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GDP Growth Shows Tinubu’s Reforms Are On Track, $1 Trillion Economy Possible By 2030 – Presidency
AFOLABI
President Bola Tinubu has expressed delight with the latest Gross Domestic Product report by the National Bureau of Statistics, which shows an improvement in Nigeria’s economic outlook.
A statement on Monday, signed by Tinubu’s Special Adviser on Media and Public Communications, Sunday Dare, said the positive performance shows that the reforms embarked upon by the President are bearing goof fruits.
Naija News reports that the NBS, in its latest report released on Monday, disclosed that Nigeria’s Gross Domestic Product (GDP) grew by 3.46%. The growth showed an increase in economic performance from Q2 GDP of 3.19% and higher growth from 2023 Q3 GDP of 2.54%.
Reacting, Dare conveyed President Tinubu’s assurance to Nigerians of better economic output as the economy continues to expand following the newly released third quarter Gross Domestic Product report by the National Bureau of Statistics.
He added that the growth in GDP shows that President Tinubu’s quest for a more robust boost in the economy and, by extension, a better standard of living for all Nigerians is on course.
The media aide noted that President Tinubu remains committed to actualizing a $1 trillion economy for Nigeria by 2030.
“The 3.46% growth indicates Nigeria is recovering from the reforms’ unintended effects.
“President Tinubu said his administration has not and will never forget his promise of a $1 trillion economy by 2030. He assured that once the economy is rebased by early 2025 to capture its dynamism and record significant changes that have occurred in different sectors, the country will be on its way to shared prosperity.
“The latest GDP growth in the third quarter is driven by key sectors such as Agriculture, Transport, Education, Health, Real Estate, Finance and Insurance, ICT, Trade, and Manufacturing.
“This performance once again shows that the reforms embarked upon by the Tinubu administration to reposition the economy and ensure better fiscal management are beginning to yield fruits,” the statement reads.
Dare also explained further that Tinubu’s proposed tax reforms are intended to benefit the entire nation by ensuring more equitable distribution of the country’s wealth.
“The proposed tax reforms also indicate the administration’s resolve to reduce the tax burden on small businesses and spread prosperity to the poor. The new Tax regime seeks to promote equity by reducing what is known as the headquarters effect—a situation where states where company headquarters are based get more benefits because their taxes for the whole nation are remitted—in favour of spatial and demographic equity.
“President Tinubu said, “I am excited by the latest report from the National Bureau of Statistics that our economy grew in the third quarter more than last quarter and even beyond projected estimates. While I welcome this development, the latest figure also shows the much work that needs to be done. We won’t rest until Nigerians feel the positive impacts in their pockets and experience a better living standard. My administration remains committed to the welfare of our people.”
“The top contributing sectors to GDP in Q3 2024 are Agriculture 28.65%, ICT 16.35%, Trade 14.78%, Manufacturing 8.21%, Crude Oil 5.57%, Finance & Insurance 5.51% and Real Estate 5.43%,” the statement concluded.
The Head of the Civil Service of the Federation, Didi Walson-Jack, said on Monday that the investigation launched by the Federal Government to identify civil servants still receiving salaries after relocating abroad is ongoing.
While denying claims that the process has been abandoned, the HoS stressed that the government remains committed to ensuring those who have moved abroad in search of better opportunities are no longer benefiting from the system.
Walson-Jack made the statement at an event in Abuja marking her 100 days in office and a review of her tenure in the civil service.
This development comes five months after President Bola Tinubu ordered that civil servants who continue to receive government salaries after relocating abroad must refund the money.
The president also instructed that supervisors and department heads responsible for enabling such fraudulent practices be held accountable.
Walson-Jack confirmed that the investigation is still underway, and they are using the Integrated Personnel and Payroll Information System (IPPIS) to track workers’ movements.
She said, “You are asking about civil servants who may have ‘Japa’. We know that the issue was raised, and some verifications were carried out. Since then, some returned quickly, while others retired honourably.
