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JUST IN: Tinubu, Jonathan, Buhari attend inaugural Council of State Meeting
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JUST IN: Tinubu, Jonathan, Buhari attend inaugural Council of State Meeting

by Sopuru Sopuru
written by Sopuru Sopuru 2 minutes read

President Bola Tinubu is currently presiding over the Council of State meeting at the Aso Rock Villa’s Council Chambers in Abuja. This marks the first Council of State gathering under Tinubu’s leadership, with former Presidents Goodluck Jonathan and Muhammadu Buhari attending in person. Former Heads of State General Yakubu Gowon (retd.) and General Abdulsalami Abubakar (retd.) are participating virtually, alongside the governors of Abia, Adamawa, and Akwa Ibom States.

The meeting, which commenced at 12:35 pm local time, opened with the national anthem and pledge. It comes 18 months after the Council last convened in February 2023 under former President Buhari, where discussions centered around the 2023 elections, the new naira policy, and fuel scarcity.

This session of the Council of State is set to address several pressing national concerns, including the recent #EndBadGovernance protests, economic issues, food security, and national security. Sources familiar with the agenda revealed that seven key topics will be discussed, ranging from the impact of nationwide protests on national security to strategies for ensuring food availability and affordability.

President Tinubu is expected to present on various topics, including consolidating gains in the solid minerals sector, renewed hope in budgeting and planning, road infrastructure, and developing a strong industrial base for economic growth. However, relevant ministers will make these presentations on the President’s behalf. The National Security Adviser, Mr. Nuhu Ribadu, will brief the Council on the security implications of the protests, while the Minister of Agriculture and Food Security, Abubakar Kyari, will address food security issues. Other ministers, including the Minister of Solid Minerals Development, Mr. Dele Alake, the Minister of Budget and Economic Planning, Abubakar Bagudu, the Minister of Works, David Umahi, and the Minister of Industry, Trade and Investment, Dr. Dorris Uzoka-Anite, will also contribute.

The National Council of State is a constitutional advisory body in Nigeria, comprising the President, Vice President, all former Presidents and Heads of State, former Chief Justices, and key government officials. The Council advises the executive on national security, economic policies, and the appointment of key public officials, guiding the President in making crucial decisions.

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UPDATE: Peter Obi Reacts to Jos School Building Collapse
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Peter Obi Criticizes Cybersecurity Levy as Excessive

by Sopuru Sopuru
written by Sopuru Sopuru 2 minutes read

The presidential candidate of the Labour Party, in the 2023 general election, Peter Obi, has described the newly introduced cyber security levy by the President Bola Tinubu-led Federal Government, as one tax too many.

Expressing his concerns on Twitter, the former Anambra State governor highlighted the detrimental impact of the new tax on Nigerians facing severe economic hardships. He criticized the government’s approach, stating that instead of fostering economic recovery and growth, it chooses to impose additional financial burdens on citizens.

Obi argued that the cybersecurity levy, imposed on bank transactions, adds to the already existing taxes on banking activities, such as stamp duties, further straining businesses and individuals. He emphasized that such policies contradict the government’s pledge to streamline the tax system and reduce the tax burden on citizens.

Furthermore, Obi raised questions about the rationale behind taxing trading capital, which could further deplete businesses’ already diminished capital, exacerbated by currency devaluation and high inflation rates.

New Cybersecurity Levy in Nigeria: Key Details

He emphasized that expecting citizens to fund all government activities separately is unreasonable and ultimately impoverishes them, while also making the country’s economic environment less competitive.

Obi criticized the timing of introducing new taxes, particularly amidst efforts to combat inflation, and questioned the involvement of the National Security Agency (NSA) in revenue collection, as outlined in the cybersecurity law.

His remarks underscore the growing concerns among stakeholders regarding the government’s taxation policies and their implications for economic recovery and citizen welfare.

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UPDATE: Shelve Planned Protest - Bola Tinubu Begs Nigerians
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North Issues Warning to Bola Tinubu Amidst Rising Hardships

by Ikem Emmanuel
written by Ikem Emmanuel 2 minutes read

The North has issued a stark warning to President Bola Tinubu’s government, expressing grave concerns over the escalating hardships faced by Nigerians. As the country grapples with soaring inflation, food shortages, and rampant insecurity, the North has sounded the alarm, cautioning that failure to address these pressing issues could lead to dire consequences.

