Latest News
A human rights group identified as the “Take It Back Movement” on Monday hit the streets of Lagos State to protest against the soaring price of food and the high cost of living in the country.
This protest was held against the warning issued by the Lagos State Commissioner of Police, Adegoke Fayoade, on Sunday.
According to him, the police are aware of the plan by some people to protest in the state and will ensure that necessary measures are put in place for the safety of the lives and property of Lagosians.
He stressed that nothing would hinder the free flow of traffic or a peaceful environment to let residents carry out their lawful duties.
The protesters were seen carrying placards of various inscriptions at Ojuelegba under the bridge area of the state to make their grievances known on the current economic hardship across the country.
Speaking with our correspondent, the TIB National Coordinator, Juwon Sanyaolu, said the protest was a demonstration of the people’s will against oppressive tendencies and hardship.
“Yes, despite police attempts to frustrate the people, Lagosians stood their ground. The police are paid by taxpayers’ money, they are meant to secure us.
“We were able to match from Yaba Labour House to Maryland. The protest will continue tomorrow and updates will be given. We will join NLC in their nationwide mass action to put an end to this hardship created by the ruling elite,” Sanyaolu added.
Stating their demands, Sanyaolu said, “The Tinubu-led government must immediately reverse the fuel subsidy removal, the floating of naira and other policies of the International Monetary Fund imposed on Nigerians.”
Also present at the protest were members of other civil society organisations such as the Joint Action Front and the Coalition for Revolution.
Police officers with vans and officers of the Lagos Neighbourhood Safety Corps were also seen following the protesters.
Justice Binta Murtala-Nyako of the Federal High Court in Abuja has fixed March 19, 2024, for ruling on a fresh application by Nnamdi Kanu seeking to be admitted to bail in the terrorism charges against him
The trial judge fixed the date after hearing submissions from Kanu’s lawyer, Alloy Ejimakor, praying for bail for his client, and Adegboyega Awomolo, SAN, who stood in for the federal government and vehemently objected to the bail application.
Kanu predicated his request for bail mainly on the fact that he may not be able to put up a good defence unless admitted to bail to have unfettered access to his lawyers.
He also claimed to be suffering from acute hypertension and acute heart disease, among other ailments.
The federal government, however, objected to the bail bid on the ground that Kanu was once granted bail but jumped and fled the country.
Government asserted that all the bail conditions set by the court were breached and violated and pleaded with the court to dismiss the request.
The leader of the proscribed Indigenous People of Biafra (IPOB) also argued another motion where he asked the court not to allow continuation of his trial until certain conditions were met by the federal government.
Among others, he requested that DSS operatives be barred from interfering with his lawyers during visitation.
He also asked that the court should compel the federal government to allow him wear the clothes of his choice.
The federal government, however, objected to the requests on the ground that he has no right under any law to dictate how his trial should be conducted.
Awomolo, while seeking the dismissal of the request, said that it was a gross abuse of court process that must not be allowed.
The 2023 presidential candidate of the Social Democratic Party (SDP), Adewole Adebayo, said President Bola Tinubu has the right team, but his economic policies are not suitable for Nigerians.
Adebayo stated this in an interview on Channels Television’s Sunday Politics.
The SDP presidential candidate said the method of the Tinubu government was not correct.
He said, “He (Tinubu) has the right team but what he wants to do is not correct.”
“If I were to be Nigeria’s President, I wouldn’t remove petrol subsidy from day one as President but would have approached the National Assembly to amend the 2023 Appropriation Act to allow subsidy for a while.”
Adebayo said, “These policies are not good, not because of the party that is announcing them but because they are not suitable to us.”
He added that any of the presidential candidates in the last poll who adopted the policies of the incumbent would have gotten the same results evident in the country at the moment.
“It doesn’t matter whom you put there, this will be the outcome once you adopt these policies,” he said.
The SDP former flagbearer said the three major issues confronting the Tinubu administration were cost of governance, the issue of subsidies and forex.
Adebayo noted that the reforms of the incumbent come with some benefits such as more income to the government and more income to the foreign exchange, adding that, but the country was “not structurally prepared for the advertised benefits.”
He said the gains of the policies were less to the pains, noting that the Tinubu government should be “less arrogant” to do the right thing to provide succor for suffering Nigerians.
Recall that Nigeria has been faced with the challenge of rising inflation, food inflation, forex crisis, economic hardship and high cost of living occasioned by the removal of petrol subsidy, attracting protests in parts of the country.