“Right now, we are continuing the process, scrutinising the IPPIS payroll to identify those who are still in the country and those who are not. This will be an ongoing process to ensure that people cannot receive salaries while living abroad.”
She added, “Some progress has been made, and we will continue to monitor the situation until it is fully addressed.”
Walson-Jack also thanked her staff for their tremendous support and praised the ‘Super Permanent Secretaries’ for making her first 100 days in office a smooth experience.
“The first 100 days in office is a significant milestone. It provides an opportunity to reflect on the achievements made, assess progress, and set goals for the future,” she stated.
While thanking President Tinubu for appointing her to the position, the former permanent secretary in the Federal Ministry of Education also assured that her office is working closely with the Federal Civil Service Commission to tackle the issue of job racketeering within the service.
“I know that the Federal Civil Service Commission is responsible for recruitment, but we are fully supporting that responsibility. Regarding job racketeering, we will do everything we can to eliminate it,” she said.
“Where someone has obtained a job through fraudulent means, we will work with the commission to ensure that the person is sanctioned,” she added.
An unidentified American woman has narrated how two Nigerian internet fraudsters popularly known as “Yahoo boys” duped her of a huge sum of money in romance scams.
The not-so-little above 50-year-old woman also declared her love for Nigerian men, describing them as the “sexiest and most handsome men on this planet” despite her heartbreaking experiences.
In a viral video on Sunday, the woman spoke about how she met one of the scammers in 2020 on TikTok.
She displayed the young Nigerian’s picture and the one he used for his unsuspecting victims, adding that she got to know about his real identity and his girlfriend whom he is planning to get married to after he mistakenly dialled her contact with his Nigerian line.
“Back in 2020, I met this man, I was with him for ten months, and I got sick of him because he was always demanding money. He always wanted more and more, so I decided to say enough was enough because one day he made a mistake and called me from a Nigerian phone number, and he was trying to play it off that it was his friend’s number.
“So when I was finally done that I didn’t want to have anything to do with him again, he opened up to me. Now, he is about to get married to his Nigerian girlfriend (showed their picture).
“May God bless them and hopefully they have a long life together. God will bless their relationship. I also congratulated him. And I hope everything goes well for him,” she said.
Narrating her second experience, she asserted that it was with a young boy who played smart on her with another identity but later opened up that he did that to help his sick mother who later survived because he could foot the hospital bills.
The white woman said, “This second was a little different. He was more polite and considered my feelings, but then after a year with him, he decided to come out and tell me the truth that he was a young Nigerian boy trying to put himself through school and his mother was very sick. And he kept thanking me because I saved his mother’s life.”
“That one doesn’t hurt me much because I know that the money went for good. The other guy, that’s not good because I used to see videos of him throwing money around and spending it on Nigerian hook-up girls. I’m over it. I will bounce back one day.
“I still have love for the Nigerian people, the men are the sexiest and most handsome men on this planet. I pray that nothing like this ever happen to me again because now I know all those secrets. They destroyed my life financially. Please be safe in that country because I know that a lot of the people there are struggiling. But you have to remember that a lot of American women are struggling too because it is difficult being a woman here and struggling too especially when you don’t have partner.”
The Economic and Financial Crimes Commission has always cracked down on internet fraudsters across the states of the federation.
On May 2023, EFCC’s chairman, Mr. Ola Olukoyede, disclosed that the Commission secured 3175 convictions and recovered over N156 billion between May 29, 2023, and May 29, 2024, when President Bola Tinubu assumed office.
He stated this in Abuja at the launch of the Zero Tolerance Club at the University of Abuja, Gwagwalada, Abuja.
Olukoyede, who spoke through the Secretary to the Commission, Mohammed Hammajoda said the EFCC also recovered $43,835,214.24, £25,365.00, €186,947.10, ₹51,360.00, C$3,750.00, A$740.00, ¥74,754.00, R35,000.00, 42,390.00 UAE Dirhams, 247.00 Riyals and 21,580, 867631 Crypto Currency.
