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Tinubu Taking Nigeria out of Economic Doldrums

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The nationwide protest that kicked off on Aug. 1 across Nigeria, to draw the attention of President Bola Tinubu to the economic challenges confronting Nigerians, soon snowballed into a conflagration.Scores of innocent Nigerians were mowed, and others had their businesses wantonly looted.

Yet again, government offices were destroyed, equipment carted away, and quite a number of offices were torched.
The protesters were riled by the general high cost of living, which was triggered by the removal of fuel subsidy in May 2023 by President Tinubu.
The protesters were unperturbed by the fact that Nigeria is not the only country in the world where citizens are experiencing high inflation, high cost of essential commodities, particularly food items.
Indeed, no country is immune to the economic turbulence currently ravaging the global economy, which is under pressure from multiple, complex and interconnected crises.Mr Gabriel Idahosa, the President, Lagos Chamber of Commerce and Industry, acknowledged that the global economy continued to experience persistently high inflation, aggressive global monetary policy tightening, supply chain disruptions, and growing uncertainties amidst geopolitical tensions.Idahosa said, in his review of the second quarter of 2024, that the level of uncertainties had continued to threaten business and economic planning across the globe.But on the local scene, he said Nigeria’s economy grew by 2.98 per cent (year-on-year) in real terms in the first quarter of 2024, the fourteenth consecutive growth recorded.He said this was driven by both oil and non-oil sectors, which grew by 5.70 per cent and 2.80 per cent, respectively.He said the growth in the first quarter was primarily driven by the non-oil sector, which recorded a growth of 2.80 per cent and contributed 93.62 per cent to the Gross Domestic Product (GDP).President Bola Tinubu insists that since he mounted the saddle 14 months ago his government has made significant strides in rebuilding the foundation of the economy to carry Nigerians into a future of plenty and abundance.The real deal for the Tinubu administration is overcoming the twin evil of fuel subsidy and multiple exchange rates system.The President said he took the decision because fuel subsidy and multiple exchange rates had impeded the economic development and progress of the nation.“These decisions I made were necessary if we must reverse the decades of economic mismanagement that didn’t serve us well,” said the President.Within a short space of time, the country’s external reserves have increased to $36.89 billion.The International Monetary Fund and the National Bureau of Statistics estimate the country’s GDP growth rate at 3.1 per cent, while Fitch and Standard and Poor rate the economic a stable B.The United Nations Conference on Trade and Development also says the country’s balance of trade stands at a surplus N6.52 trillion.On the fiscal side, aggregate government revenues have more than doubled, hitting over N9.1 trillion in the first half of 2024.The President said his government had in the last 14 months reduced revenue spent on debt servicing to 68 per cent as against 97 per cent previously.“We have also cleared legitimate outstanding foreign exchange obligations of about five billion dollars without any adverse impact on our programmes.“This has given us more financial freedom and the room to spend more money on you, our citizens, to fund essential social services like education and healthcare.“It has also led to our state, and local governments receiving the highest allocations ever in our country’s history from the Federation Account,” he said.The Tinubu administration deployed its new found financial war-chest in strategic sectors of the economy.For instance, the President inaugurated the Student Loan scheme on July 17, voting N45.6 billion for payment to students and their respective institutions.The Tinubu administration also floated a N200 billion Consumer Credit Corporation to make life easier for millions of households.The scheme was designed to help Nigerians acquire essential products without immediate cash payments, which the President hopes will consequently reduce corruption and eliminate cash and opaque transactions.The President promptly ordered the release of an additional N50 billion each for Nigerian Education Loan Fund – the student loan, and Credit Corporation from the proceeds of crime recovered by the Economic and Financial Crimes Commission.He also released N570 billion to the 36 states to expand livelihood support to their citizens, and extended nano grants to 600,000 nano-businesses.An additional 400,000 nano-businesses are expected to benefit from the programme.On food security, the Tinubu administration is providing incentives to farmers to increase food production at affordable prices.He directed that tariffs and other import duties should be removed on rice, wheat, maize and sorghum.