NEWS
Tinubu Taking Nigeria out of Economic Doldrums
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)
“As he delivered 13,591 votes to president Tinubu in his Ward 8”
From Mike Tayese, Yenagoa
As the 2027 political activities is gathering momentum and with Presidential Primary done and dusted by the Ruling All Progressives Congress (APC), the Minister of State for Petroleum (Oil), Senator Heneiken Lokpobiri has declared that Bayelsa state is for APC.
The Minister handed down this while answering questions from Newsmen after the declaration of results from the presidential primary election in Ward 8 in Ekeremor Local Government Area of Bayelsa state.
According to him, “today is the presidential primary to nominate who will be the candidate of APC in 2027 presidential election. We started with the state Assemblies, then House of Representatives and Senate.Today is the nomination for who will be our presidential candidate”.
“As you can see, this is Ekeremor Ward 8, this is my own ward, over thirteen thousand registered members of the APC are here to participate in the primary, am not a voter, as a political appointee, the law says I cannot vote or be voted for, but am entitled to be an observer
“Am very happy, voting has been done and our candidate president Bola Ahmed Tinubu has won, the other candidate they don’t know and he got zero vote. As we are speaking here, the excercise is going on in all the 12 wards in Ekeremor LGA . So am very happy that this excercise started peacefully and is ending peacefully.
‘We are fully prepared for whosoever want to challenge our candidate from other parties. We have credible candidates to present against their candidates
“With me here is Barr. Tari-ere Joyce Gita APC candidate for Ekeremor Constituency 1. Hon. Living Mitin APC candidate for Constituency 2, and Barr. Berry Negerese as APC candidate for Ekeremor Constituency 3. While Chief Fidelis Agbiki is the Bayelsa West Senatorial District candidate.
“There is no any other parties in bayelsa again outside APC, the state is APC, anyone you can’t find here is a retired politicians. Anyone you can find here is retired.
“We are sure of victory in Ekeremor LGA come 2027 general elections. We are United, strong to defeat any other candidates from other parties
Am not aware of any other candidates running against Mr President, take whatever you’re seeing here, zero result for whoever is contesting against Mr President .
“We can assure you that the same thing is happening in all the,105 Wards in the state. Bayelsa is for APC”, he said.
Declaring the results, the returning officer of the presidential primary in Ward 8 Ekeremor Local Government Area, Ashanti Bekomowei said, President Bola Ahmed Tinubu scored 13,591 votes, while his contender Stanley Osifo scored zero vote and therefore declared president Bola Ahmed Tinubu as the winner.
The Bayelsa West Senatorial District candidate Chief Fidelis Agbiki and the three Assembly candidates, said APC will come out victorious in all the elective offices come 2027 general elections.
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NEWS
Tinubu Polls 277,192 Votes In APC Presidential Primaries in Bayelsa*A Restructured Nigeria Possible, Says Gov Diri
From Mike Tayese, Yenagoa
President Bola Tinubu, on Saturday, polled 277,192 votes in the direct primaries of the All Progressives Congress (APC) across the 105 wards in the eight local government areas of the state.
Governor Douye Diri, who served as the state’s Coordinator/Collation Officer for the presidential primary, declared the results at the collation centre at the Chief DSP Alamieyeseigha Memorial Banquet Hall, Yenagoa.
His Chief Press Secretary, Mr. Daniel Alabrah, quoted Governor Diri as saying that the peaceful conduct of the exercise across the state, from the presidential to the National Assembly and the House of Assembly primaries, showed a shift from the party’s “toxic” primaries previously in the state.
He stressed that no single individual could win an election without collective support, urging members to close ranks ahead of the 2027 general election.
His words: “As our party chairman already informed us, the party at the national level graciously asked me to be the returning officer and the chief collation officer.
“You have conducted yourselves so well. The exercise has been peaceful, calm, and in some areas more of a festive mood.
“To all those who contested and lost, you still have to be party men. I’m seeing a lot of them here, and that shows they are sportsmen. They belong to APC and they are going nowhere,” he said.
The Bayelsa helmsman stated that with the party’s unity and the strength of incumbency at both the state and federal levels, APC was well-positioned to dominate the elections.
“If all of these people here will go back to our wards, can’t we deliver? Can anybody beat us in Bayelsa State? It is a very big capital No.
“We have the human beings that know the strategies of elections. With our numerical strength and incumbency, it is game over in Bayelsa State,” he said.
