PRESIDENT TINUBU: COMMUTERS TO ENJOY FREE TRAIN RIDES ON ABUJA METRO LINE UNTIL YEAR-END

STATE HOUSE PRESS RELEASE

PRESIDENT TINUBU: COMMUTERS TO ENJOY FREE TRAIN RIDES ON ABUJA METRO LINE UNTIL YEAR-END

President Bola Tinubu, on Wednesday, announced that Nigerians and other commuters would enjoy free train rides on the Abuja Metro Line until the end of the year.

The President made this declaration while flagging off the re-launch of commercial operations on the Abuja Light Rail.

“Our dear Landlord, the Minister of the Federal Capital Territory (FCT), I have heard you say there will be free train rides for two months. I want to appeal to you to make it until the end of the year. Let us give the people reasons to celebrate,’’ the President said before taking a 40-minute ride from the metro station to the airport station.

He described the operations on the Abuja Metro Line as a symbolic milestone of enduring progress as a country and in the FCT.

“As we gather to commemorate the first anniversary of my administration, we are also celebrating the fruits of collaboration, dedication, progress, and foresightedness.

“The Abuja Metro was inherited by my administration from my predecessor. It was first commissioned in 2018 for public use, but this was not to be. COVID-19 struck. The train service was abandoned, vandalized, disused, and abused.

“When we came into office, as part of my desire to have a functional and flourishing FCT with efficient public infrastructure and transportation systems that will serve the people who live and work within the city and the surrounding communities, I made a public request and a challenge to the Minister, Nyesom Wike.

“Then, I did not know that he would be able to deliver this project on time. I said, ‘Do not give me land, Mr. Landlord’. He gave me the assurance that I will be able to ride on the metro line, and I am very proud that today you delivered on that promise,” the President said.

President Tinubu highlighted the significance of transportation in providing hope to the people and commended the completion of access roads to the various train stations.

“Transportation gives hope and access to various individuals and organizations. The access roads to the various stations have been done, and today, we are proud to say that you are truly serving the nation,” the President said.

President Tinubu, who described service to the nation as a critical element of the ‘new national anthem’ adopted and signed into law earlier on Wednesday, urged Nigerians to remain dedicated to the service of the nation. 

Referring to the Abuja Metro Line as a symbol of unity and enhanced accessibility, President Tinubu reiterated his administration’s commitment to delivering on its promises.

“What we have in the FCT is another piece of evidence that we are a government that delivers on promises,” the President affirmed.

In his remarks, the Minister of the FCT recounted how the President’s directive at a public event in September 2023 spurred the FCT administration into action.

He noted that while the metro line was initially inaugurated in 2018, it lacked essential access roads and remained non-functional.

He said the project was actualized within nine months under President Tinubu’s administration.

He, however, disclosed that with the intervention of the President, the Central Bank of Nigeria, in collaboration with the Coordinating Minister of the Economy and Minister of Finance, and the Accountant General of the Federation, facilitated the payment of the contract sum of $30 million, which was previously unpaid, to China Civil Engineering Construction Corporation (CCECC), the contractors.

Barrister Wike also revealed that the construction of access roads cost N21.4 billion.

The Minister emphasized that the successful operationalization of the metro line is a testament to the reality and great possibilities of the Renewed Hope Agenda.

“We have given back renewed hope to the people. The Renewed Hope Agenda is real, working, and practical. This station stands as a promise made and a promise kept,” the Minister said.

In an overview of the project, the FCT Mandate Secretary for Transportation, Chinedu Elechi stated that the Abuja Metro Line has 12 trains with each having the capacity of carrying at least 700 passengers while making 14 trips per day.

He said Lot 1 and 2 of the metro line would run two trips simultaneously every day, thereby having a cumulative capacity of transporting 980,000 passengers monthly in the Federal Capital Territory.

“All the ancillary roads to the four train stations and car parks have been constructed and delivered, thereby making today’s launch of commercial operations of the metro line possible,” the Mandate Secretary stated.

Vice President Kashim Shettima; Senate President Godswill Akpabio; Speaker of the House of Representatives, Tajudeen Abbas; the Chief Justice of Nigeria (CJN), Justice Olukayode Ariwoola; members of the Federal Executive Council and other dignitaries accompanied the President on the train ride.

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

May 29, 2024

 

PRESS RELEASE

 

 

 

SANWO-OLU LAUNCHES 15 HIGH-CAPACITY, LOCALLY FABRICATED BOATS TO BOOST WATER TRANSPORTATION

 

• Lagos Govt, indigenous manufacturer partner on assembly factory

 

 

 

• ‘New boats to enhance efficiency, reliability of waterways’ — Commissioner

 

 

 

Lagos State Governor Babajide Sanwo-Olu, on Wednesday, marked the first anniversary of his second term with a unique infrastructure gift to Lagosians.

 

 

 

The Governor launched a fleet of new high-capacity ferries, fabricated and assembled in Lagos to cruise the State’s inland waterways and create a new transportation choice for commuters in the largest mega city in sub-Saharan Africa.

 

 

 

The 15 boats have the capacity to carry 40 passengers each as against the 20 passenger limit in the existing vessels. The ferries were manufactured by Caverton Marine in a factory jointly run by Lagos State Government and the private firm. The factory is located in Badore area of Eti-Osa.

 

 

 

The inauguration of the Omi-Bus carriers marked the completion of the first manufacturing phase in the partnership, with the new ferries immediately deployed for commercial operations by Lagos State Waterways Authority (LASWA) to provide effective mobility options for the residents.

 

 

 

Sanwo-Olu, joined by the Deputy Governor, Dr. Obafemi Hamzat, and members of the State Executive Council, took inaugural ride on the boats, sailing from Badore to Ikoyi. The journey took an average of 27 minutes.

 

 

 

Aside enhancing rapid connectivity between communities in the State, Sanwo-Olu said the development would further catalyse economic prosperity by saving hours lost in traffic, while also optimising public investment in water transportation.

 

 

 

The Governor said the inauguration of the locally fabricated ferries, designed to operate on Cowry Card payment system, underscored his administration’s dedication to sustainable partnership that advance the development of intermodal transportation system in Lagos.

 

 

 

Creating viable waterways transportation, Sanwo-Olu said, aligned with his Government’s strategic vision to engender pollution-free mobility means that would improve life quality and productivity.