“I have been meeting with our Governors and key Ministers to accelerate food production. We have distributed fertilisers.“Our target is to cultivate more than 10 million hectares of land to grow what we eat.“The Federal Government will provide all the necessary incentives for this initiative, whilst the states provide the land, which will put millions of our people to work and further increase food production.“In the past few months, we have also ordered mechanised farming equipment such as tractors and planters, worth billions of Naira from the United States, Belarus, and Brazil,” he said.The Tinubu government has also embarked on major infrastructure projects across the country, some of which are inherited projects critical to the country’s economic prosperity, including roads, bridges, railways, power, and oil and gas developments.He said he was committed to completing those projects, rather than abandoning them as was the case in the past.“Notably, the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway projects will open up 16 connecting states, creating thousands of jobs and boosting economic output through trade, tourism and cultural integration,” said Tinubu.To power the transportation economy and bring costs down, President Tinubu inaugurated a Compressed Natural Gas Initiative (CNG) initiative.This, he said, would save over N2 trillion a month, the amount of money used to import PMS and AGO, and free up our resources for more investment in healthcare and education.To assuage the yearnings of workers and quell their agitations over the harsh economic environment, the President approved N70,000 national minimum wage.The new minimum wage represents an increase of about 133 per cent from the previous N30,000, with an assurance that it would be reviewed after three years, instead of five years.Alhaji Mohammed Idris, Minister of Information and National Orientation, said the new minimum wage would be complemented with massive investment in transportation.Idris said he envisaged reduction in transport costs by the time the CNG initiative of the Federal Government took its full course.“Already, some of these buses have been imported. Some of the conversion kits are already available. The conversion centres are already beginning to get active,” he said.He said the CNG scheme would lead to a reduction of over 60 per cent in the cost of transportation.Idris was emphatic that the government was working hard to reduce the hardship being experienced by Nigerians, particularly in making food items available at affordable prices.He said 20 trucks of rice had been given to the state governors for onward distribution to the poor in their states.“The rice distributed is being sold at about 50 per cent of its cost. This rice has been taken to various centres across all the states of the federation, and is being sold at N40,000,” he said.The minister considers this as an interim measure because there is so much investment going into the agricultural sector including irrigation, hence he expects that prices of food items will come down with time.In spite of the efforts of the Tinubu administration, some Nigerians expect more, prompting agitations that resulted into the nationwide protest.But Mr Bismarck Rewane, the Chief Executive Officer of Financial Derivatives, says there is time lag between policy and impact and, as such, there is the need to wait for the outcome of the economic reforms of the President Tinubu administration.Rewane, during a presentation to business leaders at the Lagos Business School Breakfast Club in May, said policy changes must be followed by institutional reforms to deliver tangible gains that would trickle down to the populace.One year in office translates to 25 per cent of the life of an administration in its first term in Nigeria.As Rewane put it, the review of the one-year performance is a sober introspection on the measures of macroeconomic policy and the welfare of the people.Therefore, he, like many others, believe that 14 months of this administration’s leadership, as well as policy changes and institutional reforms taking place, will soon deliver tangible gains that will trickle down to the populace.(NAN) (www.nannews.ng)Edited by Chinyere Joel-Nwokeoma******if used, please credit the writer and the News Agency of Nigeria (NAN)

