DEAR readers, I am wearing my academic cap this week, and assessing the first-year performance of Bola Tinubu, Nigeria’s president since May 29 last year. In fact, I have marked Tinubu’s first-year assessment. The result? He failed badly. He scored an abysmal 37 per cent!

Earlier this week, Tinubu marked his own exam paper and awarded himself a pass mark. He said he met Nigeria bleeding and stopped the bleeding. That’s utterly ludicrous, given that most Nigerians have been trapped in unimaginable misery and anguish over the past one year, and the fundamentals of Nigeria’s economy and social fabric have crumbled further in the past year. Yet, Tinubu has cheerleaders. One of them is Dr Olisa Agbakoba, SAN, who said Tinubu “has laid the groundwork for progress” in his first year. What an outlandish thing to say! Well, for me, Tinubu failed his first-year assessment.

Talking about assessment, let me, in fidelity with the Aristotelian mode of persuasion, appeal to ethos, to credibility. Until recently, I was a tutor at the London School of Economics, LSE, where I am still a visiting fellow. Over the years, I have marked many essays, exams and dissertations, against established marking criteria. To secure a Distinction or top Merit, a student must show sophistication in the following areas: their answers must be relevant to the questions; organised and structured; show clarity of exposition; have analytical depth; and demonstrate the use of evidence.

Now, don’t think these criteria are only relevant to students’ assessments; no, they are also applicable to performance in government, especially to policy development and delivery. Tinubu failed in each of them.

Trust me, dear readers, the 37 per cent I have awarded Tinubu has nothing to do with the 37 per cent he secured in last year’s presidential election. That said, there is a shared resonance of failure between them. I mean, anyone who secured 37 per cent in an election, rejected by 63 per cent of voters, can hardly claim any success. But under Nigeria’s military constitution, someone with such a weak mandate and legitimacy can form a winner-takes-all government. Thus, despite his 37 per cent “mandate”, Tinubu has absolute power and runs Nigeria like his personal fiefdom. The election result, now history, is not my concern here. Except that, coincidentally, Tinubu also gets 37 per cent in his first-year assessment. But how?

Well, first, Tinubu’s government lacks an organising principle, lacks a vision; everything is based on a scattergun approach. The first evidence of the absence of a vision is the formation of his cabinet. No president who wants to succeed, knowing the challenges that Nigeria faces, would form the kind of cabinet Tinubu formed. It was a cabinet designed to reward cronies, return political favours and shore up support for his re-election bid in 2027. Why, for instance, did Tinubu put virtually all the economic ministries under his Lagos “boys” and other cronies from the South- West, his geo-political zone? And why are there so many deadwood ministers, whose only qualifications were that, as governors, they helped Tinubu “ win” their states? Why did he choose to form a government of cronies, sycophants and political jobbers? Truth be told, Tinubu’s current cabinet is too weak, too ineffectual, to tackle Nigeria’s acute challenges; the time calls for a government of all the talents.

Another evidence of Tinubu’s unpreparedness is that none of the policies he introduced since he came to office involved serious analysis and planning. There is what political economists call stroke-of-a-pen decisions. These are decisions anyone can make quickly and easily. But there are decisions, with far- reaching consequences, that no president should make simply at the stroke of a pen. Yet, when Tinubu declared that “subsidy is gone” and when he floated the naira, no analysis and planning went into those decisions. No thoughts went into their implementation to avoid unintended consequences. Absolutely none. Tinubu said he was “possessed by courage” in abruptly scrapping the fuel subsidy. But good policies are not made with such impulsiveness, such rashness.

Dr Agbakoba listed removal of the fuel subsidy, flotation of the naira and “ rehabilitating refineries and incentivising new private refineries” as Tinubu’s “notable achievements” that laid the “groundwork for progress”. The learned senior lawyer was hasty in his judgement. Each of the “achievements” is already unravelling. Take the fuel subsidy. Even the IMF which called for its removal also called for “adequate compensatory measures for the poor and efficient and transparent use of the saved money.” None of these has happened. There is no transparency on the use of the saved money, and the savings have not been used to alleviate the pains of poor Nigerians.

