I’ll revisit naira redesign policy, says Tinubu

President Bola Tinubu, has promised to revisit the naira redesign policy of the Central Bank of Nigeria (CBN). Tinubu, who said this in his inaugural speech in Abuja on Monday, however, said that his administration would treat both the old and the new naira notes as legal tender. He said that the policy was harshly applied by CBN, given the number of unbanked Nigerians. “Whatever merits it had in concept, the currency swap was too harshly applied by the CBN,” he said. Tinubu said that the country’s monetary policy needed thorough housecleaning. He urged the CBN to work toward a unified exchange rate. “This will direct funds away from arbitrage into meaningful investment in the plant, equipment, and jobs that power the real economy.“The interest rate needs to be reduced to increase investment and consumer purchasing in ways that sustain the economy,” he said.

Subsidy is gone, Tinubu declares in inaugural speech

*Says hope is back for Nigeria Nigeria’s new President, Bola Ahmed Tinubu has said that his government will not continue with the current fuel subsidy regime, declaring that “Fuel Subsidy is Gone!” Tinubu said those seeking redress in court concerning his election are doing so within their constitutional rights and he wishes them well. According to the new President, his government is going to concentrate on revamping the economy, and he would work on providing a unified exchange rate for the economy. “Subsidy is gone! It can no longer be justified. We shall channel our efforts toward education, infrastructure, and other areas to ameliorate any suffering. We shall work towards a unified exchange rate and meaningful investment. More details later…

Lagos: Sanwo-Olu sworn-in for second term

Governor Babajide Sanwo-Olu and Deputy Governor Obafemi Hamzat have both been sworn in for their second terms in Lagos State on Monday. The oath of office and oath of allegiance was administered by the Chief Judge of the State, Kazeem Alogba, at the Tafawa Balewa Square (TBS). Sanwo-Olu, who was decked in a white Agbada and a purple cap, took the oaths at exactly 11:44 a.m. In the 18 March governorship election, Mr Sanwo-Olu was re-elected, having secured a total of 762,134 votes against his main challengers — Olajide ‘Jandor’ Adediran of the PDP who polled 62,449 and Gbadebo Rhodes-Vivour of the LP who got 312,329 votes. Also present at the venue are the council of traditional chiefs, members of the state house of assembly and other dignitaries.

Buhari, former first family leave for Daura

Former President Muhammadu Buhari and his family have left Abuja en route their country home in Daura, Katsina State. Buhari, who handed over power to new President Bola Ahmed Tinubu during the ongoing inaugural ceremony at the Eagle Square, Abuja, left the venue of the inauguration with his family and was seen on television with boarding a private aircraft home, at the Nnamdi Azikiwe, International Airport, Abuja. Recall that Muhammadu Buhari had said that he had done his best and left the country better than he met it in 2015. According to the former President, he would be retiring to his home in Daura to take his much-needed rest after serving the nation for eight years. His departure signifies the end of an era in Nigeria and the beginning of a new one to be anchored by new President, Bola Ahmed Tinubu.

Bola Ahmed Tinubu sworn-in as new President of Nigeria

Senator Bola Ahmed Tinubu has been sworn-in as the President of Nigeria after taking the oath of office administered by the Chief Justice of Nigeria (CJN) Justice Olukayode Ariwoola at the Eagle Square, Abuja. More details later…

Buhari to Nigerians: Look beyond rising debt, focus on infrastructure

President Muhammadu Buhari has urged Nigerians to look beyond the country’s rising debt, insisting that without investing in infrastructure, the situation in the country would have been tougher. President Buhari who disclosed this in a statement, urged Nigerians to look at the assets and investments that are financed by these debts and not just the country’s debt profile. According to him, his administration had doubled Nigeria’s stock of infrastructure to Gross Domestic Product (GDP) from about 20 per cent to more than 40 per cent, adding that some of the projects are commercially self-liquidating. He said Nigeria was able to achieve this despite the plunging of the global oil prices to almost zero at some point, the recession that was experienced by the country, the unexpected outbreak of the deadly coronavirus pandemic, and the global effects of the ongoing war between Russia and Ukraine. The pronouncement by the president is coming against the backdrop of criticisms over Nigeria’s rising debt profile, most of which are used to finance these infrastructures, by economic and financial experts as well as international financial institutions like the World Bank and IMF. “In eight years, I am proud to say that we have doubled Nigeria’s stock of infrastructure to GDP from about 20 per cent to over 40 per cent, and that is no small undertaking. “This happened when global oil prices plunged to almost zero, when we encountered a recession that was not predicted, when we dealt with a pandemic that was unforeseen, and when we are still grappling with the global effects of an ongoing war in Europe. ‘’So, as we look at Nigeria’s debt profile, I urge us to also look at the assets and investment profiles, some of which was paid for by debt and some by investment income.’’ He said, “The wealth and prosperity of many nations, especially post-war Europe, was built largely on infrastructure and on debt redeemed over decades. Some of the projects are commercially self-liquidating. Without investing in infrastructure, the road out of poverty is a much tougher one.’’