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South Sudan Sets December for Long-delayed First-ever Election

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There have been a number of false dawns when it comes to elections in South Sudan, but the authorities have said the long-delayed first-ever vote will take place in December.

The leaders of the world’s youngest country have not been tested at the ballot box since independence in 2011 and President Salva Kiir has been in office for 15 years.

According to the original plan, the general election was supposed to have happened in 2015 but a civil war meant that had to be postponed.

The 2018 peace deal, which created a unity government with Kiir at its helm and rival Riek Machar as his deputy, envisioned an election in 2022 but the vote was never organised amid tension between the country’s leaders.

Continued issues between the two men could yet delay the vote further.

Machar was sacked as vice-president and arrested earlier last year and charged with murder, treason and crimes against humanity, which he denies. He has been under house arrest in the capital, Juba, since March last year as fighting persists in some areas of the country.

There have been warnings, including form the UN that the violence could once again spill over into full-scale civil war.

When announcing the 22 December date for the vote, electoral chief Abednego Akok Kacuol acknowledged that unresolved legal amendments and persistent funding gaps continued to hamper poll preparations.

“The political will is not ours; it lies with the government,” he said.

Asked what would happen if funds were not secured within six months, Kacuol said his commission would continue planning while adjusting toward a “realistic electoral timeline”.

In a statement on Monday, the presidency said Kiir was committed to implementing the 2018 peace agreement and keeping South Sudan on track toward peaceful, democratic elections.

It said preparations for inter-party dialogue on election-related issues were progressing and would provide a platform for building consensus among political stakeholders.

But opposition groups and civil society organisations have raised concerns over security conditions, political freedoms and electoral readiness.

The Sudan People’s Liberation Movement in Opposition (SPLM-IO), the party of Machar, warned about the poll preparations, saying holding elections remained a “dangerous” matter.

“Anyone coming to register voters and campaign in territories controlled by the mighty SPLM-IO, you will be a prisoner of war,” Nathaniel Pierino, acting chairperson of the group, said in a post on Facebook.

“Be reminded, the country is at war,” he added.

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Senate to Consider Bill on State Police This Week, Says Bamidele 

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By Eze Okechukwu, Abuja

The Senate has scheduled amendments to the 1999 Constitution to provide for the establishment of State Police in the country, with an indication that it will be transmitted to the 36 State Houses of Assembly for further legislation.

The leader of the Senate, Senator Opeyemi Bamidele, in a statement yesterday said all stakeholders across the federation “are on the same page with the National Assembly on the establishment of State Police.

Bamidele explained that the National Assembly would isolate the aspect from the ongoing constitution amendment and pass it into law due to its national exigency.

He also revealed that President Bola Ahmed Tinubu and all the state governors were on the same page with the national assembly on the state police, adding that the legislative week, which begins today, would be a crucial one for the Senate as the issue of state police would top their agenda.

“Our position is very clear on state police. We are standing with Nigerians on the issue of state police. All strata of the federation have made it clear that there cannot be a better time to establish a state police than now.

“That is where we stand. Where we are coming in is to now help translate this popular desire of the people into reality as elected representatives of the Nigerian people.

“We came to the conclusion that we are going to pass the constitutional amendment in this respect to make a provision for the state police. If I can tell you as of today, that will come to fruition this very week because there is no need to allow any further delay

“There have been a series of meetings between the National Assembly. When I say the national assembly, I mean Chairman, Senate Committee on the Review of the 1999 Constitution, Senator Barau I. Jibrin and Chairman, House of Representatives Committee on the Review of the 1999 Constitution, Rt. Hon. Benjamin Kalu, both of whom are representing the National Assembly. 

“They had been in a series of meetings with the office of Attorney-General, Chief of Staff to the President, Rt. Hon. Femi Gbajabiamila; Inspector-General of Police, Mr. Tunji Disu and other stakeholders in the last one week and that is why I can sit here to tell you that we’re pursuing that this week.

“It is going to be the subject we will be dealing with this week. What we have resolved to do is to isolate it with the rest of the bills that we have proposed under constitutional amendment so that we can vote on this as soon as possible.

“The bill can as well be on its way to the 36 States House of Assemblies as soon as possible because you know we will need two-third of the state assemblies to approve it before the president can assent to it.

“The president is also with us on this proposal. I am sure he cannot wait for the bill to come to him for assent. I am sure the majority of our governors as we know are in support of this bill. The state assemblies are also waiting for this bill to come. We will initiate the proposal for the creation of state police within the week”, he said.

Gbajabiamila had disclosed that President Tinubu would receive a comprehensive report on the proposed creation of state police as consultations on the constitutional framework for its establishment approached completion.

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OPay Partners 3MTT, Extends National Innovation Challenge Deadline to Reach More Student Innovators

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OPay, a leading fintech company in Nigeria, has announced an extension of the application deadline for the National Innovation Challenge, a flagship component of the newly expanded OPay Scholars Programme 2026, from June 14 to July 3, 2026.

