Nigeria’s Service Chiefs have pledged to be loyal to President Bola Tinubu by carrying out their responsibilities wherever they are assigned.

On Monday, the Chief of Defence Staff spoke on behalf of others following their decorations at the Presidential Villa’s Council Chambers in Abuja.

Tinubu presented the newly-appointed Service Chiefs with their new ranks on Monday in Abuja, charging them to work together to ensure the country’s peace and stability.

Before the ceremony, the Senate had already confirmed their appointments.

General Christopher Musa is the new Chief of Defence Staff (CDS); Lt-General Taoreed Lagbaja is the new Chief of Army Staff (COAS); Air Marshal Hassan Abubakar is the new Chief of Air Staff (CAS); and Vice Admiral Emmanuel Ogalla is the new Chief of Naval Staff (CNS).

Speaking on behalf of others, Musa stated that the security chiefs would present a positive image of the country.

He said;

Our appointment is a clear manifestation of the confidence reposed in us and recognition of our humble abilities to deliver for our dear nation. We pledge to carry out our duties with utmost dedication and full loyalty.

I assure Mr President that the Armed Forces of Nigeria is 100 per cent loyal to the government. We will go wherever we are ordered, whether by air, sea or land.

We will ensure that Nigeria is projected in good light. May God bless Nigeria and guide the Armed Forces in our efforts to guard our nation’s territorial integrity, and ensure peace and security reigns supreme.

Earlier, the President stated at the event, “We have seen that we are recording positive results in our security challenges because of your dedication, commitment, and steadfastness.”

Aside from internal security challenges, Tinubu, as ECOWAS Chairman, is currently tasked with restoring democratic order in Niger.

Last week, President Mohamed Bazoum of Niger was deposed by a military coup

Veteran Yoruba actor Musiliu Ajikanle is dead

Ajikanle died on Monday after seven years of battling with stroke.

Nollywood filmmaker and actor Saliu Gbolagade made the announcement in an Instagram post on Monday.

Sharing the picture of the deceased, the filmmaker wrote: “Ina Lilah Waina Allah Rajiun. God gave each of us the gift of life, and God gifted us with eternal life.

“Rest well, my dear friend Musiliu Ajikanle, your footsteps can never be filled, nor your love ever forgotten. May the blessings and peace of a good life lived follow you into heaven.”

Yoruba movie celebrities like Ayo Mogaji, Fathia Balogun, Sola Kosoko, and actor Portable took to the comments section to express their condolences.

Ohanaeze Ndigbo has agreed to hold a discussion with the acclaimed prime minister of Biafra Government in Exile, Mr Simon Ekpa, and his group to find a lasting solution to their incessant sit-at-home orders in Southeast.

The president general of Ohanaeze Ndigbo, Chief Emmanuel Iwuanyawu, disclosed this Monday night in a release he personally signed.

Quoting Chief Iwuanyawu, “As a father, I hereby request Mr Simon Ekpa and his group for a discussion and an opportunity to air their grievances.”

Ohanaeze, in the release, said it was disheartening that the people of Southeast of Nigeria ‘are being subjected to hardships by the incessant call for sit at home’.

According to him, “Unfortunately several non-state actors in an attempt to enforce the order have unleashed mayhem on the people. Several people have been killed, maimed and property worth millions of naira have been destroyed.

“The sit-at-home order has been instilling fears and trepidation on the good people of the Southeast, making it difficult for people to come out to transact their lawful businesses. The Southeast is noted for micro, small and medium-scale enterprises, indigenous manufacturing, fabrication and agro-allied industries. Authorities have put the losses encountered by the people of Southeast at trillions of naira on each sit-at-home day.”

Iwuanyawu said the region had witnessed loss of clients and customers who find alternatives because of the unstable business environment in the Southeast, adding that, “The food transporters to the Southeast charge more for a trip to the region because of these sit-at-home orders.”

Iwuanyawu further highlighted the increasing insecurity and activities of unknown gunmen in the region because of the sit-at-home orders, noting that, “Over 250 persons are estimated to have lost their lives through the enforcement of the sit-at-home order.”

On the fresh two weeks’ sit-at-home declared by Ekpa, Iwuanyawu said, “This is unacceptable and must not be allowed to succeed in Igboland.”

