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The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has confirmed that the federal government would impose 15 percent Value Added Tax (VAT) on luxury goods, adding that total subsidy removal became effective last month.
Fielding investors’ questions at a meeting on the sidelines of the on-going IMF/World bank Annual Meetings in Washington DC, he said that a bill before the National Assembly would bring about a situation where rich Nigerians would pay VAT rate that would increase over time to 15 percent.
He clarified, however, that the poor and vulnerable will pay less or zero VAT on essential goods.
According to him, the list of such essential goods that would attract zero VAT would be made available to the public in due course.
His words: “In terms of VAT, the commitment of President Bola Tinubu is that while implementing difficult and wide-ranging but necessary reforms, the poorest and most vulnerable will be protected.
“And in the case of VAT, it is a very efficient tax for reasons well-known but it is also a tax that is targeted. So the bills going through the National Assembly in terms of VAT will raise VAT for the wealthy on luxury goods while at the same time seeking to exempt or seek a zero rate for the essentials and for what the poor and the average persons will purchase.
“Those bills will single items for zero rate of VAT while hitting luxuries with a higher rate of VAT.”
Edun was optimistic that the oil sector was set to increase the accretion of foreign exchange (FX) into the market, as according to him, oil production was being ramped up with better security in the oil-producing areas and new investments, especially those announced by Total and ExxonMobil.
He also said that total removal of fuel subsidy became effective in September 2024.
“Savings from fuel subsidy savings would become more impactful on the economy going forward, the complete fuel subsidy became effective only last month,” he stated.
[Vanguard]
Staff members of Nigeria’s Federal Ministry of Education have shed light on issues that led to President Bola Tinubu’s decision to dismiss Prof. Tahir Mamman from his role as Minister of Education.
Prof. Mamman, along with four other ministers, was removed from office on Wednesday.
The other dismissed officials include Barr. Uju-Ken Ohanenye (Minister of Women Affairs), Lola Ade-John (Minister of Tourism), Abdullahi Muhammad Gwarzo (Minister of State for Housing and Urban Development), and Dr. Jamila Bio Ibrahim (Minister of Youth Development).
Speaking with SaharaReporters, a ministry insider suggested that Mamman’s removal was partly due to his alleged refusal to settle longstanding salary arrears owed to certain ministry employees.
“About a month or two ago, it was widely reported that he was among the least performing ministers. Many years of arrears remain unpaid despite numerous promises,” the source disclosed, noting that frustrated employees had staged protests over unpaid wages.
Another factor reportedly contributing to his dismissal involves Mamman’s alleged attempt to install Prof. Aisha Maikudi, the Acting Vice Chancellor of the University of Abuja, as the university’s permanent Vice Chancellor.
The insider explained, “The appointment of an unqualified Vice Chancellor might also have contributed to his removal. If news of the improper process reaches the public, it will expose deep-rooted issues in the ministry.”
SaharaReporters previously reported that the University of Abuja’s Governing Council had allegedly sought to make Prof. Maikudi the permanent Vice Chancellor, despite her reportedly not meeting all qualifications.
Sources indicated that the council had relaxed criteria to facilitate her selection, raising questions over transparency.
Further revelations suggest that former Vice Chancellor Abdul-Rasheed Na’Allah may be behind the push for Maikudi’s appointment, reportedly to repay a longstanding debt of gratitude to her father, who had previously supported Na’Allah’s controversial appointment as VC five years ago.
Investigation found that the university’s advertisement for the position omitted the typical post-professorial experience requirement, making Prof. Maikudi, who attained her professorship in 2022, eligible for consideration.
Vice-President Kashim Shettima’s trip to the 2024 Commonwealth Heads Of Government (CHOGM) summit in Samoa has been aborted.
Bayo Onanuga, the president’s special adviser on information and strategy, said the cancellation was due to damage to the vice-president’s aircraft.
Onanuga said in a statement late on Thursday that a “foreign object” damaged the cockpit’s windshield.
He said the incident occurred during a stopover at the John F. Kennedy International Airport in New York.
“President Tinubu, acting promptly, has approved a ministerial delegation to represent Nigeria at the summit in the Samoa capital of Apia while the plane’s repair has commenced,” Onanuga said.
“The delegation, which will now represent Nigeria at the 2024 Commonwealth Heads Of Government Meeting (CHOGM) in Samoa, is being led by the minister of environment, Balarabe Abass Lawal.”
Onanuga said the vice-president and Yusuf Tuggar, the foreign affairs minister, have left New York for Nigeria.