…Says Guards Brigade’s task is to protect Seat of Power
The Defence headquarters on Monday debunked allegations in an online media organization claiming that the Presidential Guards Brigade has been put on high alert following suspicious movements around the seat of power, indicating fears of coup plot.
A statement by the Acting Director of Defence Information, Brigadier Gen Tukur Gusau said, “The attention of the Defence Headquarters has been drawn to a malicious and unfounded article published online (Not Vanguard) on 25 February 2024 claiming that the Guards Brigade has been put on high alert following unusual movements, leading to suspicion of a coup plot in Nigeria.
“The publication also asserted amongst other things that the suspicion prompted emergency meeting involving President Bola Tinubu, the Chief of Staff to the President and Commander of the Guards Brigade.
“The Defence Headquarters wishes to categorically state that the allegation is totally false.
“For the avoidance of doubt, the Guards Brigade has been statutorily assigned the responsibility of protecting the seat of power (The Presidency) and by extension the Federal Capital Territory and its environs.
“Hence, it is to be noted that the Guards Brigade has always been on high alert in order to effectively executive its assigned tasks.
“It will be recalled that the Chief of Defence Staff, General Christopher Musa had in various fora reiterated the unalloyed commitment of members of the Armed Forces of Nigeria to the protection and sustenance of democracy in Nigeria.
“Therefore, the Defence Headquarters strongly condemn this unsubstantiated assertion which is just a figment of imagination of the publisher and enjoins members of the public to disregard it.
“Furthermore, the Defence Headquarters calls on relevant security agencies to immediately take appropriate action against the Sahara Reporters for this unpatriotic action.
“Meanwhile, the Defence Headquarters will seek legal redress on the issue which has the ulterior motive of creating unnecessary tension in the country.”
YORUBA Nation agitator, Mr. Sunday Adeyemo, also known as Sunday Igboho, has vowed to continue defending his people against invaders.
He said this at Igboho town during the burial service of his mother, who died last year when he was away from the country.
Recall that Igboho fled the country on July 1, 2021, when combined security agents invaded his Soka residence in Ibadan, killing two persons, while 13 of his supporters were arrested. Igboho was later arrested in Benin Republic on his way to Germany.
He was, thereafter, granted bail by the Beninoise government.
He noted that he led the protests against the killing of his people when everyone in the West remained silent.
Speaking on the invasion of his residence during the previous administration, he narrated how former President Muhammadu Buhari allegedly wanted to kill him.
He said: “Buhari wanted to kill me. Our elders and kings were all afraid to talk. They were afraid of Buhari. When the Fulani herders were killing our people, I rose against it in the South West and Nnamdi Kanu stood up against them in the East. I said one Nigeria wouldn’t work because our leaders were using deceit to govern us.”
On the need for the youths to shun violence and hooliganism while pursuing their interest, the activist said: “If we need help from our elders or traditional rulers, we should lobby them not to disregard or abuse them.”
Igboho, who briefly narrated how much he suffered at the hands of the previous government, added that all his bank accounts were frozen by the former administration.
He said: “The Nigerian government froze my entire bank accounts and destroyed my property. It was the Yoruba in the diaspora that came to my rescue. They took care of me and paid my bills saying I mustn’t suffer in vain.”
In addition, he said: “We can get what belongs to us without resorting to violence and thuggery. In all the protests I led across the South West, no one can say I killed anyone or I destroyed their property. I was peaceful. I’m not a hooligan; I can say I belong to the camp of rich men. My friends were calling me then asking what pushed me into the protests offering to give me money. But I said, it wasn’t a money issue but I wanted freedom for my people.”
Explaining he would always defend his people against attackers, he promised to support carefully selected security guards that would guard his people in their farms against attackers.
Igboho said: “I want them to go to their farms without being kidnapped, killed, maimed or raped. Our fathers and mothers can’t go to farms any longer. So, let us have our security and drive away the murderers from our farms.”
In an emotion-laden voice, he narrated how he would have loved to meet his mother alive. “My mummy died because of me. At a point, I told God never to allow those who would not want me to bury my mother win the election and God answered my prayers. I wish I met my mummy before she died”, he said.
President Bola Tinubu acted in the best interest of Nigeria with his decision to remove subsidy on petrol on his inauguration day, the presidency has said.