Speaking further, the chairman stated that though the EFCC put up impressive performance within the year, the involvement of youths in internet fraud continued to pose serious concerns to every stakeholder in the anti-graft war.
“In spite of this commendable performance, the commission is deeply worried about the increasing involvement of young people, including students, in cybercrime, popularly called Yahoo Yahoo. Hundreds of suspects are arrested monthly, with many of them ending up in jail,” he said.
Media
The Lagos State Traffic Management Authority has rescued a driver after a 40-foot loaded container fell on a Toyota Camry with the registration number LSR 293 HJ at Mile 2, enroute to Apapa.
This was disclosed in a statement signed by the Director of the Public Affairs and Enlightenment Department of LASTMA, Adebayo Taofiq, and shared on X.com on Monday.
According to the statement, a joint rescue team comprising LASTMA, the Federal Road Safety Corps, and the Lagos State Emergency Management Agency rescued the victim alive and rushed him to the hospital for immediate medical attention.
The statement read, “In a distressing incident, a 40-foot loaded container fell onto a Toyota Camry, registration number LSR 293 HJ, at Mile 2, en route to Apapa.
“Through the swift and coordinated response of the Lagos State Traffic Management Authority (LASTMA) and other emergency services, including the Federal Road Safety Corps (FRSC) and the Lagos State Emergency Management Agency (LASEMA), the driver of the vehicle was rescued alive.
“The victim received immediate medical attention after being rushed to the hospital by the joint rescue team.
“Security during the operation was effectively maintained by officers from the Kirikiri Police Division, who ensured a secure and orderly environment for the emergency responders.
“Following the rescue, the Toyota Camry was successfully removed from beneath the container. Efforts to evacuate the fallen container are ongoing, while LASTMA officers continue to manage the scene to ease traffic congestion and restore normalcy.”
The General Manager of LASTMA, Mr Olalekan Bakare-Oki, stressed the importance of truck drivers and owners properly securing containers.
He warned that negligence in this regard poses a serious danger to lives and property, urging strict compliance with road safety protocols.
United States President-elect, Donald Trump, is reportedly planning to sign an executive order that would remove all transgender members from the country’s military.
Daily Mail reports that the development has raised concerns within the LGBTQ+ community.
The development is coming amid moves by the US Congress to stop first transgender lawmaker from using female restrooms and bathrooms in her new workplace.
According to the report, state officials had stated that transgender personnel would be discharged on medical grounds, deeming them “unfit” to serve.
DAILY POST recalls that during Trump’s first administration, he introduced a similar policy that prohibited transgender individuals from joining the Armed Forces.
He, however, allowed those already enlisted to remain in their roles.
President Joe Biden later overturned the military ban in his first week as President in 2021 after Trump left office.
The National Bureau of Statistics (NBS) has disclosed that Nigeria’s Gross Domestic Product (GDP) grew by 3.46%.
The growth showed an increase in economic performance from Q2 GDP of 3.19% and higher growth from 2023 Q3 GDP of 2.54%.
“Nigeria’s Gross Domestic Product (GDP) grew by 3.46% (year-on-year) in real terms in the third
quarter of 2024. This growth rate is higher than the 2.54% recorded in the third quarter of 2023 and
higher than the second quarter of 2024 growth of 3.19%,” it read.
According to the report released on Monday, the Q3 GDP growth was mainly driven by the service sector.
“The performance of the GDP in the third quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 5.19% and contributed 53.58% to the aggregate GDP. The agriculture sector grew by 1.14%, from the growth of 1.30% recorded in the third quarter of 2023.
“The growth of the industry sector was 2.18%, an improvement from 0.46% recorded in the third quarter of 2023. In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the third quarter of 2024 compared to the corresponding quarter of 2023.
