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A 16-year-old Senior Secondary School two student of Ilimi School, Ramlat Ahmed, has been sworn in on Monday as the Speaker of the Gombe State Children’s Parliament.
Also sworn in was 14-year-old Christopher Ngale, who emerged as Deputy Speaker.
They were sworn in along 10 other principal officers who will steer the affairs of the seventh assembly of the Children’s Parliament in the state.
Government officials, legislative officers, and child rights advocates were at the Conference Hall of the Ministry of Women Affairs and Social Development to witness the inauguration.
Speaking at the event, Principal Legislative Officer at the Gombe State House of Assembly, Aminu Aliyu, counselled the youngsters to conduct themselves properly.
He said, “You are to see yourselves as ambassadors of other children; you must carry yourselves in a manner that reflects the responsibilities of your offices,” he said.
Also speaking at the event was the Permanent Secretary of the Ministry, Modi Shelpidi. said the inauguration marked a significant milestone in the state’s efforts to promote child welfare.
Shelpidi said, “Since 2022, the state has not had a functioning Children’s Parliament. This assembly will go a long way in advancing not only children’s rights but also broader issues concerning women.”
On her own part, the Commissioner for Women Affairs and Social Development, Asma’u Iganus, commended the state governor, Muhammadu Inuwa Yahaya, for committing to the welfare of children in the state.
“The Governor’s assent to the Child Protection Law and the Violence Against Persons Prohibition (VAPP) Law is a clear demonstration of his passion and fatherly concern for children in the state,” she said
Orji Kalu, senator representing Abia north, says the wave of endorsements for President Bola Tinubu’s re-election is based on his performance.
Speaking to journalists at the national assembly on Tuesday, Kalu said the All Progressives Congress (APC) is not threatened by any political alliance ahead of the 2027 elections.
Kalu, who chairs the senate committee on the South-East Development Commission, said Tinubu’s leadership has inspired confidence across party lines.
“No, no, no. I don’t think a party like APC has anybody to fear,” Kalu said.
“We are the ruling party. We love Nigeria. That’s why many of us are building industries across the country to create jobs even outside government.
”The opposition must fight. That’s their job. But our job is to deliver, and we are doing our job perfectly well. In the coming years, Nigerians will appreciate what Mr. President is doing.”
On the president’s recent visit to the Vatican, Kalu said it was done at the personal invitation of Pope Francis.
“It would have been disrespectful if he ignored the Pope’s invitation,” he said.
“About 1.8 billion Catholics, including myself, appreciate that gesture. In 2027, Catholics will remember that.”
Kalu said the southeast caucus of the APC endorsed Tinubu’s re-election long before other groups did.
“We endorsed him weeks ago, chaired by Governor Hope Uzodinma and co-chaired by the governor of Ebonyi and the deputy speaker. We initiated the national endorsement,” he added.
Kalu praised Tinubu’s economic policies, including subsidy removal and exchange rate unification.
“I’m not a politician. I’m a businessman. And this is the first president who ended the cheap money culture,” he said.
“People made money from (doing) nothing before. This president is telling us: make money the right way or don’t make it at all.”
He said the benefits of Tinubu’s reforms would soon trickle down to ordinary Nigerians.
“Tinubu is not just a southern president. He will be re-elected by both north and south because it’s in the national interest. We don’t want the country to break, we want it to thrive,” he said.
Asked about his political future, Kalu said he remains focused on delivering development to his constituents.
“You must love people to serve them. That’s why I work hard. I don’t even keep a bank account. Everything I have goes into helping people—through roads, schools, agriculture, and my foundation,” he said.
Kalu noted that his priorities have been infrastructure and education, but will shift towards agriculture by 2027.
Adizatu Dazumi, a 75-year-old pilgrim from Edo state, has died in Saudi Arabia after a ”brief illness” while observing the 2025 hajj.
Dazumi, a native of Jattu Uzairue in Etsako west LGA of Edo, died on Monday at King Fahad General Hospital in Makkah.
Musah Uduimoh, chairman of the Edo Muslim pilgrims welfare board, confirmed the development on Tuesday.
He said the pilgrim fell ill shortly after completing the Tawaaf — the ritual of walking round the Kaaba — and was taken to hospital on Sunday.
“She died the following day despite receiving medical attention,” he said.
“In line with Islamic rites, she was buried in Makkah on the same day and her family in Jattu Uzairue has been formally notified.”