In a recent statement, representatives from the North highlighted the dire economic situation gripping the nation. With the value of the Naira plummeting and the cost of living skyrocketing, Nigerians are facing unprecedented challenges. The North specifically pointed to the alarming rise in fuel prices, food shortages, and the exorbitant exchange rate of the dollar, which has reached an alarming 1700 Naira for 1 USD.

Escalating Insecurity and Hardship:

The North also raised concerns about the escalating insecurity plaguing the country. Kidnappings have become rampant, and Nigerians live in fear as criminal elements continue to wreak havoc across the nation. The North emphasized the urgent need for effective measures to address the high level of insecurity and restore peace and stability to the region.

Nigerians Should Endure Sufferings From Subsidy Removal For Better Tomorrow – Tinubu

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North Warning of Military Intervention:

Amidst these mounting challenges, the North issued a chilling warning that if President Bola Tinubu’s government fails to take decisive action, the military could be compelled to intervene. The North expressed fears that the worsening economic hardships and security crisis could create a volatile situation that threatens the stability of the nation.

In light of these grave concerns, the North called on President Bola Tinubu and his government to urgently address the pressing issues facing the nation. Immediate action is needed to alleviate the hardships faced by Nigerians, restore economic stability, and ensure the safety and security of all citizens.

LATEST: Nigerian Citizens Need To Defend Themselves – Afenifere Reveals

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Conclusion:

The warning issued by the North underscores the urgency of the situation facing Nigeria. With the nation grappling with unprecedented challenges, President Bola Tinubu’s government must take swift and decisive action to address the pressing issues of economic hardship, insecurity, and instability. Failure to do so could have dire consequences for the nation’s future.

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Peter Obi Laments Security, Economy, Corruption Worsening Under Tinubu Govt
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Peter Obi Laments Security, Economy, Corruption Worsening Under Tinubu Govt

by Victor Ndubuisi
written by Victor Ndubuisi 2 minutes read

According to Peter Obi, since Tinubu assumed office, Nigeria’s security, economy, and level of corruption have all declined under the current administration.

The former governor of Anambra State criticised the current administration for failing to improve the nation’s situation in three crucial areas: security, economy, and corruption (SEC). The governor expressed deep concern over the rising levels of violence and insecurity in Nigeria, especially in the Federal Capital Territory, Abuja, in recent times.

Former President Muhammadu Buhari had pledged to address these similar issues during his 2015 campaign. But Obi drew attention to the fact that under Buhari’s eight years in office, the situation deteriorated in all three sectors, and it has proceeded in that direction under the current administration.

UPDATE: Peter Obi Is Really Crossing The Line – APC

Sen. Kashim Shettima, the vice presidential candidate at the time, had pledged that if the APC was elected, he would oversee security while the president would handle the economy. Obi brought this up in a recent tweet on X (formerly Twitter). The event was held in Lagos in August of 2022.

Obi pleaded on the present leaders to keep their election-related commitments. “We want to see 100% effort, even if they do not achieve 100% results,” he said.

In addition, he demanded that government representatives cancel any overseas travel until the homegrown issue is resolved. He maintained that the nation’s existing situation deters international investment.

He also underlined the necessity of making real attempts to stop the escalation of violence and insecurity in Nigeria. “To make any meaningful progress, we must make sincere efforts to end the spread of violence and insecurity in our nation,” he said.

 

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Subsidy Removal: Federal Workers Asks Tinubu To Investigate Delay In Payment Of Wage Award
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President Bola Tinubu Appoints New Leadership in Marine and Blue Economy Sector

by Ikem Emmanuel
written by Ikem Emmanuel 2 minutes read

In a significant move within Nigeria’s maritime and blue economy sector, President Bola Tinubu has announced the appointment of two distinguished professionals to key leadership positions. Munirudeen Oyebamiji has been appointed as the Managing Director/Chief Executive Officer of the National Inland Waterways Authority, while Mr. Akutah Ukeyima will serve as the Executive Secretary/CEO of the Nigerian Shippers’ Council.

These appointments come following the recommendations of the Minister of Marine and Blue Economy, Adegboyega Oyetola, aligning with the commitment to further enhance the nation’s marine and blue economy sector.

Munirudeen Oyebamiji, a seasoned economist with over 28 years of industry experience, brings a wealth of knowledge to his new role. He holds a Master’s degree in Public Administration and Business Administration, with a background in Banking and Finance. Oyebamiji has had a distinguished career, starting in the private sector at the Osun State Investment Company Limited before assuming the role of Osun State Commissioner of Finance, where he served diligently for eight years.

