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My Economic Policies Harsh, But Yielding Results, Tinubu Insists

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President Bola Tinubu has, for the umpteenth time, insisted that the economic policies that he initiated on assumption of office are now yielding the desired results.

Tinubu, who acknowledged that the policies are harsh on the people, stated that the decision became imperative in order to salvage the country from the crises facing it.

Speaking during the 34th and 35th convocation ceremonies of the Federal University of Technology, Akure, FUTA, the President, who was represented by the Vice Chancellor of the University of Ilorin, Prof. Wahab Egbewole, stated that Nigeria is now moving from consumption to production economy.

While calling for the people’s understanding and support, he maintained that his administration is open to criticisms and admiration.

The President said: “The need to salvage the future of our children and bring the country back from the brink of collapse necessitated the strategic decisions to remove the fuel subsidy and also unify the exchange rates.

“I am not unaware of the consequences of the tough decisions on our people. I sincerely wish there could be softer options.

“The macro-economy of our dear country is improving by the day and beyond expectations. The micro-economy, which directly affects our citizens, is also taking shape gradually with positive results.

“By the grace of the Almighty God, every household will experience a better life and have brighter hope for the future.

“We are working hard to ensure the safety of every Nigerian in every part of the country. Our security architecture is up to the task, and the ugly narratives of the past are changing for good. Also, we are not relenting in our pursuit of making our country a haven of prosperity for all.”

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UBA Foundation Kicks Off Festive Season with Spectacular Garden Light-Up

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The United Bank for Africa (UBA), through its Corporate Social Responsibility arm, the UBA Foundation, held its annual Garden Light-Up ceremony on Monday at its head office in Lagos.

The event marked the start of the festive season with a spectacular display of lights, fireworks, and music, bringing together staff, customers, and well-wishers in a celebration of unity and gratitude.

The Garden Light-Up, a cherished tradition, reflects UBA’s commitment to spreading joy and fostering a sense of community. Speaking at the event, UBA Group Managing Director/CEO Oliver Alawuba highlighted the bank’s dedication to creating memorable experiences and expressed appreciation for the efforts of staff and customers during a challenging year.

“As we approach Christmas, a time of love, we remember the spirit of giving and community,” Alawuba said. “This ceremony symbolizes hope for the future and the goodness it brings into people’s lives. I encourage everyone to spread kindness and light as we celebrate together.”

The ceremony also marked UBA’s 75th anniversary, with Alawuba emphasizing the bank’s commitment to building a lasting heritage. Guests enjoyed Christmas carols performed by the UBA Customer Fulfilment Centre choir and a guided tour of the UBA Foundation gardens at Lagos Marina.

In addition to the festivities, the UBA Foundation reaffirmed its commitment to sustainable development through initiatives that focus on education, environmental conservation, economic empowerment, and community welfare. As part of its corporate social responsibility, the Foundation will provide meals to tens of thousands of people across Africa during the holiday season.

The event ended with fireworks, leaving attendees inspired and excited for the season of giving.

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Ademola Adeleke and Two Years of Significant Milestone

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By Eric Elezuo

“We are only getting started. The journey of transforming Osun State into a state of opportunities for all is ongoing, and with your continued support, we will achieve even greater things” –  Governor Adeleke 

The atmosphere at the Aurora Event Centre was a clear testament that the Governor of Osun State, His Excellency, Senator Ademola Jackson Nurudeen Adeleke, is not just a man of the people, but a man, whose presence and influence command love and admiration, evidence of his passion for good governance and lucid display of affection for the plight of the people.

It was the gathering of champions; a gathering that explains that his Excellency, better known as the performing Governor, has exceeded all expectations, and delivered much more than the dividends of democracy just two years in office.

The event was the celebration of excellence; the celebration of a significant milestone that has completely changed the topography of Osun State. The excitement exhibited by the people on the day, was therefore, not surprising.

Prior to the November 27, 2024 d-day, the Osun State Government had unveiled a 16-day events to mark the grand second anniversary as governor of the state.