“In the quarter under review, aggregate GDP at basic price stood at ₦71,131,091.07 million in nominal terms. This performance is higher when compared to the third quarter of 2023, which recorded aggregate GDP of ₦60,658,600.37 million, indicating a year-on-year nominal growth of 17.26%,” it stated.
The publisher of Ovation Magazine, Dele Momodu, has revealed an aspirant gave $30,000 to each of the 774 delegates during the 2022 Peoples Democratic Party (PDP) presidential primary.
Speaking on the Key to Keys podcast show, Momodu expressed regret over spending nearly N50 million to purchase the PDP presidential nomination form, describing the primary as heavily monetised.
He also stated he would not contest for any party’s presidential ticket unless adopted as a consensus candidate.
He said, “No, experience is the best teacher, and I have come to realise that there are powers you can describe as principalities that control Nigeria.
“Unless a major political party decides to adopt me through a consensus that Dele Momodu is best suited to change and lead Nigeria, then I can consider it.
“But if I have to pick my money to go and buy a presidential nomination form of about N100 million and the last one I spent about N50 million buying the form. This could have gotten me a property and it was a waste, nobody voted for me – not even one vote because everything was monetized.
“There was one of the candidates who paid as high as $30,000 per delegate and we had 774 delegates, so how do you compete with them? They have stolen the country blind and doing all kinds of deals to make money, especially those in the oil-rich areas.
“It’s not easy and that’s why you can’t compete with them – that’s why they insult Nigerians anyhow because of the amount of money available to them in raw cash. There is no country in the world where people control raw cash like Nigeria.
“The bulk of their money is not in any bank so they are not traceable. If today you ask some politicians that look you need $500 million to become a President, they will find it. So people like us where will I start from? I’m not bothered.”
Former Kogi Central Senator, Dino Melaye has slammed acting National Chairman of the Peoples Democratic Party (PDP), Umar Damagum.
Speaking on Monday, Melaye said Damagum and his paymasters will soon be taught elementary politics 101.
Melaye stated that Damagum has yet to learn the lessons from past primary elections held in Port Harcourt and Abuja.
Posting on X, Melaye wrote: “Damagum, his paymasters will be taught elementary politics 101. The lessons of Port Harcourt and Abuja presidential primaries have not been learnt. It is too early to determine the day at noon. Senator Dino Melaye.”
The PDP has been embroiled in a leadership crisis since the removal of the former acting National Chairman, Iyorchia Ayu.
Recently, a faction of the PDP’s National Working Committee (NWC) suspended Damagum, alongside the party’s National Publicity Secretary, Debo Ologunagba, and National Legal Adviser, Kamaldeen Ajibade.
However, the Abuja Federal High Court restrained the National Executive Committee (NEC) and the PDP’s Board of Trustees (BoT) from removing Damagum as the party’s acting National Chairman.
The court ordered that no other person must be recognized as the PDP National Chairman except Damagum until the party’s national convention, scheduled for December next year.
Why I Decided to Launch My Own Ministry After Leaving Winners Chapel - Bishop Abioye (Video)
AFOLABI
Bishop David Abioye has explained why he's setting up his own ministry after leaving the Living Faith Church Worldwide, also known as Winners Chapel.
This is coming just after retirement from office as Vice President of Living Faith Church worldwide.
The revered cleric unveiled plans for a new spiritual platform titled Hour of Revival. The maiden edition of the Hour of Revival took place on Saturday at the Velodrome of the National Stadium in Abuja, drawing a large crowd of participants from diverse backgrounds.
Addressing the attendees, Bishop Abioye emphasized that the initiative was a divine directive.
Bishop Abioye further clarified that the revival platform is not his personal project but an ordained mission by God.
He called on participants to embrace personal revival as a pathway to corporate revival, expressing his hope that everyone in attendance would be transformed into fire-catchers and fire-spreaders.
The Hour of Revival, which is open to both saved and unsaved individuals, serves as an interdenominational prayer platform to rekindle spiritual fire and inspire personal and collective renewal.
