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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)

Published

1 year ago

July 31, 2023

Eric

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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Ighodalo to Sue Oshiomole over ‘False, Defamatory and Malicious’ Comments, Demands N20bn

Published

3 days ago

September 17, 2024

Eric

The governorship candidate of the Peoples Democratic Party (PDP) in Edo, Mr. Asue Ighodalo, has asked his lawyers to institute a suit against Adams Oshiomhole, senator representing Edo north, over defamatory allegations.

Ighodalo said Oshiomole had accused him of involvement in “Planwell,” a ponzi scheme that surfaced in Edo state in the early 1990s.

“People of my age and even younger have not forgotten how Asue Ighodalo and all his associates were involved in what they call Planwell,” Oshiomole said during a campaign rally on Saturday.

“Planwell was set up as an institution where you deposit 10,000 in the morning by tomorrow it becomes 15,000, and after six months, people were defrauded, and the institution disappeared. And they became rich, and Edo people became pauperised.”

In a response to the allegations through his counsel, Ayo Asala, a senior advocate of Nigeria (SAN), Ighodalo described Oshiomole’s comment as “false, defamatory, and malicious”.

“It is sad to note that despite your status as an elder and holder of a public office, you appear to have developed a pattern of spewing false statements in the public domain purely for the achievement of your political ends,” a letter by Ighodalo’s lawyer and addressed to Oshiomhole reads.

“This baseless, unfounded, false, and malicious allegation has become another in a long line of such defamatory fabrications and statements made by you in respect of our client in the recent past.

“Our client is an accomplished Nigerian legal practitioner and a corporate leader whose impressive resume from birth up till the current day is entirely in the public domain, and our client has absolutely no connection with and could never have been involved in any manner whatsoever with the purported ‘Planwell’ scheme with which you have seriously defamed our client’s reputation.

“It is clear that the fabrication of the unfounded and false story regarding the purported involvement of our client in the said ‘Planwell’ scheme or any other financial scheme whatsoever is a figment of your imagination and a story fabricated purely for the purpose of denigrating the good character and reputation of our client for the achievement of the political purpose of advancing the sinking fortunes of your political party and candidate in the forthcoming Edo state gubernatorial elections.

“Our client has been inundated with calls and other contacts from concerned members of the public who heard your said allegations on electronic and social media, as a result of which our client has suffered enormous unwarranted reputational damage arising from the lies and baseless fabrications of which you have become the purveyor.”

Ighodalo is demanding “an immediate and unqualified retraction and apology for your false, defamatory, and malicious statements, which should be published in at least two national television networks and three nationally circulating newspapers”.

“Pay to our client damages in the sum of 20 billion Naira for your false, defamatory, and malicious statements referred to herein,” the letter further stated.

“Take notice that it is our client’s instructions that we immediately institute appropriate proceedings against you for damages in the sum of twenty (20) billion Naira (N20,000,000,000.00) for your said false, malicious, irresponsible, and damaging statements made against our client without any foundation whatsoever in fact.

“Further take notice that such action will be instituted without further notice or correspondence to you in that regard whatsoever.”

Headline

The World Celebrates Chief Gabriel Igbinedion at 90

Published

4 days ago

September 16, 2024

Eric

By Eric Elezuo

It was that time of the year again when the world gathers in their numbers in the ancient city of Okada and Benin to celebrate a man of immense achievement.

The town of Okada and the beautiful city of Benin were agog one more time as the month of September approached. It was the birth month of one of the most brilliant entrepreneurs the Nigerian nation has ever produced. It was the birthday of the Esama of Benin and pioneer patriarch of the Okada Dynasty, Chief (Sir) Gabriel Osawaru Igbinedion CFR, CON, KSJI, who clinched the nonagenarian trophy in grand style.

As always, the ebullient community leader, meticulous mentor and businessman extraordinaire left no stone unturned to treat himself to the best entertainment, drawing the who is whos in politics, entrepreneurship, entertainment and religion to the grand events making his 90th birthday.

