Former Bauchi State Governor, Isa Yuguda has said President Bola Tinubu inherited many problems from the Muhammadu Buhari administration.
Amid the myriads of social and economic challenges facing the country, the former Minister of Aviation urged Nigerians to be patient with Tinubu’s government and trust the President.
Speaking during an appearance on Channels Television’s Politics Today on Tuesday, Yuguda expressed confidence in Tinubu’s ability to turn around the nation’s fortunes.
He said: “They will look well because Rome was not built in a day. When a child is given birth, he will start crawling before walking and running.
“When Tinubu took over, the problem was there and he happens to be the person to solve it.”
Today, May 29, marks exactly one year since Bola Ahmed Tinubu took the oath of office as the president of the largest black nation on earth, Nigeria.
Tinubu was sworn in as the fifth democratically elected president, since the return of democracy in 1999, following his victory in the keenly-contested 2023 presidential election.
Tinubu, 72, who contested on the platform of the ruling All Progressives Congress, APC, emerged victorious against his closest rivals, Atiku Abubakar of the Peoples Democratic Party, PDP, and Peter Obi of the Labour Party, LP.
His victory was, however, greeted with mixed reactions, with allegations of electoral malpractice and a heated legal battle that followed.
Despite the controversy, Tinubu’s inauguration on May 29, 2023, marked the beginning of a new chapter in Nigeria’s democratic journey.
DAILY POST observed that the past year has been characterised by significant political dynamics, with Tinubu’s administration navigating a complex landscape of expectations, challenges and diverse opinions on its performance and policies.
The administration’s policies and decisions have triggered a broad spectrum of reactions from different segments of the society, thereby creating a “gbas gbos” across the nation.
Renewed Hope: A journey marred by controversies
Many political observers believe that Tinubu took off on the wrong note with the announcement of the removal of fuel subsidy on the day of his inauguration.
The President himself admitted that the removal of fuel subsidy was not part of his inaugural speech, but he “went out of his way” to announce it in the best interest of Nigerians.
DAILY POST recalls that while Tinubu was yet to finish his inaugural speech, oil marketers quickly adjusted their fuel pump prices to about N500 per litre.
A few weeks later, the fuel pump price was further increased to about N617-N1000 per litre, depending on the area or state.
This singular act, many believe, has inflicted untold hardship on many Nigerians.
The development, according to analysts, contributed to high inflation, with prices of commodities skyrocketing by about 300 per cent.
In less than 12 months, the current government has twice witnessed a total shutdown by the organised labour due to the ongoing suffering in the country resulting from the removal of the fuel subsidy.
Betta Edugate – They never saw this coming
Barely six months into his administration, a major scandal hit the APC-led government.
The Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, was at the centre of the storm for alleged corruption.
Edu, 37, who served as the National Women Leader of the ruling APC, came under fire over allegations of financial embezzlement and abuse of power in her ministry.
Edu was accused of transferring N585.189 million meant for vulnerable groups in Akwa Ibom, Cross River, Ogun and Lagos states into a private account.
This sparked a national outcry and reinforced the notion in some quarters that the APC government would exploit Nigeria for personal gain.
Consequently, President Tinubu suspended Edu and ordered a thorough investigation.
The outcome of the investigation is still being awaited, while Edu remains suspended.
Is subsidy truly gone?
Contrary to the claim that subsidy on fuel has been removed, there are allegations that the federal government is still paying subsidies for the product.
The World Bank and the CEO/Managing Director of Pinnacle Oil and Gas Limited, Mr Robert Dickerman, asserted that the Federal Government continues to subsidise fuel.
Reacting to the debacle, activist and renowned lawyer, Femi Falana, who was vocal against the removal of the subsidy in 2011 under President Goodluck Jonathan, urged the government to review the policy in the public interest.
“Curiously, the Nigerian National Petroleum Corporation Limited has not deemed it fit to deny the serious allegation that fuel subsidy has been restored.
“Since there is no provision for fuel subsidy in the 2023 and 2024 Appropriation Acts the federal government should, without any further delay, confirm or deny the serious allegation and end the opacity surrounding the importation of fuel from foreign countries,” Falana said.
“If the federal government is spending as much as N1 trillion on fuel subsidy per month, it is high time the policy was reviewed in the interest of the Nigerian people,” he added.
Renewed Hope – The good, the bad and the ugly
The Tinubu/Shettima 2023 campaign mantra was anchored on a policy document titled Renewed Hope.
The policy document has national security, economy, agriculture, power, oil and gas, transportation, education, the digital economy, sport, entertainment and culture, youth empowerment and entrepreneurship, women empowerment, social programs, judicial reforms, federalism and decentralisation of power and foreign policy, among others as thematic areas of priority.
With fuel subsidy gone and prices of things skyrocketing on a daily basis, many Nigerians feel the impact of the Renewed Hope is yet to be felt.
Insecurity – The bloodbaths continue
The administration’s approach to security and governance has also been a major talking point.
Tinubu’s administration prioritised enhancing national security, with increased funding for security agencies and strategic initiatives to combat insurgency and banditry.
Despite these efforts, the persistence of security challenges remains a significant concern for many Nigerians.
In places like Benue and Plateau states, farmers have abandoned their farms due to persistent clashes with herdsmen. Just last week, over 30 people were killed in various villages by suspected herdsmen in Benue alone.
In the northeast, bandits continue to pose a threat, causing citizens sleepless nights.
Although Tinubu inherited this crisis from the previous administration, many believe his approach to addressing this nagging menace is inadequate.
However, the leadership of the renowned pan-African students’ movement, The Progressive Students Movement (PSM), Nigeria chapter, is pleased with the President Bola Ahmed Tinubu government in the area of security.
According to the group, “Information shows that our gallant military troops have succeeded in neutralizing 9,303 terrorists and criminals, including notorious kingpins such as Damina, Dangote, Kachalla Azarailu, and Boderi, among others.”
Knocks, kudos greet Tinubu’s first year in office
Front-line politician and activist, Hon Lucky Obiyan, said the current government has failed woefully in areas of security, Fiscal and monetary policies.
He slammed the current administration for focusing on less impactful social infrastructure while neglecting vital areas.
He told DAILY POST, “President Tinubu’s government has performed below expectations across all governance indices. If I were to give it a scorecard, it would be below one per cent.
“In the economy, the government has failed. In terms of security, it’s at a dismal 0.001 per cent.
“In the area of Fiscal and monetary policies, the government is at a zero level. The energy sector is in crisis, exacerbated by poorly considered subsidy removal.
“Priority infrastructure has been neglected, with the government focusing on less impactful social infrastructure while neglecting vital areas that affect people’s lives and the economy.
“The government has driven away big multinationals in Nigeria, who have been relocating one after the other to neighbouring countries in Africa.
“Human rights abuses have reached a gargantuan proportion and there’s a flagrant disregard for the rule of law.
“Selective obedience to court orders based on convenience is undemocratic and unacceptable.
“The mismanagement and waste of our collective resources are deeply concerning.
“A government that allocates N90 billion for Hajj while neglecting essential services cannot be taken seriously.
“Overall, the past year has been toxic, bringing nothing but hell and hardship to the people and eroding their purchasing power of the average Nigerian person.
“In summary, this administration deserves a score of zero in every assessment.”
Contrasting Obiyan’s views, Okpokwu Ogenyi, a political analyst and Coordinator of the Conference of Minority Tribes in Nigeria and former governorship aspirant in Benue State, argued that the President has made significant strides in his first year.
Ogenyi believes that Tinubu’s efforts in tackling corruption, initiating economic reforms and enhancing infrastructure development across the nation demonstrate a commitment to national progress.
“If you ask me to rate the president on a scale of one to 10, I would tell you 9/10.
“In just less than one year in office, we have seen the monumental projects that he has been able to accomplish.
“From the renovation of the Lagos Third Mainland Bridge to the award of the Makurdi-Otukpo-Enugu road project, the Abuja light rail, the national assembly renovation, Lagos-Calabar Coastal project, and several others.
“Many Nigerians will say he erred by removing the subsidy, but I must say that he did well. It was a bold move that many Nigerians will appreciate later.
“The suffering is temporary, but I assure you that things will be stable very soon.
“Nigerians are asking the wrong person. The people they should hold responsible are the state governors. Before now, monthly allocations were about N2bn, but today, states like Benue are getting N6bn as allocations.
“Oil producing states get as much as N16bn monthly. What are they doing with the money? The masses should ask them. The president cannot be everywhere at the same time
“Tinubu’s administration is on the right track. The foundations he is laying will yield positive results in the long term,” Ogenyi asserted, calling for patience and continued support from the populace.