The presidency said Tinubu’s removal of subsidy was geared towards saving the country from economic collapse and monumental financial mess.
Secial Adviser to the President on Information and Strategy, Mr Bayo Onanuga, made this known in a chat with TheCable.
Onanuga said Nigeria was in a bad place financially and the situation compelled the president to act quickly before things got worse.
The presidential aide said this in reaction to an interview granted by a former Secretary to the Government of the Federation, SGF, Mr Babachir Lawal, who said the announcement of subsidy removal by Tinubu a few minutes after his inauguration was haphazard and fuelled by arrogance without due consultations with relevant stakeholders.
While justifying Tinubu’s action, Onanuga said Buhari did not make provision for subsidy in the 2023 budget, adding that the country was in dire financial straits.
Onanuga said: “Is Babachir still talking? Well, that is his opinion that the subsidy was hastily removed. The truth is, the subsidy was meant to be removed by the end of June 2023 according to what former president Muhammadu Buhari left behind.
“President Tinubu only announced it on May 29 on the day he was sworn in. That is to show you that something is wrong somewhere and that the nation had a problem at that time.
“What I find out is that Nigerians easily forget things, we have a short memory about things. They should cast their minds back to what happened at that period. The NNPCL was saying the government owed them N4tr of subsidy money. NNPCL was the only importer of fuel and towards the general elections; fuel scarcity was all over the country.
“Due to the scarcity, in some places, fuel was selling for about N700 – N800 before President Tinubu was sworn in. NNPCL didn’t have money to import fuel because they were being owed over N4tr by the federal government. People have easily forgotten about that.”
Onanuga said the country would have been in deeper problems if Tinubu did not act swiftly to address the situation.
“Tinubu knew the problem and that was why he made the announcement on the day of his inauguration. The language he used was ‘Subsidy is gone’ because even in the budget, there was no provision for it.
“I will challenge journalists to go and check that budget, when you look at that budget made by Buhari before leaving office, you will find out that aside no provision for subsidy, 97 percent of our income will be spent on servicing debts. If 97 percent of budget is used to service debts, what is left for Nigerians to spend?
“That 97 percent budgeted for debt servicing does not include the money the Federal Government owes the NNPCL. There were serious problems then and Tinubu just needed to do something quickly to arrest the deterioration.
“You can see what has happened in the last nine months with those measures he took. Yes, those measures are painful but they are needed to reset the economy and financials of this country. Otherwise, we would have ended into a much more disastrous situation.”
Lagos Governor, Mr. Babajide Sanwo-Olu, has reiterated his administration's commitment to providing a friendly environment for investors, particularly multinationals from the United States and Africa, to invest in the State.
He said Lagos is open and ready for investments and therefore urged foreign and local investors to see the State as an investment attractive destination, noting that his administration is willing to do what is expected of the government to create a conducive environment for business to thrive.
Governor Sanwo-Olu spoke during a courtesy visit by the Corporate Council on Africa led by its President/CEO, Ms. Florie Liser at the Lagos House, Marina, on Saturday.
He said: “The world is actually moving and it is moving very fast. And it is no longer news that if the world wants to move, Africa is where that movement can happen. For us in Lagos, we are ready and our government is open.
“We have a city to run, a massive subnational that’s bigger than some other African countries. We are striving to make the city livable, resilient and equally competitive with other cities in the world and when we see ratings and outcomes of global rankings, we are excited. What it does for us is that it makes us also work harder because nobody is slowing down.
“This government is certainly committed. We are pushing on all the verticals of our economic agenda. We are trying to make life more meaningful for our citizens. We are trying to galvanize all the opportunities that are here. Lagos is open; it is ready and it is really for people to see it, smell it, and make the right call. The call is to see it as an investment attractive destination. And whatever you want us to do as a government, we are always willing to do it.
“We are happy that you have come on a courtesy visit. We are willing to grow the partnership. My government is open and willing to engage further in whatever form that can make your members feel confident that the government is helping and willing to help investments. The number is here, people are here and the environment is here. Let us create a mutual government-to-business and business-to-government relationship.”
Speaking about his administration's achievements in line with the THEMES+ developmental agenda, Governor Sanwo-Olu said his government has intervened and created several intentional opportunities in critical areas such as public transportation, health, education, technology and entertainment.