Media
I Will Leave Office a Free Man, Without Being Afraid of EFCC – Governor Hope Uzodinma Declares
AFOLABI
The Governor of Imo State, Hope Uzodimma, has confidently asserted that he will conclude his term as a free individual, without fear of being targeted by the Economic and Financial Crimes Commission (EFCC) or any other entity.
Uzodinma stated this following the Feast of Christ the King Mass at the Government House Chapel in Owerri.
Speaking on speculations regarding his years in office as a Governor, Uzodimma urged anyone possessing evidence of misconduct to come forward.
“I will leave office a free man, sleep with my two eyes closed without being afraid of anybody, including the EFCC,” he said.
The governor asserted that he has upheld all commitments made to the citizens of Imo.
He conveyed confidence in the legacy of prosperity, infrastructure, and dignity that his administration is creating for the state.
This declaration comes in the wake of the EFCC’s apprehension of former Delta State governor Ifeanyi Okowa on charges of misappropriating funds amounting to ₦1.3 trillion.
Meanwhile, the Imo State House of Assembly’s recent vote of confidence in Governor Hope Uzodinma has sparked mixed reactions among residents, with many questioning its necessity and relevance.
The legislators passed the motion on November 19, citing the governor’s “outstanding achievements,” but critics argue the lawmakers should focus on addressing pressing state issues rather than praising the executive arm.
Speaking to the Daily Post, retired principal Osondu Hyacinth Eriaja expressed dissatisfaction, saying, “I don’t think passing a vote of confidence is one of the legislative functions of lawmakers. They have much to do rather than reducing their duties to mere praise-singing.
“The governor, no doubt, has aides who can showcase what he has done to the public. Imo, lawmakers should allow the executive arm of government to praise itself. The Commissioner for Information, the Chief Press Secretary to the Governor, and other aides are there to trumpet his activities.
“The lawmakers should focus on delivering effective laws that will address present challenges facing the state—such as bad rural roads and insecurity—and not act as the mouthpiece of the executive branch.”
Meanwhile, some residents, like Ugochukwu Akagha, defended the lawmakers, stating it is within their rights to commend the governor while still fulfilling their legislative duties.
“Doing so will not make them deviate from their primary responsibility of law-making,” he said.
Other citizens, however, urged the Assembly to prioritize urgent issues such as the state’s poor road network and ongoing security concerns, particularly with the festive season approaching.
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Nigerian Afrobeats singer, Tiwa Savage, has asserted that hardship in the country is responsible for the huge amount of entertainers being churning out.
The singer made this known during an interview on the ‘Shopping The Sneakers’ podcast.
According to Tiwa Savage, serving in Nigeria is difficult, and artists are just like hustlers.
She said, “When you come to Nigeria, you will understand why we breed so many superstars. To survive in Nigeria is something else so that’s why the artists that come out of Nigeria are just like hustlers. They are just hustling.”
Former Vice President, Yemi Osinbajo, has expressed appreciation to his wife, Dolapo, as they celebrate their 35th wedding anniversary.
Naija News reports that the former presidential aspirant took to his Instagram page to share adorable photos of himself and his wife, including their children.
Osinbajo also thanked his wife for her willingness to give up everything for him and their children.
He added that Dolapo had written several books, run several national prayer meetings, run shelters for vulnerable women, trained thousands of young people in different skills, crocheted a storm, and developed numerous gardens.
He wrote, “My darling @dolapoosinbajo , every year of these 35 years you’ve proved that true love is not a myth or a fanciful phrase—through your willingness to give up everything for me and our children, through your generosity with your time, skills, and great faith by which you have helped us all navigate our sometimes bewildering journeys.
“In all of this, you’ve written several books, run several national prayer meetings, run shelters for vulnerable women, trained thousands of young people in different skills, crocheted a storm, and developed numerous gardens!
“I thank God daily for the gift of you to me. I love you always Dolly. Happy 35th Anniversary.”
