free Medical Surgery in Kogi
ShareFrom Joseph Amedu, Lokoja No fewer than 30 Cleft lip and Palate Patients in Kogi state have benefited from the...
Fintiri Inaugurates Human Capital Development.Council
ShareFrom Yagana Ali, Yola. Adamawa state Governor, Ahmadu Umaru Fintiri has inaugurated the State Human Capital Development council. At the...
Relief for Kaduna Ginger Farmers as FG Intervenes
ShareFrom Nicholas Dekera, Kaduna Minister of Agriculture and Food Security, Senator Abubakar Kyari, has assured the Ginger farmers, whose farmlands...
FG Appeals for Calm over Tuition as Varsities Resume
ShareMinister of State for education, Hon. Dr. Tanko Yusuf Sununu has appealed to students, parents and lecturers in our Institutions...