Interest rate hike will affect output, increase unemployment – MAN

Manufacturers Association of Nigeria (MAN) has said that increase in the monetary policy rate by the Central Bank of Nigeria (CBN) would reduce the sector’s output and its ability to absolve new personnel. The Director General of MAN, Mr Segun Ajayi-Kadir who disclosed this in a statement said an increase in MPR will compound the imminent recession in the manufacturing sector and negatively impact on its operations. He said that such a rise would not not only lead to decline in government revenue as result of low productivity of the manufacturing sector, it will as well lead to high cost of production and decline in capacity utilisation. According to him, a hike in MPR will result in an increase in the cost of borrowing that will further discourage investment, reduction in inflow of investment and high product prices owing to rising factor costs, which will in turn render the sector less uncompetitive.  Stating MAN position on the increase, he said upward review in MPR from 18 per cent to 18.5 per cent will certainly lead to an increase in lending rates and worsen the uncompetitiveness of the manufacturing sector.  He said the interrelationship among macroeconomic variables is essential in policy formulation, as the movements of interest rate, inflation rate and exchange rate have direct impact on investment, employment and output of any economy.   He said according to the conventional monetary framework that was adopted by the CBN, increase in MPR should increase interest rate and by extension attract financial investment. However, it will also increase the cost of borrowing, crowd out more investments in the real sector and lower the output of the manufacturing sector.” He said there is a need for the government to take pragmatic steps to quell the inflationary pressure and reposition the economy. “To sustained growth in the sector and economy in general, he said the government needs to take immediate and concrete action to address the manufacturers’ forex needs in order to support and sustain production, adding that prioritizing allocation of forex to the manufacturing sector to procure raw materials, machines and spare parts that are not available locally is the way to go,” he said.  