Furthermore, the IMF believes the government has quietly introduced “an implicit subsidy.” Truth is, until Nigeria can produce refined petroleum, enough to meet local demands, fuel subsidy won’t go away completely. Yet, despite the promises to turn around the Port Harcourt Refinery, it is still not working, and the other three state- owned refineries remain moribund. Recently, Aliko Dangote said the government won’t need to import refined petroleum from next month, suggesting his refinery would produce enough to meet local demands. Would that happen? Even if it did, would Dangote’s consumable fuels bring down the pump price of petrol? The jury is still out!

What about the floating of the naira? Well, the government is fretting about the naira’s devaluation. And it is intervening aggressively to make the naira appreciate. But the value of a currency is determined by the strength of the economy. If the economy is weak, the currency will be weak, and vice versa. Yet, the fundamentals of Nigeria’s economy are extremely weak, with inflation at 33 per cent and interest rates at 24.75 per cent. In a recent report titled “Nigeria’s currency crisis the last straw for many overseas groups,” the Financial Times said naira’s devaluation and foreign exchange scarcity have forced many foreign companies to divest from Nigeria, while many local businesses “have died quietly.” So, where are Tinubu’s “notable achievements” that lay the “groundwork for progress”?

There are other policies, such as students’ loans, plans to establish state police and the so-called Lagos-Calabar coastal highway, that space doesn’t allow me to discuss. But they all fail the good policymaking test and will have perverse consequences.

So, forget the praise singers, Tinubu’s first year in office is a failure. It inflicted untold pains on ordinary Nigerians and caused huge damage to Nigeria’s economy and social fabric. All for some pie-in-the-sky future “gains”!

There are strong indications that Organised Labour may begin a nationwide strike from Monday, June 3, over a new minimum wage.

This is as the tripartite committee on a new national minimum wage, NNMW, reconvenes today, following abrupt adjournment due to labour’s walkout of last Tuesday’s meeting, where it accused government negotiators of unseriousness in the negotiation process.

Meanwhile, accusing fingers are pointing to the state governors of ganging up against the Federal Government to stall the ongoing negotiation.

Labour’s negotiating team had on Tuesday, for the second time in two weeks, walked out of the committee meeting after the Federal Government increased its offer marginally to N60,000 from the N57,000 it offered on Wednesday, May 22.

Labour, represented by the Nigeria Labour Congress, NLC, and its Trade Union Congress of Nigeria, TUC, counterpart, had on May 15, walked out of the tripartite committee meeting after the government offered N48,000 and Organised Private Sector, OPS, offered N54,000, against its N615,000 demand.

Meeting reconvenes

However, in a letter reconvening the meeting, Ekpo Nta, member/Secretary of the committee on behalf of the National Salaries, Incomes and Wages Commission, NSIWC, dated May 29, said: “You are respectfully invited to attend the 7th meeting of the Tripartite Committee on National Minimum Wage which is scheduled as follows: Date: Friday, 31, May 2024

Venue: Nnamdi Azikiwe Hall, Nicon Luxury Hotel Plot 903, Tafawa Balewa Way Area 11, Garki, Abuja, Time: 10:00 am Prompt

“The minutes of the 6′ meeting and the draft agenda for the 7” meeting wil be circulated in due course.

“Please note that the following ‘Zoom link’ has been provided for any member who indicates inability to be physically present to participate in the meeting.”

Labour mobilizes for strike

Organised labour sources, nonetheless, told Vanguard that a nationwide strike might start on Monday, depending on the outcome of today’s meeting.

According to the sources, organised labour is already mobilizing for a strike from Monday, June 3.
A labour leader, who spoke to Vanguard anonymously, said: “The outcome of tomorrow’s (today) will determine our next line of action. If the meeting comes out fruitful, better for everyone.

“But should government’s team continue with its carefree attitude and disdain for workers’ welfare, nothing will stop us from going on strike from Monday. We are already mobilizing for the strike.

“Everyone knows that the one-month ultimatum we gave to the government to conclude negotiations on the new national minimum wage ends tomorrow (today). We have been patient amid the hardship and mass suffering inflicted on us by the government’s anti-poor policies.

“Besides that, the issue of the minimum wage is statutory. The old Minimum Wage Act ceased to exist since April 18. We had more than six months, at least, to work on a new minimum wage.

“But the government has not been serious with issues affecting workers. Well, Nigerians can bear us witness that we have been patient with this government. If the government knows what is good for it, let its negotiators come up with something reasonable to meet workers’ expectations, otherwise, strike will be inevitable from Monday.”