 

 

 

He said: “Today marks yet another significant milestone in our quest to revolutionise transportation in Lagos in line with our T.H.E.M.E.S+ agenda. Acquisition and deployment of these ferries for commercial operations symbolise our commitment to transforming Lagos into a city that thrives on efficient, clean and sustainable transportation.

 

 

 

“This initiative is a testament to our commitment to creating an integrated, multimodal transportation system that makes daily commutes smoother and more seamless. The launch of these ferries reaffirms our dedication to enhancing the quality of life for all Lagosians, while investing in infrastructure that promotes safety, reliability and convenience for the public.”

 

 

 

Sanwo-Olu disclosed that additional 25 high-capacity ferries were expected to be fabricated in the second phase of construction in the boat factory. This, he said, would further reduce the turnaround time in waterways transportation, while expanding ferry services to more routes.

 

 

 

The Governor assured Lagosians that the ferries were equipped with revolutionary technology to ensure commuters’ safety, comfort, and convenience, adding that the safety measures would be complemented by the modern technology installed in LASWA Command and Control Centre.

 

 

 

The State’s waterways regulator, Sanwo-Olu added, had recently acquired two additional patrol boats, and set up a Search and Rescue Unit, and a floating clinic for quick response to emergencies.

 

 

 

Commissioner for Transportation, Mr. Oluwaseun Osiyemi, said the OmiBus ferry project was initiated to transform commuting in the metropolis, with a special focus on rapid transiting and convenience.

 

 

 

“These modern ferries, with their advanced amenities and safety features, will not only ensure comfortability of passengers in secure journeys, they will also be heralding a new era of convenience and efficiency in Lagos. Mr. Governor’s visionary leadership and tireless effort in prioritising the development of our inland waterways has been nothing short of inspiring. This has laid the foundation for a transportation system that will serve future generations,” Osiyemi said.

 

 

 

LASWA General Manager, Mr. Oluwadamilola Emmanuel, said the new vessels were designed with simple maintenance but high efficiency. He reiterated the agency’s commitment to ensure safer, faster and accident-free journey on the Lagos waterways.

 

 

 

He said the local production of ferries would drive more local investments in waterways transportation, just as it would open more commercial routes and access to isolated communities.

 

 

 

Chairman, House of Assembly Committee on Transportation, Hon. Temitope Adewale, said the success of the partnership had further raised the confidence of the public in Governor Sanwo-Olu, saying: “This is what Lagosians wants. This will enhance intermodal transportation system that will give people the choice to use all means of mobility.”

 

 

 

Other highlights of the commissioning included the inspection of the manufacturing facility of the factory by the Governor.

 

 

 

SIGNED

 

GBOYEGA AKOSILE

 

SPECIAL ADVISER – MEDIA AND PUBLICITY

 

29th MAY 2024

 

LAGOS TO RESUSCITATE FIVE MINI WATERWORKS THROUGH USAID-FUNDED INTERVENTION

 

• State plans distribution of 150 public toilets to improve sanitation

 

• Governor receives USAID Mission Chief

 

 

 

Lagos State Government is on the verge of resuscitating five micro and mini waterworks to improve access and availability of safe, climate resilient water in five underserved communities across the State, Governor Babajide Sanwo-Olu disclosed on Tuesday.

 

The Governor said the procurement process for the rehabilitation of the waterworks projects was underway, with the bidding procedure expected to conclude at the end of June after which the contractors would be mobilised to sites.

 

Sanwo-Olu shared the details of the projects with the Mission Director of the United States Agency for International Development (USAID) in Nigeria, Melissa Jones, who paid a courtesy visit to the Governor at the State House in Marina.

 

The meeting focused on evaluation of projects being jointly managed across areas of partnership.

 

The U.S. development agency is supporting the Lagos Urban Water, Sanitation and Hygiene (LUWASH) programme, with a five-year intervention grant to scale up capacity for the supply of safe water in five communities in Lagos.

 

Sanwo-Olu said the timeline for the rehabilitation of the projects would be determined after contractors would have been mobilised to sites.

 

The Governor said ongoing restructuring being undertaken in the Lagos Water Corporation (LWC) was part of the steps by the State Government to refocus the objectives of the firm towards realising its statutory mandate, stressing that the growth plan of the public corporation was to build technical capacity to meet public water demand.

 

He said: “One of the areas we are collaborating with the USAID is Water Resources and Sanitation. We have since identified waterworks projects within the metropolis that are strategic to our shared interests. We have since identified five micro and mini waterworks projects in underserved communities for immediate rehabilitation.

 

“The tender process is ongoing now, but I have given the charge to the Managing Director to speed up the process, so that we can get to the field and our partners can see the outcome of this intervention. The effort has also led to reforms in the Lagos Water Corporation, where we have painfully downsized.

 

“To boost the corporation’s efficiency, we had to bring in young technical staff that are capable and relevant to the growth plan. The sector experts working with our team are beginning to see the results. We are now building alot more responsible Water Corporation set up to meet its demands. The moment we get water supplies well, issues around sanitation will be resolved.”

 

Sanwo-Olu intimated the USAID boss with the plan by the State Government to roll out 150 public toilets across Lagos, noting that the design was at the final stage. This, he said, is one of the ways being explored by the Government to address challenges associated with sanitation.

 

The Governor assured the envoy of his administration’s readiness to deepen the relationship with the international agency, saying the USAID interventions committed to other areas of collaboration had been impactful.

 

“I believe our partnership is working and the objectives of the USAID are met. We are open to knowledge sharing to raise the life quality and ensure that the partnership is mutual,” Sanwo-Olu said.

 

Jones, who was accompanied by Consul General of the U.S. Consulate in Lagos, Will Stevens, commended the Health Insurance initiative of the Lagos State Government, noting that the rollout of the insurance policy had raised the State’s rank in development index.

 

She expressed USAID’s willingness to partner and provide more support for the insurance scheme in order to make it better and more accessible.

 

Jones also spoke about partnerships being developed around nutrition programmes in Nigeria, disclosing that the effort would be led by a Nollywood actor, Chioma Akpota, who was recently appointed by USAID as its goodwill ambassador.