Uduimoh conveyed the board’s condolences to the deceased’s family and assured other pilgrims of continued efforts to protect their health and safety.
About 206 pilgrims from Edo state were airlifted to Saudi Arabia for the 2025 Hajj exercise on May 15.
Gunmen suspected to be kidnappers have abducted three members of the Deeper Christian Life Ministry in Ondo State.
The victims were kidnapped while returning from a bible study seesion at Kasemola axis of Ogbese in Akure North Local Government Area of the state.
According to sources, the kidnappers had waited for the victms before attacking and whisking them into the bush.
The abduction of the victims was confirmed by one of the members of the church, who craved anonymity in a message ssaying, “Good morning, beloved. Kindly pray along with us. Three of our members were kidnapped yesterday (Monday) after bible study at Kasemola inside the Ogbese axis.
“Members of the church are seeking divine intervention to secure the release of the kidnapped members. The case has been reported to the police and Amotekun Corps in the state.”
One of the sources disclosed that the kidnappers had made contact demanding a ransom of N5 million for the release of the abducted victims.
When contacted, the Police Public Relations Officer in the state, Olayinka Ayanlade, stated that security operatives have been deployed to the community.
Ayanlade emphasised that the security personnel are already combing bushes and forests in the community in effort to track down the kidnappers and secure the release of the victims.
Chief Olabode George, a chieftain of the Peoples Democratic Party (PDP) and member of the party’s Board of Trustees, has blasted Nyesom Wike, the Minister of the Federal Capital Territory (FCT) for supervising the sealing of the PDP National Secretariat in Abuja.
While reacting to the sealing of the secretariat in an interview with Ariste Television on Monday, George accused Wike of betraying the party that had nurtured his political career.
He said the Minister’s action was both disrespectful and politically dangerous.
“In regards to the locking up of our Party Secretariat, it is absolutely sacrilegious, unacceptable and culturally inadmissible. The Minister of the Federal Capital Territory, Wike — this is the party that brought you to life,” George said.
The PDP chieftain likened the situation to a man sealing off his family house over an issue that could have been easily resolved.
“It’s like going back to your village and your family house hasn’t paid some ground rent, and you, as the local government chairman, lock it up. How much were we owing? Seven million naira — which you could easily pay,” he said.
George recalled how Wike rose politically within the PDP, saying the party gave him the platform to become a local government chairman, chief of staff, two-term governor of Rivers State, and even Minister of State.
“I want to challenge him that they should go and check that the property being used by APC at their headquarters in Abuja, could probably be the same thing. People could be careless. It is not a monumental amount of money,” he stated.
George described the sealing of the PDP secretariat as deliberate and malicious. The building was sealed hours before the party was scheduled to hold a crucial National Executive Committee (NEC) meeting.
With the 2027 elections still two years away, a former Attorney General of the Federation and ex-minister of justice, Abubakar Malami has accused the All Progressives Congress of abandoning governance.
The former AGF said that Nigeria has been bedevilled with all sorts of challenges like insecurity, hardship and poverty while the leadership of the APC and its members have chosen to concentrate on campaigning for the 2027 general elections.
Malami said this at the National Political Consultative Group (North) meeting which took place in Abuja.
He described the endorsement of President Bola Tinubu by key members of the party including governors of states as premature.
He also accused the party of being insensitive to the plight of Nigerians by prioritising politics over governance.
Condemning some of the policies of the present administration led by Tinubu, the former minister said the removal of the fuel subsidy was unplanned.
He said, “Just a few days ago, the ruling party held its national summit and instead of addressing the serious issues of insecurity, economic hardship and rising poverty, it chose to focus on politics, endorsing President Bola Tinubu as sole candidate for the 2027 election that is still two years away.”
The Senior Special Assistant on Public Communication and Social Media to the Minister of the Federal Capital Territory (FCT), Lere Olayinka, has dismissed claims that the recent sealing of the Peoples Democratic Party (PDP) National Secretariat was politically motivated.
The FCT Administration, on Monday, sealed the PDP National Secretariat along with several other properties for failing to meet ground rent obligations.
Addressing journalists in Abuja, Olayinka clarified that the operation was a standard enforcement action targeting over 4,000 defaulting properties across the city, and not an act of political retribution.
“We are not here for politics. If you are talking about a political witch-hunt, we have been to Ibro Hotels, we have been to Access Bank, we have been to FIRS, we have been to Total Petrol Station, and tomorrow we will go to other places,” he said.