Echoing Ogenyi’s sentiment, Terence Kuanum, National Coordinator of the National Coalition Against Terrorism, asserted that Tinubu has lived up to expectations by taking tough decisions to neutralise the damage caused by Buhari’s eight-year government.
“Though these decisions come with pain, we are optimistic that we will ultimately benefit from them,” Kuanum stated.
He also alleged that Tinubu’s efforts were being sabotaged by governors.
“Despite the huge finances available to states, there is little to show for the substantial allocations received,” he added.
However, Kuanum is hopeful that amendments granting autonomy to local governments will ensure that the dividends of democracy reach the grassroots.
“Overall, Tinubu has performed well across all sectors,” he said.
A chieftain of the Peoples Democratic Party and activist, Austin Okai, told DAILY POST that the ruling party has succeeded in buying over some members of the opposition.
He challenged those who were vocal against the government of the PDP to come out and question some of the policies of the current government.
He lamented that what Nigerians were going through is a fallback of what the APC created to discredit the government of the PDP and Jonathan to get power in 2015.
His words, “Today, the issue of kidnapping is a fallout of what the APC created to discredit the government of PDP and Goodluck Jonathan.
“Now, we are witnessing the repercussions, with more citizens being kidnapped. We are reaping the seeds they sowed as the opposition, and you want us to accept that.
“Recall that the current Vice President, Kashim Shettima, was the governor of Borno State when the first abduction happened in Chibok.
“Wike, who is now aligning with the APC government, was the Minister of State for Education then. They all ignored security reports to close down Chibok School until the abduction happened. Today, where are we?
“Today, Nigerians are eager and yearning for the era of the PDP. Tinubu has done nothing. He is employing only his people from Lagos or awarding contracts to a company owned by his son.
“He is increasing VAT and introducing more taxes. As of yesterday, I bought fuel at N750 per litre in Abuja.
“When I questioned the price, they claimed those selling at cheaper rates tampered with their metres, which tells you that the regulatory agencies are not even working.
“A year after the removal of the subsidy, they have not increased salaries and the CNG buses he promised are nowhere to be found.
“The palliatives are being given to APC members, who, in turn, are selling them to the masses.
“So, Tinubu has failed. Nothing is working. He has not done anything remarkable. Now, people cannot fly because of the high cost of aviation fuel and people cannot drive because of the fear of being kidnapped.
“The inflation rate is rising. It is a shame that nobody is speaking out. Where are Wole Soyinkas, the NGOs and CSOs that were vocal against the PDP government? They called us looters and Boko Haram supporters, but now they can’t talk.
“They are expecting the PDP to come and do the job for them. The only way forward is to kick them out in 2027. They have failed woefully.”
For activist and political analyst, Enenche Obonyilo Peter, Tinubu inherited a nation that was systematically destroyed and he needs more time to fix it.
His words, “I will say Tinubu has performed fantastically well. He has been able to manage the country. Every federating unit now has a sense of belonging.
“Abuja is wearing a new look, though the subsidy removal is painful, but there is no better time to remove it than now.
“When the Arabs were using oil money to build Dubai and Kuwait, we were busy burning down Kaduna, Kano and Lagos.
“When Russians were laying pipes that connect their markets to Europe, we were busy bursting and vandalising our pipelines.
“Nigeria was so systematically destroyed over the years that no overnight approach can fix the mess. So far, Tinubu has put us on a path to recovery.”
Opposition parties – Toothless bulldogs
Another major concern about the current government is the belief that the nation is gradually sliding into a one-party state.
At the moment, the major opposition parties resemble toothless bulldogs.
According to political observers, the Tinubu government has effectively silenced opposing voices, particularly with the appointment of Nyesom Wike, a prominent member of the opposition camp, into his cabinet.
The Labour Party, which was seen as the third force, has been embroiled in crisis, with little or no attention given to national discourse.
Meanwhile, DAILY POST observed that the Tinubu government has embarked on several reform initiatives aimed at revitalising the economy, including efforts to improve the ease of doing business, attract foreign investment and diversify the economic base away from oil dependency.
However, these initiatives have faced significant challenges, including global economic uncertainties and internal resistance.
In the area of infrastructure, the government is believed to be truly living up to expectations.
For instance, in the nation’s capital, the minister of FCT, Nyesom Wike, who is a member of the PDP, has been on his toes to make sure the seat of power wears a new look.
The government has ‘face-lifted’ major roads in Abuja city centre and satellite towns.
Prominent among them is the Wuye-Wuse link flyover, Area 11-Asokoro flyover, etc.
Similarly, the government kicked off the construction of Lagos-Calabar Coastal Road, which will open up the economy between West-north and south.
However, public opinion on Tinubu’s first year in office is deeply divided.
While some applaud his proactive approach and long-term vision, others express frustration over the slow pace of tangible improvements in their daily lives.
The social impact of his policies, particularly on the most vulnerable populations, remains a contentious issue.
Light at the end of the tunnel
The Minister of the Federal Capital Territory (FCT), Mr. Nyesom Wike, says there is hope for Nigerians, considering the achievements of President Bola Tinubu in just one year in office.
According to Wike, Tinubu has done very well in the FCT and the country overall, particularly in physical infrastructure and human capital development.
He said, “I think Mr President has done very well in terms of reassuring Nigerians that he is committed to delivering the dividend of democracy.
“From what we have seen on the ground, there is really hope for Nigerians. So, we are very happy.”
[DailyPost]
Kano Governor Abba Yusuf has banned all forms of public demonstrations in the State.
He imposed stringent restrictions on all public gatherings intended to protest within the state.
The Governor, in a statement by his Media and Publicity Director Sanusi Bature on Wednesday, said he was exercising the authority vested in him as the chief security officer of the State.
“By virtue of his position, the Governor has directed the police, the Department of State Services and the Nigeria Security and Civil Defense Corps to apprehend, detain, and prosecute any individual or group partaking in demonstrations on the streets of Kano,” the statement said.
According to Bature, the Governor’s decision is a proactive measure aimed at averting any potential breakdown of law and order orchestrated by adversaries of the state.
“We are privy to credible intelligence indicating that certain prominent figures from the opposition party in Kano have devised plans to sponsor student associations and political agitators from other northwestern states to incite chaos under the guise of advocating for the dethroned Emir of Kano, Aminu Ado Bayero.
“The State Government has explicitly outlawed protests, demonstrations, or processions of any kind, and individuals found on the streets of Kano engaging in such activities will be promptly apprehended.
“Through this declaration, we caution student groups against being manipulated by troublemakers who are resolute in fomenting disorder in Kano,” the statement added.
Yusuf urged all citizens of the state to carry on with their normal activities as the state retains its tranquility.
He added that the State Government will persist in vigilant oversight of the situation involving the emirate tussle to promptly address any individuals or factions trying to undermine the relative peace that state presently enjoys.
[TheNation]
The Federal Government on Tuesday said it had reinstated the suspended social investment programme, disclosing the scheme would provide direct payments to 75 million Nigerians in 50 million households to reduce the suffering of citizens, especially vulnerable groups.
It stated that the cash transfer programme was overhauled to tackle fraud.
The Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, announced this at the ministerial sectoral briefing to mark the first year in office of the President Bola Tinubu administration in Abuja.
On January 12, Tinubu suspended all the programmes administered by the National Social Investment Programme Agency for six weeks, as part of a probe of alleged malfeasance in the management of the agency and the scheme.
The president also suspended Betta Edu as the minister of Humanitarian Affairs and Poverty Alleviation on January 8. Edu’s ministry supervises the operations of the NSIPA.
The intervention programmes affected include the N-Power, the conditional cash transfer scheme, the government enterprise and empowerment programme, and the home-grown school feeding initiative.
On March 13, the House of Representatives asked the federal government to resume the implementation of the suspended social investment initiatives.
To revamp the programme, Tinubu approved the establishment of a Special Presidential Panel, led by Edun to carry out an intensive review and audit of the existing financial frameworks and policy guidelines of the social investment programmes.
Giving an update on the steps taken by the committee at the briefing, the finance minister stated that the government had decided to restart the programme to provide succour for poor Nigerians.
Edun said, “I am duty-bound to give you an overview of the strategy, policies, and implementation of Mr President’s reform programme. Immediately upon assuming office, Mr President launched macroeconomic reforms to restore stability to the Nigerian economy, including subsidy reforms and foreign exchange market reforms. These reforms caused a spike in costs for individuals and businesses, but Mr President is committed to counterbalancing the negative effects with interventions across the social spectrum.