Govs gang-up

On alleged gang-up by governors, organised labour which appears not to be unaware of the gang-up, is already working on a series of industrial actions, including a total shutdown of nation’s economy to speed up the process.

According to a Presidency source, “the unwillingness of most of the state governors to commit to a reasonable new national minimum wage is putting pressure on the federal government to do the needful.

“Even though what labour is demanding is on the high side, the Federal Government is under pressure from the state governors not to give in to labour’s demand. They have been insisting that they do not have the resources to pay a high wage.

“You can see that they have been shunning the ongoing negotiations because they are afraid to come to the open to put forward their arguments. They cannot continue to shy away. We know there are challenges, we have to face it one way or the other. We must come up with a new national minimum wage. It is a law that we have to abide with.”

Reacting, one of the labour leaders in the negotiating team, told Vanguard that Labour was not ignorant of the antics of the state governors, but said the federal government had a fair share in whatever the governors were doing.

He said: “From the onset, the federal government created this problem by choosing governors that have breached the 2019 Minimum Wage Act as members of the tripartite committee, representing the governors.

“Check, none of the six governors in the committee is labour-friendly. They never fully implemented the N30,000 minimum wage. I remember that the NLC president raised the issue when their names were announced as members representing the governors in the tripartite committee on the new national minimum wage.

“As we speak, many of them have refused to pay the wage award to their workers as a temporary measure to cushion the effects of the removal of petrol subsidy. Even some of them that agreed to pay have not paid more than two or three months. In fact, some of them are paying a meagre N10,000 or N15,000.

“They cannot run away from the reality. Whatever economic challenge we face today, they created it. They are all receiving more money from the federation account as a result of the removal of fuel subsidies and the excessive taxation of the people, among other sources of funds, such as IGR. They have no excuse or reason not to pay.

“We have lined up a series of industrial actions, including shutting down the economy, to speed up the process. We are just waiting for the May 31 deadline we gave on May Day to take the next line of action.”

FG pleads labour’s understanding

Meanwhile, the Federal Government has appealed to organized labour to see reason with its offer.
The Minister of State for Labour and Employment, Nkeiruka Onyejeocha, who appealed yesterday, asked Labour to be considerate and patriotic in their demand in the ongoing negotiations.

She said the government had been consistent in taking steps to secure a fair and realistic wage for Nigeria workers but urged Labour to recognise that the nation’s economy is still on the path of recovery from the effects of the COVID-19 pandemic and other economic distress.

The minister said: “We appeal to organized labour and, indeed, other relevant stakeholders to be considerate and patriotic in their demands, recognizing that our economy is still recovering from the devastating effects of the pandemic and other global economic shocks. “We are committed to putting the people first and ensuring that our economic policies benefit all Nigerians, not just a select few.
“The government remains dedicated to prioritizing the well-being of our citizens and urge all relevant parties to demonstrate patriotism and understanding, particularly during this critical period when President, Bola Tinubu is working diligently to revitalize the economy. 

“We recognize that the economic challenges we face are complex and multi-faceted, and we require the collective effort of all stakeholders to overcome them.”

The minister noted that last Tuesday’s meeting with Labour was a significant step in the ongoing efforts to secure a fair and realistic wage for Nigerian workers.

“As a government, we recognise the importance of ensuring that our citizens receive a decent standard of living, and we are committed to making this a reality.

“After hours of intense negotiations, labour leaders took a recess to consult with other key stakeholders and have pledged to return to the negotiating table for further discussions today. We welcome this development and are optimistic that our continued engagement will yield a positive outcome.

“In light of the current economic conditions, we have made a concessionary move from N57,000 to N60,000. This increase is a demonstration of our willingness to listen to the concerns of labour and work towards a mutually beneficial agreement. 

“We understand that the current economic landscape is challenging, and we are doing everything in our power to mitigate its effects on our citizens. This is the path this government has chosen to pursue, and we will not deviate or stray from the course.

“President Tinubu has been tireless in his efforts to revitalise the economy and improve the standard of living for all Nigerians. His commitment to creating jobs, stimulating economic growth, and reducing poverty is genuine, and we appeal to all to support him in this endeavour.

“As we move forward, we will continue to engage with organised labour and other stakeholders to ensure that our economic policies are inclusive and beneficial to all. We recognise that the times are challenging, but we are confident that with the collective effort of all Nigerians, we can overcome any obstacle and build a brighter future for ourselves and future generations.”