“This exercise will continue as long as we are able to conclude taking possession of those over 4,000 properties,” he added. “So, are we also going to say all those that I mentioned are political?”
Meanwhile, President Bola Tinubu has granted a 14-day grace period for all affected property owners to settle their outstanding payments and avoid further sanctions.
A former vice president of Nigeria, Atiku Abubakar has congratulated the ex-Minister of Transportation, Rotimi Amaechi on his 60th birthday celebration.
In a photo post made on X on Tuesday, May 27, Atiku said Amaechi’s impact on the growth and development of Nigeria is quite inspiring.
He described the former Rivers State governor as a thoroughbred statesman.
According to Atiku, within his 60 years on earth, Amaechi has worn the cape of excellence in public service with ease.
The former vice president wrote, “My dear friend Chibuike Amaechi. The impact you continue to have on the development of our country is inspiring. It cannot be questioned that you are a thoroughbred statesman.
“Within the space of 60 beautiful years, you wear the cape of excellence in public service,” Atiku said.
The former vice president and two-time presidential candidate of the Peoples Democratic Party (PDP) said he joins family, friends and loved ones of Amaechi to celebrate his 60th birthday.
He also prayed for God’s blessings, abundant grace, honour and peace throughout his days on earth.
A 40-year-old woman, Adeosun Adepeju, was on Tuesday arraigned before an Iyaganku Chief Magistrates’ Court in Ibadan for allegedly stabbing her colleague, Stella Mago, during an altercation.
The incident reportedly took place in the early hours of May 21 around the Ring Road area of the city. According to the police prosecutor, Cpl. Helen Ojo, an argument had broken out between the two women, both of whom are said to work in the same line of trade. In the heat of the moment, Adepeju allegedly attacked Stella with a pair of scissors, stabbing her in the stomach.
The court heard that the victim sustained injuries as a result of the attack and was rushed for medical attention. The charge brought against Adepeju falls under Section 335 of the Criminal Code Laws of Oyo State, 2000, which deals with assault causing bodily harm.
Standing before Magistrate M. M. Olagbenro, Adepeju pleaded not guilty. The magistrate granted her bail in the sum of ₦300,000 and requested two sureties in like sum.
The case has been adjourned to May 30 for further hearing.
A 24-year-old labourer, Fahad Bello, was arraigned on Tuesday before a Life Camp Chief Magistrates’ Court in Abuja on charges of criminal trespass, mischief, and theft of tiles and electric wires valued at ₦7.8 million. Bello, who lives in the Kado Biko area of Gwarinpa, pleaded not guilty to all counts.
According to Police Prosecuting Counsel Mrs. Charity Nwachukwu, the complainant, Mr. Charles Okwudirichukwu of Jabi Park, Abuja, reported the incident to the Life Camp Police Station on May 1.
Nwachukwu told the court that Okwudirichukwu had visited his construction site in Gwarinpa late that night when he “heard some noise inside the ceiling.” Upon investigation, he discovered Bello cutting through already–fixed electric wires.
During the attempted theft, the prosecution said, Bello also damaged a chandelier light worth ₦400,000. Further inquiry revealed that he had already removed building tiles valued at ₦1.3 million, electric wires totalling ₦6 million, and ten aluminium window frames worth ₦500,000.
The police investigation included a confessional statement from Bello admitting he sold the stolen materials to Nura Abubakar, Muhammad Muyi, Isha Abdullahi, and Ismalla Nura. Officers also recovered some of the complainant’s electric wires from Muyi. Another suspect, identified only as Meizamalu, remains at large.
“These offences contravene Sections 348 and 288 of the Panel Code,” Nwachukwu stated in court, referring to the stolen property’s unlawful removal and the destruction of the chandelier.
Chief Magistrate Musa Jobbo granted Bello bail in the sum of ₦500,000, with two sureties each in the same amount. Jobbo stipulated that both sureties must be property owners residing within the court’s jurisdiction.
The magistrate adjourned the matter until June 30 for hearing, instructing the prosecution to serve all witnesses with subpoenas and the defence to prepare any preliminary motions. The courtroom was sparsely attended, with Mr. Okwudirichukwu and one of the alleged buyers present.
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The Nigerian All-Share Index closed strongly in the green on May 26th, surging by 856.31 points to finish at 109,884.93.