“The government has restarted the social investment program, providing direct payments to 75 million Nigerians in 50 million households. Access to credit has been improved, with N1bn allocated to consumer credit and grants of 50,000 Naira being given to 1 million nano industries.”
Food inflation
The National Bureau of Statistics in its April CPI report, said Nigeria’s 33.69 per cent inflation rate was largely driven by food inflation which stood at 40.53 per cent in April, 2024.
Nigerians have continued to lament the steady rise in the prices of goods and services partially fuelled by the removal of petrol subsidies.
But, the minister said with 30 per cent of the world affected by issues of food security, agriculture would play a critical role in addressing global food insecurity.
He stated, “Food security is a worldwide issue, affecting 30 per cent of the world’s active population, and Nigeria is no exception. As I mentioned earlier, agriculture is critical, and success in this area is crucial. Efforts are being redoubled, with N200bn provided by the Ministry of Finance towards an intervention program.
“Just today (Tuesday), we met with the social investment prudential panel and development partners to discuss the President’s emergency plan for food security. We talked about advancing this issue and providing food, nutrition, and security, and this area will receive more attention in the coming weeks. The economy is growing at 2.98 per cent in the first quarter of this year, higher than the population growth rate and last year’s growth rate. Agriculture has the potential to help move the economy forward and reduce inflation.”
Speaking further, the minister stated that the federal government had initiated direct payments to contractors, suppliers, and vendors engaged by the government, evidently aiming to curb corruption in business dealings.
He explained that this measure would guarantee the prudent and accountable expenditure of the nation’s wealth.
Edun also revealed that the government was set to roll out an Economic Emergency Plan that would be implemented in the next six months. The plan, he explained, would help stabilise the economy and set the country on the path of growth.
He explained, “A system of payment has been implemented to ensure that Nigeria’s money is spent wisely and accountably. The government has played a role in helping states in attracting cheap funding and processing projects at the community level. Nigeria’s international credit rating has improved, with Moody’s and Fitch increasing and improving Nigeria’s rates to positive.
“The government is committed to counterbalancing the negative effects of economic reforms with interventions across the social spectrum. Infrastructure is key to growing the economy, building employment, and creating multiplier effects throughout the economy. A fund has been set up to provide institutional long-term funds to support housing construction and low-interest mortgages for the average Nigerian and we are working to attract cheap funding for states and process projects at the community level.”
He added, “And as it was mentioned earlier, the pivot thing to CNG is a government policy not just for vehicles but for generators. They have to be either CNG-fueled or solar-based or electric vehicles.
“That is the new incentive structure. And it continues also in the oil and gas sector. There has just been a new set of incentives that are encouraging new investments. We expect $7bn worth of investment that has been sitting on the sideline to now come; similarly, in other sectors.
“A stable, growing economy attracts investment that increases productivity, grows the economy further, creates jobs and reduces poverty. That is the trajectory that Nigeria is now on.”
Speaking on economic reforms, the finance minister announced that Nigeria has sufficient resources to pay its debts, both domestically and internationally, without strain.
According to him, this is a significant improvement from the previous situation where the government struggled to pay its way through implementing technological change procedures.
The minister said the revenue of the Federal Republic “has been totally revamped, rejuvenated, and increased substantially” due to the implementation of macroeconomic reforms and the restart of the social investment program.
He said, “We met a situation where the government did not have enough money. The government was not able to pay its way through implementing technological change procedures, which does not just require the skill of the workforce but also the political will.
“However, we are now in a situation where the revenue of the Federal Republic of Nigeria has been revamped, related and increased substantially. What did mean is that the government can now pay its way the government is paid is debt service without resulting to Ways and Means, particularly into debt service, the obligations domestically are now being paid.”
This has put the government in a comfortable position to service its debts and meet its financial obligations.
Edun also highlighted the improvement in Nigeria’s international credit rating, with Moody’s and Fitch increasing and improving Nigeria’s rates to positive.
This, combined with the paying up of a $200m shareholding with the Islamic Development Bank, has built confidence and allowed Nigerians to take their rightful place at the table.
“The process that has been put in place is one that we are mandated not just by Mr President, but even the National Assembly passing the 2024 budget insisted that Nigeria’s money that was in the hands of parastatals agencies, or other enterprises needed to be brought in properly and that has been done which puts the government now in a comfortable situation as we would like to where we pay our way domestically internationally.
“There is a whole host of debt that we met. We owe Islamic Development Bank $200m in shareholding, this is not in terms of loans but in terms of shareholding, our subscriptions. These were things that did not allow the confidence to be built and did not allow Nigerians to have that pride of place when they sit at a table when they travel and they owe money. All these are things of the past now,” he said.
The minister emphasised the importance of infrastructure in growing the economy, building employment, and creating multiplier effects throughout the economy.
A fund has been set up to provide institutional long-term support to support housing construction and low-interest mortgages for the average Nigerian.
He added that the companies that exited Nigeria were not to be blamed on the current government.
He said, “Our government inherits the assets and liabilities of the previous administration. The 800 companies or so did not make up their minds overnight. They stayed until they could stay no more, he said.
“For the economy we have inherited, we have pointed out how seriously all obligations, both international and domestic, are being paid. This is being done because the revenue, which the company covers on behalf of Nigerian workers, is being diligently brought in. It is being monitored, collected, and accounted for. As I leave here, I am a member of the National Minimum Wage Committee and Tripartite Committee, and I chair the subcommittee on implementation documentation of the last minimum wage.
“In assessing and analysing the implementation of the 2019 award, we came across people in the private sector, particularly nationals in the south, who asked, ‘Why are you not rescaling?’ Please go and look at the law; it is not a scale, it is a minimum, and it is not mandatory to be anything other than that minimum. We hope to quickly bring discussions to a conclusion on this matter. This is one of the items on our minds, as this is a minimum wage for both the private and public sectors, and it is the law of the land. We need to be guided by discussions, stations, and expectations.
“Mass transit vehicles are being produced, and I have even driven one of them, which will provide us with, for example, a bus that used to be fueled for 50,000 naira will now be fueled with 15,000 naira. That is the kind of change and improvement that is on the way.”
The 2023 presidential candidate of the Peoples Democratic Party, Atiku Abubakar, on Tuesday, said President Bola Tinubu’s policies did not create prosperity but have rather pauperised the poor and bankrupted the rich.
He, however, highlighted six steps for President Tinubu to take to make a success of the office he occupies.
The president, who assumed office on May 29, 2023, with a Renewed Hope agenda for Nigeria, marks his first year in office Wednesday (today).
In a statement on Tuesday, Atiku reviewed the administration over the past year, criticising the All Progressives Congress-led government for not presenting any plans for economic remodelling, but instead implementing a mix of policies to address it.
Atiku, it will be recalled, at various times had criticised the policies of the administration and, in response, was blamed by the presidency for finding faults without proffering relatable solutions.
On Tuesday, however, the former vice president asked the president to pause and reflect; undertake a comprehensive review of the 2024 budget within the new reform framework; undertake a comprehensive review of the Social Investment Programme to mitigate some of the impact of these policies on the most vulnerable households and refrain from any attempt to further pauperise the poor by introducing new taxes or increasing tax rates.
He also asked President Tinubu to provide clarity on the fuel subsidy regime, including the fiscal commitments and benefits from the fuel subsidy reform and the impact on the Federation Accounts and finally to tackle security headlong.
The former vice president stated that, predictably, 12 months later, Tinubu’s promises of economic growth and alleviating misery remained unfulfilled.
“Tinubu laid out no plans for the remodelling of the economy but soon embarked on a cocktail of policies to achieve it.
“In May 2023, he eliminated PMS subsidies, and a month later, the CBN implemented a new foreign exchange policy that unified the multiple official FX windows into a single official market.
“More policies followed in rapid succession: the tightening of monetary policy to reduce Naira liquidity, a hike in monetary policy rates, the introduction of cost-reflective electricity tariff, and a cybersecurity tax.
“Predictably, 12 months on, Tinubu’s pledge of growing the economy and ending misery remains unfulfilled. His actions or inactions have significantly worsened Nigeria’s macroeconomic stability.” He said.
He lamented that Nigeria remained a struggling economy and more fragile now than it was a year ago.
“Nigeria remains a struggling economy and is more fragile today than it was a year ago. Indeed, all the economic ills – joblessness, poverty, and misery – which defined the Buhari-led administration have only exacerbated.