How TETFUND paints Benue with projects

The TETFund official train currently moving around the country to inspect and or commission projects recently made a three-day stopover in Benue State of Central Nigeria. It was such an impactful engagement that the people have not stopped eulogizing President Muhammadu Buhari for uplifting the educational horizon and broadening opportunities in the State, especially the Benue South Senatorial District, through the Tertiary Education Trust Fund (TETFund). The TETFund executive train, driven by its Executive Secretary, Arc. Sunny Togo Echono, first pulled to a stop at the Joseph Sarwuan Tarka University, JOSTUM, (formerly Federal University of Agriculture) Makurdi, where Chairman House of Representatives Committee on TETFund, Hon Aminu Suleiman, led the team to inspect four projects worth N1.20 billion which had been executed during the tenure of Prof Richard Kimbir as Vice-Chancellor. They were: a Laboratory/Workshop Block for Entrepreneurship Development Centre; Female and Male Hostel Blocks; as well as an Academic Office Building for College of Agronomy. The new Vice Chancellor, Prof Isaac Itodo, was beside himself with joy as he expressed gratitude to TETFund for the projects. Still in the State capital, Arc Sunny Echono moved over to the state owned Benue State University (BSU) where Minister of Special Duties and Inter-Governmental Affairs, Senator George Akume, a former Governor of the State, represented President Muhammadu Buhari to commission six gigantic Projects to the tune of 02.60 billion naira. These included one Academic Office Building; a Block of Offices at College of Health Sciences; Faculty of Education Complex; as well as the Health and Counceling Development Centre and the Centre for Research and Innovation. The TETFund Executive Secretary informed the audience at BSU that the Federal Government has made huge investments in Education, between 2011 and 2021 especially, adding that in Benue State BSU, JOSTUM, Benue Polytechnic, Colleges of Education in Katsina Ala and Oju, plus the newly established Federal Polytechnic at Wannune, have all been granted various developmental approvals awaiting releases. In his own remarks, Senator Akume thanked TETFund for having sponsored thousands of Lecturers in Benue tertiary Institutions for postgraduate courses both within and outside Nigeria, as well as to attend internal and foreign Academic conferences. Prof Joe Iorapuu, BSU Vice Chancellor, made a case for more TETFund intervention to enable the University achieve her expansion Program. From Makurdi, the TETFund train moved to Otukpo on Friday 12th May, with the Executive Secretary expertly deploying his great wealth of experience as a construction expert, to navigate the unmotorable Makurdi-Otukpo interstate highway. Even at that, the entourage still spent two and half hours on the hundred kilometers stretch. In Otukpo, the ancient capital of the Idoma people, the TETFund team inspected the ongoing remodeling of an Office Complex belonging to the Federal University of Health Sciences Otukpo. It is also a TETFund sponsored Project under the 2022 Special Impact Intervention Projects. Arc Sunny Echono, while in Otukpo, also visited HRM Och’Idoma V, Agabaidu John Elaigwu Odogbo Obagaji to deliver a special message from President Muhammadu Buhari. At the newly reconstructed Och’Idoma Palace, glowing in its new splendor, Arc Sunny Echono presented the paramount ruler of the Idoma people a letter from Mr President appointing him Chancellor of the Federal University of Otuoke, Bayelsa State. President Buhari, in the letter, said the appointment was based on the enviable track records of the royal father, in addition to his leadership qualities, integrity, commitment to the development of education and the sustenance of peace and stability of Nigeria. Accepting the offer, Agabaidu John Elaigwu Odogbo Obagaji expressed his utmost gratitude to Mr President for finding him worthy of the prestigious position. He also thanked Arc Echono for doing so much towards the development of Nigeria, especially Benue State. The TETFund Executive Secretary had earlier sent a heartfelt congratulatory message to the Och’Idoma in which he recognized that the highly revered position of Chancellor in the University system “personifies the highest ideals of the University, encompassing its vision, purpose, and relevance to society”. In his letter of congratulations, Arc Echono also stressed that as a royal father, the Chancellor would provide the moral compass to productively engage all segments of the University, and also act as the stabilizing antidote in times of inevitable crises. “As the custodian of our culture and traditions, you represent a veritable tool for national integration and cohesion, giving shape and direction to the University”, the Executive Secretary added. Saturday, May 13th 2023, marked the last phase of the three-day TETFund visit to Benue State. Obagaji town, headquarters of Agatu  Local Government Area, hosted the team to the commissioning of the TETFund built National Open University of Nigeria (NOUN) Obagaji Study Center, as well as the Foundation Laying Ceremony of an Information Communication Technology (ICT) Center and Perimeter Fence. At Obagaji, Arc Sunny Echono pointed out, in his speech, that education represented the greatest love anyone could bequeath to children. He said the NOUN OBAGAJI STUDY CENTER would provide access to Education for those who otherwise could not attend regular Universities, thanking the Hon Minister of Education, Malam Adamu Adamu, for graciously increasing the number of Study Centers in the country. HRM Och’Idoma expressed joy that in addition to education, employment opportunities would also be extended to the people in the area through the establishment of the Obagaji Study Center of the NOUN, advising the people Agatu to take full advantage of the facilities. Others who appreciated TETFund included Deputy Governorship candidate of PDP in the 2023 elections, Hon Sir John Ngbede, and Rt Hon Solomon Agidani. Vice Chancellor of the Federal University of Health Sciences Otukpo (FUHSO), Prof Innocent Ujah, mni, OON, very ably represented by the Vice Chancellor Academics, Prof Steve Abah, extolled the developmental disposition of the TETFund Executive Secretary, saying that his engagements so far clearly point to the direction of his leadership traits. In similar vein the JOSTUM Vice Chancellor, Prof Isaac Itodo, described Arc Sunny Echono as a pragmatic Patriot who is out to advance easy and fast learning across Nigeria. Prof Joel