The Secretary to the State Government, Mr. Teslim Igbalaye, who unveiled the ceremonies, rated Adeleke high in terms of service delivery, grassroots development and human capacity development.

The 16-day fiesta, according to Igbalaye comprises a health walk, novelty match, Jumaat, church service, state awards presentation, and projects commissioning.

Commenting on the achievements of the administration in the past two years, Igbalaye, said Adeleke had surpassed expectations, assuring that an increase in political activities would not distract the governor from completing all ongoing projects.

Among the projects commissioned was the dualisation of the Old Garage-Okefia Lameco Freeway, which was done by a former President, Chief Olusegun Obasanjo, which much gusto and fanfare with other dignitaries in attendance including representatives of the eight assembly – Senator Dino Melaye and Lanre Tejuoso. Others were Juju music maestro, Sir Shina Peters, notable traditional rulers, members of the executive council as well as state assembly members.

In his address at the commissioning, Obasanjo lauded Adeleke’s steadfastness in the discharge of his constitutional duties of providing good governance, reminding him that there are two more years from the present midterm, to unleash more his human faced policies, programmes and projects.

Other dignitaries that commissioned many other projects during the period included the Governor of Oyo State, Mr. Seyi Makinde, who commissioned the Osogbo Ring Road; the Minister of Works, Engr. Dave Umahi, and the Minister of Aviation, Festus Keyamo, who laid foundation for the proposed Osun Airport, and performed turning of sod for emerging projects, and a host of others.

It is worth noting that inaugurated projects spanned across the 30 local government areas in the state.

Presentation of bond certificates to contributory pensioners and presentation of award to Governor Adeleke by the contributory pensioners was also done.

As early as 10am, the event venue was a beehive of activities with groups, market men and women, political associations and students unions among others, singing the praises of the administration and the person of the governor. It was the grand entrance of the governor, flanked by aides and associates, that set the stage for what later become the mother of all events.

In their various speeches, all represented groups lauded the giant strides of the governor, highlighting areas of staunch improvement including Healthcare, Education, Investments, Entertainment, Sports, Rural Electrification and Technological advancement.

Additionally, awards were presented to outstanding individuals who contributed significantly to the growth and development of the state just as long awaited CofOs were released to deserving citizens of the state.

While addressing the mammoth crowd of happy indigenes, Governor Adeleke thanking them for their support and promised to continue his administration’s efforts in education, health, and infrastructure.

However, it was the governors speech that gave vent and flesh to the myriads of achievements that the brief two years of the Adeleke-led administration has bestowed on the people of Osun State.

He therefore, rendered his stewardship, a catalogue of immutable achievements that everyone has come to agree on.

He said, as broadcasted:

My good people of Osun State, today marks my two years in office as your popularly elected Governor. I start this broadcast by paying glowing tributes to elders, women, youths and residents of Osun State.

I convey my deep appreciation for your strong support and prayers. From November 27th, 2022 to date, Osun residents have demonstrated unshaken faith in our government. Your prayers for me and my team have strengthened us significantly. Your regular counseling have enhanced our intentional drive to deliver on good governance.

My people, you are well aware of what Osun was on and before we took over two years ago. We all recall the pains and sufferings of the public servants and pensioners. We remember the huge infrastructure and policy deficit in transportation, health, education, water, ICT, environment, agriculture and commerce and industry. We cannot forget in a hurry the deep gap between the state leadership and the people.

To revive the state and deliver on good governance, my administration launched out with a five-point agenda. We targeted specific areas of needs of the people which form the major components of the clearly defined agenda.The goal principally was to address the aspirations and immediate needs of our people.

In line with norms of accountability and responsibility to the electorate, I am obligated to render my stewardship midway into the life of our administration. It is, therefore, with praises to God Almighty and the universe that I address you on major advances our admnistration has already recorded across the sectors.

We pursue a preventive health care policy which places emphasis on access to health care. By today, our administration has upgraded 200 primary health care centers out of almost 400 with solar power, boreholes and medical materials. We are now shifting attention to the six general hospitals for upgrade and refurbishing.

