Former Vice President Atiku Abubakar has criticized President Bola Tinubu’s national broadcast delivered on Monday, describing it as deceptive, and a mere attempt to dissuade organized labour from going ahead with their planned nationwide protest.

Atiku, who spoke through his media aide, Phrank Shuaibu, accused Tinubu of removing petrol subsidy without providing a clear plan to alleviate the suffering of Nigerians who have faced economic hardships since the All Progressives Congress came to power in 2015.

The former VP questioned the feasibility of Tinubu’s proposed plans highlighted in the broadcast, such as providing N50,000 grants to small businesses, arguing that they are continuation of “failed promises” of the Muhammadu Buhari administration.

“Tinubu’s speech was hurriedly put together in order to dissuade the suffering masses and the organised labour from embarking on protests. Rather than apologise for removing subsidy without providing a cushion for the poor, he went about accusing subsidy thieves of being behind the current suffering. If he is sure of this, why hasn’t he arrested them?

“Tinubu also lied when he claimed that he had for years been an advocate of subsidy removal. This was a man who in 2012 described petrol subsidy removal as “the Goodluck Jonathan tax” and sponsored protests in Lagos State. After he dubiously got to power, he lacked imagination on how to address the issue and then removed the subsidy but without a plan,” said Shuaibu.

According to Atiku, the country’s low minimum wage should have taken place before the removal of petrol subsidy, saying “This is the height of cluelessness, putting the cart before the horse.”

“Tinubu says he will provide N50,000 (roughly $60) to 1, 300 nano businesses. This is reminiscent of the dubious trader moni and the monthly N20,000 spent on the public works programme of the last APC government which not only failed to stimulate the economy but also worsened poverty as funds went into private pockets.

“What mechanism is in place to ensure that poor Nigerians access this? The answer is none. This is nothing but deception as we shall all see in the coming weeks.”

Shuaibu further faulted the plan to give 500,000 hectares of land to farmers without first addressing the problem of insecurity.

“The Land Use Act puts lands under the purview of the governors. His so-called plan to provide 500,000 hectares is just part of the deception and a continuation of Buhari’s failed promises. Besides, just on Saturday, farmers were killed and others kidnapped in Birnin Gwari, Kaduna State. Till now, there has not been a word from the Presidential Villa.

“Most of the communities being attacked are agrarian communities which rely on farming. What sort of plan can you implement in the agric sector without first tackling insecurity?

Atiku was one of President Tinubu’s main rivals in the February 25 presidential election which the Independent National Electoral Commission (INEC) declared was won by the former Lagos governor.

President Bola Tinubu, on Monday night, addressed Nigerians on the current economic challenges the country is facing following the increase in fuel prices and forex.

Naija News reports that Tinubu, in the national broadcast, explained reasons for the policy measures he had taken to combat the serious economic challenges.

Below are eight major highlights from Tinubu’s speech.

1. President Tinubu reiterated that the subsidy was for the benefit of the masses, stressing that the subsidy cost the country trillions of Naira yearly. A vast sum of money should be spent on public transportation, healthcare, schools, housing and even national security. Instead, it was being funnelled into the deep pockets and lavish bank accounts of a select group of individuals.

2. Tinubu noted that the immediate-past administration saw the looming economic danger but made no provision in the 2023 Appropriations for subsidy after June this year.

Notwithstanding the situation, he is committed to reforming the economy for the long-term good by fighting the major imbalances that had plagued the country’s economy.

3. In the bid to strengthen the manufacturing sector and create good-paying jobs, Tinubu said the Federal Government would spend N75 billion between July 2023 and March 2024.

He said the objective is to fund 75 enterprises with great potential to kick-start sustainable economic growth, accelerate structural transformation and improve productivity and each of the 75 manufacturing enterprises will be able to access N1 Billion credit at 9% per annum with a maximum of 60 months of repayment for long-term loans and 12 months for working capital.