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Mr. Akutah Ukeyima, on the other hand, holds a degree in Law and a Master’s degree in Public International Law from Ahmadu Bello University in Zaria. He most recently held the position of Head of the Central Authority Unit for International Cooperation in Criminal Matters at the Office of the Attorney-General of the Federation. Ukeyima’s background in law and international relations equips him to take on his new role.

President Tinubu has entrusted both appointees with the important task of faithfully implementing the policies and programs of the Honourable Minister. Their work will contribute to the expeditious and efficient advancement of bolstered revenues and investments, aligning with the Renewed Hope Agenda’s Blue Economy strategy.

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Nigeria’s Economy Sounds Warning Bells in New Stability Index

by Ikem Emmanuel
written by Ikem Emmanuel 2 minutes read

Nigeria’s economy is facing a “warning” signal, says a new index that looks at political stability risks in 47 African countries. This index, called the Africa Country Instability Risk Index (ACIRI), was created by SBM Intelligence, a research and risk consultancy firm in Nigeria.

According to the ACIRI, Nigeria scores 60% in the “Economy” category, which isn’t a good sign. This index uses factors like ethnic tensions, history of coups, and economic diversity to rank countries in terms of stability, with categories ranging from ‘Red Watch’ to ‘Safe.’

The report highlights some of Nigeria’s economic challenges, including high poverty rates, currency instability, and problems with debt sustainability.

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This index is crucial for businesses and investors because it shows how vulnerable a country is to political instability. With 2023 being a year when many African countries have faced political challenges, the ACIRI becomes a valuable resource for anyone doing business in Africa.

In this index, factors are divided into Leadership and Governance, Economy, Geopolitics, and History. The higher the score, the higher the political risk for businesses. So, for Nigeria’s economy, the warning sign is something to watch out for.

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Civil Servants Have Power To Decide Election Winners – Tinubu
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Afenifere Urges Tinubu To Concentrate On Security And Economy

by Echezona obinna
written by Echezona obinna 2 minutes read

When he becomes office, Bola Tinubu should prioritise the economy and security, according to Chief Reuben Fasoranti, the head of the pan-Yoruba socio-political organisation Afenifere.

Fasoranti bemoaned the worsening state of the nation’s economy and insecurity, arguing that the president-elect must act quickly to address these issues, notably by creating jobs for young people all around the nation.

The guidance was provided by the Afenifere leader in a statement released on Wednesday by his administrative secretary, Chief Oladiran Adesua.

He said, “The security situation in the country has worsened over the last few years with Nigerians unable to travel freely on our roads and even railways, they equally feel unsafe in their homes and farms; Nigeria has never known this level of insecurity before.

Afenifere Youths Promise Five Million Votes To Peter Obi, Dump Tinubu

“I however want to appreciate the efforts of the South-West governors and other state governors who rose up to the challenge with the introduction of Amotekun and other security initiatives to combat this menace. I once again wish to call on the President-elect to make security a priority immediately after he assumes office on May 29, 2023.

“Equally important is the issue of our economy which I believe requires urgent attention. We must immediately stem the worsening rate of unemployment in the land to curb the rising youth restiveness in different parts of the country On Saturday 18th March 2023, Nigerians will be going to the polls to elect new governors in some states and members of Houses of Assembly across the thirty-six states of the federation, I, therefore, wish to repeat our call for calm and peaceful conduct by the electorate before, during and after the elections.”

The nonagenarian elder statesman commended the Lagos State Governor, Mr Babajide Sanwo-Olu, over his achievements in the office.
He called on the people of the state to go “out en-masse on Saturday to cast their votes for Sanwo-Olu,” who is the candidate of the All Progressives Congress in the state.

 

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Forex Influxes Into Nigeria’s Economy Drop 40% To $26bn

by Mercy Ulasi
written by Mercy Ulasi 2 minutes read

Inflows of foreign currency into the Nigerian economy decreased year over year by 40%, from $44.01 billion in the first 11 months of 2021 to $26.32 billion in the first 11 months of 2022 (11m’22).
Statistics from the Central Bank of Nigeria, CBN, Monthly Economic Report indicated that overall foreign exchange intake into the economy was $63.57 billion, reflecting a 26 percent fall compared with $86.34 billion in 11m’21.

The information also revealed that foreign exchange outflow YoY decreased by 2% to $37.2 billion in 11/22 from $37.96 billion in 11/21, a decrease of 2%.
Outflows through the CBN increased by 2.14 percent to $30 billion in November of 22 from $29.37 billion in November of 22.