“Africa’s leading economy has slipped to the fourth position, lagging behind Algeria, Egypt, and South Africa.
“Citizens’ hopes have been dashed and not renewed, contrary to the propaganda of the administration, as Nigeria’s economic woes have multiplied,” he added.
Atiku stated that he had previously voiced concerns about the risks of initiating reforms without proper sequencing, without clear implementation strategies, and without considering their potential and actual devastating consequences.
The PDP 2023 presidential candidate said implementing policies without proper planning and a clear destination was nothing other than trial-and-error economics.
“First, President Tinubu’s policies do not create prosperity. Instead, they pauperise the poor and bankrupt the rich. They spare no one. Nigerian citizens, the majority of whom are poor, are going through the worst cost-of-living crisis since the infamous structural adjustment programme of the 1980s.
“The annual inflation rate at 33.69 per cent is the highest in nearly three decades. Food prices are unbearably higher than what ordinary citizens can afford, as food inflation soared to 40.53 per cent in April, the highest in more than 15 years.
“Nigerian citizens have to pay 114 per cent more for a bag of rice, 107 per cent more for a bag of flour, and 150 per cent more in transport fares relative to May 2023.
“Today, in some locations, motorists are paying 305 per cent more for a litre of fuel. Yet, on a minimum wage of the equivalent of $23 per month, Nigerian workers are among the lowest wage earners in the world,” he stated.
He said the courage of the president to remove subsidy on PMS did not translate to the compassion to raise the minimum wage.
“Tinubu had the ‘courage’ to remove subsidy on PMS and impose additional taxes on his people but lacks the compassion to raise the minimum wage or implement a social investment programme that would reduce the levels of vulnerability, and deprivation of workers and their families,” he lamented.
Atiku asserted that President Tinubu’s policies had created a hostile environment for businesses of all sizes.
He added that the private sector was overwhelmed by the poor policies and burdened by his failure to address their negative consequences.
“The manufacturing sector, which holds the key to higher incomes, jobs, and economic growth, has been bogged down by rising input prices, higher energy and borrowing costs, and exchange rate complexities.
“For example, since 2023, the average price of diesel has doubled to N1,600 per litre. Electricity tariff has recently been increased by 250 per cent from N68/Kwh to N206/Kwh.
“As reported by the Guardian (13 May 2024), in Q1 of 2024, energy prices were up by 70 per cent, costing manufacturers N290 billion.
“Since May 2023, corporate Nigeria has lost more than a dozen enterprises to other countries. Unilever, GlaxoSmithKline (GSK), Procter & Gamble (P&G), Sanofi-Aventi Nigeria, Bolt Food, and Equinor, among others, had exited Nigeria, citing reasons including foreign exchange complexities, security concerns, and high operational costs.
“According to the Nigeria Employers’ Consultative Association (NECA), nearly 20,000 jobs may have been lost due to the departure of 15 multinational companies from Nigeria,” Atiku said.
The former vice president warned that an economy with high unemployment rates and a declining manufacturing sector was not viable.
He further noted that President Tinubu’s foreign exchange policies had failed to positively affect Nigeria’s foreign trade balance, contrary to expectations.
“In particular, the free float and the resulting devaluation of the Naira has not resulted in an appreciable improvement in Nigeria’s trade balance. Devaluation has not enhanced the competitiveness of local producers and has had no positive impact on exports of goods, primary or manufactured.
“President Tinubu’s policies have failed to attract foreign investments into the country despite all the posturing and media hype by the president’s men. Exchange rate unification and free float of the Naira have not led to higher capital inflows (whether Foreign Direct Investment or Foreign Portfolio Investments), again, contrary to policy expectations,” the former vice president said.
Atiku then expressed dismay that despite employing various monetary policy measures, inflationary pressures and exchange rate fluctuations persisted.
He attributed the Naira’s sharp decline against the dollar, resulting in its status as the worst-performing currency globally, to Tinubu’s misguided policies.
He noted that President Tinubu’s policies revealed an overestimation of their effectiveness and a lack of readiness for potential consequences.
Atiku pointed out that Tinubu and his team seemed unsure about the current state and next steps of the reform process, as he urged the government to grasp the necessary reforms and their sequence, stressing the need for a framework outlining reform objectives and strategies.
Atiku, therefore, advocated for a comprehensive review of the 2024 budget within the new reform framework.
“The 2024 FGN Budget, the exact size of which remains a mystery, is not designed to address the structural defects of the Nigerian economy or the cost-of-living crisis. It will neither create prosperity nor promote opportunities for our young people to lead a productive life.”
He stated, “The review must prioritise fiscal measures to deal with an unprecedented rise in commodity prices. Higher commodity prices have created more misery for the poor in our towns and villages and have pushed millions of people below the poverty line. One such measure for immediate implementation will be to ease the existing restrictions on selected food imports.
“Third, undertake a comprehensive review of the Social Investment Programme (SIP) to mitigate some of the impact of these policies on the most vulnerable households. The SIP must go beyond Conditional Cash Transfers to include programmes that prioritise support to MSEs across all the economic sectors, as they offer the greatest opportunities for achieving inclusive growth.
“In addition, a holistic programme to support medium and large-scale enterprises to navigate the stormy seas in the aftermath of the withdrawal of subsidy on PMS is also needed,” he said.
He warned against any plan to introduce additional taxes or increase tax rates by the administration.
“We are aware of the behind-the-scenes attempts to increase VAT rate from 7.5 per cent to 10 per cent, re-introduce excise on telecommunication, and increase excise rates on a range of goods.
“It needs to be restated that we cannot tax our way out of this situation. Instead, Tinubu must see the need for expenditure rationalisation and restraint – by having the budget more in sync with Nigeria’s fiscal reality, by improving efficiency in revenue utilisation, improving procurement processes and trimming the size of government – and, therefore, reducing the cost of governance.”
Atiku, who urged President Tinubu to promptly address insecurity, highlighted that the widespread insecurity significantly hampered agricultural production and its contribution to the economy, particularly in the northern region of the country.
“The state of pervasive insecurity continues to adversely impact agricultural production and the value it brings to the economy, especially in the northern parts of the country.
“Insecurity resulting from terrorism, banditry, kidnapping, and cattle rustling has compelled many crop farmers and pastoralists to abandon their lands and relocate to the neighbouring countries of Niger, Chad, and Cameroun.
“This has drastically caused a reduction in the production of food and skyrocketed prices of foodstuffs. Food scarcity in Nigeria is so dire that a report by Cadre Harmonize warns that between June and August this year, about 31.5 million Nigerians may face severe food shortages and scarcity,” he said.
•Gives reasons why Tinubu’s one year rule hasn’t yielded desired fruits
•Says trial- and-error economic policies won’t work
Former Vice President, Atiku Abubakar, has listed six actions President Bola Tinubu must take if he was desirous of making a success of the responsibility of the office he currently occupies.
Atiku, who was the presidential candidate of Peoples Democratic Party, PDP, offered the advice in a statement made public in Abuja yesterday.
He said: “First, pause and reflect. It is important that the government understands what reforms must be undertaken and in what sequence. A framework is needed with clearly stated reform objectives and strategies.
“Second, undertake a comprehensive review of the 2024 budget within the new reform framework. The 2024 FGN budget, the exact size of which remains a mystery, is not designed to address the structural defects of the Nigerian economy or the cost-of-living crisis. It will neither create prosperity nor promote opportunities for our young people to lead a productive life.
“The review must prioritise fiscal measures to deal with an unprecedented rise in commodity prices. Higher commodity prices have created more misery for the poor in our towns and villages and have pushed millions of people below the poverty line. One of such measures for immediate implementation will be to ease the existing restrictions on selected food imports.
“Third, undertake a comprehensive review of the Social Investment Programme, SIP, to mitigate some of the impact of these policies on the most vulnerable households. The SIP must go beyond Conditional Cash Transfers to include programmes that prioritize support to MSEs across all the economic sectors, as they offer the greatest opportunities for achieving inclusive growth.
”In addition, a holistic programme to support medium and large-scale enterprises to navigate the stormy seas in the aftermath of the withdrawal of subsidy on PMS is also needed.
“Fourth, Tinubu must be cautioned against any attempt to further pauperize the poor by introducing new taxes or increasing tax rates. We are aware of the behind-the-scenes attempts to increase VAT rate from 7.5% to 10%, re-introduce excise on telecommunication, and increase excise rates on a range of goods.