The extension follows overwhelming interest from tertiary institution students across the country and numerous requests from prospective applicants seeking additional time to complete and submit their entries.

Students in tertiary institutions across Nigeria can still apply now as a team of five students via https://www.
opayweb.com/innovation-challenge

The OPay Scholars Programme is an expanded education and talent development platform designed to empower the next generation of Nigerian innovators, leaders, and problem-solvers. The programme builds on OPay’s landmark N1.2 billion, 10-year scholarship commitment to tertiary institutions across Nigeria and now consists of three key pillars: the N1.2 billion 10-Year Scholarship Programme, the National Innovation Challenge, and OPay Futures, a career and employability development initiative.

In a further boost to the programme, OPay has also entered into a strategic partnership with the 3 Million Technical Talent (3MTT) Programme, the Federal Government’s flagship digital skills initiative under the Federal Ministry of Communications, Innovation and Digital Economy.

The partnership reflects a shared vision between OPay and 3MTT to create meaningful social value by developing Nigeria’s next generation of innovators and expanding access to economic opportunities. Through skills development, innovation, mentorship, and employability pathways, both organisations are committed to supporting the broader goal of creating one million jobs and connecting young Nigerians to opportunities within the rapidly growing digital economy. The collaboration demonstrates how public-private partnerships can accelerate talent development at scale while ensuring more young people are equipped with the skills needed to compete and thrive in a global marketplace.

Through this collaboration, 3MTT will work alongside Google to co-deliver training during the webinar and bootcamp phases of the National Innovation Challenge, while also helping expand awareness of the programme across its nationwide network of fellows and communities.

“At OPay, we believe talent is one of Nigeria’s greatest assets. Through the OPay Scholars

Programme, we are not only investing in education but also creating pathways that connect young people to innovation, employability, and long-term economic opportunity. Our partnership with 3MTT reflects a shared commitment to developing world-class talent, supporting job creation, and ensuring more Nigerians can access opportunities in the digital economy,” said Itoro Udo, Corporate Social Responsibility (CSR) Manager, OPay. “The response to the National Innovation Challenge has been exceptional, and extending the application deadline to July 3 ensures that even more students across the country can participate, showcase their ideas, and benefit from the training, mentorship, and opportunities available through the programme,” he continued.

Commenting on the partnership, Francis Sani, Programme Director, 3MTT said: “Our mission is to build technical talent at scale and create clear pathways from learning to earning. Our collaboration with OPay brings together the strengths of government and the private sector to equip young Nigerians with future-ready skills, expose them to real-world innovation challenges, and improve access to employment opportunities. This partnership aligns closely with our broader vision of developing a globally competitive workforce and creating job opportunities through digital skills, innovation, and talent acceleration. Together, we are helping more young Nigerians move closer to meaningful careers and economic participation.”

Through the expanded OPay Scholars Programme, OPay continues to demonstrate its long-standing commitment to investing in Nigeria’s future through education, innovation, and talent development. By bringing together the N1.2 billion scholarship initiative, the National Innovation Challenge, OPay Futures, Google, and now 3MTT, the programme is creating a comprehensive ecosystem that equips young Nigerians with the skills, credentials, exposure, and opportunities needed to succeed locally and compete globally.

The application deadline for the National Innovation Challenge is now July 3, 2026.

Interested students are encouraged to take advantage of the extension and submit their applications before the new deadline.Apply now via https://www.opayweb.com/innovation-challenge

For more information, visit www.opayweb.com and follow OPay on LinkedIn, @OPay_NG on X, and @opay.ng on Instagram for updates.

About OPay

OPay was established in 2018 as a leading fintech company in Nigeria with the mission to make financial services more inclusive through technology. The company offers a wide range of payment services, including money transfers, bill payments, card services, airtime and data purchases, and merchant payments, among others. Renowned for its fast and reliable network and strong security features that protect customers; funds, OPay is licensed by the CBN and insured by the NDIC with the same insurance coverage as commercial banks.

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