Tinubu Explains Delay in Food Distribution To Cushion Hardship Effects

President Bola Tinubu has addressed the delay in the distribution of 42,000 metric tonnes of grains promised by the federal government to ease the current economic strain on Nigerians.  According to Special Adviser Bayo Onanuga, the grains are currently being bagged in seven strategic locations, causing the delay as the bags were freshly ordered.  Onanuga assured that the National Emergency Management Agency (NEMA) is overseeing the process, emphasizing that the grain bags are free of charge. Additionally, the government plans to provide 60,000 metric tonnes of rice to support the vulnerable population. Onanuga said: “The Tinubu administration through the Federal Ministry of Agriculture and Food Security is in the final stages of releasing 42,000 metric tonnes of assorted food commodities to support the vulnerable population across the country,” Onanuga said in the statement on Friday. “The grains in seven locations of strategic reserve, are now being bagged for onward delivery to the National Emergency Management Agency (NEMA). The need to bag the grains, caused the delay as the bags were freshly ordered by the government.  “Nigerians will not need to pay for the grain bags, as they are free. This will be complemented by the 60,000 metric tonnes of milled rice to be purchased by the Federal Government from the Mega Rice Millers.  “Already, with the announcement of the impending releases of food commodities from the Strategic Reserve, there is a noticeable reduction in commodity prices across major grains markets in the country, Minister of Agriculture, Senator Abubakar Kyari.”

Presidential Aide Onanuga Pushes For Cryptocurrency Ban

Bayo Onanuga, the Special Adviser to President Bola Tinubu on Information and Strategy, has called for the ban of cryptocurrency and foreign exchange (Forex) platforms operating in Nigeria. Onanuga specifically targeted platforms like Binance, Kucoin, AbokiFX, and OctaFx, claiming that they are manipulating the national currency. Expressing concern over Binance’s influence, Onanuga pointed out the platform’s regulatory challenges in the United Kingdom, Japan, Canada, and Singapore.  He urged the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to take action against these platforms, emphasizing the need to prevent further devaluation of the Naira. He wrote: “According to Data Wallet, Binance is prohibited in the United Kingdom by the Financial Conduct Authority from conducting any regulated activities. In Japan, the Financial Services Agency (FSA) banned Binance for operating without the necessary regulatory approval,” the presidential aide said. “Ontario, Canada, has also suspended Binance services following its inability to meet the province’s securities regulation criteria. The Monetary Authority of Singapore also banned Singaporean investors from accessing Binance’s services. “Binance, facing regulatory showdown in many countries, and causing disruptions in the currency market, should not be allowed to dictate the value of the Naira, not on its crypto exchange platform. “Other crypto platforms such as Kucoin, Bybit should be banned from operating in our cyberspace. FX platform Aboki should be re-banned.” This call for a ban aligns with the CBN’s previous directive on February 5, 2021, instructing financial institutions to close accounts involved in crypto transactions due to concerns about money laundering, terrorism financing, cybercrime, and the volatile nature of cryptocurrencies.