Nigerian airlines to smile as FG assures of BASA implementation  

The Federal Government has assured that it would strive to implement policies that ensure Nigeria’s airlines benefit from the Bilateral Air Services Agreement (BASA) it signed with other countries. Permanent Secretary, Ministry of Aviation and Aerospace, Dr Emmanuel Meribole made this statement at a reception recently organised by the Government of Antigua and Barbuda to celebrate the commencement of direct flights between Nigeria and the Caribbean country by Air Peace Airline recently. Represented by Director Air Transport Management of the Ministry, Mr. Hassan Ejibunu, Meribole said the journey would further strengthen the relationship of both countries in the areas of commerce, trade, and tourism while acknowledged the Federal Government of Nigeria and the Antiguan/Barbudan authorities for approving the designation of Air Peace by the Nigerian Aeronautical Authorities to fly the Nigerian-Antiguan route. In his remarks, Prime Minister of Antigua and Barbuda, Mr. Gatson Browne said “It is a new dawn for the relationship between Nigeria and Antigua”. He emphasized on the ancestral linkage between the Caribbean nations and Africa, which he referred to as the Motherland saying Antigua and Barbuda was home to every African and his government is desirous to promote economic and bilateral ties with African nations within the context of the South-South cooperation. He urged members of the business community from Nigeria and potential investors to take advantage of the favorable economic policy of his government to invest in the country. The Prime Minister further revealed that the country was in a collaboration with Air Peace Airline to float an airline known as LIAT 2020 which would commence flight operations soon. The airline, he said , on commencement of operations would operate in the entire Caribbean countries thus making air connectivity between Africa, the entire Caribbean countries, and America stress-free. Speaking earlier, Director for Economic, Trade and Investment, in the Foreign Affairs Ministry Amb. Bolaji Akinremi, said the development signposts the beginning of a newfound relationship between Antigua and Barbuda as well as the entire Caribbean countries. He said the air connectivity was in sync with the Foreign policy of President Ahmed Bola Tinubu of integrating the economy of Africa nations. Akinremi further said, Caribbean countries were considered as an integral part of Africa as the fifth bloc. He added that the Ministry of Foreign Affairs would continue to foster the new fond relationship by promoting Bilateral meetings between the business communities of both counties.

Subsidy Removal: Tinubu to release N200bn to rice, cassava farmers

*To make grains, fertilizers available President Bola Ahmed Tinubu has disclosed that in a bid to cushion the biting effect of fuel subsidy removal, the federal government will be releasing the sum of N200 billion will be released to farmers to cultivate rice, maize, cassava, and wheat. President Bola Tinubu, who made the announcement in a national broadcast Monday added that the amount would be taken from the initial N500 billion approved by the National Assembly for the cultivation of 500,000 hectares of land across the country. According to the President in the broadcast monitored by Nigerian Anchor, the economy will overcome the present turbulence occasioned by the petrol subsidy removal. He further said that there will be an immediate release of grains and fertilizers to ease price increase that is hitting the pockets of Nigerians. “Our economy is going through a tough patch and you are being hurt by it. The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle. Things seem anxious and uncertain. “I understand the hardship you face. I wish there were other ways. But there is not. If there were, I would have taken that route as I came here to help not hurt the people and nation that I love. To further ensure that prices of food items remain affordable, we have had a multi-stakeholder engagement with various farmers’ associations and operators within the agricultural value chain. “In the short and immediate terms, we will ensure staple foods are available and affordable. To this end, I have ordered the release of 200,000 Metric Tonnes of grains from strategic reserves to households across the 36 states and FCT to moderate prices. “We are also providing 225,000 metric tonnes of fertilizer, seedlings, and other inputs to farmers who are committed to our food security agenda. “Our plan to support the cultivation of 500,000 hectares of farmland and all-year-round farming practice remains on course. To be specific, N200 billion out of the N500 billion approved by the National Assembly will be disbursed as follows: “Our administration will invest N50 billion each to cultivate 150,000 hectares of rice and maize. N50 billion each will also be earmarked to cultivate 100,000 hectares of wheat and cassava,” the President assured.