In the same vein, we conducted two major Imole medical outreach with over 100, O00 beneficiaries. The third edition is upcoming, even as we have enrolled 29,000 pensioners in the health insurance scheme to bankroll their Healthcare.

On water supply, we developed three structure plans of immediate, short and long term template to resolve the acute water shortage inherited in 2022. Immediately, we delivered 332 boreholes across the 332 political wards in the state. Another 332 is ongoing. Simultaneously, we commenced the rehabilitation of the water works in major towns by relaying the rusted pipes laid in early 70s. Additionally, the abandoned 10 mini-water works are being revived while the project for Ora water scheme is also under implementation.

In the agricultural sector, we started the farm mechanization plan by purchasing 31 tractors in the first phase. Farm inputs were regularly distributed and I am launching the youth agropreneur programme across the 30 local governments and the area councils. We are reviving the farm settlements. We are implementing the new Cocoa and Cashew expansion initiatives.

For the education sector, the University of Ilesa has become a reality with take off grants and accredited courses. Rehabilitation of its internal roads are now ongoing. For the Osun State University, four abandoned projects were completed and a new anatomy laboratory was started and completed by our administration. We rehabilitated 99 secondary schools, restarted the upgrade of the six technical colleges and are about to issue letters of appointment to new teachers.

For the public service sector, our government has paid about 12 billion pension debt in two years compared with 11 billion paid by the opposition for its 12 years in the government of the state. We restored normalcy within the public service with permanent secretaries and regular promotion exercises. Half salary debt is being paid in phases, and a new minimum wage has just been approved for the state workers. Ours is an openly pro-workers government.

In Science and Technology, we gave Osun its first ICT policy, innovations policy and Startup legal framework. We introduced the first digital economy agenda for the state. Implementation of these policies and programmes are ongoing.

For the power sector, our government is finalizing a policy and legal frameworks for the electricity market system. With the devolution of the power sector, the passage of the electricity bill into law in Osun state will enable us to regulate stakeholders in the sector. An electricity regulatory commission will be set up to license generators of powers among others.

My dear people of Osun state, our administration has constructed over 120 kilometers of roads across the state. Several inter- state and intra-city roads completed are to be commissioned during this 16 days anniversary. Two major flyovers are also progressing to completion at Osogbo while works are progressing at the Ile Ife Flyover and Ilesa dualization.

I have redirected our efforts and plan at the completion of Iwo-Osogbo road. We have added the dualisation of Odoori – Adeeke road inside Iwo to be executed in two phases. The first phase will reach Post -Office and Oluwo Palace while the second phase will take off from Post Office to Adeeke Junction.

Our government has enhanced the local economy, not just through its local content policy, we have also expanded access to financing for artisans and small businesses through the cooperative societies. Several millions of naira have been advanced to the state cooperative movement as revolving loans, the first time since the First Republic. We encouraged creation of ward-based artisans cooperative societies across the 332 political wards. Another millions of naira have been advanced to the 332 business groups as revolving loans. During this anniversary, another set of small businesses will get microcredit cheques. Osun money is truly revolving within Osun State economy.

I want our people to note for the record that for all our projects and programmes, we did not obtain any loan. We only block leakages in the state finance and employ local content to moderate project cost and enforce high standards. We never discriminate on inherited projects and we never sack any contractors engaged by our predecessor. We run an open transparent government.

For the second half of our government, I reassure all sons and daughters of Osun State that the government under my leadership will complete all ongoing projects. We will continue to address the infra and social needs of our people. We will strike a balance between hard and soft infrastructure.

Going forward, we will deepen our consultation and interactive mechanism with the citizenry. As we have acted only in public interest in the last two years, we will sustain our responsiveness and respect for the wills and aspirations of our people.

Therefore, I invite you to join me as we commence the anniversary with town hall meetings and commissioning of projects and programmes.

Once again, I thank Osun elders, sons and daughters for your support and prayers. I remain your Governor who is ever committed to service to the high and the low, to the poor and the rich, and to all our citizens and residents.

I thank you for listening.

HE, Senator Ademola Jackson Nurudeen Adeleke, Executive Governor of Osun State.

