Mohammed Shosanya

President Bola Ahmed Tinubu on Monday,said his government in the last saved over a trillion Naira that would have been squandered on the unproductive fuel subsidy.

In his presidential broadcast,Tinubu appealed to Nigerians to support the subsidy removal policy as well as other intervention programmes of his government.

Tinubu said the dubious subsidy regime benefitted only smugglers and fraudsters. “That money will now be used more directly and more beneficially for you and your families,” he vowed.

Speaking on the forex crisis plaguing the country, Tinubu said government is closely monitoring the effects of the exchange rate and inflation on gasoline prices.

He noted that if and when necessary, there will be some form of interventions.

He admitted that the Nigerian economy was going through a tough patch and the citizens are being hurt by it, stressing that the cost of fuel has gone up. Food and other prices have followed it with households and businesses struggling.

“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,” he stated.

He said what he has to offer in the immediate is to reduce the burden our current economic situation has imposed on all of us, most especially on businesses, the working class and the most vulnerable among us.

Disclosing some of his interventions which could pass for palliatives, he said, “Already, the Federal Government is working closely with states and local governments to implement interventions that will cushion the pains of our people across socio-economic brackets.

“Earlier this month, I signed four (4) Executive Orders in keeping with my electoral promise to address unfriendly fiscal policies and multiple taxes that are stifling the business environment. These Executive Orders on suspension and deferred commencement of some taxes will provide the necessary buffers and headroom to businesses in the manufacturing sector to continue to thrive and expand.

“To strengthen the manufacturing sector, increase its capacity to expand and create good paying jobs, we are going to spend N75 billion between July 2023 and March 2024. Our objective is to fund 75 enterprises with great potential to kick-start a sustainable economic growth, accelerate structural transformation and improve productivity.

“Each of the 75 manufacturing enterprises will be able to access N1 Billion credit at 9% per annum with maximum of 60 months repayment for long term loans and 12 months for working capital.

“Our administration recognises the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth. We are going to energise this very important sector with N125 billion,” Tinubu stated.

He explained that of the sum, we will spend N50 billion on Conditional Grant to 1 million nano businesses between now and March 2024, where the target is to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country.

He expressed optimism that the programme will further drive financial inclusion by onboarding beneficiaries into the formal banking system, insisting that in like manner, they will fund 100,000 MSMEs and start-ups with N75 billion. Under this scheme, each enterprise promoter will be able to get between N500,000 to N1million at 9% interest per annum and a repayment period of 36 months.

He said:”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”

Mohammed Shosanya

The Nigerian Economic Summit Group(NESG)has said that that there is hope for Nigeria to remain great and feeds its huge population abundantly

The group hinged its optimism on Nigeria’s vast opportunities and its abundant natural resources and population.

“These physical and human resources should be more utilised, posing significant implications for realising shared prosperity in the nation.”Mr. Laoye Jaiyeola, Chief Executive Officer of the NESG, stated this on Monday in Abuja at the formal inauguration of the NES #29 Joint Planning Committee.

He emphasized that concerted efforts and strategic planning are required to harness these resources effectively, maximize national competitive advantages and create opportunities for sustainable economic development.

He said:”In the context of a new government administration, there is an undeniable need to reinvigorate our efforts to achieve sustainable economic development.”

He also advised President Bola Tinubu to understand that there is no time for business-as-usual approach to governance in view of the plethora of challenges confronting the nation.

He added that government and critical stakeholders in the economy must rise to confront the harsh realities that the nation is currently grappling with.

According to him,these harsh realities, according to him, include “weak economic growth, high poverty rates, a rising cost of living, increasing unemployment, and widening income gaps.”

He added that:”Despite being blessed with abundant oil reserves and holding the position of Africa’s largest economy, Nigeria has paradoxically become home to many of the global poor, surpassing India in 2018. Nigeria is plagued with one of the world’s poorest human capital indices concerning education and health outcomes.

“Apart from facing a substantial health infrastructure gap, the country has witnessed a significant brain drain of medical professionals, exacerbating the shortage of skilled personnel in the healthcare sector.

“This worrisome trend further compounds the challenges in addressing the nation’s healthcare needs and improving overall human development indicators.

“Nigeria has long been pursuing structural economic transformation. However, the nation’s heavy reliance on crude oil as its primary foreign exchange source has resulted in an unbalanced economy.

“The crude oil sector remains dominant despite contributing less than 10 per cent to the national output and generating limited employment opportunities.”