“Fifth, provide clarity on the fuel subsidy regime, including the fiscal commitments and benefits from the fuel subsidy reform and the impact of this on the Federation Accounts.
“It is curious that since April 2024, fuel queues had mounted at many filling stations across Nigeria, and the infamous ‘black market’ has sprouted in several states. How much PMS is being imported and distributed, and at what cost? What is the implicit subsidy?
“Sixth, tackle security headlong. President Tinubu, as a matter of priority, needs to rejig the nation’s security architecture as what is currently in place is not serving the needs of the people. The state of pervasive insecurity continues to adversely impact agricultural production and the value it brings to the economy, especially in the northern parts of the country.
“Insecurity resulting from terrorism, banditry, kidnapping, and cattle rustling has compelled many crop farmers and pastoralists to abandon their lands and relocate to the neighbouring countries of Niger, Chad and Cameroun.
“This has drastically caused a reduction in the production of food and skyrocketed prices of foodstuffs. Food scarcity in Nigeria is so dire that a report by Cadre Harmonize warns that between June and August this year, about 31.5 million Nigerians may face severe food shortages and scarcity.
”I have always been a reform advocate. The Nigerian economy certainly requires a large dose of reform measures to accelerate its transformation after many years of lacklustre growth.
“I was prepared for reform fallouts. Tinubu wasn’t. However, it is not too late for him to change course and do what is right for the good of our people and our nation.”
Why Tinubu’s one year rule hasn’t yielded desired fruits
Explaining why Tinubu’s first year in office has not yielded fruits, Atiku stated: “Tinubu laid out no plans for the ‘remodeling’ of the economy but soon embarked on a cocktail of policies to achieve it.
“In May 2023, he eliminated PMS subsidies, and a month later, the CBN implemented a new foreign exchange policy that unified the multiple official FX windows into a single official market.
“More policies followed in rapid succession: the tightening of monetary policy to reduce naira liquidity, a hike in monetary policy rates, the introduction of cost-reflective electricity tariff, and a cybersecurity tax.
“Predictably, 12 months on, Tinubu’s pledge of growing the economy and ending misery remains unfulfilled. His actions or inactions have significantly worsened Nigeria’s macroeconomic stability. Nigeria remains a struggling economy and is more fragile today than it was a year ago.
“Indeed, all the economic ills – joblessness, poverty, and misery – which defined the Buhari-led administration have only exacerbated. Africa’s leading economy has slipped to the 4th position, lagging behind Algeria, Egypt, and South Africa.
”Citizens’ hopes have been dashed (and not renewed contrary to the propaganda of the administration) as Nigeria’s economic woes have multiplied.
“In my press statement on the state of our economy, earlier this year, I expressed my concerns about the downside risks of unleashing reforms without sequencing; without any ideas on how to implement them; and without any regards to their potential and real devastating consequences.
”Implementing policies without proper planning and a clear destination is nothing other than trial-and-error economics. My concerns have not diminished. I will focus on just four areas to underscore those downside risks associated with Tinubu’s reform measures and their dire consequences on Nigeria’s medium to long-term growth and development.
“First, President Tinubu’s policies do not create prosperity. Instead, they pauperize the poor and bankrupt the rich.
“They spare no one. Nigerian citizens, the majority of whom are poor, are going through the worst cost-of-living crisis since the infamous structural adjustment programme of the 1980s.
“The annual inflation rate at 33.69% is the highest in nearly three decades.
”Food prices are unbearably higher than what ordinary citizens can afford as food inflation soared to 40.53% in April, the highest in more than 15 years.
[Vnaguard]
The opposition Peoples Democratic Party (PDP) has scored President Bola Tinubu’s administration low in its first year in office.
The party described the All Progressives Congress (APC) government’s first year in office as the most challenging in Nigeria’s history since the Civil War.
In a statement on Tuesday by its National Publicity Secretary, Debo Ologunagba, the PDP said it is apparent that inflicting pain and misery on Nigerians remains the policy thrust of successive APC administrations.
It said the adverse effects of poorly conceived and executed policies, without any supportive measures to alleviate the resulting have led to increased costs and associated hardships for the masses, and have plunged many into extreme poverty.
The opposition party urged President Tinubu to utilize the occasion of his one year in office to carefully assess the state of the nation during his tenure, critically evaluate his policies, and present a coherent economic plan aimed at improving the welfare of the Nigerian populace.
The statement read in part “The PDP insists that the current rising insecurity, excruciating poverty, economic hardship and general despondency in the country necessitating the fleeing of thousands of Nigerians especially the youths from our nation further confirm that there is no hope in sight with the APC on the saddle.
“It is apparent that inflicting pain and misery on Nigerians remains the policy thrust of successive APC administrations which became heightened by the not well thought-out twin anti-people policies of removal of fuel subsidy and the floating of the Naira without due consideration for the citizens’ welfare and security.
“As if these were not enough, the APC administration continues in its anti-people policies in the arbitrary hike in electricity tariff and imposition of multiple taxes on the already impoverished Nigerians with no corresponding tangible development directed towards the welfare of the people.
“The consequences of these ill-thought and ill-implemented policies without any cushioning measures to mitigate the resultant rising cost and associated hardship on the masses have driven many into early death and extreme poverty.”
The PDP stated that a majority of Nigerians have become disillusioned with President Tinubu’s administration.
It also highlighted the inadequate attention given to security by the APC, as evidenced by the widespread killings, kidnappings, and attacks by bandits and terrorists that continue to plague communities across the nation.
It stated, “The APC’s continuing use of poverty as a weapon of mass destruction is responsible for the widespread despondency in the country where people are only preoccupied with survival rather than show interest in the government policies and activities which largely alienate them.
“It is shocking that while the Federal Government announced the removal of fuel subsidy forcing Nigerians to pay more for fuel, trillions of naira is still being reportedly paid as fuel subsidy allegedly into private bank accounts associated with corrupt APC leaders.
“Sadly, the APC in its insensitivity and disregard for the people has not bordered to render an account to Nigerians concerning the expected savings accruable to the Federation Account as a result of the announced fuel subsidy removal.
“The consequence of these is the massive loss of jobs and businesses with attendant socio-economic dislocation and uncertainty. This is compounded by the over 37% unemployment rate, inflation rate of over 33%, and over 200% devaluation of the Naira in the last one year.
“More distressing is that on the security front, the APC has merely paid lip service to the security of lives and property of Nigerians with massive killings, kidnapping, and marauding of communities by bandits and terrorists raging across the country.
“Since May 29, 2023, over 5000 Nigerians have been reportedly killed with many more abducted in various parts of our country with no concrete measure by the APC administration to arrest this ugly trend.
“From reports on governance at the sub-national levels across the country, it is clear that the only hope for our nation is the performance of governors elected on the platform of the PDP who continue to deliver life-enhancing citizen empowerment, human capital, and infrastructural development projects with a positive effect on the wellbeing of the people.
“Our Party therefore urges President Bola Ahmed Tinubu to use the occasion of his one year in office to have a deep reflection on the state of the nation under his watch; take a critical look at his policies and present a clear economic roadmap which will enhance the welfare of the Nigerian people. He should also address the allegation of corruption and profligacy in the administration.”
The Federal Government on Tuesday said it had reinstated the suspended social investment programme, disclosing the scheme would provide direct payments to 75 million Nigerians in 50 million households to reduce the suffering of citizens, especially vulnerable groups.
It stated that the cash transfer programme was overhauled to tackle fraud.
The Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, announced this at the ministerial sectoral briefing to mark the first year in office of the President Bola Tinubu administration in Abuja.
On January 12, Tinubu suspended all the programmes administered by the National Social Investment Programme Agency for six weeks, as part of a probe of alleged malfeasance in the management of the agency and the scheme.
The president also suspended Betta Edu as the minister of Humanitarian Affairs and Poverty Alleviation on January 8. Edu’s ministry supervises the operations of the NSIPA.
The intervention programmes affected include the N-Power, the conditional cash transfer scheme, the government enterprise and empowerment programme, and the home-grown school feeding initiative.
On March 13, the House of Representatives asked the federal government to resume the implementation of the suspended social investment initiatives.
To revamp the programme, Tinubu approved the establishment of a Special Presidential Panel, led by Edun to carry out an intensive review and audit of the existing financial frameworks and policy guidelines of the social investment programmes.
Giving an update on the steps taken by the committee at the briefing, the finance minister stated that the government had decided to restart the programme to provide succour for poor Nigerians.