Governor Sanwo-Olu also expressed his excitement about the Red Line rail, which is expected to be inaugurated by President Bola Tinubu on Thursday. He said he is excited that his administration, which started the project, is going to hand over the infrastructure to the public.
He said the train service, which is expected to carry hundreds of thousands of Lagosians from one destination to another, is one of the ways his government can make Lagos livable for the residents of the State.
Speaking earlier, Ms. Liser, said the Corporate Council on Africa, which is a business association with members of both United States and African multinationals, is willing to partner with Lagos State Government in energy, power, infrastructure, agro-business, technology, trade and finance, among others.
Liser, who disclosed that they are excited to be in Lagos for a trade and investment mission, commended Governor Babajide Sanwo-Olu's administration for his laudable achievements in the State, especially the Red Line project.
She also praised the State Government for focusing on fintech, health and driving investment into Lagos State.
Liser also invited Governor Sanwo-Olu to the CCA Africa business summit holding in Dallas, Texas on May 6-9 for him to address the summit on what he has done as the Governor of Lagos State.
SIGNED
GBOYEGA AKOSILE
CHIEF PRESS SECRETARY
25 FEBRUARY 2024
Governor Babagana Zulum of Borno State on Sunday, says he has done his best for internally displaced persons and vulnerable residents threatening to join terrorists in the forests.
Earlier in the week, some IDPs who lamented over the widespread hardship in the land, said they were considering joining the sect wooing them.
But while addressing some IDPS, at Mafa, on Sunday, Zulum expressed displeasure over the action, warning that those who intend to go back to the forest to realise that there is no second chance.
“Yesterday, I received a report that some IDPs in Dikwa have protested that they will return to the bush because we could not provide food to them. This afternoon, others in Mafa have also done the same,” Zulum said.
“In the last couple of years, we have consistently provided food to internally displaced and vulnerable people. Believe me, what we are doing is even beyond our capacity. In the last four years, the Government of Borno State spent nothing less than N40bn to provide food and non-food items to the people of the State.”
“No government, be it state or federal, has the capacity to provide food to everyone and let me categorically state that I cannot do more than this. The hardship we are facing is not only in Borno State, but all over Nigeria. There are economic crises in all parts of the world. No state in Nigeria is doing better in the distribution of palliative than Borno.
“We distributed food to IDPs and vulnerable communities every quarter. However, with the improvement in the security situation, we decided to reduce the number of our distribution because people have started earning their livelihood.
“Most of you here (more than 80%) now have access to agricultural land, and I believe you have cultivated your farmlands and harvested your farm products.
“Both State and Federal governments spend huge amounts of money on security. We have realised substantial progress in terms of development and terms of security. Let me be frank with you that we will not condone mischievous activities. If you think life in the bush is better than living here, you can go.”
The Governor expressed gratitude to the federal government for providing the needed support to attain substantial peace in Borno State.
A former Member of the House of Representatives, Dr Usman Bugaje, has said President Bola Tinubu’s loyalists who served with him when he was Lagos governor misled him on the post-Niger coup crisis.
Some of Tinubu’s loyalists from Lagos who are also in the presidency have been dubbed ‘Lagos Boys’.
Bugaje, who represented the Kaita/Jibaya Federal Constituency of Katsina state from 2003 to 2007 said the Lagos Boys exhibited arrogance and failed to consult experts before advising Tinubu to threaten Niger after the coup.
Recall Nigeria’s neighbouring nation, Niger experienced a coup that ousted President Mohamed Bazoum on July 26, 2023.
Gen. Abdourahamane Tchiani, who served as the commander of the Nigerien presidential guard has taken over since then.
President Tinubu, the Chairman of the Economic Community of West Africa (ECOWAS) sent a delegation to the Niger’s junta seeking the return of the democratically elected government but efforts put abortive.
The ECOWAS chair also issued threats of using military force to end the military takeover but Tchiani did not bulge.
Tinubu, after several efforts failed, closed the Niger-Nigerian border, and cut electricity, medicine, and others.
Speaking about how the Nigerian government handled the Nigerien crisis, Bugage who just returned from the coup-hit nation said Tinubu acted beyond the ECOWAS brief.
Bugaje, former House Chair on the Foreign Affairs Committee disclosed this in an interview with Trust TV.
“The social media says that ‘Lagos Boys’ know everything. So, maybe this is the arrogance they came with. They think and don’t consult; whatever it is,” Bugaje said.