Governor Adeleke, on July 16 2022 defeated the incumbent administration of Adegboyega Oyetola, and was sworn in as governor on November 27, 2022 to begin a four-year term.

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Are Nigerians Happy with Tinubu’s Reforms?

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By Eric Elezuo
Amid excruciating hardship faced by Nigerians since the advent of the President Bola Tinubu-administration, the government has continued to issue policy reforms that seem to continue to impoverish the populace. But feelers from the Presidency has remarked that the harshness of the policies notwithstanding, Nigerians are heading towards Eldorado, and have every cause to be happy.
This therefore, posits the question whether Nigerians are happy with the economic policies of the Tinubu administration.
Making a case for the policies, which have seen to high inflation rates, inability of the naira to compete in the capital market and dearth of excess liquidity for rainy day mandates, Tinubu and many of his lieutenants, on many and separate occasions, have stoutly defended the policies, giving the economy a clean bill of health and suggesting that Nigerians are happy considering what they claim lies ahead as dividend.
Earlier in the month, at the All Nigeria Editors Conference (ANEC) of the Nigeria Guild of Editors (NGE) with the theme: “Economic growth and development strategies in resource-rich country” held in Yenagoa, Bayelsa State, Tinubu, represented by his Minister of Information and National Orientation, Alhaji Mohammed Idris, vigorously defended the economic policies of his administration declaring that it is yielding the desired fruits.

Before about 300 editors, Tinubu said his administration took a bold step to end the ruinous fuel subsidy regime that deprives Nigeria from investing in critical physical and social infrastructure and the foreign exchange regime that was prone to unimaginable levels of arbitrage and abuse.

“While oil remains a significant source of revenue for Nigeria, we are investing heavily in other sectors to diversify our economy for sustainable growth.

“The launch of the Presidential Initiative on CNG is a deliberate strategy to harness our abundant gas resources.

“This is to bring down the high cost of transportation by about 60 per cent and also foster a clean and healthy environment for our citizens.

“This initiative has unlocked close to $200 million in private sector investments in the last one year,” he said.

He added that “You can also access funds from the Bank of Industry at a single-digit interest rate for the development and expansion of your business.

“Our goal is to ensure that the benefits of growth reach every Nigerian, especially those who have been marginalised.

“The Social Investment Programme has been retooled to ensure economic relief is provided for our most vulnerable groups systematically and transparently. At the last count, 25 million Nigerians received N25,000 under the Conditional Cash Transfer.”

In the same vein, the Minister of Finance, Wale Edun, added that non-implementation of economic reforms by past administrations is the reason Nigerians are in pain, discomfort, and difficulties under Tinubu’s reforms.

Speaking at the launch of ‘Federal Civil Service Policies and Guidelines on Rewards’, Edun stressed that despite the pains and discomforts and difficulties experienced by Nigerians due to the policies, the successes and gains are coming through.

“After 18 months of bold and necessary reforms that Mr. President has implemented, the country has changed, and yes, the reforms were so long overdue that it caused an element of pain, discomfort, difficulty, and increased cost of living. But the successes and the gains are coming through.

“Market-based pricing of foreign exchange was fully in place. The result was immediate benefit to the federal coffers, to the state coffers, and to the local government coffers because an amount of 5 percent of GDP is what goes to subsidies,” he said.

But the defence of the government and its agencies and cronies notwithstanding, situations and reports have proved that Nigerians are far from happy with the policies as hunger and untold hardship continue to be the order of the day.

“It is a fact that the National Bureau of Statistics’ October 2024 headline and food inflation figures rose to 33.88 percent and 39.16 percent, respectively, weakening the purchasing power of many Nigerians,” An economic analyst told The Boss.