This represents a 0.79% gain from the previous close of 109,028.62, as strong performances by ARADEL and BUAFOODS, the second-largest Nigerian stock, helped keep the index above the 109,000 mark.
Despite the impressive rebound in prices, market activity by volume saw a notable dip, with total turnover dropping to N414.3 billion, down from N637.5 billion in the prior session.
Meanwhile, market capitalization rose to N69.2 trillion, up from N68.7 trillion recorded in the previous session.
- Leading the pack of top gainers were ARADEL and UPL, which soared by 9.98% and 9.86%, respectively.
- On the flip side, TRIPPLEG and MRS saw steep declines, shedding 10.00% and 9.97% each.
FIDELITY and CUSTODIAN emerged as the most actively traded stocks, commanding significant investor interest and volume throughout the session.
Market summary
- Current ASI: 109,884.93
- Previous ASI: 109,028.62
- Day Change: +0.79%
- Year-to-Date Performance: +6.76%
- Volume Traded: 414.3 .million shares
- Market Cap: N69.2 trillion
Top 5 gainers
- ARADEL: Up 9.98% to N505.90
- UPL: Up 9.86% to N4.79
- ABCTRANS: Up 8.43% to N2.70
- LINKASSURE: Up 8.16% to N1.59
- CILEASING: Up 7.32% to N4.40
Top 5 losers
- TRIPPLEG: Down 10.00% to N2.07
- MRS: Down 9.97% to N141.80
- CHELLARAM: Down 9.96% to N10.58
- UHOMREIT: Down 9.95% to N45.70
- IMG: Down 9.91% to N35.90
Trading volume
Even as prices soared, trading volume took a step back, falling to N414.5 million from N637.5 million in the previous session.
- Leading the charge was FIDELITYBK, topping the activity chart with an impressive 46.7 million shares traded.
- Not far behind, CUSTODIAN saw strong interest with 37.1 million shares changing hands.
- ACCESSCORP also captured investor attention, recording 35.9 million shares traded.
- Meanwhile, GTCO and ZENITHBANK remained active, with 24.9 million and 17.9 million shares exchanged, respectively.
Trading value
- GTCO led the value chart, with trades totaling N1.7 billion.
- Not far behind, ZENITHBANK recorded N862.2 million in transactions.
- FIDELITYBK followed closely, posting N855.4 million in turnover, while ARADEL contributed N791.7 million.
- ACCESSCORP rounded out the top value trades with N783.6 million.
SWOOTs and FUGAZ performance
Among the SWOOTs (Stocks Worth Over One Trillion Naira):
- ARADEL soared by 9.98%, while BUAFOODS gained 5.26%. INTERNATIONAL BREWERIES added a modest 2.15%.
- On the flip side, NIGERIAN BREWERIES slipped 0.09%, and SEPLAT lost 1.3%.
Within the FUGAZ banking group:
- FIRSTHOLD gained 2.39%, ACCESSCORP rose 1.62%, and ZENITHBANK climbed 1.79%.
- UBA slipped 0.15%, while GTCO declined 2.29%.
Market outlook
The All-Share Index soared strongly, spurred by daily bullish price action.
Continued strength among mid- and large-cap stocks could provide the momentum needed to push the market back onto a bullish trajectory.
[Nairametrics]
‘This Level Of Insensitivity Is Disturbing’ – Peter Obi Fires NAFDAC Over ₦700,000 Demand To Reopen Onitsha Head Bridge Market
Admin
The Labour Party (LP) 2023 presidential candidate, Peter Obi, has slammed the National Agency for Food and Drug Administration and Control (NAFDAC) over the purported ₦700,000 demand from each shop owner as a condition for reopening the Onitsha Head Bridge Market in Anambra State.
Naija News recalls that the NAFDAC shut down the shops over fake drugs and counterfeit goods. However, traders have accused the agency of demanding the said sum if them want their stalls to be reopened for business.
Reacting in a statement via X on Tuesday, May 27, 2025, Peter Obi frowned at the demand, describing it as disturbing and uncaring.
The former Governor of Anambra State lamented that over 7 million Micro, Small, and Medium Enterprises (MSMEs) have collapsed in the past two years in Nigeria, stressing that the system that should be offering them oxygen to support their breathing is suffocating them.
While retierating his support of the authorities to ensure society is free from fake drugs and counterfeit goods, Peter Obi called for investigation and reopening of the market, to ease the suffering of small business owners already burdened by the current national economic challenges.