 

 

 

SIGNED

 

GBOYEGA AKOSILE

 

SPECIAL ADVISER – MEDIA AND PUBLICITY

 

28 MAY 2024

 

 

29th May, 2024 

 

A Citizen-Centric Review of President Bola Ahmed Tinubu’s First Year in Office

As Nigeria marks one year under the leadership of President Bola Ahmed Tinubu, a wave of optimism and discontent washes over the country. Tinubu’s administration has implemented sweeping changes across various sectors that have been heavily criticised as citizens navigate the immediate economic hardships and weigh them against the potential for long-term gains. To commemorate his first year in office, Behind the State (BTS) asked a couple of Nigerians to share their thoughts on his policies and administration so far. After a comprehensive survey conducted by YMonitor, the following consistent talking points emerged:

The Positives

Renewed Hope Infrastructure Development Fund: One of the Tinubu administration’s hallmark achievements is the Renewed Hope Infrastructure Development Fund, aimed at revitalising Nigeria’s crumbling infrastructure. This fund has earmarked substantial investments for constructing and rehabilitating roads, bridges, and public amenities. In the YMonitor survey, 58.7% of respondents aged 18-35 expressed satisfaction with the infrastructure improvements. Chinedu Nwankwo, a trader interviewed when compiling this report, said he has noticed some improvements in his commutes between Lagos and Ibadan. “Traveling used to be a nightmare with all the potholes and traffic jams,” he says. “Now, it’s much smoother and faster, which means I can make more trips and increase my earnings.” According to the Ministry of Works, over 500 road kilometres have been constructed or rehabilitated within the first year, benefiting over 10 million Nigerians.

Healthcare Investments: The Renewed Hope Health Investment Initiative is another cornerstone of Tinubu’s administration. This program is constructing over 8,000 new healthcare centres nationwide to enhance access to quality medical services. In rural areas, where healthcare infrastructure has historically been lacking, 61.3% of young Nigerians reported improved access to healthcare. “Before, the nearest clinic was over an hour away, and it was often closed or out of supplies,” says Amina Musa, a small village resident in Kano State. “Now, we have a new health centre right in our community, and it’s well-equipped.” The Ministry of Health reports that these new facilities have already seen over 1 million patient visits, significantly reducing the strain on existing hospitals and improving health outcomes nationwide.

Economic Support through the Bank of Industry: Under Tinubu’s watch, the Bank of Industry (BOI) has played a pivotal role in supporting Nigerian businesses. Through initiatives like the new Presidential Conditional Grant Scheme (PCGS) and the Innovation and Digital Entrepreneurship Ecosystem (iDICE) program, the BOI has continued to provide low-interest loans and grants to small and medium-sized enterprises (SMEs). According to the survey, 54.2% of young entrepreneurs expressed satisfaction with the BOI’s support. The PCGS initiative provides quick financial assistance to nano businesses affected by economic disruptions, while the iDICE program targets startups and technology-driven enterprises.

Improved Passport Processing: The administration’s efforts to streamline passport processing have yielded impressive results. Previously, obtaining a Nigerian passport was a protracted and often frustrating process, but recent reforms have significantly reduced wait times. In the YMonitor survey, 65.4% of young Nigerians reported a positive experience with the new passport processing system. The Nigerian Immigration Service reports that passport processing times have decreased by 60%, and over 1 million passports have been issued since the reforms were implemented. These changes have made it easier for Nigerians to travel abroad for business, education, and leisure, thus enhancing the country’s global connectivity.

 

The Negatives

Fuel Subsidy Removal: The removal of fuel subsidies, a move aimed at reducing government expenditure and encouraging a market-driven economy, has had severe repercussions for many Nigerians. Fuel prices have more than doubled, leading to increased transportation costs and a general rise in the cost of living. According to the Ymonitor survey, 82.5% of young Nigerians reported increased financial strain due to higher fuel costs, with lower-income households being the hardest hit. “I used to spend N5,000 on fuel weekly, but now it’s over N12,000,” says Adewale Oladipo, a taxi driver in Lagos. “It’s really hard to make ends meet.” The removal of subsidies, though fiscally prudent, has sparked frustration with the sudden economic burden, and it remains to be seen how soon the sacrifice will yield dividends.

Floating the Naira: The decision to float the Naira, intended to stabilise the currency and attract foreign investment, has had mixed results. While it theoretically allows for a more realistic exchange rate, the immediate effect has been a sharp depreciation of the Naira, leading to higher prices for imported goods. Data from the Central Bank of Nigeria indicates that the Naira has depreciated by over 30% since the policy was introduced, contributing to an inflation rate that now stands at 22%. The survey indicated that 67.9% of young Nigerians felt the impact of the currency devaluation on their purchasing power. “Everything is more expensive now, from groceries to school supplies,” says Grace Eze, a schoolteacher in Abuja. “It’s a daily struggle to keep up.”

Increased Tertiary Education Fees: The introduction of student loans was meant to make higher education more accessible, but the accompanying increase in school fees has sparked widespread concern. Many students and their families find the new fees prohibitive. The survey found that 55.4% of students were unhappy with the increased fees despite the availability of loans. “My parents can barely afford the new fees, even with the loan,” says Chigozie Nnamdi, a university student in Enugu. “I’m worried I might have to drop out.”

Epileptic Electricity Supply: Despite promises of improvement, electricity supply remains dire, even with the electricity tariffs and the categorisation of consumers into five categories, including Band A-E by the National Electricity Regulatory Commission (NERC). Band A is supposed to have the best service with 20-24 hours of electricity. Band B follows closely with 16-20 hours. Band C receives 12-16 hours, Band D gets 8-12 hours, and Band E has the least electricity, with only 4-8 hours daily. The increased tariffs and categorisation have yet to be matched by better service, with many areas still experiencing frequent outages. So far, the grid has collapsed five times this year. These blackouts and inconsistency in power supply continue to hinder economic activities and frustrate citizens. This has forced many businesses to rely on expensive generators, increasing operational costs. The Ymonitor survey showed that 73.2% of young Nigerians were dissatisfied with the current electricity situation. “We have power cuts almost every day,” says Fatima Abdullahi, a shop owner in Kaduna. “I spend so much on diesel just to keep my business running.”