Bear the temporary pains, have faith in us, Tinubu tells Nigerians

*Promises to review civil servants salaries *Says he’ll acquire 3000 CNG-fuelled buses for mass transit *To fund 75 manufacturers companies with N75bn President Bola Tinubu has acknowledged the challenges that Nigerians are facing due to the economic policies implemented by his government. However, he called upon them to have faith in the government’s ability to turn things around. Speaking via a nationwide broadcast on Monday night, Tinubu assured the citizens that he has devised palliative measures to alleviate the impact of removing fuel subsidies. He said that while he recognizes the immediate difficulties caused by the subsidy removal, Nigerians must focus on the bigger picture and the positive plans that are currently in progress. Tinubu admitted that there was a gap between the removal of subsidies and the implementation of these plans but assures the public that the government is actively working to close this gap. According to him, his genuine concern for the well-being of the people is evident in his appeal for their trust in the government’s capacity to deliver. Among the initiatives, Tinubu pledged to acquire 3000 Compressed Natural Gas (CNG)-fuelled buses for mass transit across the states and local governments. This move aims to make public transportation more accessible and affordable. To fund this project, the government has allocated N100 billion, earmarked for investment between now and March 2024. The CNG buses will be shared with major transportation companies, and these companies will have access to credit at 9% per annum with a 60-month repayment period. In addition to public transport improvements, Tinubu said he is actively collaborating with Labour unions to introduce a new national minimum wage for workers. He assured workers that their salary review is on the horizon, and once an agreement is reached, budget provisions will be made for immediate implementation. The President further commended private employers in the Organised Private Sector who have already taken the step to implement salary reviews for their employees. Furthermore, Tinubu said he aims to boost the manufacturing sector by allocating N75 billion between July 2023 and March 2024. The funds will support a minimum of 75 enterprises with great potential to stimulate sustainable economic growth, structural transformation, and improved productivity. Each of these manufacturing enterprises will have access to N1 billion credits at a maximum of nine per cent per annum for long-term loans and 12 months for working capital. The President emphasized that these actions align with the executive orders he signed earlier in the month, which aimed to address friendly fiscal policies and multiple taxes that have been stifling the business environment. By suspending and deferring certain taxes, the government aims to create a conducive environment for businesses to flourish and expand. In conclusion, President Bola Tinubu’s message to Nigerians is one of hope and perseverance. Despite the temporary pains caused by economic adjustments, he implored the nation to look ahead and trust in the government’s commitment to improving the overall welfare of its citizens. The plans to improve public transport, review civil servants’ salaries, and support the manufacturing sector demonstrate the government’s determination to create a brighter future for Nigeria. Full text of President Tinubu’s address to Nigerians My fellow citizens, I want to talk to you about our economy. It is important that you understand the reasons for the policy measures I have taken to combat the serious economic challenges this nation has long faced. I am not going to talk in difficult terms by dwelling on economic jargon and concepts. I will speak in plain, clear language so that you know where I stand. More importantly, so that you see and hopefully will share my vision regarding the journey to a better, more productive economy for our beloved country. For several years, I have consistently maintained the position that the fuel subsidy had to go. This once beneficial measure had outlived its usefulness. The subsidy cost us trillions of Naira yearly. Such a vast sum of money would have been better spent on public transportation, healthcare, schools, housing and even national security. Instead, it was being funnelled into the deep pockets and lavish bank accounts of a select group of individuals. This group had amassed so much wealth and power that they became a serious threat to the fairness of our economy and the integrity of our democratic governance.  To be blunt, Nigeria could never become the society it was intended to be as long as such small, powerful yet unelected groups hold enormous influence over our political economy and the institutions that govern it. The whims of the few should never hold dominant sway over the hopes and aspirations of the many. If we are to be a democracy, the people and not the power of money must be sovereign. The preceding administration saw this looming danger as well. Indeed, it made no provision in the 2023 Appropriations for subsidy after June this year. Removal of this once helpful device that had transformed into a millstone around the country’s neck had become inevitable. Also, the multiple exchange rate system that had been established became nothing but a highway of currency speculation. It diverted money that should have been used to create jobs, build factories and businesses for millions of people. Our national wealth was doled on favourable terms to a handful of people who have been made filthy rich simply by moving money from one hand to another. This too was extremely unfair. It also compounded the threat that the illicit and mass accumulation of money posed to the future of our democratic system and its economy. I had promised to reform the economy for the long-term good by fighting the major imbalances that had plagued our economy. Ending the subsidy and the preferential exchange rate system were key to this fight. This fight is to define the fate and future of our nation. Much is in the balance. Thus, the defects in our economy immensely profited a tiny elite, the elite of the elite you might call