Day: June 13, 2023

President Tinubu

Tinubu pledges to invest more on education in talks with NANS

,

President Bola Tinubu on Tuesday in Abuja pledged that his administration would commit more resources to the education sector to ensure that every Nigerian child, regardless of his background, has access to quality education.

Speaking in his office at State House when he received the leadership of the National Association of Nigerian Students (NANS), the President declared that poverty should not be a barrier to education as he emphasising the transformative power of education in combating poverty.

”If we all believe that education is the greatest weapon against poverty then we have to invest in it.

Tinubu, right, with the NANS leaders
Tinubu, right, with the NANS leaders

”Poverty should not prevent anybody, any child, including the daughter or son of a wood seller, ‘Bole’ (plantain) seller or yam seller from attaining their highest standard of education, to eliminate poverty.

”If you eliminate poverty from one family, you can carry the rest of the weight. ”

President Tinubu, who promised to consider the requests of the NANS leaders, urged the students’ body to ensure unity among its members across the country to achieve more.

”You have to promote unity and stability among each other. You have to employ democratic means in your programmes and elections. I have to say anyone who is unable to accept and celebrate a free and fair election, does not deserve the joy of victory,” he admonished.

The President expressed his appreciation for the students’ support of the removal of subsidy on petrol, explaining the reasons behind the decision and the need to curb smuggling.

”I’m glad you understand the reason for the subsidy removal. We were at a point where Nigeria tried to draw water from a dry well and that is no longer acceptable and we equally must not continue to service the smugglers because they used to take our tankers and Premium Motor Spirit (PMS) across the borders.

” We will put our money where our mouth is,” he said.

Earlier, leader of the delegation, Umar Barambu, said the NANS leaders had come to thank the President over the signing into law of the Student Loan Bill, which will provide loans to indigent students such that no Nigerian student in tertiary institution will drop out of school over inability to pay school fees.

The Bill, sponsored by former House of Representatives Speaker Femi Gbajabiamila, was signed into law by President Tinubu on Monday, June 12, which is Democracy Day.

“We are here to congratulate you and to thank you for what you have been doing to the country since you assumed responsibility as the President. We want to equally thank you for the Students Loan Bill,” Barambu said.

Declaring the students’ support on the removal of fuel subsidy, the NANS president said:

”It takes a great person to take that bold step of removing the subsidy on petrol. Some people contacted us to protest against that decision, but we said no!

”The well is dry and ‘Baba’ cannot give what we don’t have now. We have to accept reality and face that challenge squarely so that together we can rescue the country. Today we are saying ‘yes’ to fuel subsidy removal and we will stand with that decision.”

Speaker Tajudeen Abbas

Speaker Abbas pledges to collaborate with other arms for good governance

,

The Speaker of the House of Representatives, Rep. Tajudeen Abbas has pledged to work with the Executive and Judiciary to deliver good governance for benefit of all Nigerians.

Abbas made the pledge in his acceptance speech after his emergence as speaker on Tuesday in Abuja.

“Under my watch, the 10th house shall sustain and even surpass the gains of the ninth house. That is my prayer.

“We shall carry out the task before us jointly. We shall introduce reforms and innovations for the benefit of Nigerians.

“In a few weeks, we shall be reeling out the legislative agenda that will shape the 10th house of representatives.

“We shall work closely and inter-dependently with the executive and judiciary to give Nigerians the good governance they deserve,” he said.

According to him, we stand at a crucial juncture in our nation’s history, where challenges abound but so do opportunities.

He said the house would champion legislations that would uplift the lives of fellow citizens, promote social justice, and drive sustainable development.

The speaker said the house would focus on strengthening security apparatus and collaboration with relevant stakeholders to combat insurgency, terrorism, and all forms of criminalities.

Abbas said the house would aim to help create a safe and secure environment that would foster economic growth and social stability.

“Through legislations, the 10th house will promote entrepreneurship and support small and medium-scale enterprises.

“We shall diversify our economy and provide sustainable employment opportunities for our youth.

“We are aware of the challenges in our education, healthcare, and infrastructure sectors amongst other.

“We will work in harmony with the executive arm, while upholding principles of checks and balances.

“Our collaboration will be anchored on the principles of transparency, accountability, and respect for the rule of law,” he said.

Abbas said the victory at the polls was not just for him but for all the members and all Nigerians.

According to him, it is about honouring the trust that has been placed on us and working tirelessly to deliver on our promises of good governance and effective representation.

Abbas said the mandate bestowed on him as speaker would not be taken for granted, assuring members that he would be just and fair to everyone irrespective of political party and perceived differences.

He promised to run an open-door policy for all members and all Nigerians irrespective of political party or creed.

He congratulated his predecessor, Mr Femi Gbajabiamila and prayed for his success in his new office as Chief of Staff to the President.