TheCable had reported that President Bola Tinubu directed Shettima to lead Nigeria’s delegation to the summit.
The theme of this year’s summit is resilience, unlocking potential, leveraging the Commonwealth advantage, and fostering a connected, digital Commonwealth for member countries.
Shettima was expected to participate in the People’s Forum, engage with global leaders on development issues, and attend bilateral meetings and executive sessions.
The summit which began on October 21 is billed to end on October 26.
[TheCable]
Nigeria’s total public debt stock surged by N12.6tn in three months to N134.3tn ($91.3bn) by the end of the second quarter of 2024, The PUNCH reports.
This is a 10.35 per cent increase from the N121.7tn ($91.5bn) recorded in the first quarter of this year.
The rise has been attributed primarily to the devaluation of the naira, according to an official document seen by The PUNCH, which was presented at a session on the sidelines of the World Bank/IMF annual meetings in Washington DC as Nigeria hosted foreign investors.
The document stated, “In Q2 2024, the debt stock grew in naira terms to N134.3tn ($91.3bn) from N121.7tn ($91.5bn) in Q1 2024, driven mainly by exchange rate devaluation. The dollar amount of debt was roughly the same.”
Although it looked like Nigeria’s debt is reducing in dollar terms, The PUNCH observed that there was an increase of N5.55tn or 8.45 per cent in domestic debt, from N65.65tn in Q1 2024 to N71.2tn by Q2 2024.
Also, there was an increase of $780m in external debt from $42.12 bn in the first quarter of this year to $42.9bn by June 2024.
The document seen by The PUNCH showed that domestic debt continued to dominate Nigeria’s public debt portfolio in Q2 2024, accounting for 53 per cent of the total debt stock at N71.2tn ($48.4bn).
External debt made up 47 per cent, amounting to N63.1tn ($42.9bn).
The document also showed that Nigeria’s debt-to-GDP ratio has exceeded 50 per cent.
It also showed that FGN Bonds represented 78 per cent of the domestic debt, affirming the government’s reliance on local bond markets for financing.
Other domestic instruments include Nigerian Treasury Bills, Savings Bonds, Sukuk, Promissory Notes, and Green Bonds, indicating a diverse borrowing strategy.
On the external front, multilateral loans accounted for 50.4 per cent of the total external debt, reflecting Nigeria’s preference for financing from international bodies such as the World Bank and the African Development Bank.
Bilateral loans made up 13.7 per cent, while commercial loans represented 35.9 per cent of external debt.
Speaking earlier during the meeting with investors on Wednesday, Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, announced that the country’s $500m domestic bond was oversubscribed, raising over $900m from investors.
This achievement comes despite prior advice from the International Monetary Fund against issuing the bond.
The Federal Government launched the dollar-denominated domestic bond on August 15, with subscriptions opening on August 20 at $1,000 per unit.
He said, “The IMF said to us that we shouldn’t do domestic issues of dollar bonds. We did it and we were 100 per cent oversubscribed, but we still value their viewpoint and took it into account.”
Edun acknowledged the important role played by the IMF in providing concessional loans, funding, and technical support to countries, noting that these institutions help shape domestic policies and strengthen economic frameworks.
However, he stressed that nations are not bound to follow every recommendation.
“These institutions can provide value, but we don’t always have to take their advice,” he reiterated.
The minister also highlighted the significance of the IMF’s broader contributions, such as stabilising the international financial system during critical periods.
The Central Bank of Nigeria (CBN) has officially refuted rumours suggesting that old Naira notes will cease to be legal tender by December 31, 2024.
In a decisive statement issued by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, the CBN declared these claims baseless and misleading, designed to disrupt the nation’s payment systems.
Amidst circulating rumours about the discontinuation of old denominations of ₦200, ₦500, and ₦1,000 banknotes, the CBN has clarified that there is no deadline set for phasing out these notes.
The announcement comes as a relief to many who had been concerned about the potential invalidity of their cash holdings.
“The order of the Supreme Court on November 29, 2023, which extends the use of old banknotes indefinitely, remains in force,” the CBN’s statement emphasized.
This directive ensures that both old and redesigned versions of the Naira will continue to coexist as legal tender across Nigeria.
Mrs. Ali also instructed all CBN branches to keep issuing and accepting both the old and the newly designed Naira notes, reassuring the public of the banknotes’ validity.
She encouraged Nigerians to dismiss any rumours about deadlines for old notes and to remain informed through official CBN communications.
