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Economic Challenges: Presidency Lacks Credible Defence for Tinubu’s Failures by Paul Ibe

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…Atiku offered better policy options to Tinubu’s morbid prescriptions

The Presidential Spokesman, Bayo Onanuga, failed to provide a credible defence of Bola Tinubu’s failures in tackling the economic challenges facing the country. In his characteristic manner, he resorts to insults and name-calling. He demonstrates ignorance of the happenings around him – as he denies, for example, that Bola Tinubu’s policies are creating excruciating pain and causing despair. We wish to respond to him as follows.

Point 1: Did Atiku Abubakar offer any better policy options in his run for the presidency?

Yes, he did. His living prescriptions contrast sharply with Bola Tinubu’s morbid policies. Atiku’s policy document, My Covenant With Nigerians, offers a clearly defined and robust roadmap for the socio-political and economic transformation of Nigeria. On the economy, the policy document outlines the challenges we face and our vision to get the economy on its feet and create prosperity.

If Bayo desires, he can have a copy for free!

Point 2: That all the major presidential candidates supported withdrawal of subsidy on PMS.

But so, what? Even if all the major candidates agreed that the fuel subsidy regime must end and that the multiple exchange rates must be fixed, this would not translate into endorsing Bola Tinubu’s failures in implementation. The truth is that unlike Atiku, Bola Tinubu did not understand the reforms he embarked upon and had no idea what steps to take to mitigate their negative impact.

As a leader with foresight, Atiku anticipated that the withdrawal of subsidy and the unification of exchange rates could, in the absence of fundamental interventions, impact negatively on micro and small enterprises in the informal sector. He anticipated that such policies could elevate the levels of vulnerability and deprivation of poor families. including the youth and adults with no incomes.

The former Vice President, therefore, pledged to support Nigeria’s businesses by creating an Economic Stimulus Fund with an initial investment capacity of approximately US$10 billion to prioritize support to MSMEs across all the economic sectors, as they offer the greatest opportunities for achieving inclusive growth. The Fund was designed to make it easier for Nigeria’s 60 million micro and small enterprises to navigate the stormy seas in the aftermath of the withdrawal of subsidy on PMS.

In contrast, Bola Tinubu offered a paltry N125 billion to help the MSMEs, which at today’s exchange rate is no more than US100 million. Of course, Bayo Onanuga is aware that the pledge is yet to be redeemed by the president.

Atiku also pledged to implement a robust social investment programme to support the poor and vulnerable with CCTs. Atiku’s support to the poor and vulnerable would include prioritized actions to address the challenges of displacement and the sufferings of IDPs across the country.

In contrast, the funds for Tinubu’s CCT were cornered by his officials in the Ministry of Humanitarian Affairs.

Alongside the Economic Stimulus Fund, Atiku pledged to launch a uniquely designed skills-to-job programme that would target all categories of youth, including graduates, early school leavers as well as the massive numbers of uneducated youth who are currently not in education, employment, or training.

As a leader of vision, Atiku was ready for the potential fallout of his policies. Bola Tinubu was clearly not ready. It was only after he unleashed his morbid reforms that he started groping in the dark, looking for solutions. We all recall that in October 2023, the Financial Times of London rebuked Bola Tinubu for announcing plans without ideas for how to implement them.

Point 3: Is the private sector not overburdened by Bola Tinubu’s failure to address the aftermath of his policies?

Would Bayo Onanuga deny that Unilever, GlaxoSmithKline (GSK), Procter & Gamble (P&G), Sanofi-Aventi Nigeria, Bolt Food, Equinor etc had exited Nigeria citing reasons including foreign exchange complexities, security concerns, and high operational costs?

Bayo Onanuga must be living in a dream world outside the shores of Nigeria.

Point 4: Is Bayo denying that cost-of-living pressures have intensified since May 2023?

He needs to read the official statistics from the National Bureau of Statistics: The annual inflation rate reached a nearly 30-year high of 28.9% in December 2023, up from 28.2% in November.

Would Bayo Onanuga deny that food prices, which constitute a significant portion of the Consumer Price Index (CPI) basket, soared to 33.9% in December, the highest level since August 2005? Would he also deny that in many states of the federation, citizens have blocked roads in protest? Just yesterday morning (Monday, February 5), it was reported that hundreds of residents of Minna in Niger State blocked major roads to protest hunger and the high cost of living in the country.

Only failed leaders play the ostrich and live in self-denial.

Point 5: The Presidency’s response is full of lamentations and resorted to blame game. It is a familiar road travelled by the ruling party!

It has become fashionable for every APC-led government to blame others, especially the opposition and external factors for Nigeria’s economic woes. Now, Tinubu is elevating the blame game to the NEXT LEVEL as he accuses his own party of lacklustre performance.