He said, “I recall visiting the Head Bridge Market during the initial phase of its closure, standing in support of the authorities to ensure our society is free from fake drugs and counterfeit goods.
“I did so with the hope that investigations would be carried out swiftly, and the market would be reopened promptly, especially to ease the suffering of small business owners already burdened by our current national economic challenges. It is, therefore, deeply unfortunate to learn that shop owners are now being asked to pay ₦700,000 to reopen their stores.
“Already, over 7 million Micro, Small, and Medium Enterprises (MSME) have collapsed in the past two years in Nigeria. Our MSME’s businesses are at a “we can’t breathe” stage, and the very system that should be offering them oxygen to support their breathing is instead suffocating them.
“This level of insensitivity is both disturbing and uncaring. Let us prioritize compassion, economic recovery, and the survival of our small businesses at this critical time in our nation.
“Surely, I am standing in support of the authorities to ensure our society is free from fake drugs and counterfeit goods. I did so with the hope that investigations would be carried out swiftly, and the market would be reopened promptly, especially to ease the suffering of small business owners already burdened by our current national economic challenges.
“I want to appeal again to the relevant authorities: please review and drop this charge. Allow these businesses to reopen.
“These shop owners have already endured prolonged closures, mounting unpaid bills, and economic strain. Adding further burdens to them and their families at this time is simply unjust and an economic sabotage.
“Compassion must lie at the root of government action.”
[NaijaNews]
One year after the Minister of Aviation and Aerospace Development, Festus Keyamo, suspended the collection of a $300 helicopter landing fee, the Ministry has once again reintroduced the fee.
LEADERSHIP reports that Keyamo after widespread criticism by aviation stakeholders on the legality of the payment to a private firm, NAEBI Dynamic Concept, suspended the levy.
He, however, said that further actions on the matter would be taken after a review committee submits its report for scrutiny.
The Minister, while suspending the levy, hinted that the committee held a meeting with the executives of the AON on the issue, which prompted the suspension of the levy.
He said, “Following a meeting with the AON executive on the issue bordering on helicopter landing levies collection at aerodromes, helipads, airstrips and others, Minister of Aviation and Aerospace Development, Festus Keyamo, has temporarily suspended the enforcement granted Messers NAEBI Dynamic Concept Ltd, by the Federal Government, as consultants to collect such levies.
“The suspension is with effect from 30th May, 2024. This, the minister said, is a result of clamour for review by some stakeholders in the industry.
“Accordingly, Keyamo has constituted a Committee with members drawn up from the Ministry of Aviation and Aerospace Development and its relevant Agencies, Airline Operators of Nigeria (AON), International Oil Companies (IOCs) and Messers NAEBI Dynamic Concept Ltd who are charged to look into the issues raised by concerned Stakeholders and submit a Report on or before end of June 2024.”
However, in a new twist, the National Airspace Management Agency (NAMA), announced the reintroduction of the helicopter landing levy and payment to the same Private Firm, NAEBI Dynamic Concept.
NAMA, in a circular signed by the general manager, Air Traffic Control Operations, Akut D.S., directed NAEBI Dynamic Concept to commence immediate collection of the levy.
The circular titled, “Authority to Collect Helicopter Landing Levy by Messrs NAEBI Dynamic Concepts Ltd” was dated May 15, 2025, and directed to the General Manager, Commercial, NAEBI Dynamic Concept.
The circular said that the company was empowered to collect landing levies for air navigation services related to helicopter operations by oil companies’ operations at airfields, platforms, terminals and rigs.
Also, the company is empowered, according to the circular, to collect the levies from heliports, helipads, airstrips and aerodromes in line with its contract.
The circular declared that by this signal, the company would invoice the respective companies, directing that there should be strict compliance.
It could be recalled that NAMA had last November said that it would recommence the collection of the controversial $300 landing levies from helicopter operators.
However, stakeholders have once again queried the collection of the fee and choice of the company, wondering about the structure NAEBI put in place to deserve such payment from helicopter companies.
Speaking on condition of anonymity, an aviation expert queried whether a private firm would collect revenue on behalf of the federal government.
He, however, warned that the newly introduced levy would also disrupt oil production in the country if not properly handled.
“Most of these charterers are International Oil Companies (IOCs), and definitely, it will increase their cost of operation. Also, I know that operators will resist it because the levy is a scam,” the aviation analyst said.