He recalled that IPOB leader, Nnamdi Kanu, through his special counsel, Barr Aloy Ejimakor, last Friday cancelled sit at home with an order to Ekpa to desist from declaring further sit-at-home.

Quoting him, “Kanu, on whose behalf Ekpa claims to be working, has directed the said Simon Ekpa ‘to end all sit-at-home in the Southeast and to stop antagonizing the governors of the Southeast or politicians from the region’.

“It is disturbing that at a time Ohanaeze is engaging the Igbo entrepreneurs all over the world on a think-home philosophy, a foreign based Igbo is bent on destabilizing the home front.”

Iwuanyawu therefore declared that, “The sit-at-home in Igbo-land should be discountenanced. I urge the security operatives to exercise the highest degree of prudence in the discharge of their official duties to avoid further loss of innocent lives in Igbo-land.”

He commended Southeast governors on their efforts to put a stop to the order, and sympathised with ‘families who have lost loved ones and property during these sad and unfortunate events’.

The organised labour has said it will hold its planned nationwide protest on Wednesday despite the Monday rollout of subsidy removal palliative plans by President Bola Tinubu.

Tinubu had in a national broadcast unveiled N500bn palliative for manufacturers, small businesses and farmers. He also released plans to increase salaries and acquire 3,000 mass transit buses. 

Notwithstanding the President’s last-minute moves to avert the protest, the Nigeria Labour Congress President, Joe Ajaero, said the rally would hold in line with its schedule.

Ajaero spoke shortly after talks between the organised labour and the Federal Government on Monday became inconclusive. The talk is expected to resume on Tuesday (today).

The Presidential Steering Committee on Palliatives meeting between the government and labour was held at the Aso Rock Villa, Abuja.

“We just adjourned to go and listen to Mr. President’s speech and to continue with our conversation tomorrow (Tuesday). Our peaceful rally will go on as scheduled…this rally has been fixed,” Ajaero told journalists after the meeting.

Ajaero allayed the fears that the peaceful protest could be taken over by hoodlums, saying that such had never happened in any of its workers’ protest.

However, he said security agencies were responsible for safeguarding workers in such exercises.

The meeting of the steering committee was adjourned till 12noon on Tuesday.

Reacting to Tinubu’s economic reforms especially on the exchange rate and others, Ajaero said “By the time you have a single market (exchange rate) 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 N900? Are you going to tell him to sell below the price?

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

On his part, the President’s Chief of Staff, Femi Gbajabiamila, said issues around the subsidy removal were discussed at the closed-door meeting, after which it was later adjourned.

He also said the government was dealing with the oil cabals that have crippled the economy.

He said, “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 the meeting till 12pm tomorrow (Tuesday) before labour can decide whether or not they want to continue with the protest on Wednesday.”

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

On why the government did not roll out palliatives before ending the subsidy regime, he argued that the previous government did not budget for subsidy and that President Tinubu was rolling out palliatives to cushion its effect on the people.

Also speaking, the National Security Adviser, Nuhu Ribadu, pleaded with the organised labour to give the administration some time to fix the economy.

He said, “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.”

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

On the FG’s side were the President’s Chief of Staff, Gbajabiamila; Head of Civil Service of the Federation, Dr Folashade Yemi-Esan; Permanent Secretary, Ministry of Labour and Employment, Kachollom Daju; the Group Chief Executive Officer of Nigerian National Petroleum Company Limited, Mele Kyari; and the Special Adviser to the President on Energy, Olu Verheijen, among others.

Also, the NLC National Assistant Secretary, Chris Onyeka, said, “Our protest is irreversible, and it is a mass protest. Remember that we did not issue the notice based on the other increases. Ours is based on the N617 price increase in Premium Motor Spirit. The Federal Government has to deal with that first.”

Tinubu unveils plans

Meanwhile, Tinubu on Monday announced the release of N500bn palliative even as he promised a new wage for workers.

In a move to assuage the agony of Nigerians who are smarting from the pains of the fuel subsidy removal, the President also said 3,000 buses would be provided to address the high transportation fares occasioned by the hike in fuel pump prices.

Tinubu reeled out the promises in a nationwide broadcast on Monday evening titled, ‘After darkness comes the glorious dawn.’