CBN’s stand comes after the House of Representatives asked the apex bank to withdrawold currency notes and increase the issuance of new naira notes.
Read the statement below:
Tinubu's Vision for Livestock Development: President addresses stakeholders at State House Banquet Hall workshop
Admin
OPENING ADDRESS DELIVERED BY PRESIDENT BOLA AHMED TINUBU GCFR, AT CONSULTATIVE WORKSHOP ON LIVESTOCK REFORMS IN NIGERIA ON 24 OCTOBER 2024 AT THE STATE HOUSE BANQUET HALL, ABUJA
Protocol
The Minister of Agriculture, the Co-Chairman, Presidential Livestock Reforms Implementation Committee, Prof Attahiru Jega, OFR, Ladies and Gentlemen
I am delighted to join you today at this consultative workshop dedicated to one of the most critical aspects of our nation's development: the livestock sector. This area of our economy is close to my heart and central to our administration's vision. We owe ourselves and future generations the mission of accomplishing it in our time.
I congratulate the Presidential Livestock Reforms Implementation Committee for facilitating this essential dialogue between stakeholders and the public.
Our shared mission is clear: we aim to transform the livestock sector from its current subsistence model into a thriving, commercialised industry, an industry that significantly contributes to Nigeria's Gross Domestic Product and provides decent jobs and sustainable livelihoods for our growing population.
The potential is immense: With 563 million chickens, 58 million cattle, 124 million goats, 60 million sheep, and 16 million pigs, Nigeria is the leading livestock producer in West Africa. Yet, despite this vast resource, we face stark realities. Our annual production of animal-source foods, like milk at 0.7 billion litres, meat at 1.48 million Tonnes and eggs at 0.69 million metric Tonnes, falls far short of our needs. Our per capita consumption levels—8.7 litres of milk, 9 kg of meat, 3.5kg or 45 eggs per year—are troublingly low compared to global averages. These are 44 litres of milk, 19 kg of meat and between 160 and 180 eggs per year.
What is more worrisome to me is the average milk yield by cow breeds managed by our pastoralists: it is a mere 0.5 to 1.5 litres per day, compared to a global average of 6.6 litres per day. We can do much better!
The long-term neglect of the livestock sector has weighed heavily on the country's import bills, with milk and dairy products accounting for $1.2-1.5 billion.
In response, I inaugurated the Presidential Livestock Reforms Implementation Committee on July 9, 2024, to address these multifaceted challenges and unlock the potential for increased investment opportunities, employment, livelihoods, and income. The committee has diligently submitted an inception report, a foundation for our collective efforts moving forward.
Our vision is to create an environment where Nigerian farmers, herders, and other stakeholders coexist peacefully and have access to finance, modern technology, and vibrant markets. We envision revitalised rural communities where no Nigerian goes to bed hungry. We are committed to achieving food and nutrition security and transforming the livestock sector into a substantial foreign exchange earner for our beloved country.
However, we must confront the livestock sector's complexities to reach this vision. The debate between ranching and open grazing has often been politicised and polarised. We must transcend these divisions and work collaboratively toward practical solutions.
Let us view the current challenges as opportunities for economic and socio-cultural development—in line with our Renewed Hope Agenda. Let me use this opportunity to call on the state Governors to key into the livestock reforms and expand frontiers for the needed prosperity of Nigerians, irrespective of our unique diversities.
We have created the sector-specific Ministry of Livestock Development to harness the sector's investment opportunities fully. To ensure the ministry's smooth take-off, I have directed the Minister of the Federal Capital Territory to expedite renovations for a functional office, signalling our commitment to prioritising this crucial area.
Livestock development is not merely an economic imperative but a social and moral one. It is our duty to our children and future generations to get this right. Let us unite our efforts and creativity to build a brighter future for Nigeria’s livestock sector.
The inception report from the Presidential Livestock Reforms Implementation Committee is rich in insights and strategies for fostering a productive and resilient livestock sector. I commend the committee's members for their tremendous work and expect a robust and constructive collaboration between the committee and the new Ministry of Livestock Development to ensure that these reforms blossom into reality.
In closing, let us create a vivid picture of the future we want to see—a robust livestock sector that feeds our communities, empowers our farmers, and strengthens our economy. I urge each of you to participate actively in this endeavour.
Together, we can elevate Nigeria to its rightful place as a leader in sustainable livestock production. Let us work together to realise this dream because the future of our livestock industry is not merely a vision; it is a promise we can fulfil together.
With that, I proudly declare this Consultative Workshop open to God's glory and for the benefit of our country and humanity.