Giving a breakdown of the results presented by the returning officers in each of the local government areas, he said Tinubu scored 39,454 in Brass, Ekeremor 45,949,
Kolokuma/Opokuma 22,593, and
Nembe 32,487.
The president also got 24,896 in Ogbia, Sagbama 46,283
Southern Ijaw 34,692 and
Yenagoa 30,834.
His only challenger, Mr. Stanley Osifo, got only five votes from Yenagoa local government area.
Earlier, speaking to party faithful and supporters after the exercise in his Sampou/Kalama Ward 6 in Kolokuma/Opokuma local government area, the governor said the APC remained the only party offering hope to Nigerians through the Renewed Hope Agenda of President Tinubu.
He said while there were two contestants in the presidential primary, the president was the overwhelmingly preferred choice among party members due to his leadership record and national visibility.
Diri acknowledged the reforms undertaken by the current administration were painful but maintained that they were necessary as the country would ultimately be repositioned for long-term prosperity.
He also expressed confidence that the restructuring of Nigeria was possible under Tinubu, describing him as one of the few leaders with the experience, democratic credentials, and political will to transform the country.
According to him, restructuring remains critical to addressing the nation’s recurring ethnic, religious, and political challenges.
Citing Tinubu’s role in Nigeria’s pro-democracy struggle and his involvement in the National Democratic Coalition (NADECO) during the military era, he said the president was one of the best-qualified leaders to champion the restructuring agenda.
Collation of the results was observed by the Independent National Electoral Commission (INEC) Resident Electoral Commissioner in Bayelsa, Isah Ehimeakhe, the commission’s Administrative Secretary, Mrs. Eme Akpa, as well as the state Commissioner of Police, Mr. Daniel Iyamah and service commanders
In attendance were the Deputy Governor, Dr Peter Akpe, Senator Konbowei Benson (Bayelsa Central), House of Representatives members, Oforji Oboku (Yenagoa/Kolokuma/Opokuma federal constituency) and Rodney Ambaiowei (Southern Ijaw federal constituency) as well as the State APC Chairman, Hon. Warman Ogoriba
Also present were the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, Speaker of the Bayelsa State House of Assembly, Rt. Hon. Abraham Ingobere, Managing Director of the Niger Delta Development Commission, Dr. Samuel Ogbuku, his counterpart in Niger Delta Basin Development Authority, Prince Ebitimi Amgbare, among other party stalwarts, stakeholders and members.
By David Torough, Abuja
The Senator representing Benue North East Senatorial District, Senator Emmanuel Memga Udende, on Saturday led party members across the district to massively endorse President Bola Ahmed Tinubu during the APC presidential primary elections.
Addressing supporters at the Ukum Local Government headquarters in Sankera, the Chairman of the Senate Committee on Anti-Corruption and Financial Crimes said President Tinubu’s administration has delivered significant benefits to both Benue State and Nigeria at large.
Senator Udende highlighted ongoing infrastructural development, improvements in the national economy, and the appointment of Benue indigenes into key federal positions as major reasons behind the overwhelming support for the President.
“For the first time in the history of Benue State, we have our own Senator George Akume serving as Secretary to the Government of the Federation (SGF). We also have a Grade A Minister from Benue State, the Chairman of the North Central Development Commission (NCDC), among several other federal appointments. These achievements justify giving President Tinubu another opportunity to continue his people-oriented policies,” Udende stated.
The senator, however, expressed dissatisfaction with the conduct of the immediate past APC National Assembly primaries, alleging that some individuals attempted to manipulate the process by producing results from guest houses and private residences instead of the officially designated council ward headquarters.
According to him, such actions were unacceptable and the purported results would not stand.
The “Ikuen I Ukum” also commended the people of Ukum and the entire Benue North East Senatorial District for turning out in large numbers to vote, assuring them that their trust and support for President Tinubu and the APC would not be in vain.
In his remarks, the member representing Ukum State Constituency in the Benue State House of Assembly, Hon. Engr. Ezra Nyiyongo, urged party faithful to remain united and continue supporting President Bola Ahmed Tinubu ahead of the forthcoming presidential and National Assembly general elections for the progress of Nigeria.
While Senator Udende cast his vote at the Tsaav Council Ward headquarters in Afia, Ukum Local Government Area, Hon. Ezra Nyiyongo participated in the exercise at Melabu in Mbayenge Council Ward.
Bayelsa state is for APC, says Lokpobiri
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