The announcement is coming less than 24 hours to a planned strike and protests by the Nigerian Labour Congress over the removal of the fuel subsidy and the failure of the Federal Government to implement palliatives to cushion the attendant hardships.

But taking time to explain the reasons for the policy measures his administration had so far taken to combat the economic challenges facing the country, the President disclosed plans to roll out 3,000 CNG-fuelled mass transit buses in states and local council areas.

He said the Federal Government is working closely with states and local governments to implement interventions that will cushion the pains of the populace across socio-economic brackets.

Part of the programme, according to him, is to roll out the buses across the states and local governments for mass transit at a much more affordable rate.

He said his administration planned to invest N100bn between now and March 2024 to acquire 3,000 units of 20-seater CNG-fuelled buses.

The buses, he said, would be shared to major transportation companies in the states, using the intensity of travel per capital, adding that participating transport companies will be able to access credit under this facility at 9 per cent per annum with 60 months repayment period.

Tinubu stated, ‘’In the same vein, we are also working in collaboration with the labour unions to introduce a new national minimum wage for workers. I want to tell our workers this: your salary review is coming.

‘’Once we agree on the new minimum wage and general upward review, we will make budget provision for it for immediate implementation.’’

According to him, manufacturers, medium and small scale enterprises and farmers will get a whopping N500bn share of the palliatives that would be rolled out.

He said, ‘’ Our plan to support cultivation of 500,000 hectares of farmland and all-year-round farming practice remains on course. To be specific, N200bn out of the N500bn approved by the National Assembly will be disbursed as follows:

“Our administration will invest N50bn each to cultivate 150,000 hectares of rice and maize. N50bn each will also be earmarked to cultivate 100,000 hectares of wheat and cassava.

“This expansive agricultural programme will be implemented targeting small-holder farmers and leveraging large-scale private sector players in the agric business with a strong performance record.

“In this regard, the expertise of Development Finance Institutions, commercial banks and microfinance banks will be tapped into to develop a viable and an appropriate transaction structure for all stakeholders.’’

Tinubu admitted that the economy was going through a tough patch and citizens were being hurt by it, citing the high cost of fuel, food prices and others.

To ease the hardship, he said his administration desired to reduce the burden the current economic situation has imposed on citizens, businesses, the working class and the most vulnerable.

The President noted, ‘’Earlier this month, I signed four Executive Orders in keeping with my electoral promise to address unfriendly fiscal policies and multiple taxes that are stifling the business environment.

‘’These Executive Orders on suspension and deferred commencement of some taxes will provide the necessary buffers and headroom to businesses in the manufacturing sector to continue to thrive and expand.

‘’To strengthen the manufacturing sector, increase its capacity to expand and create good paying jobs, we are going to spend N75bn between July 2023 and March 2024. Our objective is to fund 75 enterprises with great potential to kick-start a sustainable economic growth, accelerate structural transformation and improve productivity.

‘’ Each of the 75 manufacturing enterprises will be able to access N1bn credit at 9 per cent per annum with maximum of 60 months repayment for long term loans and 12 months for working capital.’’

Unveiling other palliatives, Tinubu added, ‘’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 N125bn.

‘’Out of the sum, we will spend N50bn on Conditional Grant to one 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 N75bn. Under this scheme, each enterprise promoter will be able to get between N500,000 to N1million at 9 per cent interest per annum and a repayment period of 36 months.’’

Palliative for farmers

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

In the short and immediate terms, the government said it would 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,’’ the President disclosed.

For several years, Tinubu said he had consistently maintained the position that the fuel subsidy had to go, stressing that the once beneficial measure had outlived its usefulness as it costs the country trillions of naira yearly.

Such a vast sum of money, he added, would have been better 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. This group had amassed so much wealth and power that they became a serious threat to the fairness of our economy and the integrity of our democratic governance,’’ the President observed.

He declared that Nigeria could never become the society it was intended to be as long as such small, powerful yet unelected groups hold enormous influence over its political economy and the institutions that govern it.

The President argued that the whims of the few should never hold dominant sway over the hopes and aspirations of the many, noting that ‘’If we are to be a democracy, the people and not the power of money must be sovereign.’’