He lamented Nigeria’s slow pace of industrialisation, as evident in the sub-optimal manufacturing capacity utilisation, which has stagnated at approximately 50 per cent over the years.

This situation severely hampers the Industrial sector’s potential to contribute substantially to national output, economic growth, and job creation, leaving the country’s economy imbalanced and unable to capitalise on its potential for sustainable development fully,he said.

Speaking on the 29th Nigerian Economic Summit slated for October 23rd and 24th, 2023 in Abuja,Jaiyeola explained that the Summit would “follow up by demanding a transparent and well-thought-through economic agenda with specified implementation steps in purposeful response to the questions and recommendations thrown up at NES #28.”

Inaugurating the NES #29 Joint Planning Committee, Engr. Nebeolisa Anako, Permanent Secretary, Federal Ministry of Budget and National Planning, disclosed that efforts are in top gear to forward the 2022 Summit recommendations and outcomes to the Federal Executive Council (FEC) in form of Council Note for their information and guidance.

According to him,the key outcomes of the annual Summits have always played important roles in shaping the policies of government, adding that the Summit had in the past contributed to entrenching the culture of development planning in the country.

He added:”Most recently the partnership helped in no small measure in the development of the National Development Plan (NDP) 2021 2025 and the Nigeria Agenda 2050.

“The contributions of the Nigeria Economic Summit Group in this regard is well appreciated. I am confident that this partnership will continue to endure going forward,”

Mohammed Shosanya

Lagos State Góvernór, Babajide Sanwo-Olu, has announced a reduction in transport fare on all Bus Rapid Transport (BRT) routes by 50% beginning from Wednesday. August 2.

Sanwo-Olu, who disclosed this on Monday, also said commercial buses, popularly known as ‘Danfo,’will follow suit with a reduction of 25% in fare on all routes.

He made the announcement while addressing journalists at the State House, Ikeja, at the end of a security meeting with security agencies such as the Army, Police and the Navy.

Sanwo-Olu,who said the number of Lagos State staff buses will be increased,added that new buses have already been purchased.

The governor also said the state government will commence distribution of food such as rice, beans and garri to the poorest people in the state.

The distribution of the palliatives,he said,will be done through the Community Development Associations (CDAs), churches, mosques, and local government areas.

He added:”These measures are to cushion the effect of removal of fuel subsidy by the Federal Government, as well as the harsh economic situation in the country.”

At the event, the state Commissioner of Police, Idowu Owohunwa,unveiled the efforts of the Police to address security situation in the state,saying there have been an increase in cultists and vehicle vandalism in the state.
He added that since Operation Flush was formed by the Command, 260 suspects have been arrested and investigated.

Owohunwa said the governor has urged the Police Command to upscale their operation, warning “that anyone planning to disrupt the peace of the state will be dealt with. “

Mohammed Shosanya

President Bola Ahmed Tinubu has approved the provision of huge number of buses to students’ bodies of all universities, polytechnics and colleges of education across the country.

A statement by Dele Alake, Special Adviser to the President on Special Duties, Communication and Strategy on Monday,saud that the action was in furtherance of Tinubu’s desire to ease the burden of the fuel subsidy removal on students of higher institutions of learning.

The announcement was sequel to moves by the organised labour to stage a mass protest on August 2nd nationwide.

According to the Presidential spokesman, the desire of the President is to see that students can access their campuses without experiencing much difficulty as a result of hike in transportation costs.

He said,the provision of the buses will go a long way in removing the burden of additional cost of daily commuting on parents and guardians.

The statement also added that President Tinubu has directed the removal of all restrictions on the students’ loan to make it available to any student or household that may desire it.

He said the new directive was in line with his promise to ensure no Nigerian student abandons his or her educational pursuits as a result of lack of money and economic circumstances of their parents.

Alake disclosed that Tinubu has directed the authorities in all Federal Institutions of higher learning to avoid arbitrary increase in sundry fees payable and where possible defer further increase so that parents and students don’t face too many difficulties.

“While it is important to reiterate that President Tinubu has directed release of over 200,000 Metric Tonnes of grains to families in 36 states and Federal Capital Territory, Abuja, the government is working to ensure that vulnerable students can also benefit from conditional cash transfers and food distribution.

“The Federal Government salutes the courage, wisdom and partnership of Nigerian Students as our country navigates this challenging time.

“President Tinubu will continue to prioritise education and the needs of the students, improve welfare of teaching and non-academic staff and invest in infrastructure to make our institutions of higher learning become more globally competitive,” Alake said.