President Bola Ahmed Tinubu’s first year in office has been a period of significant change, marked by ambitious reforms and notable challenges. While the administration may have laid the groundwork for long-term improvements in infrastructure, healthcare, and economic stability, the immediate effects of these policies have been painful for many Nigerians. Balancing the need for bold reforms with the imperative to alleviate short-term hardships remains a critical challenge for the Tinubu administration as it moves forward. The coming years will be crucial in determining whether the seeds of “Renewed Hope” will blossom into tangible improvements for the Nigerian people.

 

 

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Nigeria is not working: One year of Tinubu is a cocktail of trial-and-error economic policies.

On May 29, 2023, President Bola Tinubu raised the hopes of Nigerians with his pledge to “remodel our economy to bring about growth and development through job creation, food security and an end of extreme poverty.”  Since then, Tinubu has also spoken about growing the economy at double-digit rates to US$1 trillion in six years, ending misery, and bringing immediate relief to Nigeria’s cost-of-living crisis. On listening to this, Nigerians must have breathed a sigh of relief after their experience with ex-President Buhari’s 8 years of economic misadventure.

Tinubu laid out no plans for the ‘remodeling’ of the economy but soon embarked on a cocktail of policies to achieve it. In May 2023, he eliminated PMS subsidies, and a month later, the CBN implemented a new foreign exchange policy that unified the multiple official FX windows into a single official market. More policies followed in rapid succession: the tightening of monetary policy to reduce Naira liquidity, a hike in monetary policy rates, the introduction of cost-reflective electricity tariff, and a cybersecurity tax.

Predictably, 12 months on, Tinubu’s pledge of growing the economy and ending misery remains unfulfilled. His actions or inactions have significantly worsened Nigeria’s macroeconomic stability. Nigeria remains a struggling economy and is more fragile today than it was a year ago. Indeed, all the economic ills – joblessness, poverty, and misery – which defined the Buhari-led administration have only exacerbated. Africa’s leading economy has slipped to the 4th position lagging behind Algeria, Egypt, and South Africa. Citizens’ hopes have been dashed (and not renewed contrary to the propaganda of the administration) as Nigeria’s economic woes have multiplied.

How and why did we get here?

In my press statement on the state of our economy, earlier this year, I expressed my concerns about the downside risks of unleashing reforms without sequencing; without any ideas on how to implement them; and without any regards to their potential and real devastating consequences. Implementing policies without proper planning and a clear destination is nothing other than trial-and-error economics.

My concerns have not diminished. I will focus on just four areas to underscore those downside risks associated with Tinubu’s reform measures and their dire consequences on Nigeria’s medium to long-term growth and development.

First, President Tinubu’s policies do not create prosperity. Instead, they pauperize the poor and bankrupt the rich. They spare no one. Nigerian citizens, the majority of whom are poor, are going through the worst cost-of-living crisis since the infamous structural adjustment programme of the 1980s. The annual inflation rate at 33.69% is the highest in nearly 3 decades. Food prices are unbearably higher than what ordinary citizens can afford as food inflation soared to 40.53% in April, the highest in more than 15 years.

Nigerian citizens have to pay 114% more for a bag of rice, 107% more for a bag of flour, and 150% more in transport fares relative to May 2023. Today, in some locations, motorists are paying 305% more for a litre of fuel. Yet, on a minimum wage of the equivalent of US$23 per month, Nigerian workers are among the lowest wage earners in the world. Tinubu had the ‘courage’ to remove subsidy on PMS and impose additional taxes on his people but lacks the compassion to raise the minimum wage or implement a social investment programme that would reduce the levels of vulnerability, and deprivation of workers and their families.

Second, President Tinubu’s policies create a hostile environment for businesses, big or small. The private sector is overwhelmed by Tinubu’s dismal policies and overburdened by his failure to address the policy fallouts. The manufacturing sector, which holds the key to higher incomes, jobs, and economic growth, has been bogged down by rising input prices, higher energy and borrowing costs, and exchange rate complexities. For example, since 2023, the average price of diesel has doubled to N1,600 per litre. Electricity tariff has recently been increased by 250% from N68/Kwh to N206/Kwh. As reported by the Guardian (13 May 2024), in Q1 of 2024, energy prices were up by 70%, costing manufacturers N290 billion.

Since May 2023, corporate Nigeria has lost more than a dozen enterprises to other countries. Unilever, GlaxoSmithKline (GSK), Procter & Gamble (P&G), Sanofi-Aventi Nigeria, Bolt Food, Equinor, among others had exited Nigeria citing reasons including foreign exchange complexities, security concerns, and high operational costs. According to the Nigeria Employers’ Consultative Association (NECA), nearly 20,000 jobs may have been lost due to the departure of 15 multinational companies from Nigeria.

Those enterprises that remain are struggling to survive. Vanguard Newspaper (20 May, 2024) reported a significant rise – to nearly 30% – in unsold goods in the warehouses of manufacturers of fast-moving consumer goods, occasioned by the rising cost of living and declining purchasing power of the citizens. According to the Guardian, manufacturers reported in Q1 a 10% drop in capacity utilization, a 10% drop in production, a 5% drop in investment, and more than 7% drop in sales. The Daily Trust (1 May, 2024) quoted Dangote lamenting that nearly 97% of manufacturing concerns in Nigeria will be unable to pay dividends this year.

In an economy with high rates of unemployment, a declining manufacturing sector cannot be an option.

Third, President Tinubu’s foreign exchange policies have not had any positive impact on Nigeria’s foreign trade balance, contrary to policy expectations. In particular, the free-float and the resulting devaluation of the Naira has not resulted in an appreciable improvement in Nigeria’s trade balance.  Devaluation has not enhanced the competitiveness of local producers and has had no positive impact on exports of goods, primary or manufactured. In Q4 of 2023, for example, while imports surged 163.1%, exports rose at a slower 99.6%, indicating a huge foreign trade deficit.  Similarly, in Q1 of 2024, Nigeria recorded a trade deficit of $7.5 billion, with exports value of $12.7 billion and import value of US$14 billion.  Overall, the trade deficit as a percentage of GDP increased by 0.83% from 0.05% in May 2023 to 0.88% in May 2024.