4. The president also revealed plans to fund micro, small and medium-sized enterprises with N125 billion.

5. In an attempt to ensure that food remains affordable, Tinubu also ordered the release of 200,000 Metric Tonnes of grains from strategic reserves to households across the 36 states and FCT to moderate prices.

6. On transportation, President Tinubu also revealed plans to roll out buses across the states and local governments for mass transit at affordable rates.

He also said the Federal Government had made provision to invest N100 billion between now and March 2024 to acquire 3000 units of 20-seater CNG-fuelled buses.

7. He said there are plans underway in collaboration with the Labour unions to introduce a new national minimum wage for workers.

8. Tinubu added that his administration had saved over a trillion Naira that would have been squandered on the unproductive fuel subsidy, which only benefitted smugglers and fraudsters.

The Northern Elders Forum (NEF) has urged President Bola Ahmed Tinubu to act fast in savings millions of Nigerians from the current starvation and hardship experienced by citizens.

NEF gave the advice on Monday in a statement through its director of publicity and advocacy, Dr. Hakeem Baba-Ahmed.

NEF said it became necessary to speak especially at a time when the president is forming his cabinet so that Nigerians will see improvements in the manner decisions and plans of the administration are being handled.

Part of the statement reads: “We believe that the administration has erred in embarking on major decisions before it even took its first faltering steps. Attempts to correct mistakes have not been very successful, and these have been made worse by the barrage of plans and policies being hinted at, which will make life even more intolerable for the Nigerian. Where efforts have been made to correct mistakes, they appeared too hastily decided and will, in the long term, do little to relieve the desperate challenges of daily living of Nigerians.

“Next the administration must hasten to provide relief to millions of Nigerians who are facing imminent starvation and total loss of any means to earn an honest living.”

The group also expressed doubt over palliatives given to state governors, saying that, “The amounts being handed over to State Governors to design palliatives are unlikely to make the type of impact that should keep hungry and desperate population patiently waiting”.

It further advised President Tinubu to cultivate the values of respect for the citizen and adopt flexible policies going forward while urging Nigerians to be patient with the administration, and, at all cost, avoid illegal actions that will worsen the current situation.

The organised labour on Monday maintained the stand to proceed with its planned protest over the removal of petroleum subsidy.

The President of the Nigeria Labour Congress (NLC), Joe Ajaero, spoke with State House reporters after another round of meeting of the Presidential Steering Committee on Palliatives at the presidential villa, Abuja.

He said the plan for workers to proceed on a peaceful protest from Wednesday has not changed.

Ajaero, who dismissed fears that the peaceful protest could be hijacked by hoodlums, said such had never happened in the history of workers’ protest.

He, however, said it was the responsibility of security agencies to provide security for the protest to protect the workers.

The NLC boss also expressed doubts about President Bola Ahmed Tinubu’s ability to control inflation and gasoline prices due to the unification of the exchange rate.

He said the meeting of the Steering Committee adjourned till 12noon on Tuesday to enable the labour leaders to listen to the president’s national broadcast on Monday.

Reacting to Tinubu’s plan to intervene on exchange rate over inflation and high cost of gasoline prices, Ajaero said:

“By the time you have a single market and you are not having anything that has a comparative advantage, your energy is import driven, then how are you going to control it? How are you going to control somebody that exchanged dollar at about 900 (naira)? Are you going to tell him to sell below the price?

“How are you going to tell even NEPA today, with the cost of production not to increase tariff? Even corn in the villages that was sold at N18,000 by February, now it’s about 56,000. How are you going to control it?”

On his side, the Chief of Staff to the President said that issues were trashed at the closed door meeting and that they adjourned to listen to the President broadcast.

He also said the government was dealing with the oil cabals that have brought the economy to its knees.

“We have been locked behind for a couple of hours, we had a good meeting, issues were thrashed out on the situation in Nigeria today in terms of issues centred around on government intervention on the situation in the country.

“We agreed to adjourn till tomorrow as you know Mr. President is making a national broadcast today. Based on what we anticipate that Mr. President will be telling Nigerians we decided to adjourn meeting till 12pm tomorrow before labour can decide whether or not they want to continue with the protest on Wednesday.