[Leadership]
Ahead of the President Bola Ahmed Tinubu administration’s second anniversary on May 29th, 2025, economists and financial analysts have rated the ‘Renewed Hope’ government low in improved cost of living for the majority of Nigerians.
The Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf, and the CEO of SD & D Capital Management, Gbolade Idakolo, disclosed this to DAILY POST in separate interviews on Monday.
Recall that on Tinubu’s inauguration day, he announced fuel subsidy removal and naira floating. The immediate effect jerked up the price of fuel from N198 to N540 per litre.
Thereafter, petrol is now sold between N875 and N920 per litre depending on the location in Nigeria.
Also, the naira depreciated to N1,579.40 per dollar on Monday, from N460.702 in the same period two years ago.
The ripple effects of Tinubu’s reforms were the surge in inflation, with hikes in prices of transportation, food, and the cost of goods and services, inflicting hardship on millions of Nigerians.
This comes as purchasing power for the majority of Nigerians has also been eroded due to high inflation, which climbed to 23.71 percent in April 2025 from 22.22 percent in the same period in 2023, according to the National Bureau of Statistics.
Although Tinubu’s government approved a N70,000 minimum wage in July 2024 as a solution to the cost of living crisis, the inflation spike eroded the impact of the wage increase.
Similarly, inflation watered-down Federation allocation revenue increases to the three tiers of government in the last two years.
Amid the challenges, economists said that Tinubu’s government had achieved some progress in the aspect of stabilising the economy in the past two years.
On his part, Yusuf said Tinubu’s administration has used the last two years to fix economic fundamentals and stabilise the economy.
“There is no doubt that the GDP numbers have dropped drastically in dollar terms. What is important is to also put distance in context.
“It’s not so much because the GDP had intrinsically contracted that much. What has happened is that because we are estimating the GDP in dollars and because we have seen a sharp depreciation in the exchange rates, that is what has led to the collapse or contraction of the GDP so drastically.
“Imagine computing GDP at $4.50 to the dollar in $4.20 to $3. 2 estimating GDP at $1,500 for $1,006. So the bigger issue here is the exchange rate.
“It’s also that the economy has contracted that much. I think we need to understand that distinction. I’m not saying that the economy has no hard challenges.
“The economy has challenges. But the fact that the GDP had contracted by almost 50% or more, it’s not a reflection of how the economic outputs had contracted. Certainly not.
“This is much more about the exchange rates. That is what it is. And I’m sure that by the time we have the rebasing of the GDP, we’ll be talking of a different figure.
“So in order to make a realistic assessment, we need to wait for the rebased GDP. Let’s see what it will come up with. That is what I know that we are looking at.
“Go and look at our purchasing power parity GDP. It’s about $1.5 trillion as I speak to you. Go and check the numbers, purchasing power parity GDP.
“It’s over a trillion dollars. And then the bigger issue for me in this economy is the second issue, which you raised. It’s about the cost of living.
“That is, for me, the bigger issue of how the cost of living has been so badly impacted by the reforms. Because the reform has triggered very serious inflationary pressure. And inflationary pressure typically erodes purchasing power.
“It erodes real income. That is why we have so much poverty. And again, we have seen a lot of elevated levels of income inequality.
“So these are the things that we need to calibrate our fiscal and monetary policies and possibly even trade policies to address. That, for me, is a bigger issue than the issue of the GDP. We need to calibrate all the calibrators of fiscal policy.
“So our general economic policy is to improve the standard of living, to reduce the cost of living, and to improve the access of the majority of the citizens to basic needs.
“Basic needs, affordability of basic items like food, like pharmaceutical products, like transportation. You know, education and housing—those are the basic needs.
“And that is what the next phase of economic reform or economic management is focusing on. The first few years were essentially about trying to stabilise the economy. Because the economy was practically on the brink.
“You know, at the time, I’m not holding a brief for the administration. But we need to situate this within the legacy issues that the administration itself inherited in terms of the macroeconomic condition.
“That is what it is. I must admit that the cost of living has gone completely out of hand.
“And something has to be done within the context of policy.
“Now that we are beginning to see some improvement in the macroeconomic environment, the stability in the macroeconomic environment, and the slight deceleration of inflation, substance needs to be taken out to deal with the issue of the cost of living. I think that fore, that is what is paramount at this time.