Senate President Godswill Akpabio

10th Senate will work to restore renewed hope of Nigerians, says Akpabio

The new President of Senate, Godswill Akpabio said the 10th Senate will work to renew hope of Nigerians via people oriented legislations, given the current state of the nation.

He said the senate will also ensure improved revenue stream and proper oversight of MDAs to reduce waste of resources.

Akpabio said this after his election as President of the 10th Senate.

According to him, the country is at a crossroad, grappling with lots of challenges.

” We have just inherited an economy that requires renewal, revitalisation. I want to thank our President, Bola Tinubu and Vice President Kashim Shettima for steps taken so far that have given a lot of hope to the entire Nigeria Federation and West African sub region.”

He said the senate would try its best to make laws that would ensure foreign direct investment into the country.

He said the Senate would pay attention to issues relating to persons with disability and the vulnerable via engagement of legislative action that would bring about empowerment to stop youths from been recruited into banditry, unknown gunmen, Boko Haram among other vices.

“We will pay attention to insecurity to ensure that our roads are free for people to travel to any parts of the country.

“We will expand legislations to improve the revenue stream of the country, our current president has a track record to improve revenue of the country.

“We are here to do our national duties. This Senate is about Nigeria and Nigerians, so long as the policies that comes to this chamber is about empowering Nigerians, we shall dwell and deliberate on them.

“We will work closely with the executive while maintaining the independence of the legislature.”

Akpabio said he did not believe in politically motivated infrastructure, saying that the 10th Senate would ensure serious oversight functions on MDAs.

This, he said was to discourage waste of resources of the country.

“We will put members of the executive on their toes, particularly the ministers, when they are appointed. We will follow project by project and will do our best in terms of appropriation.

“We will make efforts to assist the President ensure that we produce what we eat for the prosperity of Nigeria.

“We must tackle issues that relates to lean sources of revenue, we must emphasis economic viability, social acceptability, tackling environmental issues and therefore bring about sustainable growth.

“We will provide the required legislative framework and legal environment that will enable President Bola Tinubu anchor the policies of government.

“For the 10th Senate we are going to hit the ground running and make sure that our constituents are proud of us.”

The Senate President urged the lawmakers to support good policies and programmes of Federal Government.

He commended President Bola Tinubu for removing fuel subsidy, saying that Nigeria must begin to produce its own fuel and encourage production of diesel.

He said the dreams , aspirations and wellbeing of Nigerians would be at the heart of legislative activities of the Senate and urged Nigerians to pray for the lawmakers.

Akpabio and his family with President Tinubu

Tinubu to National Assembly: Let’s get on with the business of the people

,

In a message to the National Assembly after the election of the presiding officers, President Bola Ahmed Tinubu said he was prepared to work together with the legislators.

“Our people look up to us to change the fortune of our country for good and remove all barriers that impede progress”, Tinubu said in the statement signed by him.

“All of these we can make happen with dedication and commitment. We can only achieve all the good things we promised during our campaigns when we work together in harmony but with respect for our respective prerogatives and in the best interest of our country”.

He also pledged to work transparently with the National Assembly, but warned that they may occasionally disagree.

The full statement below:

NOW, LETS GET ON WITH THE BUSINESS OF THE PEOPLE

The election of Distinguished Senator Godswill Akpabio, CON and Rt. Honourable Tajudeen Abbas as the President of the Senate and Speaker of the House of Representatives for the 10th National Assembly is a good development.

I heartily congratulate them and also rejoice with the new Deputy Senate President Jibril Barau and House of Representatives Deputy Speaker Benjamin Kalu for their well-deserved victories.

Being elected by their peers as presiding officers and assuming the leadership of the National Assembly is a great honour that comes with huge responsibility. I trust that you will justify the confidence reposed in you by your members and many Nigerians.

I wish Senator Abdulaziz Yari, Honourable member Idris Wase and Honourable Aminu Jaji who enriched the process with their participation in the leadership election the best and a successful tenure in the 10th National Assembly.

I urge them to sustain the same level of enthusiasm they brought to the leadership contest in the discharge of their duties to their constituents and Nigeria.

My congratulations to all members of the National Assembly, across party lines, who, today, enlisted into the service of the blessed people of our great country.

We have all been called upon and accepted the responsibility to diligently and faithfully serve our fatherland with the oath we took. It is time to get on and move swiftly with the business of governance in the service of Nigeria.

As your President, I am prepared to transparently work with the National Assembly. Nigerians expect distinguished Senators and Honourable members to make laws and carry out oversight duties that will enhance the performance of government to achieve successful outcomes including improving their quality of life.

In the course of our work together, disagreements may occur. When we disagree it will not be out of malice, ill-will and quest to diminish the institution of National Assembly or any individual member.

Our people across the length and breadth of our country expect so much from us. They want us to lift their economic burden. They want us eliminate insecurity so our farmers in rural communities can go to their farms and produce the food we eat.