Credit to the government rose month-on-month, MoM,  by 2.0 percent to N19.98 trillion in April from N19.58 trillion in March.

Data from the Central Bank of Nigeria, CBN, Money and Credit Statistics for April showed mixed trend in credit to the government since January where it stood at N23.5 trillion.

According to the CBN,   credit to the government grew to N33.92 trillion in February and fell to N19.58 trillion in March but went up to N19.98 trillion in April.

The data also showed that credit to the private sector rose MoM by 2.4 percent  to N72.9 trillion in April  from N71.2 trillion in March. This resulted in a 2.31 percent MoM rise in net domestic credit to N92.9 trillion in April from N90.8 trillion in March.

Analysts at Cowry Asset Management Limited attributed the March decline in credit to the government to the effect of policy rate hike by the CBN.

Commenting in the company’s  weekly financial Market review and outlook, they said: “This could be linked to the effect of the policy rate hike by the monetary authority on the economy where the CBN’s  Monetary Policy Committee (MPC) has raised interest rate by 600 basis points to 24.75 percent so far in 2024 from 18.75 percent  just to achieve price stability.  

“The full impact of the policy rate hike by the central bank will continue to be seen in the economy as borrowing costs trend higher while businesses seek alternative funding options in the local debt market through the issuance and raise  of commercial papers for the short term in order to keep business operations afloat.”

However, the increase in credit to the government in April contradicts analysts’ prediction of a continuous declining trend.  

“While we think a continued slow  growth in total credit to the government and private sector will continue, businesses will explore further funding options  amidst rising prices. On the other hand, we think the federal government will continue exploring various funding options with lower debt servicing requirements just to meet its project funding and investment obligations”, analysts at Cowry Asset projected.

Nollywood actress Eniola Badmus has commended President Bola Ahmed Tinubu’s administration for bringing “significant progress and hope” to Nigeria. 

Badmus shared her views while congratulating President Tinubu on his first year in office.

Recently appointed as the Special Adviser on Social Events and Public Hearings to the Speaker of the House of Representatives, Tajudeen Abbas, Eniola Badmus expressed confidence in Tinubu’s ability to drive the nation forward. 

She emphasised that Nigerians are optimistic about continued success and growth under his leadership.

On her Instagram page, the movie star wrote: “Congratulations on your first year in office, @officialasiwajubat.

“Your dedication and leadership have brought significant progress and hope to our nation. We look forward to continued success and growth under your guidance.”

The Minister of Works, David Umahi, has said that most people he helped to power during the 2023 general elections now avoid him.

Umahi said this in Abakaliki, Ebonyi State on Thursday while speaking with newsmen.

The minister said that even National Assembly members whom he helped to power were among those who now avoid him, adding that he was not disturbed by their behaviour.

“It is only Chief Onyekachi Nwebonyi who will openly acknowledge that I am his father and boss.

“The others feel that by doing so, the state governor, my successor, will be angry with them.

“The governor cannot do that because he too openly acknowledges that I was instrumental to his emergence,” he said.

He said that the development made him stop having political godsons but has opted for political friends.

“I will fight anybody who makes trouble with the governor because he deserves our respect.

“I have done my bit, have left the stage and have to respect myself,” he said.

Umahi said there were usually crises between the predecessors and successors, adding that “I am however not available for such because I have been so blessed in life by God.

“There are always pathways to successes and failures and when you dig for someone to fail, you have already failed,” he said.

The minister vowed to stick with Nwifuru for eight years and thanked God for giving the governor the grace to unite all leaders of the state.

“The issue of the leaders staying together for long is not our business but I have known the governor for 16 years and will continue to support him.

“I will never regret making him my successor as he, alongside few others, stood with me during the hard decision of defecting to the APC,” he said.

Umahi previously served as the senator representing Ebonyi South senatorial district from June to August 2023. Before his tenure in the Senate, he was the governor of Ebonyi State from 2015 to 2023 and served as the deputy governor from 2011 to 2015.

(NAN)

The Federal Government has secured a $500 million World Bank loan to empower Nigeria's energy distribution industry, the Bureau of Public Enterprises stated on Thursday.

The BPE announced that the financing has been secured to help address the numerous issues that Discos face in the country.