Thank you all.
The Minister of Power, Adebayo Adelabu, has expressed his support for President Bola Tinubu’s recent cabinet reshuffle, which was announced last Wednesday.
Through a statement released by his Special Adviser on Strategic Communication and Media Relations, Bolaji Tunji, Adelabu extended his congratulations to the newly appointed officials, including the former Minister of Youth and Sports Development, Sunday Dare, who has been named Special Adviser on Public Communication and Orientation to President Tinubu.
Adelabu also congratulated the new Minister of Industry, Trade, and Investment, Jumoke Oduwole, who previously served as a senior lecturer in the Department of Jurisprudence and International Law at the University of Lagos.
His commendations extended to all the newly appointed federal ministers, reflecting his approval of the President’s choices.
Describing the appointments as a testament to President Tinubu’s knack for identifying competent individuals to guide the nation, Adelabu highlighted, “Being selected by Mr. President is a reflection of their ability, exceptional leadership, and expertise.”
He particularly noted Sunday Dare’s extensive experience as a professional media consultant, which he anticipates will greatly benefit his new role.
Adelabu praised Jumoke Oduwole for her past contributions as the Special Adviser to the President on Ease of Doing Business, among other roles, which he believes will provide a strong foundation for her new responsibilities as Minister.
He emphasized that her diverse experience would serve her well in navigating the complexities of her new office.
The Minister expressed confidence that the dedication and vision of the newly appointed ministers would significantly contribute to propelling Nigeria forward.
He urged them to view their appointments as opportunities to serve the country and to advance Nigeria to greater heights.
Adelabu conveyed his best wishes to the new appointees, hoping they find wisdom, strength, and success in their endeavours to fulfill their roles effectively.
Naija News recalls that President Tinubu sacked five of his ministers on Wednesday.
The affected ministers are the Minister of Women Affairs, Uju-Kennedy Ohanenye; the Minister of Tourism, Lola Ade-John; the Minister of Education, Prof. Tahir Mamman; the Minister of State for Housing and Urban Development, Abdullahi Muhammad Gwarzo; and the Minister of Youth Development, Dr. Jamila Ibrahim.
A tragic incident occurred in Port Harcourt, the capital of Rivers State, where three individuals lost their lives in a helicopter crash.
Odutayo Oluseyi, the spokesperson for the Ministry of Aviation and Aerospace Development, confirmed the unfortunate event in a statement released on Thursday.
According to the Ministry, eight persons were on board when the helicopter “ditched into the waters near Bonny Finima in the Atlantic Ocean.”
The statement reads, “received the distressing report of a helicopter accident that occurred today, 24th October 2024, at about 11:22 a.m., along the waterways in Port Harcourt.
“The helicopter, a Sikorsky SK76 with registration 5NBQG and operated by East Wind Aviation, was en-route from Port Harcourt Military Base (DNPM) to the NUIMANTAN oil rig.
“The Nigerian Safety Investigation Bureau has been notified and emergency response teams were immediately activated, and search and rescue operations are ongoing with the support of the Nigerian Search and Rescue Unit, the Nigerian Civil Aviation Authority (NCAA), the National Safety Investigation Bureau (NSIB), and other relevant agencies.
“Neighbouring aerodromes have also been notified for support.
“While no Emergency Locator Transmitter (ELT) signal was received, manual efforts to plot the location of the accident are underway, and all available resources, including the military and low-flying aircraft, have been deployed to assist in locating and rescuing any survivor(s).
“So far, three bodies have been recovered.
“The Minister of Aviation, Festus Keyamo, is actively working with all relevant agencies to ensure a coordinated response and to minimize casualties from this unfortunate incident.
“Further information will be provided as details emerge.
“Our thoughts and prayers are with the families of those on board, and we are committed to providing the necessary support during this difficult time.”
Meanwhile, sources that spoke with TheNation said that all the victims onboard were feared killed.
“There were six personnel and two crew members onboard the helicopter. Three bodies have been recovered so far. Search and rescue is ongoing.
“The helicopter belongs to Eastwind Aviation,” the source stated.
The Federal Government has filed a six-count charge against nine individuals for allegedly publishing false information on October 16, 2024, that the Department of State Services (DSS) laid siege to the National Assembly with a view to effecting the impeachment of the Senate President,Godswill Akpabio.
The defendants are the Incorporated Trustee of Order Paper (on whose online platform the false information was allegedly published), Oke Epia (founder/publisher and Executive Director of Order Paper), Tony Okeke Ofodile (Head of Operations), Edna Bill Ulaeto (Admin/Finance Executive) and Elizabeth Atime (National Assembly lead reporter, author of report).