Edun said, “I am duty-bound to give you an overview of the strategy, policies, and implementation of Mr President’s reform programme. Immediately upon assuming office, Mr President launched macroeconomic reforms to restore stability to the Nigerian economy, including subsidy reforms and foreign exchange market reforms. These reforms caused a spike in costs for individuals and businesses, but Mr President is committed to counterbalancing the negative effects with interventions across the social spectrum.
“The government has restarted the social investment program, providing direct payments to 75 million Nigerians in 50 million households. Access to credit has been improved, with N1bn allocated to consumer credit and grants of 50,000 Naira being given to 1 million nano industries.”
Food inflation
The National Bureau of Statistics in its April CPI report, said Nigeria’s 33.69 per cent inflation rate was largely driven by food inflation which stood at 40.53 per cent in April, 2024.
Nigerians have continued to lament the steady rise in the prices of goods and services partially fuelled by the removal of petrol subsidies.
But, the minister said with 30 per cent of the world affected by issues of food security, agriculture would play a critical role in addressing global food insecurity.
He stated, “Food security is a worldwide issue, affecting 30 per cent of the world’s active population, and Nigeria is no exception. As I mentioned earlier, agriculture is critical, and success in this area is crucial. Efforts are being redoubled, with N200bn provided by the Ministry of Finance towards an intervention program.
“Just today (Tuesday), we met with the social investment prudential panel and development partners to discuss the President’s emergency plan for food security. We talked about advancing this issue and providing food, nutrition, and security, and this area will receive more attention in the coming weeks. The economy is growing at 2.98 per cent in the first quarter of this year, higher than the population growth rate and last year’s growth rate. Agriculture has the potential to help move the economy forward and reduce inflation.”
Speaking further, the minister stated that the federal government had initiated direct payments to contractors, suppliers, and vendors engaged by the government, evidently aiming to curb corruption in business dealings.
He explained that this measure would guarantee the prudent and accountable expenditure of the nation’s wealth.
Edun also revealed that the government was set to roll out an Economic Emergency Plan that would be implemented in the next six months. The plan, he explained, would help stabilise the economy and set the country on the path of growth.
He explained, “A system of payment has been implemented to ensure that Nigeria’s money is spent wisely and accountably. The government has played a role in helping states in attracting cheap funding and processing projects at the community level. Nigeria’s international credit rating has improved, with Moody’s and Fitch increasing and improving Nigeria’s rates to positive.
“The government is committed to counterbalancing the negative effects of economic reforms with interventions across the social spectrum. Infrastructure is key to growing the economy, building employment, and creating multiplier effects throughout the economy. A fund has been set up to provide institutional long-term funds to support housing construction and low-interest mortgages for the average Nigerian and we are working to attract cheap funding for states and process projects at the community level.”
He added, “And as it was mentioned earlier, the pivot thing to CNG is a government policy not just for vehicles but for generators. They have to be either CNG-fueled or solar-based or electric vehicles.
“That is the new incentive structure. And it continues also in the oil and gas sector. There has just been a new set of incentives that are encouraging new investments. We expect $7bn worth of investment that has been sitting on the sideline to now come; similarly, in other sectors.
“A stable, growing economy attracts investment that increases productivity, grows the economy further, creates jobs and reduces poverty. That is the trajectory that Nigeria is now on.”
Speaking on economic reforms, the finance minister announced that Nigeria has sufficient resources to pay its debts, both domestically and internationally, without strain.
According to him, this is a significant improvement from the previous situation where the government struggled to pay its way through implementing technological change procedures.
The minister said the revenue of the Federal Republic “has been totally revamped, rejuvenated, and increased substantially” due to the implementation of macroeconomic reforms and the restart of the social investment program.
He said, “We met a situation where the government did not have enough money. The government was not able to pay its way through implementing technological change procedures, which does not just require the skill of the workforce but also the political will.
“However, we are now in a situation where the revenue of the Federal Republic of Nigeria has been revamped, related and increased substantially. What did mean is that the government can now pay its way the government is paid is debt service without resulting to Ways and Means, particularly into debt service, the obligations domestically are now being paid.”
This has put the government in a comfortable position to service its debts and meet its financial obligations.
Edun also highlighted the improvement in Nigeria’s international credit rating, with Moody’s and Fitch increasing and improving Nigeria’s rates to positive.
This, combined with the paying up of a $200m shareholding with the Islamic Development Bank, has built confidence and allowed Nigerians to take their rightful place at the table.
“The process that has been put in place is one that we are mandated not just by Mr President, but even the National Assembly passing the 2024 budget insisted that Nigeria’s money that was in the hands of parastatals agencies, or other enterprises needed to be brought in properly and that has been done which puts the government now in a comfortable situation as we would like to where we pay our way domestically internationally.
“There is a whole host of debt that we met. We owe Islamic Development Bank $200m in shareholding, this is not in terms of loans but in terms of shareholding, our subscriptions. These were things that did not allow the confidence to be built and did not allow Nigerians to have that pride of place when they sit at a table when they travel and they owe money. All these are things of the past now,” he said.
The minister emphasised the importance of infrastructure in growing the economy, building employment, and creating multiplier effects throughout the economy.
A fund has been set up to provide institutional long-term support to support housing construction and low-interest mortgages for the average Nigerian.
He added that the companies that exited Nigeria were not to be blamed on the current government.
He said, “Our government inherits the assets and liabilities of the previous administration. The 800 companies or so did not make up their minds overnight. They stayed until they could stay no more, he said.
“For the economy we have inherited, we have pointed out how seriously all obligations, both international and domestic, are being paid. This is being done because the revenue, which the company covers on behalf of Nigerian workers, is being diligently brought in. It is being monitored, collected, and accounted for. As I leave here, I am a member of the National Minimum Wage Committee and Tripartite Committee, and I chair the subcommittee on implementation documentation of the last minimum wage.
“In assessing and analysing the implementation of the 2019 award, we came across people in the private sector, particularly nationals in the south, who asked, ‘Why are you not rescaling?’ Please go and look at the law; it is not a scale, it is a minimum, and it is not mandatory to be anything other than that minimum. We hope to quickly bring discussions to a conclusion on this matter. This is one of the items on our minds, as this is a minimum wage for both the private and public sectors, and it is the law of the land. We need to be guided by discussions, stations, and expectations.
“Mass transit vehicles are being produced, and I have even driven one of them, which will provide us with, for example, a bus that used to be fueled for 50,000 naira will now be fueled with 15,000 naira. That is the kind of change and improvement that is on the way.”
President Bola Tinubu has directed the ministry of state for petroleum resources (Oil) and the Nigerian National Petroleum Company (NNPC) Limited to resolve the divestment issue delaying the Seplat and ExxonMobil deal.
Tinubu spoke on Tuesday during a meeting with a delegation from ExxonMobil Upstream Company, led by Liam Mallon, its president, in Abuja.
In February 2022, Seplat announced an agreement to acquire ExxonMobil’s 40 percent stake in Mobil Producing Nigeria Unlimited (MPNU) — with the expectation that the transaction will be closed in the second half of the year.
Nigerian Upstream Petroleum Regulatory Company (NUPRC), on May 19, 2022, declined to approve Seplat’s proposed acquisition due to “overriding national interest”.
Two months later, Seplat said the Nigerian National Petroleum Company (NNPC) had won a court injunction restraining ExxonMobil from selling its assets in Nigeria.
Following the push against the deal, former President Muhammadu Buhari reversed his authorisation for the acquisition on August 10, 2022 — a few days after his initial approval.
Amid the delay in obtaining approval, Seplat extended the SSPA for the acquisition of MPNU in May 2023 and May 2024.
At the meeting, Tinubu assured the delegation that the federal government is committed to resolving the divestment issues between the company and Seplat Energy, which are currently in litigation.
“We have been pushing for closure on divestment issues, and I believe the other party, Seplat, is open to this,” Tinubu said.
“We are close enough to be fair and blunt with you, and we are not afraid to hear from you on better options and recommendations for the growth of the industry in Nigeria.”
The president commended the company for its commitment to environmental protection in Nigeria, stating its efforts to reduce gas flaring.
He described ExxonMobil as a valuable partner in Nigeria’s development over the decades and urged the company to continue supporting the success of his administration.
Also, Heineken Lokpobiri, minister of petroleum resources (Oil), said Tinubu has issued a clear directive to him and Mele Kyari,NNPC group chief executive officer (GCEO) to resolve the divestment issue.
Lokpobiri said all necessary actions are being taken to achieve this.