“But we believe that after tonight broadcast, President will speak to all the issues, he will roll out his interventions and needles to say we believe any reasonable person will tell you that at that point there will be no need for any protest.”

On why government did not roll out palliatives before announcing the stoppage of petrol subsidy, he said the previous government did not budget for subsidy and that President Tinubu was rolling out palliatives to cushion its effect on the people.

Asked whether the oil cabals were more powerful than the security and government, he said, “Yes they are and that’s what government is dealing with. First of all remove the subsidy, that’s the first step.”

Also speaking, the National Security Adviser (NSA), Malam Nuhu Ribadu, pleaded with the organised labour to give the administration little chance to fix the battered economy.

He said President Tinubu inherited a bad economy that he is working hard to fix.

“The meeting was an opportunity for us to appeal to the labour leaders by extension Nigerians that we are facing difficulties and challenges that are not our making. We inherited a very bad situation. Most of the problems people are talking about are not a creation of this government. This government is barely two months old and since we have been facing these difficulties and challenges, we have a listening and engaging President, a president who will want to have a conversation and react.

“He is truly, genuinely, honestly doing it. Our appeal is please Nigerians give us the support that is needed and required, we are working, we are trying to change things. We inherited a very bad situation, we are trying to stop all those things we witnessed in the past, we are trying to stop the killings, stop the attacks on trains, stop attacks on prisons, stop IPOB what they are doing, stop bandits, stop Boko Haran,” he said.

The organised labour had walked out of the meeting on Friday last week, claiming that there was no top government officials to negotiate with them.

Monday’s meeting was attended by were Ajaero, his counterpart from TUC, Festus Osifo; the General Secretary of NLC, Comrade Emma Ugbaja; the TUC Secretary, Nuhu Toro and other members of the organised labour delegation including Prof. Sam Amadi.

From the side of government were the Chief of Staff to the President, Femi Gbajabiamila; Permanent Secretary, Ministry of Labour and Employment, Kachollom Daju; the Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari and the Special Adviser to the President on Energy, Olu Verheijen among others.

President Bola Ahmed Tinubu has said he is aware Nigerians are being hurt by the effects of fuel subsidy removal on cost of living.
The president said he wished there were other paths to toe to turn around the country’s economy without removing fuel subsidy, but there was none.

Tinubu, who made these remarks during a nationwide broadcast on Monday, however said he did not mean to hurt the masses, adding steps were being take to ease the pain.

He said, “Our economy is going through a tough patch and you are being hurt by it. The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle. Things seem anxious and uncertain.

“I understand the hardship you face. I wish there were other ways. But there is not. If there were, I would have taken that route as I came here to help not hurt the people and nation that I love.

“What I can offer in the immediate is to reduce the burden our current economic situation has imposed on all of us, most especially on businesses, the working class and the most vulnerable among us.

“Already, the Federal Government is working closely with states and local governments to implement interventions that will cushion the pains of our people across socio-economic brackets.”

The President said he signed four Executive Orders in keeping earlier this month in line with his electoral promise to address unfriendly fiscal policies and multiple taxes stifling the business environment.

He noted that the Executive Orders on suspension of some taxes would provide the necessary buffers and headroom to businesses in the manufacturing sector to continue to thrive and expand.

“To further ensure that prices of food items remain affordable, we have had a multi-stakeholder engagement with various farmers’ associations and operators within the agricultural value chain.

“In the short and immediate terms, we will ensure staple foods are available and affordable. To this end, I have ordered the release of 200,000 Metric Tonnes of grains from strategic reserves to households across the 36 states and FCT to moderate prices. We are also providing 225,000 metric tonnes of fertilizer, seedlings and other inputs to farmers who are committed to our food security agenda.

“Our plan to support cultivation of 500,000 hectares of farmland and all-year-round farming practice remains on course,” the President added.