The ex-Lagos State governor maintained that his predecessor did not make provision for the fuel subsidy beyond June in the 2023 Appropriations, stating that ‘’removal of this once helpful device that had transformed into a millstone around the country’s neck had become inevitable.’’

He further underscored the positive impact of the removal of the subsidy, saying it had increased the government revenues.

He explained that over N1tn had been saved within two months, which the government would channel into education loan and other programmes.

‘’In a little over two months, we have saved over a trillion naira that would have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters. That money will now be used more directly and more beneficially for you and your families.

‘’For example, we shall fulfill our promise to make education more affordable to all and provide loans to higher education students who may need them. No Nigerian student will have to abandon his or her education because of lack of money,’’ he pledged.

He regretted the unavoidable lag between subsidy removal and the palliative implementation, adding that the government is swiftly closing the time gap.

The President said he was monitoring the effects of the exchange rate and inflation on gasoline prices, promising to intervene if and when necessary.

Speaking on the multiple exchange rate system which had been scrapped, Tinubu described it as ‘’a highway of currency speculation.’’

He said it was used to divert money that should have been used to create jobs, build factories and businesses for millions of people.

‘’Our national wealth was doled on favourable terms to a handful of people who have been made filthy rich simply by moving money from one hand to another. This too was extremely unfair,’’ he lamented, stressing that it also compounded the threat that the illicit and mass accumulation of money posed to the future of the nation’s democratic system and its economy.

Tinubu reiterated his promise to reform the economy for the long-term good by fighting the major imbalances that had plagued it.

Ending the subsidy and the preferential exchange rate system were key to this fight, he explained.

‘’As we moved to fight the flaws in the economy, the people who grow rich from them, predictably, will fight back through every means necessary,’’ the President submitted.

On the Infrastructure Support Fund, the President said it would enable the states to intervene and invest in critical areas and bring relief to many of the pain points as well as revamp their decaying healthcare and educational Infrastructure.

‘’The fund will also bring improvements to rural access roads to ease evacuation of farm produce to markets. With the fund, our states will become more competitive and on a stronger financial footing to deliver economic prosperity to Nigerians,’’ he assured.

Tinubu saluted private employers in the Organised Private Sector who have already implemented general salary review for their employees.

He urged Nigerians to look beyond the present temporary pains and aim at the larger picture.

Meanwhile, a new public opinion poll conducted by NOIPolls recently said 73 per cent of adult Nigerians (who responded to the poll) were facing hard times due to the fallout that has trailed the removal of fuel subsidy.

According to the poll, 10 per cent of respondents said they could no longer sustain their businesses, while another 10 per cent complained that they now spend more on transportation. Others said they could not cope with the increased cost of goods and services.

To cope with the hardship, some respondents revealed that they have significantly cut down their conventional expenditure while others indicated that they have reduced the number of days they work.

More findings from the poll revealed 52 per cent of Nigerians believe the fuel subsidy removal is not worth the attendant hardship it has caused. Also, 50 per cent of the respondents disclosed that they are unable to buy fuel at its current price as it is too expensive for them.

The country’s external reserves lost $167.2m in July, as the naira fell further to the dollar.

Figures obtained from the Central Bank of Nigeria on movement of external reserves showed that the reserves which ended June 30, 2023 at $34.12bn, fell to $33.95bn as of July 28, 2023.

In the past two weeks, the naira fell from 820/$ to 868/$ at the parallel market on Monday.

At the I&E window on the FMDQ, the naira trading commenced at 784.91/$ and reached a high of 830/$ before closing at 756/$.

A Bureau de Change Operator in Lagos, Mr Abudul Ahmed, said, “We bought and sold the dollar today (Monday) at 860/$ and 868/$.”

Speaking on the forex pressure with The PUNCH, the President, Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, said, “Optimism is giving way to pessimism with continuing lack of confidence in our local currency. This has led to increase in Fx holding position, hoarding and speculation.

“The core objectives of the harmonization of the multiple exchange rate is to discourage arbitrage and rent seeking, however, the recent trajectory does not seem to achieve that.”

He added that, “The increasing demand of oil marketers, investors backlog, school fees and travellers have continue to mount demand pressure on the limited dollar availability in the market.”

To immediately address the looming situation of the local currency, he said, “We need to ensure additional foreign finance either bilaterally or multilaterally to enhance liquidity.”