The evidence, however, is overwhelming. Tinubu’s under-performance is largely attributable to leadership failures in the management of the economy. The failure of leadership by the APC-led government is staring every Nigerian in the face as the country’s economic, social, political, and security challenges persist and assume frightening dimensions.

An unprepared leadership such as Bola Tinubu’s fails to anticipate impending crisis and is always slow to react.

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Police Arrest Kidnap Suspects Who Slept Off After Abducting Pastor’s Wife, Others

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The Police in Ondo State have arrested five suspected kidnappers who abducted a pastor’s wife and two other persons.

They were arrested after their victims identified one of them.

The victims reportedly escaped when the kidnappers slept off while taking them to their den.

It was gathered that the effect of hard drugs taken by the kidnappers made them to fall asleep.

Names of the suspected kidnappers were given as Garuba Mumuni, 27; Yusuf Tale, 21; Kabiru Muhammed, 16; Shaibu Umar and Adamu Mohammed, aged 22.

Police said the suspects were arrested by men of the Ofosu Division after the victims identified one of them.

The police said: “A case of kidnapping was reported at Ofosu Division, that a pastor’s wife and a member were kidnapped in the church while the third victim was kidnapped while picking snails at the farm. The victims however, escaped from their assailants at different dates after they had taken hard drugs and slept off.

“Through intelligence on the 1st of May, 2024, five amongst the six kidnappers were arrested by men of Ofosu division and have been identified by the victims as part of the gang that abducted them.

“On the 28th of March, 2024 at about 1800hrs, a case of kidnapping was reported at Ifon police station, in which two people were abducted and a woman killed by suspected kidnappers.

“Police detectives from the division in collaboration with local vigilantes arrested one Muhammad Bello, Muhammad Suraju and Suleiman Saliu.

One of the victims identified two of the suspects as part of the people who kidnapped him and collected the sum of N1,800,000 as ransom before he was released.”

Ondo State Police Commissioner, Peter Abayomi, said the suspects would be charged to court after investigation

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Dele Momodu Speaks on EFCC, Yahaya Bello’s Case, Others

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A chieftain of the Peoples Democratic Party, Dele Momodu, has faulted the Economic and Financial Crimes Commission’s conduct in its attempt to prosecute the immediate past Governor of Kogi State, Yahaya Bello.

He said he had expected the anti-graft agency’s boss, Ola Olukoyede, to have learnt from the cases of his predecessors, who he said were “booted out ignominiously”.

Momodu, who spoke on his Instagram Live show, while responding to questions on the burning topic by viewers, also frowned at the issue of selective prosecution, saying “a situation where EFCC would have to be told who can be touched and who cannot be touched is unacceptable.”

He said, “When they brought in the new chairman, I thought oh, you will have the benefit of learning from your predecessors. All of them were booted out ignominiously and if I were in the shoes of the current chairman, what I will simply do is make sure I do my job as meticulously, as professionally, as efficiently as possible. And, you will never go wrong if you obey the rule of law.

“I watched the EFCC chairman, I think either last week or the week before the last, I was almost crying because the way he went on and on..if I don’t do this… spitting fire and all.. you don’t have to do media trial.”

When asked if EFCC was lying about the former Governor, he said, “I have no idea, I don’t work for EFCC but from all the things that I have read, a lot of them, they misfired. That is the honest truth. They misfired. They didn’t do their due diligence. When you said a man took out money and paid for his children’s school fees, just as he was about to leave power, and you go and check the documents and you see that these things started happening from 2021, 2022 (laughs); I am not an illiterate.

“How do you expect me to believe everything they said when they were too much in a hurry to prosecute him that they did not take their time to check the file. Once you allow a lacuna in law, everything will fall flat. “That is it. I am not one of those people who will say because I don’t like APC and because I supported Dino Melaye in the last election in Kogi State. Dino is my guy. But, I will not because of that be blinded by hatred for Yahaya Bello and say yes, he should go and surrender himself to EFCC when there is an existing injunction.

“And he is not the only governor who went to court and if the court has granted him that, so be it. We all know that our judiciary is not so perfect but you know, even at that, law is law, it must be obeyed. If we disobey the rule of law, then, we will have to obey the rule of the jungle. So, I never said that they are lying, it is their own statement that shows that they didn’t do their due diligence.”

Momodu, a PDP presidential aspirant, advised President Bola Tinubu not to allow people mislead him into disregarding the rule of law, saying those people would not be there for him tomorrow.

