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We’ve Saved N1trn from Fuel Subsidy Removal, to Invest N100bn on CNG Buses, Says Tinubu (See Full Text of Speech)

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TEXT OF THE NATIONAL BROADCAST BY PRESIDENT BOLA TINUBU TO NIGERIANS ON CURRENT ECONOMIC CHALLENGES.

AFTER DARKNESS COMES THE GLORIOUS DAWN

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.

2. 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.

3. 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 funneled into the deep pockets and lavish bank accounts of a select group of individuals.

4. 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.

5. 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.

6. 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.

7. 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.

8. It also compounded the threat that the illicit and mass accumulation of money posed to the future of our democratic system and its economy.

9. 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.

10. Thus, the defects in our economy immensely profited a tiny elite, the elite of the elite you might call them. As we moved to fight the flaws in the economy, the people who grow rich from them, predictably, will fight back through every means necessary.

11. 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.

12. What I can 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.

13. 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.

14. 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.

15. 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 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 a maximum of 60 months repayment for long term loans and 12 months for working capital.

16. 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.

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

18. Ultimately, this programme will further drive financial inclusion by onboarding beneficiaries into the formal banking system. In like manner, we 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.

19. 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.

20. 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.

21. Our plan to support 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.

22. This expansive agricultural programme will be implemented targeting small-holder farmers and leveraging large-scale private sector players in the agric business with strong performance record.

23. In this regard, the expertise of Development Finance Institutions, commercial banks and microfinance banks will be tapped into to develop a viable and an appropriate transaction structure for all stakeholders.

24. Fellow Nigerians, I made a solemn pledge to work for you. How to improve your welfare and living condition is of paramount importance to me and it’s the only thing that keeps me up day and night.

25. It is in the light of this that I approved the Infrastructure Support Fund for the States. This new Infrastructure Fund will enable States to intervene and invest in critical areas and bring relief to many of the pain points as well as revamp our decaying healthcare and educational Infrastructure.

26. The fund will also bring improvements to rural access roads to ease evacuation of farm produce to markets. With the fund, our states will become more competitive and on a stronger financial footing to deliver economic prosperity to Nigerians.

27. Part of our programme is to roll out buses across the states and local governments for mass transit at a much more affordable rate. We have made provision to invest N100 billion between now and March 2024 to acquire 3000 units of 20-seater CNG-fuelled buses.

28. These buses will be shared to major transportation companies in the states, using the intensity of travel per capital. Participating transport companies will be able to access credit under this facility at 9% per annum with 60 months repayment period.

29. In the same vein, we are also working in collaboration with the Labour unions to introduce a new national minimum wage for workers. I want to tell our workers this: your salary review is coming.

30. Once we agree on the new minimum wage and general upward review, we will make budget provision for it for immediate implementation.

31. I want to use this opportunity to salute many private employers in the Organised Private Sector who have already implemented general salary review for employees.

32. Fellow Nigerians, this period may be hard on us and there is no doubt about it that it is tough on us. But I urge you all to look beyond the present temporary pains and aim at the larger picture. All of our good and helpful plans are in the works. More importantly, I know that they will work.

33. Sadly, there was an unavoidable lag between subsidy removal and these plans coming fully online. However, we are swiftly closing the time gap. I plead with you to please have faith in our ability to deliver and in our concern for your well-being.

34. We will get out of this turbulence. And, due to the measures we have taken, Nigeria will be better equipped and able to take advantage of the future that awaits her.

35. In a little over two months, we have saved over a trillion Naira that would have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters. That money will now be used more directly and more beneficially for you and your families.

36. For example, we shall fulfill our promise to make education more affordable to all and provide loans to higher education students who may need them. No Nigerian student will have to abandon his or her education because of lack of money.

37. Our commitment is to promote the greatest good for the greatest number of our people. On this principle, we shall never falter.

38. We are also monitoring the effects of the exchange rate and inflation on gasoline prices. If and when necessary, we will intervene.

39. I assure you my fellow country men and women that we are exiting the darkness to enter a new and glorious dawn.

40. Now, I must get back to work in order to make this vision come true.

41. Thank you all for listening and may God bless the Federal Republic of Nigeria.

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Full Text of President Tinubu’s 63rd Independence Day Speech

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63RD INDEPENDENCE DAY ANNIVERSARY SPEECH BY PRESIDENT BOLA AHMED TINUBU

October 1, 2023

“Dear Compatriots,

“It is my unique honour to address you on this day, the 63rd anniversary of our nation’s independence, both as the President of our dear country and, simply, as a fellow Nigerian.