Also, the National Association of Nigerian Students (NANS) has joined their voice in calling for a review of the policies, which have become a harbinger of hunger and economic hardship in Nigeria, saying that citizens are dying.
The group made the call via a statement signed by the Clerk of the Senate, NANS headquarters, Abdulyekinn Odunayo.
According to Odunayo, Nigerians have been subjected to unwarranted impoverishment and hunger since President Tinubu assumed office, urging him to espouse a policy capable of revamping the economy of Nigeria.
He noted that fuel subsidy removal and floating of the country’s currency done simultaneously by the Tinubu-led government have further sunk Nigeria into the economic abyss, heightened hunger and raised the cost of living of millions of Nigerians.
Odunyo pointed out that many Nigerians had hoped that the economic mess created by the administration of former President Muhammadu Buhari would be cleared by the incumbent administration, but the country had only witnessed skyrocketing increase in prices of food and other essential commodities.
He observed further that students in the country had not been spared of the present precarious economic situation as many could no longer continue their education pursuit.
“There is an urgent need by the administration of President Bola Ahmed Tinubu to put measures in place to arrest hunger, poverty, impoverishment going on in the country. Nigerians are seriously groaning under the heavy burden of the present parlous economic situation. The nation has not had it this bad.
“The dual swords of Damocles of fuel subsidy removal and float of naira have stabbed Nigerians at their hearts. Many families can no longer feed even once in a day, let alone three times a day. Free falls of our currency against the dollars and other international currencies have capped the sufferings of Nigerians.
“As representatives of the Nigerian students, we are making a passionate call on the president to tailor and rev up his economic policies to provide short term, medium term and long term reliefs for Nigerians. Things need to improve as many Nigerians are finding it difficult to survive,” the statement read.
Also condemning the policies and expressing how unhappy and frustrated Nigerians have become, the leadership of the People’s Redemption Party (PRP), speaking through its National Chairman, Falalu Bello, in a statement in Abuja titled ‘President Tinubu, Your Policies Killing Nigerians’, made a passionate appeal to the president to reconsider.
He condemned the Federal Government’s assertion tgat there are no alternatives to the ‘harmful’ policies, arguing that it was a contradiction to the basic tenets of economics, which advocate for the exploration of alternatives in addressing socio-economic challenges.
He said, “Such statements, especially coming from someone of his status (Vice President Shettima) in the current administration, are not only misleading but also indicative of a severe disconnect from the realities faced by ordinary Nigerians today. The population has been urged to endure these difficult times with the promise of relief on the horizon.

“However, we see no tangible evidence of this assurance in the actions of President Tinubu, his cabinet or the broader government apparatus. Instead, we witness a continuation of profligate lifestyles, excessive spending and the dissemination of dubious economic statistics that do little to alleviate the suffering of the Nigerian populace.”

The PRP Chairman reminded Tinubu that Nigerians are suffering, and are not happy with him as a person and his administration, generally except there is a recalibration to prioritize citizens’ welfare.
“We strongly urge Tinubu to recalibrate his approach, implement a governance framework that prioritizes the welfare of citizens, and embrace homegrown policies that reflect the realities of our people rather than succumbing to externally imposed, anti-people measures that stifle progress.

“It is imperative that we act swiftly. Our nation is at a critical juncture, with time running out for meaningful intervention. Mr. President, it is time to act decisively for the sake of the nation’s future. Let us rescue our people from the grip of despair so that you may indeed dance before the music comes to an end,” he said.

Perhaps, the most effective evidence of the feelings of Nigerians regarding the Tinubu Policies, is reflected and summarized ìn the statement issued by the leading opposition party, the Peoples Democratic Party (PDP), and signed by the Chairman of the PDP Governors’ Forum and Governor of Bauchi State, Senator Bala Mohammed, after a meeting of stakeholders in Jos, Plateau State.

The Communique, which promises genuine hope for Nigerians, reads “The Forum empathizes with Nigerians who are groaning under the oppressive economic hardship foisted on the nation by the policies and decisions of the APC-led Federal Government.

“The Forum calls on the President to urgently review both macroeconomic and fiscal policies that will address the welfare and well-being of Nigerians.

“The Forum wishes to pledge that all PDP Governors will continue to aggressively pursue policies and programs that will reduce the hardship and ensure progress and development.”