President Bola Ahmed Tinubu has approved N50 billion for small businesses.

The president announced this in his nationwide broadcast on the state of the economy.

He appealed to Nigerians to bear the pains associated with removal of fuel subsidy, assuring them that things would pick up.

“Our administration recognises the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth. We are going to energise this very important sector with N125 billion.”

“Out of the sum, we will spend N50 billion on Conditional Grant to 1 million nano businesses between now and March 2024. Our target is to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country.

“Ultimately, this programme will further drive financial inclusion by onboarding beneficiaries into the formal banking system. In like manner, we will fund 100,000 MSMEs and start-ups with N75 billion. Under this scheme, each enterprise promoter will be able to get between N500,000 to N1million at 9% interest per annum and a repayment period of 36 months.

“To further ensure that prices of food items remain affordable, we have had a multi-stakeholder engagement with various farmers’ associations and operators within the agricultural value chain.”

The Presidential Steering Committee on Palliatives, comprising the Nigeria Labour Congress (NLC), the Trade Union Congress (TUC) and the Federal Government has resumed its meeting at the Chief of Staff Conference Hall, Aso Rock Presidential Villa, Abuja.

The organised labour had on Friday walked out of the meeting, claiming that there was no top government officials to negotiate with them.

Daily Trust reports that the botched meeting was to take briefing from three subcommittees of mass transit, the CNG and cash transfer which the government had proposed to cushion the effect of the subsidy removal.

In attendance at Monday’s meeting were President of the NLC, Comrade Joe Ajaero, his counterpart from TUC, Festus Osifo, the General Secretary of NLC, Comrade Emma Ugbaja, the TUC Secretary, Nuhu Toro and other members of the organised labour delegation including Prof. Sam Amadi.

From the side of government were the Chief of Staff to the President, Femi Gbajabiamila, Permanent Secretary, Ministry of Labour and Employment, Kachollom Daju, the Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Mele Kyari and the Special Adviser to the President on Energy, Olu Verheijen among others.

The Senate on Monday resolved to meet with the Federal Government and the Nigeria Labour Congress (NLC) to stave off the impending nationwide strike.

This followed the adoption of a motion of urgent national importance sponsored by Senator Sulaiman Kawu at the plenary in Abuja.

The NLC had last week gave the federal government a seven-day ultimatum to reverse the decision on fuel subsidy removal or face a nationwide strike beginning from August 2.

This followed the recent increase in fuel pump price from N500 to N617 per litre by marketers.

Kawu had in his lead debate warned the strike would have a devastating effect on the nation’s economy if allowed to go ahead.

Other lawmakers including Senators Seriake Dickson and Olamilekan Adeola asked for calm and appealed to NLC to shelve the strike in the interest of Nigerians.

Solomon urged the organized labour to give the federal government more time to implement the measures aimed at cushioning the effects of the fuel subsidy removal on Nigerians.

In his remark, the Senate President, Godswill Akpabio, urged the state governments to work with the local councils in order to ameliorate the sufferings of the people.

[RipplesNigeria]

President Bola Tinubu says the federal government and the labour unions are working to determine a new minimum wage threshold for Nigerian workers.

According to Tinubu who spoke in a national broadcast on Monday, the federal government would make budgetary allocations for the implementation of the new minimum wage as soon as an agreement is reached by the parties involved.

More to follow…

[TheCable]

In a bid to help Lagos residents cope with the effects of fuel subsidy removal, Governor Babajide Sanwo-Olu has announced palliatives.

With effect from Wednesday, there will be a 50% reduction on Lagos buses.

Sanwo-Olu has also approved a 25% reduction in yellow buses fees, which will be officially announced by their union.

A tweet from the governor’s media aide, Jubril Gawat, read: “FLASH: Governor of Lagos State, Mr @jidesanwoolu has announced Palliatives to cushion the effect of the Fuel subsidy removal: – 50% reduction on Lagos Buses from Wednesday.

“25% reduction in yellow buses fees which will be announced officially by their body.”

[DailyPost]