“My advice to President Tinubu is, don’t listen to all these people who will run away when tomorrow comes. Just follow the rule of law. I am appealing, obey the rule of law…. A situation where the EFCC will have to be told who can be touched, who cannot be touched; It is unacceptable. It is unacceptable! And that is why a lot of people have given up. You can see that a lot of serious people are not even interested in whatever they are doing to Yahaya Bello. A lot of people are not interested because they have felt all the gra gra before, it is nothing new,” he stated.

The veteran journalist added that there were a lot of criminals in the system to prosecute but a situation where the agency was getting personal on just one person was uncalled for.

“Nigerians should stop wasting time. There are a lot of criminals in our system to prosecute but when the chairman who should take the people to court comes and say to one person, ‘if I don’t prosecute you to conclusion, I will resign’, that is getting personal. You don’t need all that,” he pointed out.

He disclosed that one of his favourite books while growing up was The Rights of Man by Thomas Paine and that it had influenced him so much that he would always defend the rights of everybody to fair hearing even if he had something against the person.

“I don’t hate anybody as a Christian. I don’t have anything against Yahaya Bello. If they like, they can choose to jail him for one million years, as long as you try him properly. This is my position, you can quote me on it,” he said.

Still on the issue of school fees, Momodu said, “I mean, I looked at the issue of school fees. Before I read, I was like how can somebody pay that kind of money? Then, when I read, it was something else I was seeing. They said he paid upfront just before he left government, and when I checked, that was not what happened. How can you try people before you will go and examine the fact?”

On if he had resigned from the PDP, he said, “If I resign, that means I am quiting. No, I am still a member of the PDP. I said it clearly after the election in 2022 during the PDP primary, they asked us, if you don’t get our ticket, are you going go jump ship? And, I said, I can’t, I won’t jump ship and I stand by that.”

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African Countries Working Against Air Peace, Allen Onyema Laments

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Chairman of Air Peace, Allen Onyema, has lamented that African countries are frustrating his airline with exorbitant airport charges to prevent it operating seamlessly in the region.

He laid the accusation at the 48th Annual General Meeting and exhibition of the National Association of Nigeria Travel Agencies (NANTA) in Lagos.

The airline chief, however, exonerated Ghana from the negative aero politics.

According to him, all other African countries where Air Peace operate, have continued to employ means of exorbitant airport charges to frustrate the private Nigerian flag carrier from operating into their market.

Onyema said while these African airlines operate flights into Nigeria without limitations, the reverse has been the case as their home countries write to Air Peace not to fly into their country.

He said whenever Air Peace challenged these negativity in court, the countries would reluctantly allow Air Peace to operate but afterwards use exorbitant airport charges to frustrate the airline.

He narrated: “It took us four years to get approval to fly into a West African country but their airline has been coming into Nigeria for many years. When we eventually started flying, they wanted to chase us away with exorbitant airport charges. They told us to pay $12,000 per landing. We cannot implement SAATM in a lopsided way and expect it to work.

“Some countries we fly into send us bills running into millions of euros. When we ask them how we incurred the bill, they won’t respond. We made payment and after making payment, they told us the account we paid into no longer exists and we need to make a fresh payment. I have never seen a country as welcoming as Nigeria but we are being stigmatised in other countries.”

He also disclosed that another African country asked Air Peace to pay 4 million euros as charges incurred, but when asked how they arrived at the charges, they got judgment to enforce the levy in a French court.

The Air Peace boss said the advantage Air Peace has over other airlines is that, it is flying people from other states in Nigeria to London via the Lagos airport, thereby saving passengers over N200,000 they would have paid on local destinations after arriving at Lagos airport.

“We studied to find out why Nigerian airlines failed on the London route, we know the issues and we addressed them. It is not totally the fault of Nigerian airlines. If I didn›t go to the media to expose what Gatwick and other airlines were doing to us, we would not have lasted on the Lagos-London route for two weeks,” he said.

The Minister of Aviation and Aerospace Development, Festus Keyamo, through his representative Hassan Tai Ejibunu, Director of Air Transport Management, Minister of Aviation and Aerospace Development, said the theme of this year’s AGM and exhibition, “Unlocking Africa’s Economic Potential: Travel and Tourism as Catalyst for Intra-Africa Business, Investment and Trade,” is apt.

Keyamo said the theme is in sync with the visionary thought of African leaders to integrate and facilitate trade and investment among the 55 countries of the African Union and eight Regional Economic Communities (RECs) in the continent, through the African Continental Free Trade Area (AfCFTA).

He said the five-point agenda, which are in tandem with the renewed hope agenda of President Bola Tinbu, are to “Ensure strict compliance with safety regulations and continuous upward movement of Nigeria’s rating by ICAO, support for the growth and sustenance of local businesses whilst holding them to the highest international standard in the aviation industry, improve infrastructures in the aviation industry, develop human capacity within the industry and Optimise revenue generation for the federal government.”

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