1,556 drivers’ licences unclaimed in Kano- FRSC

The Federal Road Safety Corps (FRSC) has disclosed that no fewer than 1,556 processed and valid drivers’ licences are yet to be claimed by their applicants in Kano State. The FRSC Public Relations Officer in Kano State, Mr Abdullahi Labaran, disclosed this in Kano on Sunday. Labaran deplored the careless attitude of motorists in the state to safety on the roads. He said that with the level of exposure of people in the state, it was bewildering that motorists refused to collect their processed and valid driver’s licence. He explained that some of the unclaimed licences had been at the state’s Board of Internal Revenue office for years now. ”We will ensure that only duly tested and procedurally examined drivers ply our roads to ensure safety of all road users,’’ he said. On the ongoing “Operation Show Your Valid Drivers’ Licence”, the Public Relations Officer said that the ongoing operation and weekly mobile court sitting had been hitch-free and yielding positive fruit. ”We discovered that some driver’s licences had expired for between two and four years running and these drivers have been evading fines and prosecution. ”We impound the defaulting driver’s vehicle until the drivers were given public enlightenment and advised to go through the driving licence issuance processes and procedures as stipulated and get a fresh driver’s licence.” 

I’m leaving Nigeria better than I met it in 2015 – Buhari

*President bids farewell to Nigerians on Sunday morning President Muhammadu Buhari has declared that he is leaving office with Nigeria better in 2023 than he met it in 2015. The president stated this in a farewell broadcast to the nation on Sunday in Abuja. Buhari, therefore, expressed appreciation to all those that provided their support and encouragement to help him navigate the exciting journey in moving Nigeria forward. “I also want to use this opportunity to express my appreciation to a good number of Nigerians who provided their support and encouragement to help me navigate the exciting journey in moving Nigeria forward. “I cannot and will not forget the millions who prayed for me during my illness in my first term of office. I am constantly praying for you and for Nigeria to thrive in peace. “As I retire home to Daura,  Katsina State, I feel fulfilled that we have started the Nigeria re-birth by taking the initial critical steps and I am convinced the incoming administration will quicken the pace of this walk to see a Nigeria that fulfills its destiny to be a great nation,” he said. The outgoing Nigerian leader also used the opportunity of the broadcast to briefly list some of the achievements of his administration in the last eight years. On the international scene, Buhari noted that Nigeria’s influence had continued to grow as exemplified by notable Nigerians occupying headship and leadership positions in renowned global bodies. He also saluted the cordial relationship between the executive and legislative arms of the government, while commending the leadership and members of the National Assembly for their support and cooperation. He said: ”Our democracy is built on and continues to thrive on the principles of separation of powers. “The leadership and members of the National Assembly deserve my appreciation for their patriotism which did not detract from their roles as a check to the executive arm.” To improve service delivery, the president stated that his administration began the implementation of a number of reforms aimed at producing ”an Efficient, Productive, Incorruptible and Citizen-oriented (EPIC) Federal Civil Service and the results are beginning to show.” On security challenges, Buhari said his administration had been able to reduce the incidences of banditry, terrorism, armed robbery and other criminal activities considerably. “Our battle to ensure that all Nigerians live in a safe and secure environment has achieved considerable results. “As I complete my term in office, we have been able to reduce the incidences of banditry, terrorism, armed robbery and other criminal activities considerably,” he said. The president, however, called on the citizens to sustain the gains made so far by being more vigilant and support the security agencies by ensuring that ”nation’s values defined by being your brothers’ keeper govern our actions.” Buhari again expressed sadness over those citizens still in captivity, saying the security agencies had intensified efforts to rescue them unharmed. “’Up till now, I still grieve for our children still in captivity, mourn with parents, friends and relatives of all those that lost loved ones in the days of the senseless brigandage and carnage. “For all those under unlawful captivity our security agencies are working round-the-clock to secure their release unharmed.” On the fight against corruption in the last eight years, Buhari said: ”Fellow Nigerians, you know how dear the desire in my heart is, to rid the country of corrupt practices that had consistently diminished our efforts to be a great country. “I did pursue this commitment relentlessly, in spite of the expected push back. “I am happy that considerable progress had been made in repatriating huge sums of money back to the country and also taken over properties illegally acquired from our commonwealth.” Below is President Buhari’s farewell speech: My fellow Nigerian brothers, sisters, and friends of Nigeria.