“I want us to see that as a country we have violated the norms, we have done things that are far beyond the ECOWAS brief, and that has created a lot of negative reactions from Niger.”
Based on his interactions with Nigeriens when he visited their country, the ex-federal lawmaker said, “Niger is taking these things with a lot of humility and decorum; and they are still saying that despite what you people have done to us, we still see Nigerians as our brothers, we still see these colonial boundaries as artificial, not barriers.”
After the meeting over the weekend, ECOWAS has lifted sanctions imposed on the three Sahel junta-led nations – Niger, Mali and Burkina Faso.
Says Claims Are Speculative & Protests Legally Questionable
The Nigeria Labour Congress (NLC) has alleged that the government has perfected plans to launch attacks against the two-day nationwide peaceful rallies it scheduled for 27 and 28 February.
NLC President Joe Ajaero made the allegation in a statement he signed and made available to journalists on Sunday in Abuja.
In a swift response, however, the federal government has denied the allegation describing it as “speculative.”
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, said by raising the allegation, “NLC is feeling guilty in hatching its hidden agenda influenced by partisan considerations.”
Mr Onanuga who spoke to the News Agency of Nigeria (NAN) on the alleged attack, said the planned protest is illegal as it is against a subsisting order of court.
He said the NLC had a hidden agenda because most of the issues raised by labour for embarking on the protest had been addressed by the government.
Mr Ajaero in his statement titled, “As the State Prepares to Unleash Violence on us” alleged that one of the groups being primed to attack the peaceful rallies is by a nebulous name, Nigeria Civil Society Forum (NCSF).
“NCSF is one of the emergency groups put together, funded, promoted and remote-controlled by government to cause violence against our members for electing to peacefully protest against the hunger in the land.
“We would want the State to know that the solution to our horrible economic situation and hunger is not by suppressing peaceful dissent or inflicting violence on peacefully protesting citizens,” he said.
Mr Ajaero insisted that the NLC and its civil society allies were moving ahead with the protest rallies against economic hardship and insecurity in line with the decision of the National Executive Council.
“As citizens, we have a fundamental right to peaceful protest and history bears us witness that our protests are always peaceful except in instances of State-engineered violence.
“In light of this, we advise the State to put on its thinking cap and find solutions to the pains it continues to cause the people instead of further dehumanising them,” he said.
Mr Onanuga, however, insisted that the issues raised by the labour union had been addressed by the government, including the payment of a wage award of N35,000 monthly for six months.
He said the money had been paid to civil servants up till January 2024 and only that of February is outstanding.
The president’s aide said the federal government had inaugurated a 37-member Tripartite Committee on National Minimum Wage to review and come up with an acceptable and sustainable Minimum Wage for Nigerian Workers.
He said the government had made substantial financial commitments on the provision of CNG Buses and Conversion Kits.
According to Mr Onanuga, the buses will be rolled out very soon to alleviate the transportation challenges being faced by Nigerians.
More...
The Chairman of the Economic and Financial Crimes Commission, Mr Ola Olukoyede, says in less than 100 days of his assumption of office, the anti-graft agency received over 5,000 fraud petitions and recovered N60bn loot.
Of the 5,000 petitions, he said the EFCC had approved 3,000 for investigation.
President Bola Tinubu appointed Olukoyede EFCC chairman on October 12, 2023.
He replaced Abdurasheed Bawa, an appointee of ex-President Muhammadu Buhari, who was suspended, detained, and booted out of office by Tinubu.
Olukoyede, speaking on Saturday in Lagos as the guest lecturer at the 20th-anniversary lecture of the Human and Environmental Development Agenda Resources Centre, said the EFCC had recovered over N60bn and $10m, in less than four months since he assumed office.
He said, “When we set out to investigate, people see it as a fight between EFCC and the rest of us. It should not be so. How much will the EFCC do?
“How much will the ICPC do with its staff strength? I have less than 4,800 staff. I am talking of an agency that is serving people who are over 150 million.
“All we have to do is investigate and present the facts before the court. I will not be the one to give judgment. That is where we have collective responsibility. When you see something, you say something
“The issue is we are working as if we are not working. Upon my assumption of office between then and now, I have received over 5,000 petitions. I am not talking of just the one we received, but the one that we have checked and we discovered that there was substance in it. That is just for one agency, the EFCC.
“As I am talking to you I have approved the investigation of over 3,000 cases in less than four months, but what is our capacity? How many staff do we have? What resources do I have access to?
