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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

[RipplesNigeria]

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

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

More to follow…

[TheCable]

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

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

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

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

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

[DailyPost]

The Senate President, Godswill Akpabio, has explained why the senators did not grill the immediate past governor of Rivers State, Nyesom Wike, during the ministerial nominees screening.

Akpabio cited Wike’s experiences as a governor and a minister under former President, Goodluck Jonathan.

The former Rivers governor was asked to take a “bow and go” after reading his brief profile and following an appeal by Senator Barinada Mpigi (PDP, Rivers).

Akpabio noted that Wike was not thoroughly grilled because of his records having formerly served as a minister.

He said Wike had appeared before the Senate for screening when he was nominated as a minister by ex-President, Goodluck Jonathan.

“Having been nominated again for a ministerial position, there is no point asking him many questions,” Akpabio said.

[Punch]

The military government in Niger Republic, under the leadership of General Abdourahamane Tchiani, is taking bold steps to consolidate on the Transitional regime and ward off threats of military invasion by the Economic Community of West African States (ECOWAS). Accordingly, Niger on Sunday suspended export of uranium and gold to France with immediate effect.

Building up to the seven days ultimatum from the ECOWAS leaders to restore ousted President Mohamed Bazoum in Niger, General Tchiani noted that the Economic Community of West African States (ECOWAS) is set to declare war against the military regime within one week. General Tchiani , however, sent a strong message to ECOWAS leaders that the military regime is looking forward to delivery of heavy weapons from Russia, which has become an ally of Niger.

General Tchiani, therefore, cautioned those collaborating with ECOWAS or the ousted Niger government, saying they are enemies.

Some stakeholders have also called for caution in the Niger crisis, noting that Guinea, Burkina Fasso, Mali, where military has succeeded in coup, may express solidarity with Niger Republic and support the military on the outbreak of war.

[NationalDaily]

President Bola Tinubu has warned federal institutions against “arbitrary increase in sundry fees payable” amid the hardship experienced by Nigerians due to fuel subsidy removal.

Dele Alake, special adviser to the president on communication and strategy, broke the news in a statement on Monday.

Tinubu also approved the removal of all restrictions on the students’ loan to ensure it is easily accessible by students.

“In line with his promise to ensure no Nigerian student abandons his or her educational pursuits as a result of lack of money and economic circumstances of their parents, President Tinubu has also approved the removal of all restrictions on the students’ loan to make it available to any student or household that may desire it,” the statement reads.

“Similarly, President Tinubu has directed the authorities in all Federal Institutions of higher learning to avoid arbitrary increase in sundry fees payable and where possible defer further increase so that parents and students don’t face too much difficulties.

“While it is important to reiterate that President Tinubu has directed release of over 200,000 Metric Tonnes of grains to families in 36 states and Federal Capital Territory, Abuja, the government is working to ensure that vulnerable students can also benefit from conditional cash transfers and food distribution.

“The federal government salutes the courage, wisdom and partnership of Nigerian Students as our country navigates this challenging time.

“President Tinubu will continue to prioritise education and the needs of the students, improve welfare of teaching and non academic staff and invest in infrastructure to make our institutions of higher learning become more globally competitive.”

[TheCable]

Rejects Arbitrary Increase Of Fees

President Bola Tinubu has approved provision of buses to the students’ bodies of all universities, polytechnics and colleges of education across the country.

Dele Alake, Special Adviser to the President on Special Duties, Communications & Strategy, disclosed this in a statement on Monday.

He said the development was in furtherance of the President’s desire to ease the burden of the fuel subsidy removal on students of higher institutions of learning,

“The desire of the President is to see that students can access their campuses without much difficulty as a result of higher transportation costs.

“The provision of the buses will also remove the burden of additional cost of daily commuting on parents and guardians.

“In line with his promise to ensure no Nigerian student abandons his or her educational pursuits as a result of lack of money and economic circumstances of their parents, President Tinubu has also approved the removal of all restrictions on the students’ loan to make it available to any student or household that may desire it,” the statement read

Alake added that the president also warned authorities of all federal institutions against “arbitrary” increase of fees.

“Similarly, President Tinubu has directed the authorities in all Federal Institutions of higher learning to avoid arbitrary increase in sundry fees payable and where possible defer further increase so that parents and students don’t face too many difficulties.”

“While it is important to reiterate that President Tinubu has directed release of over 200,000 Metric Tonnes of grains to families in 36 states and Federal Capital Territory, Abuja, the government is working to ensure that vulnerable students can also benefit from conditional cash transfers and food distribution.

“The Federal Government salutes the courage, wisdom and partnership of Nigerian Students as our country navigates this challenging time.

“President Tinubu will continue to prioritise education and the needs of the students, improve welfare of teaching and non-academic staff and invest in infrastructure to make our institutions of higher learning become more globally competitive.”