Again, the Esama used the occasion of his birthday to centre all eyes on him, and did not hesitate to take up the opportunity to create another sizzling razzmatazz in hosting dignitaries and providing top notch treats; the type that would not only be mouthed, but proclaimed from the mountain tops for a long time to come.

According to former President Olusegun Obasanjo, “Judging by the mammoth crowd that came to celebrate the occasion, his (Igbinedion) legacy in history is assured.”

It was a carnival-like event that ran a month long with preparations and activities that told a tale of a great man, gathering people of different class and creed from all parts of the world to celebrate the great Esama of Benin Kingdom.

A philanthropist of no mean repute, business mogul, and politician, Chief Igbinedion pulled all stop to ensure that this year’s celebration tagged “Jubilation”, and drawn from the Bible book of Psalms 126:3 sustains the carnival-like identity it has always been known for, while reflecting on testimonies of his numerous achievements in life.

With wholesome lineup of activities, the birthday celebrations held in various locations including his Benin palatial home and the prestigious Archangel Gabriel Catholic Church, along Sapele Road, where a thanksgiving mass was held.

Among the earliest callers at the Igbinedion residence were members of the governing council of the Igbinedion University, where notable officials took turns to eulogised the pacesetter of private universities in Nigeria. Among the officials present were the Pro Chancellor and Chairman, Governing Council, Prof Sheik Ahmed Abdulla, the Vice Chancellor, Prof Lawrence Ezemonye, and the Chief Medical Director, IUCH, Dr Yau Abubakar Garawa.

Kicking off the activities as the occasion dovetailed into a weeklong event, on September 10, the residence of the Esama of Benin, who is also the Honorary Romania Consul to Edo and Delta States, became a beehive of activities with celebrations as different groups including the Igbaboleme Dancers under the aegis of Esan Congress led by Goodluck Imonite, St John the Army Catholic Church led by Rev Alfred Agbolahor, and Parishers of St. Jude’s Catholic Church led by Very Rev Father Paul Edegware, entertained the Esama and his visitors who came from far to be part of his birthday celebration.

As always, the celebrant Chief Sir Dr Gabriel Osawaru Igbinedion, was accompanied by his wife, Lady Cherry Igbinedion, his son and former governor of Edo State, Chief Lucky Igbinedion and his siblings, a retinue of members of the Igbinedion Dynasty among other dignitaries arrived the Archangel Gabriel Catholic Church, to a warm reception by the members of the Church community with band parade, in a distinct ceremony tagged “The Early Morning Dew”

The birthday celebration began with Service of Praise and Thanksgiving at St Gabriel, The Archangel Catholic Church, Sapele Road, where adoration was offered unto the Creator as coordinated by the Rev. Fr. Augustine Ehigie and church officials.

During the conventional Mass, which has become a tradition in the House of Igbinedion, the guest speaker, and President of Nigerian Baptist Convention, Reverend Israel Akanji, preached a sermon encouraging all and sundry to live their lives, and have the mindset of a child.

“The childlike spirit must not die; the spirit must remain, and if there is a challenge for our papa at 90, the challenge is that even in old age, you are to continue with the heart of a child,” Akanji said.

Also praying for the nonagenarian, a former Chairman of the Christian Association of Nigeria, Pastor Ayo Oritsejafo, lauded his philanthropic gestures, and declared that heaven will recompense him.

“As you have identified with everyone, heaven will always identify with you. May God increase you on every side,” he said.

Tom Amekhianam of the Christ Embassy also offered prayers for the latest member of the nonagenarian club, asking for more of God’s wisdom and honour upon him and his family.

Speaking on behalf of the family in response to all the prayers and goodwill showered on Chief Igbinedion, the son of the celebrant, Mike Igbinedion thank guests and well wishers as well as appreciate the celebrant for being a father in deed.

Dignitaries that attended the Mass were the Edo State Governor, Mr. Godwin Obaseki, prominent religious and traditional leaders, high profile politicians and High Commissioners and Representatives of High Commissions so from over 15 countries.