“Mr. President has given a clear directive to the NNPC GCEO and I to resolve the issue of divestment, and we are doing whatever we can to achieve that,” the minister said.
Regarding decommissioning and abandonment in the oil industry, he said the ministry is addressing the issue in accordance with the Petroleum Industry Act (PIA) and global best practices.
‘OIL, GAS REFORMS TO MAKE NIGERIA GLOBALLY COMPETITIVE’
Tinubu said his oil and gas reforms will make Nigeria’s petroleum sector globally competitive.
On February 28, Tinubu signed three executive orders as part of the federal government’s plans to improve the investment climate in the sector.
The three executive orders, which became effective on February 28 are tax incentives, exemption, remission for oil and gas companies, local content compliance requirements and reduction of contracting costs and timelines.
The president said these reforms will ensure no oil company encounters unnecessary challenges in the country.
“Nigeria is going through a lot of reforms, and we have been navigating the leadership quarters carefully to ensure that we achieve a win-win situation for all parties and attract more investments,” Tinubu said.
Also, Lokpobiri said the reforms driven by the three executive orders will ensure companies operating in Nigeria have the best environment to continue making their investments and that no company will seek to leave Nigeria.
ExxonMobil’s president expressed gratitude for the support and assurances from the government and affirmed the company’s enduring dedication to the country’s energy sector.
Mallon also praised the president for the reforms initiated within the first year of his tenure.
[TheCable]
The Presidency on Tuesday ruled out the possibility of President Bola Tinubu delivering an address at the joint sitting of the National Assembly to commemorate 25 years of nation’s democratic rule scheduled for Wednesday in Abuja.
In a statement issued by presidential spokesperson, Ajuri Ngelale, the Presidency stated that office of the President was never involved in the planning of the event, hence no green light was given for the President to speak at the planned programme.
It, however, stressed that President Tinubu will continue to inaugurate projects across the country as part of his commitment to delivering good governance to the citizenry.
The Presidency in the three-paragraph release stated: “In furtherance of his commitment to delivering good governance, President Bola Tinubu has embarked on the inauguration of strategic projects across the country.
“More transformative projects will be inaugurated by President Tinubu’s administration for the benefit of all Nigerians.
“In view of public commentary concerning the President delivering a speech before a Joint Sitting of the National Assembly tomorrow, May 29, 2024, it is important to state that this information is false and unauthorized as the Office of the President was not involved in the planning of the event”.
More...
The Tripartite committee on minimum wage has postponed its meeting “sine die”, sources familiar with the matter told our correspondent in Abuja on Tuesday.
According to Merriam-Webster dictionary, sine die means a situation, “without any future date being designated (as for resumption): indefinitely.”
Legal choices, a law website also describes sine die as a Latin word used when a law case has no fixed date for resumption.
The Federal Government on Tuesday added a sum of N3,000 to its initially proposed N57,000 minimum wage making it the sum of N60,000 proposed on Tuesday during the meeting of the tripartite committee on minimum wage in Abuja.
Organized Labour comprising of the Trade Union Congress and the Nigeria Labour Congress also went down by N3,000 from its last proposal of N497,000 during the last minimum wage meeting.
Speaking with our correspondent, one of the sources who is a leader of the NLC said, “The meeting ended in a stalemate and meetings have been adjourned sine die.
The government proposed N60,000 which was not accepted by Labour.”
A member of the Labour side who spoke to our correspondent before the meeting started noted that the organized Labour would only go lower if the government goes higher on its demands.
Speaking with our correspondent, one of the sources who is a leader of the NLC said, “The meeting ended in a stalemate and meetings have been adjourned sine die.
“The government proposed N60,000 which was not accepted by Labour.”
A member of the Labour side who spoke to our correspondent before the meeting started noted that the organized Labour would only go lower if the government goes higher on its demands.
“This is simply a case of if they go higher, we will go lower. They need to propose something reasonable for us to propose something lower too. There is no two-way about it. Also, we have a way of meeting ourselves as members of the Labour before each committee meeting. This will help us to take a uniform stand by the time we get to the meeting front. So as long as the government is ready to present something reasonable, we will meet them in the middle,” the Labour leader said.
Indications emerged yesterday that the Federal Government and organised labour are heading for a showdown over a new minimum wage as the 6th meeting of the Tripartite Committee on the new National Minimum Wage, NNMW, ended in another stalemate.
Organised labour’s negotiating team for the second time in two weeks, however, walked out of the committee meeting after the Federal Government increased its offer to N60,000 from the N57,000 it offered on Wednesday, May 22.
Organised Labour, represented by the Nigeria Labour Congress, NLC, and its Trade Union Congress of Nigeria, TUC, counterpart, had on May 15, walked out of the tripartite committee meeting after the government offered N48,000 and Organised Private Sector, OPS, offered N54,000, against the N615,000 minimum wage demand by labour.
It will be recalled that at last week’s meeting, the government and the private sector offered N57,000, while Labour reduced its demand from N615, 000 to N497, 000.
However, at the resumed meeting yesterday, the government and the OPS added N3,000 to last week’s offers of N57,000, thereby raising their offers to N60, 000.
Labour immediately followed the footsteps of the government and OPS to reduce its demand by N3,000, bringing it down to N494, 000 before walking out.
Labour had given government up till May 31, to conclude negotiations to avoid industrial disharmony.
Confirming the development, President of NLC, Joe Ajaero, told Vanguard yesterday: “The government is not serious with the negotiation. They just added N3, 000 to their offer last week.
The painful aspect of it is that the government team is not giving explanation to its offer. We equally removed N3,000 from our demand and left.”
Pending ultimatum
On the next line of action, the NLC president said: “We have an ultimatum pending on the minimum wage and electricity tariff. We are waiting for the ultimatum, including the government.
“There are still days remaining before the ultimatum expires. Well, it is part of negotiation. Nonetheless, like I said, the government team is not serious. On our part, we know what to do when the ultimatum expires.”
Giving more insight into what transpired at yesterday’s stalemated meeting, a source at the meeting said: “We walked out again. They (the Federal Government) added N3,000. We reduced by N3,000.
“We anticipated what they are doing, we anticipated that they will come up with another gimmick because we have been telling them, break down what you are giving as an award, break it down the way we broke our own down.
“Housing, food transportation, health, education and others but they have refused consistently. This is because if they break it down, are they going to now say food is N100?
“For you to put everything under N57,000 or N60,000 as it is now per month, you cannot put food per day at N200. If you put food per day at N200, that will be N6,000 multiply by four, that should be N24,000. What is left now is N36, 000.
“You cannot say transport is N50 because once they commit themselves to it, they are now telling Nigerian workers that what we are giving you for transport is N50 in a day, what we are giving you for housing is so, so and so. That might put them in a very tight corner. They cannot break it down.
“We are telling them that what they gave us in 2019 was N30,000. At that time, the value of N30,000 was $84.
“When we got to the meeting today (yesterday), they increased from N57,000 to N60,000, then the organised private sector aligned with them. We did not want them to adjourn because we are heading for strike from the first of next month (June).I do not think they can reconvene before that time. That is where we are.”
On the mood of government team when it was making the offer, the source said: “The government side is not even in a good mood. Members know that they are in a very difficult situation. At the last meeting, we told them they are not government and that they should not make it appear as if they are government.
“They are only representatives of government. Today (yesterday), when we were discussing with them, we said a loaf of bread is now N2,000. So, even if somebody is eating bread every day, how much would it cost in a month?”
The source said the government team, as usual, pushed the Minister of State for Labour, Nkeiruka Onyejeocha, to announce the N60,000 offer in the presence of the Minister of Finance and the Minister of Budget.
‘’The Head of Service was represented by a Permanent Secretary in the Secretary to the Government of the Federation, SGF, Office.
He said: “The governors were not represented at today’s (yesterday) meeting again. They are running away. What we have observed is that the governors don’t want to get involved because they do not want to pay.
“For me, what is happening is a new development because they are trying to tell us why government will not be able to pay and the private sector is telling us how their productivity has been eroded and how so many of them have closed down.
‘’If we follow this very well, it changes the approach to governance. That is a situation where you don’t carry many people along.”
Labour’s demand may endanger job security — OPS
On his part, the spokesperson of OPS, and Director-General of Nigeria Employers’ Consultative Association, NECA, Adewale-Smatt Oyerinde, insisted that the major concern of members of the OPS was job security, pending when the economy improves.
He said: “It is important to note that what the committee was constituted to negotiate is a new national minimum wage and not maximum, that could be termed the “floor” wage, below which no employer should pay.