“On this solemn yet hopeful day, let us commend our founding fathers and mothers. Without them, there would be no modern Nigeria. From the fading embers of colonialism, their activism, dedication and leadership gave life to the belief in Nigeria as a sovereign and independent nation.

“Let us, at this very moment, affirm that, as Nigerians, we are all endowed with the sacred rights and individual gifts that God has bestowed on us as a nation and as human beings. No one is greater or lesser than the other. The triumphs that Nigeria has achieved shall define us.

The travails we have endured shall strengthen us. And no other nation or power on this earth shall keep us from our rightful place and destiny. This nation belongs to you, dear people. Love and cherish it as your very own.

“Nigeria is remarkable in its formation and essential character. We are a broad and dynamic blend of ethnic groups, religions, traditions and cultures. Yet, our bonds are intangible yet strong, invisible yet universal.

“We are joined by a common thirst for peace and progress, by the common dream of prosperity and harmony and by the unifying ideals of tolerance and justice.

“Forging a nation based on the fair application of these noble principles to a diverse population has been a task of significant blessing but also a serial challenge.

“Some people have said an independent Nigeria should never have come into existence. Some have said that our country would be torn apart. They are forever mistaken. Here, our nation stands, and here we shall remain.

“This year, we passed a significant milestone in our journey to a better Nigeria. By democratically electing a 7th consecutive civilian government, Nigeria has proven that commitment to democracy and the rule of law remains our guiding light.

“At my inauguration, I made important promises about how I would govern this great nation. Among those promises were pledges to reshape and modernize our economy and to secure the lives, liberty and property of the people.

“I said that bold reforms were necessary to place our nation on the path of prosperity and growth. On that occasion, I announced the end of the fuel subsidy. I am attuned to the hardships that have come. I have a heart that feels and eyes that see. I wish to explain to you why we must endure this trying moment.

“Those who sought to perpetuate the fuel subsidy and broken foreign exchange policies are people who would build their family mansion in the middle of a swamp.

“I am different. I am not a man to erect our national home on a foundation of mud. To endure, our home must be constructed on safe and pleasant ground.

“Reform may be painful, but it is what greatness and the future require. We now carry the costs of reaching a future in Nigeria where the abundance and fruits of the nation are fairly shared among all, not hoarded by a select and greedy few. A Nigeria where hunger, poverty and hardship are pushed into the shadows of an ever-fading past.

“There is no joy in seeing the people of this nation shoulder burdens that should have been shed years ago. I wish today’s difficulties did not exist. But we must endure if we are to reach the good side of our future.

“My government is doing all that it can to ease the load. I will now outline the path we are taking to relieve the stress on our families and households.

“We have embarked on several public sector reforms to stabilize the economy, direct fiscal and monetary policy to fight inflation, encourage production, ensure the security of lives and property and lend more support to the poor and the vulnerable.

“Based on our talks with labour, business and other stakeholders, we are introducing a provisional wage increment to enhance the federal minimum wage without causing undue inflation. For the next six months, the average low-grade worker shall receive an additional Twenty-Five Thousand naira per month.

“To ensure better grassroots development, we set up an Infrastructure Support Fund for states to invest in critical areas. States have already received funds to provide relief packages against the impact of rising food and other prices.

“Making the economy more robust by lowering transport costs will be key. In this regard, we have opened a new chapter in public transportation through the deployment of cheaper, safer Compressed Natural Gas (CNG) buses across the nation. These buses will operate at a fraction of current fuel prices, positively affecting transport fares.

“New CNG conversion kits will start coming in very soon as all hands are on deck to fast track the usually lengthy procurement process. We are also setting up training facilities and workshops across the nation to train and provide new opportunities for transport operators and entrepreneurs.

“This is a groundbreaking moment where, as a nation, we embrace more efficient means to power our economy. In making this change, we also make history.