It was a total conglomeration of the best of Nigerians in respect of a man who has given more than enough to the economic, industrial, political, academic and social development of Nigeria.

Also in attendance were the traditional rulers and title holders from the Benin Kingdom.

The highpoint of the event was the thanksgiving procession by Chief Igbinedion and his immediate family members, amid soulful renditions from the Saint Gabriel the Archangel Parish choir.

Speaking on behalf of some of the dignitaries that graced the occasion the representative of the South African High Commission in Nigeria and the Representative of the King of Ashanti, Ghana among others, described the celebrant as a Man who has added value to the lives of many.

Guests at the birthday thanksgiving Mass were later hosted to a lavish reception at tastefully decorated country home of the Esama of Benin Kingdom where music was supplied by a host of upcoming artists, live band, cultural troupes among others.

The colorful event was rounded off with the cutting of the 90th birthday cake of the Esama of Benin Kingdom His Excellency Chief Sir Dr Gabriel Osawaru Igbinedion, surrounded by members of his family siblings and selected dignitaries.

The event reception which was held at the residence of this unequivocally brilliant mind witnessed a potpourri of the nation’s high and mighty as they trooped out in their numbers to appreciate the goodness of the creator upon his praise-worthy life.

Wishing the Esama a life where he will never mourn the death of any of his children, HRM Oba Oyetunde Olumiluwa Ojo, Ogunbodun I Olono of Ada, Osun State, assured him of longer life and more fruitful living.

Also the Enogie of Ukhiri, HRH (Barr) Godwin Aigbe described the celebrant as a legend at 90, just as a daughter of the House of Igbinedion and former First Lady of Edo State, Mrs Eki Igbinedion showered encomium, describing as a gift to his generation.

In her word, the Cuban Ambassador to Nigeria, Miriam Morales, thanked the Esama for being a worthy personality and a human being with a face.

The reception was another form of banquet, coming with all the trappings a superiority. The crowd was unprecedented with security agencies of different creed mounted at various corners. One would not be wrong if they call the event a fantasy brought to reality. Everyone who was someone was either present or represented.

It was reported that over 22 food and beverage vendors were busy with different local, African and intercontinental cuisines and beverages, attending to the large crowd of audience as the grand reception swept way into the night.

Among special personalities that were present at the well attended banquet were past and present governors, politicians and industrialists. Some of them were former President, Chief Olusegun Obasanjo; Bayelsa State governor, Senator Douye Diri, Osun State governor, Senator Ademola Adeleke; Constitutional Lawyer, Prof Mike Ozekhome SAN; former governor of Akwa Ibom State, Obong Victor Attah; former governor of Imo state, Chief Achike Udenwa, former governor of Ekiti State, Niyi Adebayo; former governor of Delta State, Mr. James Ibori; former governor of Adamawa State, Boni Haruna and former governor of Cross River State, Mr. Donald Duke.

Others were ING Nana Poku Aygeman, who represented the King of Ashanti, Ghana, High Commissioners of South Africa to Nigeria, Tami Mseluku, Engr Elvis Obaseki of ITV and Radio, E. J. Agbonayinma of APC, former Edo State Governor, Adams Oshiomhole, Labour Party presidential candidate in the 2023 election, Mr. Peter Obi, and Labour Party governorship for Edo State, Barr Olumide Akpata, who was a former Chairman of the Nigerian Bar Association (NBA).

The family also set aside a day for all those born in the House of Igbinedion to meet, fratenise and bond with one another. Members of the family from.across the world including the United Kingdom, the United States, Germany and more were present. They sang, made merry and cut a huge birthday cake in honour of the patriarch.

Mabel Amadin, who spoke on behalf of the children of Igbinedion said that ‘my father’s tentacles have gone worldwide’, and it was only natural that all the children, grandchildren, great grandchildren use the opportunity of his 90th birthday to reignite their brotherhood.

The weeklong grand ceremonies rounded off with a thanksgiving service at the Saint Gabriel the Archangel Church, where dignitaries also trooped out in their numbers to thank God for His mercies, and for seeing the family and friends through the activities.