“In a strategic move to address the identified gaps in the electricity distribution companies, the Federal Government of Nigeria has secured a $500m loan from the World Bank,” BPE stated in a statement issued in Abuja by the Head of Public Communication, Amina Othman.

It added, “Approved on February 4, 2021, by the World Bank board of directors, this funding supports the Nigerian Distribution Sector Recovery Programme aimed at improving the financial and technical performance of the Discos.

“The DISREP is designed to enhance the financial and technical operations of the Discos through capital investment and the financing of key components of their Performance Improvement Plans, which have been approved by the Nigerian Electricity Regulatory Commission.”

The Bureau stated that key areas of improvement include bulk procurement of customer/retail metres and metre data management systems, implementation of a Data Aggregation Platform, and strengthening governance and transparency within the Discos.

On the programme components, BPE said the DISREP comprises two main components.

It said the first is the programme for results, with an allocation of $345m, adding that the purpose is to support the implementation of selected PIP components. The Bureau of Public Enterprises is to implement this.

The other component is the Investment Project Financing, with an allocation of $155m and the purpose is to finance the procurement of metres, a data aggregation platform, and technical assistance.

“The DISREP loan, particularly the Investment Project Financing component, is expected to significantly benefit the Nigerian Electricity Supply Industry by closing the metering gap, reducing Aggregate Technical, Collection, and Commercial losses, and improving remittances and liquidity for the Discos.

“Others include to enhance the reliability of power supply, as well as increase transparency and accountability within the Discos,” BPE stated.

It said the $500m DISREP loan from the World Bank offers concessional financing with more favourable terms than commercial bank loans.

“This will enable the Discos to invest in critical distribution infrastructure, improve ATC&C losses, increase power supply reliability, achieve financial sustainability in the power sector, and enhance transparency and accountability,” the bureau stated.

It noted that significant progress has been made in the preparation of the DISREP programme with several key milestones achieved and approved by the Federal Executive Council on August 3, 2022.

It said there has been the execution of the Financing Agreement by the Federal Ministry of Finance, Budget and National Planning, and the World Bank, and adoption of the Programme Operations Manual by BPE and Transmission Company of Nigeria.

The government has also obtained a legal opinion from the Attorney-General of the Federation and executed the Subsidiary Loan Agreement, adding that the effective declaration of the DISREP Programme was done on January 31, 2023, while the inauguration of the DISREP Technical Committee was on May 6, 2024.

It said the inclusion in the Federal Government borrowing plan was approved by the Senate Committee on May 16, 2024.

“To ensure repayment assurance, the Bureau of Public Enterprises sought and obtained approval from the Nigerian Electricity Regulatory Commission and the National Council on Privatisation for a structured repayment hierarchy.

“This structure prioritises payments as follows: 1. Statutory payments (taxes); 2. Repayment of CBN market loans; 3. Market obligations; 4. Repayment of DISREP loan; 5. Discos’ net revenue. This structured repayment plan aims to mitigate risks associated with repayment uncertainty and defaults, with regulatory sanctions imposed for any defaults,” BPE stated.

Power distribution companies in Nigeria have been widely criticised as being the weakest link in the country’s power value chain. This is due to many lapses on the part of the Discos.

For instance, about eight million registered power users out of an estimated 13 million electricity consumers are not metered by Discos. Also, there are complaints of poor power supply to many locations by Discos. Consumers on estimated billing also accuse Discos of extortion, among other concerns.

Nigeria got 11 power distribution companies after electricity generation and distribution arms of the industry were privatised in November 2013, and since then, the Discos have been struggling to meet the demands of end users.

House of Representatives has stepped down an amendment to a motion seeking foreign intervention to address Nigeria’s insecurity issues.

The lawmakers declined an amendment proposed by Hon. Ahmed Jaha (APC, Borno), which called for the invitation of foreign mercenaries to assist in combating the issue.

Jaha stated that despite ongoing efforts by security agencies over the years, results have been insufficient, hence the need for Nigeria to engage foreign contractors to assist in combating insecurity across the country.

“During the period of insecurity in the northeast between 2020, there was no significant hunger in the country. However, when the bandits realized their actions were causing more hunger than insecurity, they expanded their operations to the southeast and southwest.

“Given the insurgency we’re grappling with, it’s prudent to seek assistance from other nations. Nigeria lacks the power and influence of countries like Ukraine and Russia. Bringing in machinery to tackle insecurity is essential to prevent a worsening hunger crisis next year. The current strategy of targeting farmers is crippling agricultural productivity. While we appreciate the efforts of our security agencies, additional support is urgently needed.”