Fourth, President Tinubu’s policies have failed to attract foreign investments into the country despite all the posturing and media hype by the President’s men. Exchange rate unification and free float of the Naira have not led to higher capital inflows (whether Foreign Direct Investment or Foreign Portfolio Investments), again contrary to policy expectations. Indeed, FDI inflows declined by 26.8%, from US5.33 billion in May 2023 to US$3.9 billion in May 2024. It is not difficult to understand why: FDI is about TRUST. It is about the investing world trusting the leadership of a country to act and deliver on promises made. Investors come when the right policies are designed and delivered timely and efficiently by public institutions.

Finally, despite deploying various monetary policy tools, inflationary pressure persists, and so does exchange rate volatility. No thanks to Tinubu’s misguided policy, the Naira’s value plummeted against the dollar and has since become the worst performing currency in the world.

It is clear from the foregoing that President Tinubu has an exaggerated understanding of the efficacy of his policies and was not ready for the potential fallouts. Tinubu and his team are not exactly sure of where the reform process is and what the next steps are. Has Nigeria reinstated fuel subsidy? Is the Naira on a free or managed float? These trial-and-error policies raise questions about the readiness of the administration and their capacity to restore the economy to a path of sustainable growth.

Time is running out for the government, and Tinubu must act fast to save the economy.

Here are six things he must do.

First, pause and reflect. It is important that the government understands what reforms must be undertaken and in what sequence. A framework is needed with clearly stated reform objectives and strategies.

Second, undertake a comprehensive review of the 2024 budget within the new reform framework. The 2024 FGN Budget, the exact size of which remains a mystery, is not designed to address the structural defects of the Nigerian economy or the cost-of-living crisis. It will neither create prosperity nor promote opportunities for our young people to lead a productive life.

The review must prioritise fiscal measures to deal with an unprecedented rise in commodity prices. Higher commodity prices have created more misery for the poor in our towns and villages and have pushed millions of people below the poverty line. One of such measures for immediate implementation will be to ease the existing restrictions on selected food imports.

Third, undertake a comprehensive review of the Social Investment Programme (SIP) to mitigate some of the impact of these policies on the most vulnerable households. The SIP must go beyond Conditional Cash Transfers to include programmes that prioritize support to MSEs across all the economic sectors, as they offer the greatest opportunities for achieving inclusive growth. In addition, a holistic programme to support medium and large-scale enterprises to navigate the stormy seas in the aftermath of the withdrawal of subsidy on PMS is also needed.

Fourth, Tinubu must be cautioned against any attempt to further pauperize the poor by introducing new taxes or increasing tax rates. We are aware of the behind-the-scenes attempts to increase VAT rate from 7.5% to 10%, re-introduce excise on telecommunication, and increase excise rates on a range of goods. It needs to be restated that we cannot tax our way out of this situation. Instead, Tinubu must see the need for expenditure rationalization and restraint – by having the budget more in sync with Nigeria’s fiscal reality, by improving efficiency in revenue utilization, improving procurement processes and trimming the size of government – and therefore reducing the cost of governance.

Fifth, provide clarity on the fuel subsidy regime, including the fiscal commitments and benefits from the fuel subsidy reform and the impact of this on the Federation Accounts.  It is curious that since April 2024, fuel queues had mounted at many filling stations across Nigeria, and the infamous ‘black market’ has sprouted in several states. How much PMS is being imported and distributed, and at what cost? What is the implicit subsidy?

Sixth, tackle security headlong. President Tinubu, as a matter of priority, needs to rejig the nation’s security architecture as what is currently in place is not serving the needs of the people. The state of pervasive insecurity continues to adversely impact agricultural production and the value it brings to the economy, especially in the Northern parts of the country. Insecurity resulting from terrorism, banditry, kidnapping, and cattle rustling has compelled many crop farmers and pastoralists to abandon their lands and relocate to the neighbouring countries of Niger, Chad, and Cameroun. This has drastically caused a reduction in the production of food and skyrocketed prices of foodstuffs. Food scarcity in Nigeria is so dire that a report by Cadre Harmonize warns that between June and August this year, about 31.5 million Nigerians may face severe food shortages and scarcity

I have always been a reform advocate. The Nigerian economy certainly requires a large dose of reform measures to accelerate its transformation after many years of lacklustre growth.

The difference is that I understand the appropriate reforms to undertake and what steps to take per time to mitigate their negative impact. In my Policy Document, I had anticipated that the withdrawal of subsidy and unification of exchange rates could, in the absence of fundamental interventions, impact negatively on micro and small enterprises in the informal sector and on the medium to large enterprises in the formal sector. I had also anticipated that such policies could elevate the levels of vulnerability and deprivation of poor families, including the youth and adults with no incomes. With this understanding, I had designed robust mitigation interventions that will be implemented alongside our reforms.

I was prepared for reform fallouts. Tinubu wasn’t. However, it is not too late for him to change course and do what is right for the good of our people and our nation. -AA

TOUGHER THAN CHALLENGES, NIGERIA WILL RISE GREATLY IN RENEWED HOPE.

This occasion of the first year anniversary of the administration of His Excellency, President Bola Ahmed Tinubu, GCFR is a moment of sincere national reflection, gratitude to God and positive reaffirmation of the indomitable Nigerian spirit that as one people we are tougher than our challenges.

2.0. For decades, a lot of tough national and sub-national leadership questions have been kicked down the road unanswered. The serious mistake in not making necessary decisions and investments to address these challenges has manifested in ways that have not allowed our country to develop to its full potentials.

3.0. Today, Mr. President and his great team are boldly taking on many fundamental systemic challenges in informed ways that are carefully designed to usher in sustainable national growth, development and prosperity for all.

4.0.  The process of birthing all great gains comes with some pains, and so it is admittedly with our nation now, but we are tougher than these challenges. In this regard, it is the duty of responsible leadership at all levels, especially those with the honour and privilege to lead in our political environment, to make necessary sacrifices to support the President’s efforts to build a legacy of a fundamentally strong and viable Republic.

5.0. Therefore, let all summon a new spirit of patriotism for the good of the country and our people, even as we pray for President Tinubu, all other leaders across the spectrum and our blessed people for more wisdom and perseverance in the new sincere quest to build a modern and prosperous country for the good of all.

SIGNED:

Senator Ovie Omo-Agege, CFR

Deputy President of the 9th Senate of the Federal Republic of Nigeria.