“The Forum notes the concerns of Nigerians, PDP founding fathers, elders and members of our great Party of seeming divisions within the ranks and files. The Forum wishes to state categorically that it remains resolute in its determination to ensure unity and cohesion of this great Party that Nigerians have come to trust as the best platform for democratic governance.

“The Forum is constrained to accept the latest postponement of the National Executive Council (NEC) of the Party in empathy with our colleague, H.E. Governor Eno Bassey, whose late dear wife will be buried on the same day earlier scheduled for NEC. Once again, the Forum wishes to commiserate with our colleague and pray that God will grant him and the family the fortitude to bear this irreparable loss.

“The Forum is strongly advising the NWC to call NEC by the first week of February 2025 to allow for elaborate consultations with critical stakeholders of the Party. The period between November and February is to address the existential problems confronting the Party, with a deliberate timeline of activities within the period under review to address issues of leadership and litigations confronting the Party.

“The Forum notes with concern the rape of democracy in Edo Governorship elections. It is clear to everyone with a conscience that INEC manipulated results in favour of the APC candidate when, in fact, the majority of lawful votes were won by the PDP candidate, Mr. Asue Ighodalo. Meanwhile, we are still examining the documents in the Ondo elections, where the APC manipulated results after openly buying votes. The Forum calls on the judiciary to save Nigerian democracy and the National Assembly to look into our electoral laws to make it difficult for institutional sabotage of the will of the people.

“The Forum recognises the good work that the majority of members of NASS are doing. NASS is therefore called upon to critically interrogate all bills to ensure fairness, equity, national balance and even development nationally.

“The Forum commiserates with the Government and people of Plateau State on the recent Katako market fire incident, which destroyed properties worth millions of Naira. The Forum also commiserates with the Government and people of Jigawa State on the recent tanker expulsion whereby scores of people lost their lives, and several others were injured.

“The Forum expresses its gratitude to the Government and People of Plateau State for not only hosting the meeting but extending to all the participants the hospitality for which Jos is reputed. In particular, the meeting commends the Government of the State for the visible and laudable transformation in social services, tourism and transportation that have taken place and ensures all Nigerians look forward, with GENUINE HOPE, to the replication of this not only presently but after 2027 when the party would reclaim its rightful position in the Nigerian political scene.”

In Brazil at the G20 Summit, during his interaction with the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, President Bola Tinubu has stressed that he is committed to reducing the “hardship” resulting from the implementation of his administration’s ongoing reforms in Nigeria.

“I assured IMF Managing Director Kristalina Georgieva @KGeorgieva during our meeting that our economic reforms are already yielding positive results. Our administration remains committed to reducing the hardship that has resulted from the implementation of these reforms, while also protecting the most vulnerable in Nigeria.

“Social safety nets, education, investments in infrastructure, and inclusive growth are key to our agenda,” Tinubu stated.

He also acknowledged the hardship associated with his policies but promised to reduce its effects on Nigerians.

He outlined that while his government is fast-tracking investments in several sectors, discussions are ongoing regarding stakeholders’ tax awareness and compliance responsibilities.

BACKGROUND

Nigerians relapsed to a worse form of hardship May 29, 2023, when Tinubu while making his inaugural speech declared that “subsidy is gone”. Ever since, the President has unleashed one reform after another that further pushes Nigerians towards the brinks of collapse while being repeatedly urged to be patient with the administration as they drive the nation towards economic growth.

Following the removal of the fuel subsidy, tariff on essential items including electricity, have been hiked, prices of goods and services have skyrocketed, naira has been floated, causing more hardship, but Tinubu stressed that the pain is temporary.

But on the streets of Lagos, Kano, Ibadan, Jos, Maiduguri, Enugu, Kaduna, Minna, Damaturu, Owerri, Port Harcourt, Yenagoa, Aba, Calabar, Osogbo, Akure, Abakiliki, Bauchi and more, the story remains the same; hunger, depravity, hopelessness, gloom and uncertainty.

“Nigerians may not know if there would light at the end of the tunnel, but the truth remains that as at today, 18 months after the the coming of Tinubu and his policies, Nigerians are not happy,” a respondent summarized.

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