See How Much Dollar Exchange To Naira Today 14 October 2021

In the report the CBN noted that on a monthly basis, net inflows through it rose by 16 percent to $2.02 billion in November 2022, from $1.74 billion in October 2022.

It stated: “Foreign exchange inflow through the Bank increased by 24.3 per cent to $2.00 billion, from US$1.61 billion in October, while outflow rose by 8.6 per cent to $2.38 billion, from $2.19 billion in October.
“Similarly, autonomous inflow increased by 15.6 per cent to US$3.01 billion, from $2.60 billion in the preceding month, while autonomous outflow also increased to $0.61 billion, from $0.28 billion in October.

“A net inflow of $2.39 billion was recorded through autonomous sources, compared with $2.32 billion in the preceding month.
“The CBN recorded a net outflow of $0.38 billion, compared with $0.58 billion in the preceding month.”

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UPDATE: Uzodinma Dumps Deputy, Picks Another Running Mate
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Imo Government Plans To Use Tourism To Bolster Economy

by Echezona obinna
written by Echezona obinna 2 minutes read

The Imo State Government has made public its plans to use tourism to grow the state’s economy.
Jerry Egemba, the state commissioner for tourism, reaffirmed the commitment of the government to the development of tourism in the state and its openness to welcome investors in the sector during a webinar on Saturday titled “Opportunities in tourism in Imo State,” which was organized by Prof Kenneth Amaeshi, the chief economic adviser to the state government.

Imo has a long history of being a hub for tourism, according to Egemba.

He discussed how the growth of hotel businesses was a result of tourism helping the state’s hospitality industry, and how additional investments in the industry would create job possibilities for young people among other locals.

According to him, I have never seen a government more committed to tourism than the present administration of Governor Hope Uzodimma.
“Talking about investment, we want to turn the Nworie River into a tourism centre, and that is ongoing,” he said.

Tourism Development Key To Economic Growth – NUJ

The commissioner envisaged a situation whereby a lot of Imo indigenes would be coming home to see interesting tourist centres as he noted it was already happening.
Also speaking, one of the panelists, Osiagwu Chikezie, identified “attraction, activities, amenities, accommodation and accessibility” as important components to boost tourism.

Another key component identified during the webinar is transportation, being a complementary factor to tourism, as it determines both accessibility and employment opportunity.
Other panelists at the programme were: Head, Branding and Standardisation, Corporate Affairs, Niger Delta Development Commission, Clara Braide; General Manager, Uchemec Group of Companies, Owerri branch, Igbo Queen, and Chief Executive Officer, Creative Niger Radio, Frank Meke;

 

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2023 Presidency: Osinbajo Campaign Posters Flood Ibadan
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Osinbajo: Immediate Action Required On Economy And ASUU Strike

by Echezona obinna
written by Echezona obinna 2 minutes read

According to Vice President Yemi Osinbajo, SAN, Nigeria must move quickly on pressing issues including the economy and the current Academic Staff Union of Universities strike.

The vice president made this statement when receiving the APC governors on Tuesday in his office at the presidential villa as part of a felicitation visit as he recovered from surgery last month, according to a statement made available by the vice president’s media adviser, Lolu Akande.

Osinbajo welcomed the governors and thanked them for their presence and well wishes.

The VP also commended the expertise of Nigerian doctors and the availability of cutting-edge medical facilities existing in the country. But he regretted that doctors were restrained by regulations from advertising and as a result, many people were unaware of the level of quality medical services available locally.

IPOB Asks Southern Leaders To Stop Begging For Nnamdi Kanu Release

During the brief interaction that followed at the meeting, important national issues were also raised especially regarding the economy and the ASUU strike.

The Vice President and the governors were said to have agreed to engage these and other pressing issues further with a view to bringing urgent resolution for the benefit of the Nigerian people.

“We all need to work together on these critical issues. We need to think through things, and we need to do it fast,” Osinbajo was quoted to have said.

Present at the meeting were Governors, Atiku Bagudu of Kebbi State; Kayode Fayemi of Ekiti State; Simon Lalong of Plateau State; Babajide Sanwo-Olu of Lagos State; Muhammad Badaru Abubakar of Jigawa State; Abdulrahman Abdulrazaq of Kwara; Abubakar Sani Bello of Niger State; Dapo Abiodun of Ogun State; Abdullahi Sule of Nasarawa, and the deputy governor of Ebonyi State, Kelechi Igwe.

 

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