At the last Monetary Policy Committee meeting in Abuja, The acting Governor, Central Bank of Nigeria, Folashodun Shonubi, said the bank would address the demand pressure on the country’s exchange rate, as the naira continued to slide against the dollar.

The accretion to external reserves remained weak while foreign exchange demand pressures persisted, he said.

Shonubi said, “The market needs to find its level. There is pent-up demand which the market cannot cater to. Once we clear this demand, the volatility will normalise. We have started intervening, and we would continue to intervene until the market gets to our level.”

Junta-led Burkina Faso and Mali on Monday warned that any military intervention in Niger to restore deposed President Mohamed Bazoum would be considered a “declaration of war against their two countries.

The warning from Niger’s military-ruled neighbours came a day after West African leaders, supported by their Western partners, threatened to use “force” to reinstate the democratically elected Bazoum and slapped financial sanctions on the putschists.

In a joint statement, the governments of Burkina Faso and Mali warned that “any military intervention against Niger would be tantamount to a declaration of war against Burkina Faso and Mali”.

They said the “disastrous consequences of a military intervention in Niger… could destabilise the entire region”.

The two also said they “refuse to apply” the “illegal, illegitimate and inhumane sanctions against the people and authorities of Niger”.

At an emergency summit on Sunday, the Economic Community of West African States (ECOWAS) demanded that Bazoum be reinstated within a week, failing which it would take “all measures” to restore constitutional order.

“Such measures may include the use of force for this effect,” it said in a statement.

The bloc also slapped financial sanctions on the junta leaders and the country, freezing “all commercial and financial transactions” between member states and Niger, one of the world’s poorest nations, which often ranks last on the UN’s Human Development Index.

Pressure to push the perpetrators of the July 26 coup to quickly restore constitutional order is building from Western and African partners in Niger, a country considered essential in the fight against jihadist groups that have ravaged parts of the Sahel region for years.

Former colonial power France and the United States have between them deployed 2,600 soldiers in Niger to help battle the jihadists.

Extremely dangerous

Niger’s junta on Monday accused France of seeking to “intervene militarily” to reinstate Bazoum, which French Foreign Minister Catherine Colonna denied.

“It’s wrong,” Colonna told France’s BFM news channel of the allegation, adding it was still “possible” to return the president to power.

“And it’s necessary, because destabilisation is perilous for Niger and its neighbours,” she said Monday evening.

French President Emmanuel Macron on Sunday vowed “immediate and uncompromising” action if French citizens or interests were attacked, after thousands rallied outside the French embassy in Niamey. Some tried to enter the compound but were dispersed by tear gas.

Colonna said the demonstration had been “organised, not spontaneous, violent, extremely dangerous, with Molotov cocktails, Russian flags appeared, anti-French slogans (that were) an exact copy of what you can hear elsewhere”.

Russia has called for the swift return of “the rule of law” and “restraint from all parties” in Niger.

Macron has spoken to Bazoum several times as well as to regional leaders, the presidential palace in Paris said.

Bazoum — a Western ally whose election just over two years ago marked Niger’s first peaceful transition of power since independence from France in 1960 — was toppled on July 26 by the elite Presidential Guard.

Guards chief General Abdourahamane Tiani declared himself leader — but his claim has been rejected internationally and ECOWAS has given him a week to hand back power.

Bazoum is one of a dwindling group of elected presidents and pro-Western leaders in the Sahel, where since 2020 a jihadist insurgency has also triggered coups in Mali and Burkina Faso.

Bazoum’s PNDS party on Monday warned Niger risked becoming a “dictatorial and totalitarian regime” after a series of arrests.

The country’s oil minister and mining minister were arrested that morning, according to the party. The head of the PNDS’s national executive committee was also arrested.

The PNDS said the junta had previously arrested the interior and transport ministers along with a former defence minister.

The European Union condemned the arrest of ministers from the ousted government and demanded they be freed immediately.

Coups and jihadists

Landlocked Niger became the third Sahel country in less than three years, following neighbours Mali and Burkina Faso, to be shaken by a military coup.

In all three nations, a jihadist insurgency strained fragile governments, stoked anger in the military and rained economic blows on some of the world’s poorest countries.

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.