“I pledged a thorough housecleaning of the den of malfeasance the CBN had become. That housecleaning is well underway. A new leadership for the Central Bank has been constituted. Also, my special investigator will soon present his findings on past lapses and how to prevent similar reoccurrences. Henceforth, monetary policy shall be for the benefit of all and not the exclusive province of the powerful and wealthy.
“Wise tax policy is essential to economic fairness and development. I have inaugurated a Committee on Tax Reforms to improve the efficiency of tax administration in the country and address fiscal policies that are unfair or hinder the business environment and slow our growth.

“To boost employment and urban incomes, we are providing investment funding for enterprises with great potential. Similarly, we are increasing investment in micro, small and medium-sized enterprises.

“Commencing this month, the social safety net is being extended through the expansion of cash transfer programs to an additional 15 million vulnerable households.

“My administration shall always accord the highest priority to the safety of the people. Inter-Service collaboration and intelligence sharing have been enhanced. Our Service Chiefs have been tasked with the vital responsibility of rebuilding the capacities of our security services.

“Here, I salute and commend our gallant security forces for keeping us safe and securing our territorial integrity. Many have paid the ultimate sacrifice. We remember them today and their families. We shall equip our forces with the ways and means needed to perform their urgent task on behalf of the people,

“We shall continue to make key appointments in line with the provisions of the Constitution and with fairness toward all. Women, Youth and the physically challenged shall continue to be given due regard in these appointments.

“May I take this opportunity to congratulate the National Assembly for its role in the quick take-off of this administration through the performance of its constitutional duties of confirmation and oversight.

“I similarly congratulate the judiciary as a pillar of democracy and fairness.

“I also thank members of our dynamic civil society organizations and labour unions for their dedication to Nigerian democracy. We may not always agree but I value your advice and recommendations. You are my brothers and sisters and you have my due respect.

“Fellow compatriots, the journey ahead will not be navigated by fear or hatred. We can only achieve a better Nigeria through courage, compassion and commitment as one indivisible unit.

“I promise that I shall remain committed and serve faithfully. I also invite all to join this enterprise to remake our beloved nation into its better self. We can do it. We must do it. We shall do it.!!!

“I wish you all a happy 63rd Independence Anniversary. Thank you for listening. May God bless the Federal Republic of Nigeria.”

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Godwin Emefiele: The Endless Search for Justice

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By Eric Elezuo

After the long drawn brouhaha of arrest, detention and dragging to court, the suspended and later sacked Governor of the Central Bank of Nigeria, Godwin Emefiele, was on July 25, 2023, granted bail in the sum of N20 million with one surety in like sum by the Federal High Court in Lagos State.

He was granted bail after pleading not guilty to the two counts bordering on the alleged illegal possession of firearms and ammunition. It was believed that the search for justice was coming to an end, but that was not to be.

Emefiele was facing two counts of illegal possession of firearms and ammunition preferred against him by the Federal Ministry of Justice before the vacation judge, Justice Nicholas Oweibo.

The Ministry of Justice was prosecuting him on charges of possessing a single-barrelled shotgun (JOJEFF MAGNUM 8371) without a licence. He was also accused of illegally possessing 23 rounds of live ammunition (cartridges) without a licence, offences committed the offences on June 15, 2023, at No. 3b Iru Close, Ikoyi area of Lagos.

But rather than releasing the embattled former governor, the Department of State Services (DSS) physically fought the Correction Centre officials to retain him as their prisoner.

A few days latter, the Federal Government applied to withdraw the ‘illegal possession of firearms’ case it filed against Emefiele, at the Federal High Court sitting in Lagos.

The Director of Public Prosecutions (DPP) at the Federal Ministry of Justice, Mohammed Abubakar told Justice Nicholas Oweibo that the application followed the result of further investigations made by the government.

Justice Oweibo adjourned till Thursday, August 17, 2023 to rule on the application. The DPP told Nigerians after the proceedings that a fresh 20 counts has been filed at the Federal Capital Territory (FCT) High Court against the then suspended CBN governor.

He said one of the charges proffered against Emefiele is that of “conferring unlawful advantages” making Nigerians wonder if there are no underground currents to denied the embattled Emefiele of justice even as four months has come and gone since he was removed from office and incarcerated.

Matters took a different turn as since the adjournment of the case, it has not been heard. On August 17, the case was stalled, and moved to August 23. Again, it was stalled.

The matter was not listed on the cause list of a Federal Capital Territory (FCT) High Court in Abuja on the day with no reason given as lawyers to both parties were absent in court.