But, Hon. Abbas Adigun, member representing Ibadan North East/South East Federal Constituency of Oyo State, strongly opposed the suggestion of employing foreign mercenaries, stating that it would be a source of embarrassment for the nation.

“We must prioritize bolstering our security agencies’ capacity and ensuring their personnel’s welfare. When they bravely venture into the field, there’s a stark reality: a 50% chance they won’t return. We must also consider the welfare of their families left behind.

“We’re sorely lacking the modern equipment needed to confront insurgents effectively. Despite discussing security measures in the 9th Assembly, no tangible actions have been taken. That’s why I’ve chosen not to attend any security meetings in this assembly.

“Requesting another nation to supply us with machinery is a slight to our stature as a leading African nation. We possess the capability within our security agencies, augmented by the expertise of retired service chiefs, to undertake such tasks internally.

“Many of Nigeria’s security challenges stem from its poorest and least educated regions. These issues are the fruit of seeds planted long ago. Nigeria must prioritize investments in education and alternative livelihoods over criminal activities,” he said.

Other lawmakers also followed his argument, dropping the amendment while the motion was adopted with other prayers.

Adopting the motion, the House decided to meet with the President to find solutions to the insecurity challenges. It urged police authorities to appropriate funds to repair damaged security assets nationwide.

The motion’s mover, Abdullahi Dabai from Katsina State, lamented that the people of his constituency are living in a state of fear owing to constant attacks by bandits.

“Families have lost their loved ones, their means of livelihood, and their homes. The psychological trauma inflicted on the survivors, particularly those who have lost family members or witnessed the destruction, cannot be overstated. The kidnappings have further exacerbated the situation, with families anxiously awaiting the return of their loved ones,” he said.

No fewer than 40 directors failed the qualifying examination for appointment to the position of permanent secretaries.

A total of 92 directors were listed to sit the examination which took place on May 27, 2024.

While 40 directors scored below 50 per cent, which indicated failure, according to the result of the examination obtained by our correspondent in Abuja, three were absent while one director could not complete the exam.

A May 28, 2024 memo by the Office of the Head of Service tagged, “HCSF/ CMO/ AOD/012/IX/59’ noted that the next test will be an ICT-based test.

Recall that the Federal Government, through the Office of the Head of Civil Service, had earlier announced the commencement of the process for the appointment of new permanent secretaries to fill existing and impending vacancies for Akwa Ibom, Anambra, Bauchi, Ebonyi, Jigawa, Ondo, Zamfara states, South-East and South-South zones.

The Head of Civil Service of the Federation, Folashade Yemi-Esan, disclosed this in a circular addressed to the Chief of Staff to the President, Femi Gbajabiamila, the Secretary to the Government of the Federation, George Akume, among others.

In the memo, which she personally signed, Yemi-Esan noted that only directors who attained the position of substantive director on or before January 1, 2022, would be considered in the process.

The circular dated April 19, 2024 and tagged “HCSF/CMO/AOD/012/IX/24 read: “Following the approval of Mr. President, the Office of the Head of the Civil Service of the Federation is commencing the process of the appointment of Permanent Secretaries in the Federal Civil Service in respect of existing and impending vacancies for Akwa-Ibom, Anambra, Bauchi, Ebony, Jigawa, Ondo, Zamfara States, South-East and South-South geo-political Zones, whose Permanent Secretaries have retired or will retire between April and September, 2024.

“Consequently, the mainstream Federal Civil Service officers who meet the following conditions are eligible to participate in the exercise.”

Giving the qualifications, the memo stated that candidates must “have attained the position of substantive Director on Salary Grade

Level 17 on or before 1st January, 2022; have updated their records on the IPPIS Verification Portal; are from the states or geopolitical zones listed in paragraph one above; and are not retiring from service earlier than 31st December 2025.”

The memo also stated that officers undergoing disciplinary procedures were excluded from the exercise.

In a recent post on his social media account, Nigerian comedian Seyi Law expressed admiration for President Bola Tinubu’s first year in office, highlighting the ongoing progress and areas for improvement.

Celebrating the president’s dedication to repositioning Nigeria, Seyi Law commended Tinubu’s commitment to creating a nation of equal opportunities for all.