“It is perhaps fair to say that the first two years have been targeted at fixing the economic fundamentals and stabilising the economy.
“Because we had a situation at the inception of the administration where we had a dysfunctional FX regime and scandalous management of fuel subsidy and the downstream sector. These two were the undoing of the economy before the administration.
“The challenge of stabilisation has taken the attention of the administration in this period, which should say other programmes should not have taken place.
“Some of these have begun to take shape, and some have been beginning to yield outcomes. It is important to say that despite how imperative the reforms are, they inflicted significant pain on the citizens, adversely impacted businesses, and affected profit margins; the cost of production escalated, many businesses were thrown into lost positions and some businesses, especially the large ones, exited the country.
“Some businesses collapse as a result of the shock of the reforms. So, the cost of the reforms has been phenomenal. At the individual level, it has a devastating effect on the well-being of the people.
“We had an aggravated situation of poverty as a result of spiking inflation. But the good news is that some progress has been made in terms of stabilising the economy following the reforms.
“Major stability in FX markets over the last ten months- there has been minimum volatility, which has boosted investors’ confidence.
“Improvement in fiscal sustainability as the finances of the government have improved significantly, although the spike in inflation has diminished the value of those increases, but nonetheless, the fiscal position of the government at all levels has improved.
“The government at all levels has more to spend, but whether the money is trickling down to the vulnerable segment of the society, is a different matter.
“Some progress with the refineries, Port Harcourt and Warri, although they are epileptic. The Dangote Refinery commenced production. There are efforts to support domestic refinery by this government.
“Businesses are returning to profitability after losses in the first year of this administration. Returns on investment in the non-oil sector.
“Under the administration there is an improvement in net external reserves, which, according to the Central Bank of Nigeria, is now $23 billion. It is a confidence-boosting development.
“It is important to stress that the social cost of the reforms has been phenomenal. Inflation triggered a significant poverty crisis.
“Insecurity in the country has not abated, especially in the last six months.
“Going forward, the government has the responsibility to ensure much more impactful measures to address the phenomenon of the cost of living for the ordinary people.
“The deployment of policy and recalibration for fiscal, monetary, and trade policies to the democratisation of the policies.
“The development must trickle down. A change of strategy in dealing with security.
“We have to deal with the prohibitive interest rate of 27.50 percent to address the challenges of market failure,” he told DAILY POST.
In his review, Idakolo said the Tinubu administration was on the right track despite unpopular decisions in the past two years.
According to him, despite the drop in cost of living, the continued implementation of Tinubu’s reforms can trigger economic prosperity in the coming years.
“The administration of President Tinubu started on a very challenging note with the removal of the fuel subsidy and exchange rate deregulation.
“However, over the past two years, he has been able to stabilise the economy through well-thought-out policies through the MDAs, especially the CBN, which has strengthened the naira and increased the foreign reserves, with diaspora remittance increasing over the past 12 months.
“These measures had also impacted positively on our GDP per capita income, which has grown by over 100%, from $200 billion to over $450 billion.
“The subsidy removal and exchange rate deregulation increased government revenues, and the share of FAAC for the three tiers of government aimed at improving infrastructural developments from the federal to the state level.
“The federal government also successfully negotiated a minimum wage increase with organised labour. The federal government under President Tinubu has reorganised the petroleum sector with improvement in fuel supply and stable fuel prices.
“The administration has completed the establishment of six regional development commissions with their establishment act passed by the National Assembly.
“The government also embarked on massive infrastructural development in several areas and road infrastructure with legacy projects like the Lagos-Calabar coastal road to connect nine southern states, which will definitely improve commerce in the southern corridor.
“The Naira crude sales to refineries in Nigeria, with Dangote refinery leading the charge, is also a major achievement, and the recent policy banning importation of goods that can be produced in Nigeria will further strengthen the manufacturing sector.
“There are several other policies undergoing implementation that will start yielding results in the next few months.
“The administration has also shown fiscal prudence by completing the payment of the IMF Covid loan received during the last administration, which has further reduced Nigeria’s foreign debt and also significantly reduced debt servicing costs.
“The living standard of Nigerians in the past two years has seriously declined due to the policies of this administration, which has seen the people struggling with lower purchasing power than two years ago.
“However, continuing with the approach of the previous administration would have led to total chaos.
“The Tinubu administration is on the right track despite some unpopular decisions and missteps,” he told DAILY POST.
[DailyPost]