In another development, a former Head of State, General Abdulsalami Abubakar,Ed many other dignitaries to pay homage to the nonagenarian, describing him as a rare breed that can only be seen once in a century. In his entourage were the Minister of Steel Development, Prince Shuaibu Audu, former Chief of Defence Statf, General Martin Luther Agwai, who prayed that God will continue to keep Chief Igbinedion so that humanity will continue to tap from his wealth and well of knowledge.

The highpoint of the 90th birthday celebration was the special visit of the Peoples Democratic Party (PDP) delegates, led by former Vice President and Waziri Adamawa, who was the party’s presidential flag bearer in the 2023 elections, Alhaji Atiku Abubakar, to pay homage to the Esama.

In their various speeches, the former Vice President and the host Governor, Obaseki, praised the Esama for his laudable contributions to the Nigerian nation and his philanthropic gestures to all and sundry, wishing him a happy birthday and many happy returns.

They delegates supported the celebrant in cutting his birthday cake in the presence of his wife, Cherry Igbinedion, and conducted by the former governor of Cross River State, Mr. Donald Duke.

The members present were the party’s Acting National Chairman, Umar Damagum, former governor of Delta State, Senator Ifeanyi Okowa, former governor of Sokoto State, Alhaji Aminu Tambuwal, Rivers State governor, Sim Fubara, Delta State governor, Sheriff Oborevwori; former governor of Bayelsa, Senator Seriake Dickson; former governor of Cross River State, Leyel Imoke, Chief Ben Obi, High Chief Tom Ikimi, Edo Deputy Governor, Marvelous Omobayo; former governor of Edo State, Chief Lucky Igbinedion and Osun State governor, Senator Adeleke, who displayed his singing and dancing talents while wishing the Esama a happy birthday.

Chief Gabriel Osawaru Igbinedion was born on September 11, 1934, and has been a beacon of entrepreneurial excellence since he embraced career trajectory. He is known to have pioneered many Enterprises including the first to own a private airline; Okada Air and private university; Igbinedion University.

From all us on The Boss Newpaper, we wish the Esama a glorious 90th birthday, and many more healthy years in view.

Headline

Edo Election: Police Acting in Interest of APC, Says Obaseki

Published

1 week ago

September 12, 2024

Eric

The Edo State Governor, Mr Godwin Obaseki, has called out the Nigerian Police Force, saying they are working in the interest of the All Progressives Congress (APC) in the buildup to the 2024 Edo Governorship Election. He added that the Peoples Democratic Party (PDP) may not sign the Peace Accord for the September 21 election.

The accord is an official agreement among political parties to be of good conduct before, during and after election.

Obaseki said the agency, the Police, responsible for enforcing the accord, have through their actions, shown that they are acting in the interest of the All Progressives Congress (APC) and waging war against the PDP.

He expressed worry that “the Police under the manipulation of the APC, has arrested not less than 10 PDP chieftains, who they perceived would be strong political opposition to them in the coming election.”

The governor who spoke when he received the Chairman of the National Peace Committee (NPC) and former Military Head of State, Gen. Abdulsalam Abubakar said those arrested include a serving Local Government chairman, Hon. Collins Aigbogun.

He stated that the party chieftains were arrested and whisked to the Federal Capital Territory (FCT), Abuja.

Obaseki queried: “how do one enters a peace accord with an umpire who, from the onset has shown bias in favour of one of the parties in the election.”

He added: “you are very conversant with the politics of Edo State. You were here in 2020 and we had a very heated election. You know this is an off-circle election and there is a lot of attention.

“Unlike 2020, I am very worried with the developments in the State today. The party met yesterday and we might not likely sign this agreement.

“The opposition party in the State, the APC has always argued that they may not be as popular and didn’t win in the last election, but however promised to use Federal might to determine the outcome of the election.”

He added: “We thought it’s just rhetoric. But in the last four weeks, we’ve had a situation where from the office of the IGP, armed gang policemen have come into Edo State to invade, arrest and take away PDP members.”