Others are Regina Udo (Coordinator of Programmes), Leah Twaki (Social Media Executive), Idongesit Joseph Ekoh (Admin Support) and Edoesomi Sharon Omonegho (National Assembly correspondent).
The charge, marked: FHC/ABJ/CR/555/2024 was filed before the Federal High Court in Abuja on October 21, by the Deputy Director, Public Prosecution of the Federation, A. A. Yusuf.
Some of the charges against the publication are, “False information under Section 24(1)(a) of the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015 (as amended 2024).
“That you, Order Paper (Incorporated Trustee), of Suit C12, Halima Plaza, Plot 1496, Balanga Street, Area 11, Garki, Abuja, through your agents, Oke Epia, Tony Okeke Ofordile, Edna Bill Ulacto, and Elizabeth Atime, and others at large on or about the 16th of October 2024 knowingly published false information via your online platform, alleging that the Department of State Services (DSS) laid siege to the National Assembly over plans to impeach the Senate President, which you knew to be false, thereby committing an offence contrary to Section 24(1)(a) of the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015 and punishable under the same section.
“Cyber Defamation under Section 24(1)(b) of the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015)
“That you, Order Paper (Incorporated Trustee), of Suit C12, Halima Plaza, Plot 1496, Balanga Street, Area 11, Garki, Abuja, through your agents, Oke Epia, Edna Bill Ulacto, and Elizabeth Atime, on or about the 16th of October 2024, within the jurisdiction of this Honourable Court intentionally published defamatory statements regarding the Department of State Services and the Senate President, Senator Godswill Akpabio, on your online platform, which ‘was accessible to the public, with the intent to harm their reputations, thereby committing an offence contrary to Section 24(1)b) of the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015 and punishable under the same section.
“Defamation under Section 375 of the Criminal Code Act),
“That you, Order Paper (Incorporated Trustee), of Suit C12, Halima Plaza, Plot 1496, Balanga Street, Area 11, Garki, Abuja, through your agents, Oke Epia, Edna Bill Ulacto, and Elizabeth Atime, on or about the 16th of October 2024 knowingly published defamatory material on your online platform, accusing the Department of State Services of unlawful actions, thereby injuring the reputation of the Department of State Services, bringing them into public ridicule, an offence contrary to Section 375 of the Criminal Code Act.”
No date has been set for the arraignment of the defendants.
A tanker loaded with fuel has fallen in Akamkpa, Akamkpa Local Government Area of Cross River State with residents of the community trooping out to scoop the content which was flowing uncontrollably on the floor.
A viral video of the incident surfaced on social media on Thursday morning showing residents of the area scooping the content from the fallen tanker along the roadside.
Some of them carried buckets, others were with kegs taking fuel fuel from the tanker.
Though there is no official report from either the driver or community members on the cause of the accident, no lives were lost.
Authorities in the state have not also commented on the matter as of now.
The development has raised concerns, especially after the death of about 180 persons – who were scooping fuel from a fallen petrol tanker – in Jigawa.
That incident took place on October 15 at Majia in Taura Local Government of Jigawa State. It involved a petrol-laden truck going from Kano to Nguru in Yobe State.
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The Minister of Defence, Mohammad Badaru, has ordered troops of Operation Fansar Yamma to arrest the notorious bandits’ leader, Bello Turji.
The Minister gave the order while addressing the troops at the One Brigade Headquarters in Gusau, Zamfara State.
He added that President Bola Tinubu has the following the activities of the troops in the past few months and has seen some levels of improvement in the operation against terrorists in the region, but the challenges are still there.
“He, therefore, urged me to thank you and to urge you to do more to end insecurity in these areas of operation and the country. He is ready to provide all you need to end insecurity in the Northwest and Nigeria.”
“I had some reassurances from the commander officer and was pleased, sure that we would reach the goal. Are you ready to finish with them? Are ready to end it? Please get me Turji.”
The Minister of Defence, Mohammad Badaru, has ordered troops of Operation Fansar Yamma to arrest the notorious bandits’ leader, Bello Turji.
The Minister gave the order while addressing the troops at the One Brigade Headquarters in Gusau, Zamfara State on Thursday.
He added that President Bola Tinubu has the following the activities of the troops in the past few months and has seen some levels of improvement in the operation against terrorists in the region, but the challenges are still there.