“In less than four months, we secured convictions of 700 and recovered over N60bn and over $10m.
“If I am able to recover over N60bn in less than 100 days, you can imagine how much has been stolen.
“I can tell you that for the billion that has been recovered, a trillion has been stolen.”
On his part, the Chairman of HEDA, Mr. Olanrewaju Suraju, noted that the anti-corruption fight had been challenging and urged all Nigerians to join the fight.
“We need an effective policing system with integrity, then the court must not continue to discharge persons with corruption cases still hanging on their necks,” Suraju said.
The Nigeria Customs Service (NCS) has launched an investigation following reports that a stampede during its discounted rice sale in Lagos left numerous people dead.
Eyewitnesses said chaos erupted on Friday at the Customs zonal office in Yaba as huge crowds scrambled to purchase bags of seized foreign rice being sold at N10,000 each, significantly below market cost.
In the ensuing stampede, no fewer than 7 persons were said to have been trampled to death while dozens more were injured. Customs authorities admitted the scenes were chaotic but blamed lack of patience by the crowds.
The Lagos chapter of the All Progressives Congress (APC) confirmed that one of its female members, Comfort Funmilayo Adebanjo, died in the incident while trying to buy the subsidized rice.
The rice sale was flagged off across NCS offices by the Customs boss, Col. Adewale Adeniyi (Rtd.) last week to ease economic hardship brought on by rising food costs. But the exercise has been marred by poor crowd control, casting doubts on its continuity.
Lagos Customs says it has kicked off an investigation to determine what led to the deadly stampede in Lagos to forestall a repeat as the rice sales continue in other locations.
Media
Baseless To Say NNPC Will Repay $3.3bn At $12bn — Afreximbank Says It Has 6% Interest, One Of The Best Rates
Admin
The President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank) has debunked claims that the $3.3b loan that the Nigerian National Petroleum Corporation Limited (NNPCL) acquired from the bank will be repaid with an interest rate of 12%. He said the loan is one of the best priced loans on the market with 6% margin.
Oramah revealed this in an exclusive interview with ARISE NEWS anchor, Ojy Okpe, describing the allegations of repaying the $3bn Loan with $12bn as ‘ridiculous’. He said the loan was very effective in helping FX shortage and stabilise the financial system.
During the interview, Oramah was asked about the nature of the loan, of which the NNPC has received $2.25 billion of the agreed $3 billion in a bid to stabilise Nigeria’s foreign exchange. He replied, “Well, the interest rate on the loan carries a margin of 6.0% per annum above the 3-month secured overnight financing rate (SOFR) that is the base rate which governs the cost of funds, so to say. So, if Afreximbank wants to lend money, any other person wants to lend some money, dollars, you start from there and it stays, then you add your margin. And the margin we have I think is 6%, and this loan is a seven year loan. Actually, it is one of the best priced loans in the market today.
“We’re not talking about three years ago, four years ago. We’re talking of today where interest rates have gone up, and we’re just hoping that inflation will go down globally so that rates can start going down. And in fact, if those rates start going down, the interest rate of this loan will start also going down. So that’s what I thought about it, about the pricing of the loan.
“And it’s transparent, there’s nothing to hide about it, and anybody who wants to compare it can compare it against the yields on the Nigerian bonds trading today.
Responding to Nigerians questions and misgivings regarding the loan, Oramah clarified that the loan is effective as he said, “It actually helps acute FX shortage. And you know there are things people do not know, maybe government will not be saying it, but I’m at liberty because we have a justification for doing what we did. It actually helps us stabilize the financial system.”
He went on to say, “It’s the job of government to do what they know is right actually. Of course, it’s good for the people to criticise ask questions and all that. But I just think that sometimes, people who are criticizing also have to be reasonable. You don’t have to go to the municipal and start telling stories, because if you genuinely want an explanation and you asked, for example, for us, we never got anybody right to us saying explain this to us.
“We’re not hiding anything. If anybody came and we thought we should, if it’s not a confidential matter, because everything we do is confidential. And by the way, we are not the only lender, there are other lenders. So, if it’s something that we believe we should explain, we explain.
The Afreximbank President then spoke about the Memorandum of Understanding he had signed with the Nigerian Health ministry to provide a $1 billion facility that would finance a contribution pool for private investors who want to invest in Nigeria’s health sector value chain.