The embattled defendant, who appeared before the court on August 17, was supposed to be arraigned but the arraignment was stalled as a result of the absence of the second defendant who was said to have been indisposed.

Although Emefiele (the first defendant) was present in court, the second defendant, a female CBN employee, Sa’adatu Yaro, was not in court prompting the Presiding Judge, Justice Hamza Muazu adjourned the matter to August 23, 2023.

Frustrated by the back and forth attitude of the DSS towards his release, Emefiele had sued the secret Police at the Federal Capital Territory High Court in Abuja, challenging his detention.

In his originating motion on notice, Emefiele prayed for the court to enforce his right to liberty and freedom of movement, as there is no basis for his continuous detention.

However, the Attorney General of the Federation as well as the DSS have insisted that the detention of the suspended CBN Governor is lawful.

In a preliminary objection filed against the fundamental rights enforcement suit instituted by Emefiele, the Attorney General of the Federation (AGF) and the DSS told the Federal Capital Territory High Court that the detention was backed by the order of a magistrates’ court and prayed for the court to dismiss the motion with cost.

They noted that the arrest of the former CBN governor was an administrative decision of the DSS.

The AGF is also challenging the jurisdiction of the court to entertain the suit, as the originating motion filed by Mr. Emefiele ought to have sought that the court set aside the order for his detention rather than seek enforcement of rights.

An appointee of former President Goodluck Jonathan after Alhaji Sanusi Lamido Sanusi’s tenure was cut short in 2015, Emefiele, was retained by Buhari, and began his second term in office in May 2019 after his reappointment, and confirmation by the Senate. He was thereafter sworn in by the Bank’s Secretary and Director, Corporate Secretariat Department, Mrs Alice Karau, according to a statement by the Director Corporate Communications, Mr Isaac Okoroafor.

On resumption of office for his second term, Emefiele expressed high hopes, dsiclosing that he will unfold a new roadmap for the Bank and the economy, in the days ahead, after consultations with critical stakeholder groups, and reiterated the bank’s focus to play an active role in supporting job and wealth creation in Nigeria.

In his words: “We must strengthen our efforts over the coming years to stimulate growth and job creation in critical sectors of the economy, which will help insulate our economy from shocks in the global economy.

“We must also work to build a healthy and stable financial system that will contribute to the growth of our economy while preserving price stability”.

Emefiele went ahead to unveil his economic blueprint for the country, promising to recapitalise banks within the next five years to make them contribute significantly to economic growth, promising that during his next five years, which will elapse in 2024, he would pursue an economic agenda that would make the economy grow by double digits through targeted programmes that would boost output, and work with Deposit Money Banks to boost credit to the real sector as well as the creative and education sector. In addition, he said the apex bank will increase its support to farmers in order to bring down the rate of inflation.

However, events began to take a dramatic turn as the matters of the naira showed the traces of a currency given inadequate attention with plummeting agenda against other currencies of the world, coupled with the advent of the electioneering season, which categorically sort of distracted the CBN governor with his overtly ambitions trend to become president, even without resigning his appointment as a public servant.

Earlier, the CBN governor was laced in a scandal following a leaked tape, where he and other senior bank officials were heard discussing discrepancies in the bank’s accounts, addressing a stolen money from the bank’s coffers. Though the tape was audible enough declaring the anxiety in the bank at the time, the authorities promptly denied the development, saying the tape was misquoted out of context, and distorted

Again, the Director, Corporate Communications, Mr Isaac Okoroafor, was on hand to veil the authenticity of the allegation saying said that no money was missing or stolen from the bank’s coffers as reported in some section of the media. He said that the audio was distorted in a manner which creates a different impression of the matter being discussed, which was to proffer solutions to a misunderstanding that affected the Bank’s balance sheet.