“Employees should be able to navigate their paths toward higher wages through increased productivity and value addition.
“In the last three years, hundreds of companies have exited the country, shut down or changed business models. These companies include Jubilee Syringe Manufacturing, JSM, Procter & Gamble, Unilever Nigeria Plc, PZ Nigeria Plc, GSK Nigeria Plc, Sanofi Pharmaceuticals, Bolt Food, Nampak, Microsoft, Jumia Food, Equinor (oil & gas), Mayor Biscuits Company Limited, Greif Nigeria, among others, with many other multinational companies declaring over N1trillion in combined losses.
“According to the Manufacturers Association of Nigeria, MAN, about 767 manufacturing companies were shut down and over 335 experienced distress in the country in the last three years.
‘’In addition to this is a burgeoning N350 billion worth of unsold inventory of manufactured goods, of which the same fate is faced by Small and Medium Scale industries, SMEs. The private sector is on the precipice of collapse, with massive consequences for jobs.”
He pleaded with the “committee to refocus its effort on protecting jobs, boosting the capacity of the private sector to create more jobs and ensuring sustainability and ability to pay.
“According to the National Bureau of Statistics, the combined rate of unemployment and time-related underemployment as a share of the labour force population (LU2) increased to 17.3 per cent in Q3 2023 from 15.5 per cent in Q2 2023.
“In specific terms, the unemployment rate increased significantly in Q3 2023 at 5.0 per cent. With these figures, more efforts should be concentrated on keeping more people in employment, while the government continues to implement its planned interventions in transportation, food security and general macro-economic stability.
“With organized businesses declaring over N1 trillion in combined losses and many shutting down their businesses for different reasons, while others are relocating to other climes, the ability to pay the prevailing N30,000 was already compromised.
“It will be practically impossible to guarantee enterprise sustainability and job security with the current demands of organized labour.
“Notwithstanding ongoing challenges, made worse by rising interest rates, astronomical logistics cost, increasing energy tariff and multiple taxes, levies and fees, the private sector remained committed to supporting the welfare of workers and the protection of their jobs, which can only be guaranteed by the survival of the enterprise.’’
Meanwhile, a member of OPS, however, informed Vanguard that the meeting was adjourned after yesterday ‘s deliberation, saying the labour negotiating team said members were going for consultations.
‘’So, the meeting was adjourned,’’ he said.
On when the meeting would reconvene, he said: “Only the secretariat of the committee can fix a date for the meeting. That has been the practice; it will inform us when to reconvene.”
ONE YEAR OF TINUBU ADMINISTRATION: EX-PRESIDENT BUHARI CONVEYS GOOD WISHES TO PRESIDENT.
Former President Muhammadu Buhari extends his best wishes to President Bola Ahmed Tinubu on the completion of his first year in office.
The former President appealed to all citizens to continue to strengthen the thread of national unity and goodwill.
He also appealed to them to give their blessings and support to the Tinubu administration so that it can succeed in its efforts to build a Nigeria of our dreams.
President Buhari expressed his wish for a successful tenure in office by the Tinubu administration.
Signed:
Garba Shehu.
28-5-24.
#NIGERIASPEAKS MAY 2024
Hunger, Poverty & Dissatisfaction Trail President Tinubu’s 1st Year in Office – API National Survey
Abuja, Nigeria, May 29th, 2024 – Africa Polling Institute hereby releases its May 2024 #NigeriaSpeaks survey report. The national survey was administered between May 1st and 18th, 2024, to elicit citizens' opinions and assessments of President Bola Ahmed Tinubu’s first Year in Office. The survey was conducted using a stratified random sampling method, ensuring representation from all nationwide demographic groups. A total of 3,996 citizens were interviewed, providing a robust and diverse dataset for analysis.
This latest API national survey brings to light a stark reality: Hunger, Poverty, and Dissatisfaction are the harsh realities of President Bola Ahmed Tinubu’s One Year in Office, as an overwhelming majority of citizens (84%) express profound sadness with the current state of affairs in the country. Their voices, filled with dissatisfaction, are a clear call for action, as a significant majority of citizens (81%) feel the country is headed in the wrong direction, identifying Hunger (36%), Inability to meet basic needs (28%), Unemployment (13%), Heightened Insecurity (9%), and Poor Electricity Supply (5%) as the biggest challenges facing them personally today. In addition, a staggering 74% of citizens affirmed that their personal economic situation has deteriorated over the last year, compared to 20% who said their personal economic situation had remained the same and a mere 5% who said it had improved.
Furthermore, in terms of the job performance of President Tinubu, a significant 78% of citizens expressed that he had performed abysmally, with 49% rating him “Very Poor” and 29% “Poor.” This widespread dissatisfaction also extends to the performance of other arms of government, as a striking 81% of citizens rated Senate President Godswill Akpabio dismally, compared to 79% who rated Honourable Tajudeen Abbas, Speaker of the House of Representatives, poorly. Also, the Nigerian Judiciary under the CJN, Justice Olukayode Ariwoola, was not spared, as 75% of citizens also rated him poorly.
In addition, citizens were asked to assess the performance of President Tinubu’s Cabinet in order to identify the performing and non-performing ministers. Interestingly, 68% of citizens thought that none of the cabinet members had performed well since their appointments. However, 32% were willing to identify those they considered the top and least performing ministers. Based on the responses, the top five performing ministers are: Professor Tahir Mamman, the Minister of Education (27%); Former River State Governor, Barr. Nyesom Wike, the Minister of the FCT (25%); Former Ebonyi State Governor, Dr. Dave Umahi, the Minister for Works and Housing (21%); Dr. Bosun Tijani, the Minister of Communication, Innovation, and Digital Economy (14%); and Professor Ali Pate, Coordinating Minister of Health and Social Welfare (12%).
On the other hand, the least-performing ministers are: Hon. Adebayo Adelabu, Minister of Power (44%); Dr. Dave Umahi, Minister of Works and Housing (30%); Hon. Wale Edun, Minister of Finance and Coordinating Minister of the Economy (27%); Hon. Heineken Lokpobiri, Minister of State for Petroleum Resources (22%); and Hon. Abubakar Kyari, Minister of Agriculture and Food Security (20%). It is worth noting that the data listed Dr. Dave Umahi among the top-performing and least-performing ministers, and this may be a result of the mixed sentiments that have engulfed conversations over the Lagos-Calabar Coastal Road project, of which he has been in the eye of the storm.
Finally, from the survey fieldwork, API has keenly observed a growing mass of aggrieved and discontented citizens nationwide, especially among the youth. Many are unemployed or underemployed and have become local crusaders and social activists in their communities, waiting for the slightest opportunity to vent their anger against fellow citizens and the Nigerian state.
Survey Methodology
This survey is part of the #NigeriaSpeaks series of national public attitudes surveys and polls conducted by Africa Polling Institute (API). The #NigeriaSpeaks project is a powerful governance tool, a periodic series of nationwide public opinion polls and surveys, to bridge the gap in credible primary data. It captures public attitudes and perceptions, giving citizens a significant role in shaping public policy discourse, practice, and advocacy while underscoring the importance of their voices in strengthening democracy. This latest national survey was administered between May 1st and 18th, 2024, to elicit citizens' opinions and assessments of President Bola Ahmed Tinubu’s 1st Year in Office. It involved in-person, face-to-face, household interviews with a stratified random nationwide sample.
A total of 3,996 randomly selected Nigerians aged 18 years and above were interviewed in the 36 States and the FCT, representing the six geopolitical zones in the country. Three Local Government Areas (LGAs) were visited in each of the 36 States, covering the 108 Senatorial Districts in the country, as well as the urban, semi-urban, and rural residents. Only in the FCT were the entire 6 LGAs visited. The data was weighted using the 2016 population estimates by the National Bureau of Statistics (NBS) to enhance its representativeness to the national population. With a sample of this size, we can say with 95% confidence that the results are statistically precise - within a range of plus or minus 3%. For scholars, researchers, practitioners, and policymakers who wish to undertake further statistical analysis of our data, the raw data for this national survey can be purchased on our website, www.africapolling.org
Africa Polling Institute (API) is an independent, non-profit, and non-partisan opinion research think-tank that conducts opinion polls, surveys, social research, and evaluation studies at the intersection of democracy, governance, economic conditions, markets, and public life to support better public policy, practice, and advocacy in sub-Saharan Africa.
Signed
Professor Bell Ihua, mni
Executive Director, Africa Polling Institute
Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Website: www.africapolling.org Tel: +234 8064841888.