HON. EME MUKORO’S PASSING IS TERRIBLY SHOCKING AND PAINFUL.

The Deputy President of the 9th Senate and Obarisi of Urhoboland, Senator Ovie Omo-Agege, CFR is terribly shocked by the sudden passing of Olorogun (Hon.) Eme Mukoro – his dear brother, good friend and respected stalwart of the All Progressives Congress (APC).

For the Obarisi, this is one solemn moment when words are just not enough to express the true feeling of a loss so terribly painful.

Hon. Mukoro was a wonderful political and business leader who has done a lot of good for our people. A major pillar of progressive politics in Ughelli South Local Government Area and beyond.

As we mourn this huge loss to the Urhobo Nation and Delta State as a whole, Senator Omo-Agege enjoins our people to pray for God, through His Holy Spirit, to comfort and strengthen the wife, children and entire family of Olorogun Eme Mukoro.

It is well!

Signed:

Olorogun Aruviere Martin Egharhevwa, Esq.

Office of Senator Ovie Omo-Agege, CFR

Former Deputy President of the Senate – 2019-2023.

May 28, 2024

Press Statement

PDP Congratulates Governor Diri On Victory at Tribunal

…Says Judgment is Triumph for Democracy, Will of the People

The Peoples Democratic Party (PDP) congratulates the Governor of Bayelsa State, Senator Douye Diri over his victory at the Bayelsa State Governorship Election Tribunal which upheld his re-election at the November 11, 2023 governorship election in the State.

The verdict of the Tribunal is another resounding victory for Democracy and the expressed Will of the people of Bayelsa State in their unbending resolve to sustain purposeful leadership in the State.

The spontaneous jubilation in Bayelsa State at the news of the judgment reverberates as undisputed testimony that the decision of the Tribunal is in line with the democratic desire of the people as expressed at the polls.

The PDP is proud of Governor Diri’s excellent performance as evident in his massive infrastructural, citizens empowerment and human capital development programmes and projects in the State in line with the manifesto and policy thrust of the PDP and for which the people of Bayelsa State overwhelmingly re-elected him as governor.

Charging Governor Diri to continue in his good works, our Party commends and appreciates the people of Bayelsa State for their unwavering support for the PDP and urges them to continue in that spirit in their quest to sustain good governance in the State.

Signed:

Hon. Debo Ologunagba

National Publicity Secretary

May 28, 2024

Press Statement

May 29: Last One Year Most Challenging in Nigeria’s History – PDP

…Tasks President Tinubu to Prioritize Governance, Address Corruption, Fuel Crisis, Others

The Peoples Democratic Party (PDP) after a thorough review of the worsening state of affairs of the nation in the last one year under the current All Progressives Congress (APC) administration declares the period as the most challenging in Nigeria’s history since the Civil War.

The PDP insists that the current rising insecurity, excruciating poverty, economic hardship and general despondency in the country necessitating the fleeing of thousands of Nigerians especially the youths from our nation further confirm that there is no hope in sight with the APC on the saddle.

It is apparent that inflicting pain and misery on Nigerians remains the policy thrust of successive APC administrations which became heightened by the not well thought-out twin anti-people policies of removal of fuel subsidy and the floating of the Naira without due consideration for the citizens’ welfare and security.

As if these were not enough, the APC administration continues in its anti-people policies in the arbitrary hike in electricity tariff and imposition of multiple taxes on the already impoverished Nigerians with no corresponding tangible development directed towards the welfare of the people.

The consequences of these ill-thought and ill-implemented policies without any cushioning measures to mitigate the resultant rising cost and associated hardship on the masses have driven many into early death and extreme poverty.

The APC’s continuing use of poverty as a weapon of mass destruction is responsible for the wide spread despondency in the country where people are only preoccupied with survival rather than show interest in the government policies and activities which largely alienate them.

It is shocking that while the Federal Government announced the removal of fuel subsidy forcing Nigerians to pay more for fuel, trillions of naira is still being reportedly paid as fuel subsidy allegedly into private bank accounts associated with corrupt APC leaders.

Sadly, the APC in its insensitivity and disregard for the people has not bordered to render an account to Nigerians with respect to the expected savings accruable to the Federation Account as a result of the announced fuel subsidy removal.

Instead of addressing the grave economic challenges facing our nation, the APC administration continues to wreck our productive sectors with its ill-advised policies which have resulted in the exit of multinational giants including GlaxoSmithKline, Procter and Gamble, Microsoft among others and massive divestment by major oil and gas companies from our country in the last one year.

The consequence of these is massive loss of jobs and businesses with attendant socio-economic dislocation and uncertainty. This is compounded by the over 37% unemployment rate, inflation rate of over 33% and over 200% devaluation of the Naira in the last one year.

It is not therefore surprising that Nigerians have completely lost hope in the APC administration which has no operable economic plan to navigate our country out of the present despair.

More distressing is that on the security front, the APC has merely paid lip service to the security of lives and property of Nigerians with massive killings, kidnapping and marauding of communities by bandits and terrorists raging across the country.

Since May 29, 2023, over 5000 Nigerians have been reportedly killed with many more abducted in various parts of our country with no concrete measure by the APC administration to arrest this ugly trend.

From reports on governance at the sub-national levels across the country, it is clear that the only hope for our nation is the performance of governors elected on platform of the PDP who continue to deliver life-enhancing citizen empowerment, human capital and infrastructural development projects with positive effect on the wellbeing of the people.

Our Party therefore urges President Bola Ahmed Tinubu to use the occasion of his one year in office to have a deep reflection on the state of the nation under his watch; take a critical look at his policies and present a clear economic roadmap which will enhance the welfare of the Nigerian people. He should also address the allegation of corruption and profligacy in the administration.

The PDP commends Nigerians for their steadfastness and urges them not to allow the failures of the APC administration to make them lose hope in Democracy and the Nation.

Signed:

Hon. Debo Ologunagba

National Publicity Secretary

One Year of the Tinubu Administration: Building a safer, stronger and prosperous Nigeria

President Bola Ahmed Tinubu’s historic victory and assumption of office on May 29, 2023, marked a significant turning point in Nigeria’s democratic journey. His commitment to democracy and visionary leadership, encapsulated in the 8-Point Renewed Hope Agenda, have inspired confidence and trust among Nigerians, promising a new era of hope and transformation.