Our people look up to us to change the fortune of our country for good and remove all barriers that impede progress. All of these we can make happen with dedication and commitment. We can only achieve all the good things we promised during our campaigns when we work together in harmony but with respect for our respective prerogatives and in the best interest of our country.

We cannot afford to waste this opportunity because Nigerians want us to make every day of the next four years count. Justifiably, our people want more from their government. They truly deserve progressive good governance that will improve their standards of living. We must give them our best.

I will remain a partner in progress for peace, stability and prosperity of Nigeria. I count on the leadership of the 10th National Assembly and all members to work and walk with me on this governmental journey.

Once again, I send my best wishes.”

Bola Ahmed Tinubu

President and Commander-in-Chief, Federal Republic of Nigeria

­June 13, 2023

Tinubu

View from abroad: Tinubu excites foreign investors

Nigeria’s dollar debt surged after the surprise weekend ouster of the central bank chief, and as fresh comments on merging multiple exchange rates added to signs that President Bola Tinubu is resetting policies blamed for crippling Africa’s biggest economy.

Governor Godwin Emefiele was suspended by Tinubu after the markets closed on Friday, and then detained by Nigeria’s state security service a day later for unexplained “investigative reasons.” Folashodun Shonubi, a deputy governor in charge of operations at the bank, took over in an acting capacity.

Investors have welcomed the change because it signals a move away from unorthodoxy under the former bank chief. Emefiele’s policies — including allowing a complex regime of multiple exchange rates — had long been criticized by investors, economists and institutions like the World Bank. Under his tenure, the central bank also loaned the government of former President Muhammadu Buhari 22.7 trillion naira ($49 billion), helping push public debt to a record 77 trillion naira.

Nigeria’s international bonds jumped the most among emerging-market peers in trading on Monday, a public holiday in Nigeria, with its longest-dated dollar debt rising to the highest since January. The notes maturing in 2051 rose more than 3 cents on the dollar to as high as 73.74, the biggest gain this year. The premium investors demand to hold Nigerian debt over US Treasuries fell 46 basis points to 710, the biggest drop this year, according to a JPMorgan index.

“This could spell the end of unorthodox and often conflicting and confusing monetary policies that held back economic growth and destroyed local and foreign investor confidence,” Ayodeji Dawodu, head of Africa sovereign and corporate credit research at BancTrust & Co. in London, said by phone.

Wale Edun, an influential member of Tinubu’s advisory board, told Bloomberg by phone on Monday that the unification of exchange rates was “imminent.”

“I would say it would have to be done within a quarter as rather than within a year,” he said. “ I think you’re talking, think quarters rather than years, that’s where I would put it.”

Under Emefiele, Nigeria’s central bank offered the US dollar through several windows at tightly controlled rates, with little liquidity, to businesses and individuals. This forced many to the black market, where the dollar traded more freely but at about a 60% premium to the official rate.

Emefiele was widely seen as acting in lockstep with the administration of Tinubu’s predecessor, Buhari. That government was perceived to be more statist and socialist in its approach, said Yemi Kale, chief economist for Nigeria at KPMG LLP and the nation’s former statistician general. “The markets will respond positively to an administration it believes to be more market oriented,” Kale said.

Tinubu criticized the country’s central bank in his May 29 inaugural address, vowing to unify the multiple exchange rates in order to “direct funds away from arbitrage into meaningful investment in the plants, equipment and jobs that power the real economy.”

“To be credible, the implementation of policy changes would most likely need a new team,” Ayo Salami, chief investment officer at Emerging Markets Investment Management Ltd. in London, said via email, explaining the market reaction to Emefiele’s ouster.

Naira Devaluation

The current naira exchange rate of 471.92 naira to the dollar, a record low, likely needs to be adjusted to about 700-750 naira, closer to the current black-market rate, JPMorgan said in an investment note on May 31. “Our baseline expectation is that an adjustment to these levels is likely, barring significant upside to oil prices or production,” the bank said.

The naira has closed lower for three consecutive days, its longest streak of losses since May 12. Analysts expect that the currency could trade anywhere between 650 to 750 to the dollar as Nigeria allows it to trade more freely. Domestic trade will resume on Tuesday as Monday is a public holiday in Nigeria.

A naira at that level, combined with Tinubu’s decision to remove a costly gasoline subsidy, “means the government does not have [to] borrow as much, just to pay interest on debt,” Charlie Robertson, head of strategy at FIM Partners, said in a series of posts on Twitter.

Reported by Bloomberg via Yahoo Finance

About

Senator Bola Ahmed Tinubu is a man of many traditional honours across the country, from north to south, west to east. The array of titles he has garnered was only comparable to that of Chief Moshood Abiola, winner of the 1993 Presidential election.

Newsletter

Subscribe to our Newsletter to be updated.

en_USEnglish