“He, therefore, urged me to thank you and to urge you to do more to end insecurity in these areas of operation and the country. He is ready to provide all you need to end insecurity in the Northwest and Nigeria.”
“I had some reassurances from the commander officer and was pleased, sure that we would reach the goal. Are you ready to finish with them? Are ready to end it? Please get me Turji.”
Defence Minister visited the Operation Fansar Yamma in Gusau to take briefings on military operations.
The Minister was received by the Commander, Joint Taskforce Northwest Operation Fansar Yamma, Major General Oluyinka Soyele, the Deputy Governor of Zamfara State, Mani Mumun,i among other dignitaries.
Veteran Nollywood actress, Sola Sobowale, has taken to social media to express excitement as one of her daughters is set to tie the knot.
The thespian announced the upcoming wedding in a post via her Instagram page, accompanied by pictures of the love birds.
Sola Sobowale said she had gained a son, adding that her daughter had found someone to spend the rest of her life with.
She wrote, “My baby found her forever person. My heart is overwhelmed with joy. I’ve gained a son. A wonderful inspiring young man. All the glory be to God. I love you both.”
Barr. Uju Kennedy Ohanenye, a former Minister of Women Affairs, has expressed her gratitude to President Bola Ahmed Tinubu, First Lady Remi Tinubu, and Nigerians for the opportunity to serve the country following her removal from the cabinet.
Kennedy-Ohanenye was among several ministers relieved of their duties on Wednesday, including Prof. Tahir Mamman (Education), Mohammed Gwarzo (State for Housing), Jamila Ibrahim (Youth Development), Lola Ade-John (Tourism), and suspended Minister of Humanitarian Affairs, Betta Edu, who was replaced.
In a statement released on Thursday, Kennedy-Ohanenye said: “I write to express my sincere gratitude to President Bola Ahmed Tinubu for the opportunity to serve as a Minister of the Federal Republic of Nigeria. It has been an honor and a privilege to contribute to the development of our nation.
“I would also like to extend my heartfelt thanks to Senator Oluremi Tinubu, the First Lady of the Federal Republic of Nigeria, for her invaluable guidance and support during my tenure as Minister of Women Affairs. Her kindness and encouragement were instrumental to my success.
“To the people of Nigeria, I am deeply grateful for your unwavering support. Your trust and confidence in me have been a constant source of inspiration.
“I remain committed to serving my country and will continue to do my utmost to contribute to its progress and prosperity.”
The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has acknowledged that Nigeria’s economy is weak.
The presidential aide stated that without the current reforms, Nigeria’s economy could have deteriorated to a state similar to that of Somalia, an East African country.
Naija News reports that Onanuga made these remarks on Thursday in response to the widespread public concern regarding the economic difficulties resulting from certain policies implemented by the administration of President Bola Tinubu.
He noted that Nigerians have exhibited considerable impatience in awaiting the outcomes of the government’s reform initiatives.
While recognizing the fragility of the nation’s economy, Onanuga emphasized that the ongoing economic reforms present an opportunity for Nigeria to transition into a more productive economic landscape.
“Recently, I have been reading several reports about Vision 2010 and Vision 202.
“All those reports showed that our economy has been very efficient, very weak and if we don’t do what we are doing today, one day, we may end up like Somalia.
“Our economy is very weak and what the government is doing today through these reforms is to create an opportunity for us to be a productive economy. Nigerians have been consuming and the government has been subsidizing these consumptions”, Daily Post quoted Onanuga saying in a recent chat.
‘Petroleum Sector Not Doing Well, Tinubu Can Not Be Petroleum Minister’ – Aigbe
Meanwhile, following the recent reshuffle of President Bola Tinubu‘s cabinet, Austin Aigbe, Regional Advocacy Lead and ECOWAS Liaison Officer for the West Africa Democracy Solidarity Network, has emphasized the critical need for the appointment of a substantive minister to lead Nigeria’s floundering petroleum sector.
In an interview with ARISE NEWS on Thursday, Aigbe discussed the implications of the cabinet changes, particularly for the vital energy sector.
Aigbe commended the president’s initiative to scrutinize and modify the cabinet structure, noting, “It’s good when you interrogate the system. You have to look at where the pitfalls are.”
He pointed out that the petroleum sector, a crucial component of Nigeria’s economy, currently lacks a dedicated minister to guide and rejuvenate its operations amidst ongoing challenges.
The advocacy leader stressed the importance of having a focused and competent leader at the petroleum ministry’s helm to navigate the industry’s complexities and spearhead necessary reforms.