Economic Rebirth: Facing economic turmoil, widespread poverty, and rising unemployment, President Tinubu implemented bold reforms to stabilise the economy. The withdrawal of the unsustainable fuel subsidy and the unification of the FOREX market were pivotal steps, redirecting funds to critical sectors like healthcare, education, and infrastructure. These measures have reduced petrol importation by 50% and boosted investor confidence, making the Nigerian Stock Exchange the top-performing bourse globally.

Strengthening National Security: President Tinubu has prioritised national security, leading to significant investments in modernising and equipping the nation’s security forces. Over 4,600 hostages have been freed, more than 9,300 hostiles neutralized, and over 7,000 terrorists and bandits arrested. Establishing the N50 billion Pulako Initiative and annually recruiting 30,000 new police personnel further underscore the administration’s commitment to a safer Nigeria.

Boosting Agriculture and Food Security: To tackle food security, the administration declared a state of emergency and launched the National Agricultural Development Fund with N100 billion. Initiatives like the Dry Season Farming Initiative and the Green Imperative Programme aim to promote year-round farming and provide farmers with access to modern equipment and low-interest loans, ensuring a stable food supply.

Unlocking Energy and Natural Resources: The Renewed Hope Agenda focuses on developing renewable energy sources and enhancing the efficiency of the oil and gas sector. Policy directives have improved the investment climate, increased crude oil and NLNG production, and initiated significant projects like rehabilitating the Port Harcourt refinery and constructing the Ajaokuta-Abuja-Kano Gas Pipeline.

Transforming Infrastructure and Transportation: Significant investments in infrastructure are underway, including operationalising the Port Harcourt-Aba rail line and constructing the Lagos-Calabar Super Highway. The Renewed Hope Infrastructure Development Fund aims to raise N20 trillion to deliver critical projects and modernise ports and aviation facilities, creating an enabling environment for businesses.

Improving Education, Health, and Social Investment: The administration is expanding primary health centres and upgrading tertiary hospitals, ensuring better access to healthcare. The Student Loans Act 2024 and the establishment of the Nigerian Education Loan Fund highlight a commitment to broadening access to education. Social welfare schemes, including cash transfers and microcredit programmes, aim to uplift vulnerable households and support small businesses.

Accelerated Diversification through Youth-Driven Industrialization, Digitization, and Innovation: Recognising the youth as invaluable assets, the administration has launched initiatives like the Three Million Technical Talent Initiative and the iDICE Programme to empower young Nigerians with digital skills. The National Job Centre and the National Talent Programme aim to create employment opportunities and support youth-owned enterprises.

Improved Governance for Effective Service Delivery: To enhance service delivery, the administration has introduced the MOBILIZER app for citizen engagement and launched the Citizens’ Delivery Tracker App to assess public officials’ performance. Reforms recommended by the Oronsaye Report aim to rationalise and restructure government agencies, increasing transparency and efficiency.

Conclusion: The Renewed Hope Agenda is a comprehensive strategy driving Nigeria towards sustainable development and improved quality of life. President Tinubu’s administration is laying the foundation for lasting progress and a brighter future for all Nigerians through strategic investments, youth empowerment, and improved governance.

 

STATE HOUSE PRESS RELEASE

PRESIDENT TINUBU TO EXXONMOBIL EXECUTIVES: EXECUTIVE ORDERS ON OIL AND GAS REFORMS WILL MAKE NIGERIA GLOBALLY COMPETITIVE

President Bola Tinubu, on Tuesday in Abuja, said the three Executive Orders on oil and gas reforms, which he signed, will make Nigeria’s petroleum sector globally competitive.

The President made the affirmation during a meeting with a delegation from ExxonMobil Upstream Company, led by its President, Liam Mallon.

He emphasized that these reforms will ensure that no oil company faces undue challenges in the country.

The three Executive Orders, which became effective from February 28, 2024, are: Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order, 2024; Presidential Directive on Local Content Compliance Requirements, 2024; and the Presidential Directive on Reduction of Petroleum Sector Contracting Costs and Timelines.

President Tinubu also assured the ExxonMobil delegation that the federal government is committed to resolving the divestment issues between the company and Seplat Energy, which are currently under litigation.

“We have been pushing for closure on divestment issues, and I believe the other party, Seplat, is open to this,” the President said.

The President commended the company for its show of commitment to environmental protection in Nigeria, noting its efforts in reducing gas flaring in the country.

“Nigeria is going through a lot of reforms, and we have been navigating the leadership quarters carefully to ensure that we achieve a win-win situation for all parties and attract more investments,” President Tinubu said.

The President described ExxonMobil as a worthy partner in Nigeria’s development over the decades and urged the company to remain committed to contributing to the success of his administration.

“We are close enough to be fair and blunt with you, and we are not afraid to hear from you on better options and recommendations for the growth of the industry in Nigeria,” the President said.

The meeting, also attended by Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), and Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas), discussed issues such as divestment, decommissioning, and abandonment as regards the company.

“Mr. President has given a clear directive to the NNPC GCEO and I to resolve the issue of divestment, and we are doing whatever we can to achieve that,” Lokpobiri stated.

On decommissioning and abandonment in the oil industry, Lokpobiri noted that the ministry is addressing the matter in line with the Petroleum Industry Act (PIA) and global best practices.

“The reforms driven by the three Executive Orders will ensure that companies operating in Nigeria have the best environment to continue making their investments and that no company will seek to leave Nigeria,” the Minister said.

Liam Mallon, the President of ExxonMobil Upstream Company, expressed his appreciation for the support and reassurances provided by the Nigerian government and pledged the company’s long-term commitment to the country’s energy sector.

He also commended President Tinubu for his courage and conviction to undertake bold reforms within his first year in office.

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

May 28, 2024

 

STATE HOUSE PRESS RELEASE

NIGERIA IS AN IMPORTANT BUSINESS DESTINATION FOR TODAY AND THE FUTURE, SAYS RECKITT BENCKISER AS PRESIDENT TINUBU RECEIVES DELEGATION

President Bola Tinubu, on Tuesday in Abuja, received assurances from Reckitt Benckiser, the global fast-moving consumer goods company, that they will continue to grow their investments in Nigeria.