He said: “As publicly known the CBN was approached in 2015 by the National Economic Management Team and the National Economic Council chaired by the Vice President, to assist State Governments with Conditional Budget Support. This happened in the aftermath of the significant nose-dive in global oil prices and associated FAAC allocations.
“In order to ensure that ordinary Nigerian workers  got their salaries, pensions and gratuities, and that the economy continued to recover from recession, the Bank provided about N650 billion in loans at 9 per cent with a two-year grace period to 35 States of the Federation.
“These monies were distributed to the states monthly with documented approval of the Federal Ministry of Finance and the Presidency.
“In closing the Bank’s 2018 accounts, external auditors in their Draft  Account, erroneously classified about N150 billion of these loans as bad, which negatively affected the Bank’s Balance Sheet and shareholders fund.
“The selective  conversation being circulated was simply a discussion to ascertain why the auditors took that position and next steps to resolving it.
“Obviously, it soon became clear that a State Government loan cannot be classified as “bad” or “irrecoverable” when the State still exists and getting FAAC allocations.
“The Bank then reached out to the Federal Ministry of Finance and they jointly gave comfort  to the auditors who accepted in writing that these monies would be repaid.
“On this basis, the auditors reversed the negative entry and the certified that the CBN’s 2018 accounts were a true reflection of the State of Affairs.”
The statement ended with Okoroafor saying that Emefiele had “no account in Dubai or anywhere in the world and would never convert the funds of CBN for personal use. Not in the past, not now and not ever” while urging Nigerians to disregard the audio and continue to trust that the Bank is doing everything it could to represent their interests in the best possible way.” He stated that efforts to malign the CBN governor’s character and integrity will never stand.

Though the bank threatened to ‘pursue every legal means to bring the perpetrators to justice’, nothing was heard of the matter till date.

It was not long thereafter that the CBN’s governor’s foray into the murky waters of politics became public knowledge. While Nigerians were not averse to his contesting political positions, all the more than a few persons asked for was for the chief monetary officer to resign his position, and squarely politics, but he blatantly refused. And sought court ruling to enable him run while retaining his office.
Emefiele’s continous involvement in scandals went on unabated with making Nigerians believing he wouldn’t survive the administration of former President Buhari. He was enmeshed in one scandal after another since his infamous declaration to run for the office of the presidency as a sitting public servant, contrary to the dictates of the Nigerian Constitution. His recalcitrant attitude to the ambition, even as calls were made by prominent Nigerians, even the generality of the public, for him to jettison the plans, put him on the bad pavilion of public discourse. His inglorious handling of the economy that has seen the Naira continue a free fall did not help matters, and worse still the not-well-thought-out naira redesign process, leading to total withdrawal of cash in circulation, and driving Nigerians into untold suffering culminating into permanent disabilities for many and death for some.
However, the alleged crimes of Emefiele notwithstanding, he still deserves the application of the rule of law in his matter, but that has not been forthcoming as the DSS has held him incommunicado and disobeyed all court rulings on the issue.
A new development, which The Boss cannot immediately confirm alleged that the embattled Emefiele has been offered an opportunity of a plea bargain, demanding he submits N50 billion out of his supposed looted funds, and receive his release in exchange.
But observers believe that Emefiele’s endless search for justice will materialise, one day.

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Identity Saga: Tinubu Pleads with Court to Release Only His Certificate, Not Academic Details

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President Bola Tinubu has reluctantly allowed a federal judge in the United States to give his university certificate to his political opponent Atiku Abubakar.

But the Nigerian leader pleaded with Judge Nancy Maldonado to block all other details, especially the gender, and admission records, among others, of the person who owns the certificate from being disclosed.

Mr Tinubu’s prayers on Monday morning came as part of the ongoing legal battle unfolding at the United States District Court for the Northern District of Illinois in Chicago.

The case was brought by Mr Abubakar, who has been on a judicial quest to establish that Mr Tinubu was not eligible to be Nigerian president despite his election in February 2023.

He won the election by 36 per cent of the vote after Mr Abubakar and Peter Obi, who was his running mate in the 2019 election, fell out, subsequently dividing their potential votes into at least two parts, paving the way for Mr Tinubu’s victory with the slimmest margin in Nigerian presidential election history.

Mr Tinubu’s acceptance that his certificate could be released came after he narrowly escaped full disclosure on September 21 by pleading severe harm to his life in order to obtain a stay of a magistrate judge’s order on September 19.

“There is harm in allowing discovery on issues and documents outside the diploma,” Mr Tinubu’s lawyers said in their full briefing to the court seeking a review of Judge Jeffrey Gilbert’s order by Ms Maldonado, a district judge.

The identity of who was admitted into Chicago State University in the 1970s has been a hot issue after college transcripts emerged that indicated the school admitted a female Bola Tinubu from Southwest College Chicago in 1977.

Source: People’s Gazette

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