He emphasized that the renewed hope agenda is still alive and well, led by the courage of supporters like himself.

Seyi Law also commended Tinubu for the successful launch of the student loan program and the impact of the 3MTT program in information technology.

He acknowledged the progress made in security matters but also noted that there is still work to be done.

He also applauded Tinubu’s achievements in the Ministry of Interior Affairs, including the ease of passport procurement and improved security at airports through the introduction of e-gates. However, he stressed the need for urgent intervention in the agricultural sector.

Seyi Law further called on the presidency to address pressing concerns such as the new minimum wage and door availability for infrastructural development.

he congratulated Tinubu on reaching the milestone of his first year in office and expressed hope for continued blessings on Nigeria.

On his X handle, he wrote:

“The journey to reposition Nigeria has been arduous but your unwavering dedication is truly commendable. I firmly believe in your ability to transform Nigeria into a nation that provides equal opportunities for all. The renewed hope agenda remains alive and well, fuelled by the courage that sustains us, your supporters.”

“I extend my personal salute for the successful launch of the student loan program. Your efforts in the field of information technology through the 3MTT program have left a long-lasting impact as evidenced by the beneficiaries who stand as testimonials to your commitment,” he said in part.

He added, “Turning to security matters, the military has made significant strides, although there is still work to be done. In the Ministry of Interior Affairs, your achievements are noteworthy. Nigerians now celebrate the ease of passport procurement and improved security at airports, thanks to the introduction of e-gates.”

However, Your Excellency, alongside our celebrations, there are pressing concerns. Urgent intervention is needed in the agricultural sector and we eagerly await news regarding the new minimum wage. While infrastructural development is commendable, addressing door availability remains a critical priority. In conclusion, I extend heartfelt congratulations on reaching the milestone of your first test in office. May God continue to bless Nigeria”.

Nigeria and other West African countries are expected to see their growth rates rise from 3.6% in 2023 to 4.2% in 2024 and 4.4% in 2025. This projection was shared by Kevin Urama, the Vice-President and Chief Economist of the African Development Bank (AfDB), during the African Economic Outlook 2024 event on Thursday.

The announcement was made at the bank’s 2024 Annual Meetings in Nairobi, Kenya. The event’s theme was “Driving Africa’s Transformation: The Reform of the Global Financial Architecture.”

Urama highlighted that West Africa’s growth is set to increase, moving from an estimated 3.6% in 2023 to 4.2% in 2024, and further solidifying at 4.4% in 2025. This marks a 0.3 percentage point increase over the January Macro Economic Outlook (MEO) projections, driven by stronger growth in major economies like Côte d’Ivoire, Ghana, Nigeria, and Senegal.

He emphasized that African economies have shown resilience despite multiple challenges, with average growth expected to stabilize at 4.0% in 2024-2025, up from 3.1% in 2023. The average real Gross Domestic Product (GDP) growth slowed from 4.1% in 2022 to 3.1% in 2023, primarily due to high food and energy prices stemming from Russia’s invasion of Ukraine.

Dikko Radda: Insecurity would be difficult to address without alleviating poverty
Other contributing factors include climate change, extreme weather affecting agriculture and power generation, and political instability in some countries. However, real GDP growth is projected to rise to 3.7% in 2024 and 4.3% in 2025, surpassing the 4.1% recorded in 2022.

Urama noted that the growth rebound will be driven by East Africa, with an increase of 3.4 percentage points, and Southern and West Africa, each rising by 0.6 percentage points. In 2024, 40 countries are expected to show higher growth than in 2023, with 17 economies projected to grow by more than 5%, potentially increasing to 25 by 2025. Africa is set to retain its position as the second fastest-growing region after Asia in 2024-2025, with GDP growth exceeding the global average of 3.2% in 2024.

For oil-exporting countries, average growth is expected to decline from 3.7% in 2023 to 3.5% in 2024, but it may rise to 4% in 2025. This slowdown in 2024 is due to lower oil production targets set by OPEC and issues such as the vandalism of an oil pipeline in South Sudan and uncertainties surrounding Angola’s oil exports after leaving OPEC.

In contrast, growth in non-oil resource-intensive economies is projected to improve significantly from 0.3% in 2023 to 2.7% in 2024, and stabilize at 3.3% in 2025. This sharp increase is mainly due to a rebound in China’s demand for metals and minerals, driven by expansions in smart grids and construction activities.