Receiving a delegation from Reckitt Benckiser led by the Chief Executive Officer, Mr. Kris Licht, and Chief Olu Falomo, Chairman of Reckitt Benckiser Nigeria Limited, the President lauded the company for its over 60 years of investment in Nigeria and commitment to the country’s development.

”We are creating an environment for the private sector to thrive in. I am glad that you are here to stay for the long term. I am happy that you have been in the country for many years, and you have decided to invest more. We have embarked on challenging reforms to improve the economy. Our reforms will improve the ease of doing business for partners like you moving forward,” the President told the delegation.

President Tinubu assured investors of good returns on their investments, supported by a buoyant market and a large population.

In his remarks, Mr. Licht described Nigeria as a very important country to the company, saying: ‘‘We have had very good business here for many years, and we congratulate you on your first year in office. We see Nigeria as an important business destination for today and the future.’’

Chief Falomo, Chairman of Reckitt Benckiser Nigeria Limited, reiterated the company’s long standing commitment to Nigeria, stating: ‘‘We have asked our global team to come and assure you that we back your efforts. They have said they are not going anywhere. We are here to support this government.’’

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

May 28, 2024

Natufe to Tinubu: It makes no sense to concentrate Nigeria’s import-export business in Lagos seaports

• Says Sapele seaport completely abandoned, Calabar, Koko, Port Harcourt, and Warri seaports left to rot, and severely underutilized
• Describes performance of Okpe politicians as poor
• Tells Oborevwori, Dafinone, other Delta top government officials what to do

President General of Okpe Union, Prof Igho Natufe has expressed concern about the concentration of seaports in Lagos.

 

‘’From the perspective of the Okpe Nation and the Niger Delta region, the concentration of seaports around Lagos grants overwhelming power to the Yoruba and the entire South West region of Nigeria’’.

 

Natufe spoke at the 94th anniversary of the Okpe Union in Lagos.

 

‘’It is baffling that imports from Asian countries are directed to Lagos ports, when Calabar, Port Harcourt, Sapele, and Warri seaports are closer to Asia than Lagos. This phenomenon clearly demonstrates an over balance of power problematic which we need to address in Nigeria, if restructuring is to be taken seriously’’.

 

He charged President Bola Tinubu to revive Sapele, Calabar, Koko, Port Harcourt, and Warri ports.

 

‘’Sapele seaport, a natural seaport, which was second to Lagos before the military coup of January 15, 1966, has been completely abandoned, while Calabar, Koko, Port Harcourt, and Warri seaports have been left to rot, and severely underutilized.

 

He lamented the concentration of seaports in the South-West geo-political zone.

 

‘’While political leaders of the Yoruba Nation have used their access to power to monopolize the concentration of seaports in their region, it must be stressed that this monopoly has caused a grave disequilibrium in access to power on the distribution of seaports in the Niger Delta region, including the Sapele seaport. It makes no sense to concentrate Nigeria’s import-export business in only the Lagos seaports.

 

The renowned scholar, activist and author described the performance of Okpe politicians as poor.

 

‘’It must be acknowledged that, since the establishment of Delta State in 1991, Okpe political leaders have performed very poorly in attracting businesses to Okpe Nation. Their access to power has not led to infrastructural development in Okpe Nation, compared for example, the achievements of Isoko political leaders in Isoko Nation. In fact, the Isoko Nation has debunked the argument that you need a governor of your ethnic nationality to develop your region. The Isoko political and traditional leaders conscientiously utilize their access to power to benefit their constituencies while, sadly, their Okpe counterparts are primarily concerned about their respective pockets’’

 

He listed the plans of the Okpe Union towards repositioning the Okpe Nation. .

 

‘’Okpe Union shall continue its advocacy of investments in Okpe Nation, including reaching out to the Delta State Government on this important subject. We shall intensify our lobbying of both the Federal and State governments to ensure the revival of Sapele seaport and the attraction of industries to Okpe Nation. We shall utilize the extensive experience of Okpe nationals, especially those in the Diaspora, to identify prospective investors to invest in Okpe Nation, under the framework of a public-private partnership (PPP)’’

 

To address the worrisome situation in Delta State, Natufe urged Governor Sheriff Oborevwori to improve the infrastructural deficits in Delta State, especially in Okpe Nation, make the environment attractive to foreign and domestic investors.

 

‘’An environment where an investor has to provide electricity, water, and good roads is hardly conducive for economic growth and development’’.

 

He underscored that Okpe Union must continue to instil positive change in Okpe Nation, by liaising with other Okpe organizations on the strategies for development.

 

The former university don also spoke on banditry, terrorism and kidnapping. 

 

‘’The fragility of the Nigerian state is aggravated by the insecurity in the country. We call on the federal government to take immediate actions to evacuate Fulani herdsmen, bandits and terrorists from the territories of the indigenous ethnic nationalities across Nigeria. While we advocate for the unity of Nigeria, we strongly believe that the unity can only be strengthened if it is anchored on the principles of justice, fairness and equity, serving the interests of the indigenous ethnic nationalities in the country’’.

 

He mentioned other ways of addressing the country’s challenges.

 

‘’We are facing an existential crisis in Nigeria. A resolution of this crisis requires inputs from all indigenous ethnic nationalities at a round table conference, if the National Assembly proves incapable of producing a renewed federalism of the 1963 variant. If not properly handled, the current crisis can lead to unwanted confrontations between ethnic nationalities with severe consequences for Nigeria. It is on record that the Hausas have given the Fulanis an ultimatum to vacate their territories’’.

 

Natufe also expressed the commitment of the Okpe Nation to work with other ethnic nationalities in restructuring the Nigerian edifice to guarantee the safety of all indigenous ethnic nationalities, on the basis of justice, fairness and equity.

 

‘’We, Okpe, have no secessionist intentions. But, we recognize that the Nigerian edifice is cracked and haemorrhaging. We are committed to working with other ethnic nationalities in restructuring the Nigerian edifice to guarantee the safety of all indigenous ethnic nationalities, on the basis of justice, fairness and equity, where our rights are recognized and protected under a renewed federal constitution. However, if by omission or commission, the Nigerian edifice disintegrates, we pray it is via the velvet model of Czechoslovakia and not via the Yugoslav variant’’.