Giving his reasoning behind this, he said, “I always believed that health care is human right. Every person on this earth should have access to good health care, because that is what makes you to live a wholesome life. It is not what we should just reserve for the very rich and mighty.”
‘Comparing Dire Situation In Argentina To Nigeria Wrong’ – Tinubu’s Aide Replies Atiku On State Of Economy
AdminThe Senior Special Assistant to President Bola Tinubu on New Media, O’tega Ogra, has faulted the 2023 presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, for comparing the economy of Nigeria to Argentina.
Naija News reported that Atiku had urged President Bola Tinubu to learn from the approach to economic reform taken by Argentina’s President, Javier Milei, for Nigeria’s economic reforms.
In a statement on Sunday, Atiku emphasized that Tinubu and Milei inherited a disoriented economy, but each applied different measures for recovery.
Reacting to Atiku’s statement in a post via his official X handle on Sunday, Ogra said Nigeria is not Argentina and President Tinubu is not President Milei, stating that both nations are incomparable.
The presidential aide said the economic situation in Argentina is gloomy and berated Atiku for criticizing the Tinubu administration while glorifying the dire situation in the South American country.
He asserted that President Tinubu is working hard to address the economic hardship in the country and diligently working towards a prosperous, stable, and inclusive Nigeria.
He wrote: “Respectfully, VP Atiku (1999 – 2007) sir, I come again.
“I would like to start by first saying – respectfully, that Nigeria is not Argentina, and President Tinubu is not the President of Argentina.
“To those who may be enchanted, just like our former VP, by the ‘Argentina Miracle’ he quoted, see below the January data of the situation Alh. Atiku praised and says he would have put on Nigerians – had he been 7th time lucky at his shot at the presidency which wasn’t successful.
“I, therefore, advise a closer look at the data—lest we forget that even a broken clock is right twice a day:
– Argentine Inflation Rates: Jumped to 254% in January 2024 – the highest level since 1990.
– Industrial and construction output in Argentina dropped by 12.8% and 12.2% year-on-year in December, respectively.
– Economic activity in Argentina fell 2.5% year on year according to a Reuters survey.
– Car registrations in Argentina declined by 33% year-on-year in January.
– Retail sales in Argentina fell by 25.5% year-on-year in January.
– Construction activity in Argentina decreased by 28.2% in January.
– Cement deliveries and motorcycle registrations also saw significant declines.
– Halting all public works, freezing public sector salaries and pensions, and eliminating many public subsidies, including for energy and public transportation.
– Tax Increases: Sharp rise in taxes, including import taxes.
– Real Salary Collapse: The real salary of registered private-sector workers in Argentina experienced the largest monthly drop in at least 30 years, with January’s real salaries potentially falling below the levels of the 2001 crisis
– National taxes linked to economic activity across Argentina fell between 15% and 25% annually on a real basis.
– Food sales in retail stores fell 37.1% year-on-year in January.
– Minimum Wage: The current Minimum Living and Mobile Wage (SMVM) is 156,000 pesos per month ($184), with no increase despite high inflation. At least Nigeria is reviewing its own.
– IMF Forecast for Argentina: Predicted a 2.8% recession in 2024.
“This gloomy situation above is the situation former VP Atiku says in his statement that he would have put on Nigerians – had he won. Thank you, sir, for finally telling the Nigerian people what your true plans were. Now we know – stopping salaries, a recession, > 250% inflation, no investment in social security or infrastructure was your plan for Nigerians all along.
“Koko Of The Matter: I honestly appreciate former VP Atiku’s attempt to contribute to the economic discourse, albeit through a remarkably flawed lens. As for my principal – @officialABAT President Tinubu’s administration, we will continue to roll up our sleeves, not to play the fiddle as Rome burns, but to diligently work towards a prosperous, stable, and inclusive Nigeria.
“Alhaji Atiku, your statement is perplexing. Your critique of President Tinubu’s administration, while glorifying Argentina’s dire situation, is akin to applauding the captain of the Titanic for its speed, ignoring the iceberg dead ahead I understand the allure of sensational headlines and the temptation to draw parallels where none exist, but let’s be clear: Nigeria is not Argentina, and President Tinubu is not President Milei.
“Let me be clear: President Tinubu will continue to prioritize the well-being of Nigerian citizens over the theatrics of austerity masquerading as reform.
“Thank you for indulging me once again, sir @atiku.”
[NaijaNews]