Kano State lawmaker, Abdulmumin Jibrin has assured that the National Assembly will soon approve President Bola Tinubu‘s tax reform bills, despite recent opposition from the Northern Elders Forum.
Jibrin, who chairs the House Committee on Housing and Habitat, disclosed this during an interview on Politics Today aired by Television Continental on Sunday.
The bills, which aim to introduce sweeping changes to Nigeria’s tax system, have sparked widespread debate, with critics arguing that the reforms could disproportionately impact certain regions.
Jibrin, however highlighted that the tax reforms, alongside Tinubu’s broader economic policies, are designed to secure a brighter future for Nigerians.
“I have no doubts about the approval and passage of the tax reform bills. We are committed to ensuring they go through,” Jibrin affirmed.
Naija News reports that the Tax Reform Bills have faced pushback from some state governors, particularly from the northern region, who argue that the proposed derivation-based VAT distribution model would disproportionately disadvantage their states.
Acknowledging resistance to the bills, particularly in northern Nigeria, Jibrin noted that efforts are ongoing to clarify misconceptions and demonstrate their necessity.
“For those of us who have studied the bills comprehensively, the benefits outweigh any perceived drawbacks.
“Misconceptions about these reforms largely stem from misinformation being spread,” he explained.
The lawmaker further emphasized that the reforms aim to boost revenue generation and ensure equitable distribution to strengthen Nigeria’s economic stability.
Jibrin stressed that contentious aspects of the bills should be debated and adjusted where necessary, rather than being outrightly dismissed.
“Since the bills are now before the National Assembly, it is our responsibility to scrutinise them thoroughly. Any contentious clauses can be reviewed and adjusted, as the bills are not immutable,” he added.
Reflecting on recent economic measures such as the removal of fuel subsidies and foreign exchange market unification, Jibrin highlighted their transformative potential.
While acknowledging the immediate challenges posed by these reforms, he expressed optimism about their long-term benefits.
“President Tinubu is making sacrifices today for the sake of a better tomorrow for all Nigerians.
“His courageous reforms are laying the groundwork for a stronger, more resilient economy,” he concluded.
Former spokesperson of the Peoples Democratic Party (PDP), Kola Ologbondiyan, has condemned the President Bola Tinubu administration’s removal of fuel subsidies and the floating of the naira, describing the policies as detrimental to Nigeria’s economy.
Speaking on Channels Television’s The Morning Brief on Monday, Ologbondiyan argued that a phased subsidy removal combined with effective palliatives, such as subsidised public transportation, would have been a more viable approach.
He criticised the administration for prioritising subsidised rice instead of addressing broader issues affecting Nigerians.
The former PDP spokesperson expressed dissatisfaction with the PDP’s lack of robust engagement with the government, saying more alternatives should be presented to address the country’s challenges.
His remarks followed a PDP governors‘ meeting over the weekend, during which they urged President Tinubu to reform the economy.
“Basically, I as Kola Ologbodiyan, subscribe to the ideas as laid down by the original founders of the party.
“For instance, let’s take the issue of the removal of subsidy, because what has brought Nigeria to its knees has been these two major decisions made by President Bola Tinubu, particularly on the subsidy and removal of the naira.
“But under the PDP leadership in the time past- I am aware that what we had was a phased subsidy removal, which also came with palliatives. The APC has said Nigerians should go and buy rice at ₦40,000 per bag. But the needs of Nigerians go beyond rice. So, I believe the policies could also be better if we have a public transport system where you and I won’t have to drive our vehicles at a subsidised rate.
“But the unfortunate thing as we are witnessing today is that we are paying lip service, even as PDP to engaging the sitting government on its reforms, to put forward alternatives,” Ologbondiyan said.
Since the removal of the petrol subsidy, the price of Premium Motor Spirit (PMS) has surged from an average of ₦189 per litre in May 2023, when President Tinubu assumed office, to over ₦1,000 per litre in recent months.