The 2023 Peoples Democratic Party, PDP, presidential candidate, Atiku Abubakar, has vowed to keep contesting as long as he’s healthy.

Atiku spoke during an interview on the Hausa service of the Voice of America in Abuja.

Asked if he will contest again, Atiku said: “Of course, I will keep contesting again and again as long as I am alive and healthy.

“Even the former US President Abraham Lincoln contested seven times before finally winning.

“However, given the current state of the PDP, it is clear that a single-handed effort will not suffice to win the election. Strong support and collaboration with other parties are required.”


The former Vice President will be 81 by the time the next presidential election comes around in 2027.

Atiku has run for the presidency six times but has been on the ballot as a presidential candidate on three occasions — 2007, 2019, and 2023.

Abubakar said he is consoled by the fact that former United States President Abraham Lincoln did not win the presidential vote on the first time of asking.

He also spoke about the crisis in the Peoples Democratic Party (PDP), saying the party needs to be united and forge alliances with other political groups to win the presidential election in 2027.

This is coming amid speculation of him forming a coalition with other political parties.

Last week, Atiku had met with his counterpart from the Labour Party, LP, presidential candidate, Peter Obi.

“This is to anybody that thinks there is going to be a misunderstanding between me and Obi, let me assure you that not even a small issue is going to happen between us.

“Also, we are going to be behind anybody that will be chosen to represent us in the forthcoming elections,” he said about the meeting.

The Chief Executive Officer of Techstars, Maëlle Gavet has announced her departure from the company, citing health reasons.

Effective at the end of the month, Gavet will step down, with Techstars co-founder and board chairman David Cohen taking over the CEO role immediately, Tech Crunch first reported.

Gavet, who has served as CEO since 2021, conveyed her decision in a LinkedIn post where she expressed immense gratitude for her tenure at the company.

 

She acknowledged the hard work and dedication of her team, the executive board, employees, investors, and the founders she collaborated with during her time at Techstars. She also spoke a bit about her health issues.

“It’s with extreme sadness that I’m announcing that I will be leaving Techstars at the end of the month for health reasons. As of today, David Cohen, our co-founder and Chairman of the Board is CEO of Techstars once again.

“11 years ago I had to have one of my thyroids surgically removed due to the presence of cancerous nodules and for all these years I have been able to live almost worry-free with daily medication and a checkup every 6 months. Unfortunately the results of the last checkup showed that nodules had started to appear on my other thyroid. “

What to know about Gavet’s tenure

Gavet’s announcement marks the end of a challenging period for Techstars under her leadership. Her tenure has been characterized by significant controversies and operational difficulties.

Internally, Gavet’s leadership style came under scrutiny, with several employees and managing directors accusing her of fostering a high-stress work environment. This climate reportedly led to a notable exodus of staff members, which impacted the company’s morale and operational stability.

Externally, Techstars struggled to strike a balance between its aggressive growth ambitions and the imperative for profitability.

The company’s attempts to scale were hampered by strained relationships with corporate partners, notably JPMorgan Chase. This relationship, vital to Techstars’ operations, deteriorated during Gavet’s leadership, leading to high client churn.

The fallout with JPMorgan was particularly detrimental as it cast doubt over the future of several accelerator programs funded by an $80 million partnership. Programs in key locations such as Miami, Atlanta, and Oakland faced uncertainty due to this strained partnership.

More insight

Additionally, Techstars had to shutter several of its accelerator programs during Gavet’s tenure. Notable closures included programs in Austin, Toronto, Seattle, Sweden, Boulder, and Norway.

These closures signaled a strategic retreat from various geographic markets and were indicative of the broader challenges facing Techstars in sustaining its expansive global footprint.

In a separate statement posted on the Techstars website, David Cohen acknowledged the difficulties of Gavet’s tenure while also recognizing her efforts to address them. “She built a great team, made many tough decisions, and bravely enacted complex changes that were sorely needed,” Cohen stated. He emphasized that Gavet’s departure is primarily motivated by health concerns and expressed the collective goodwill of the company toward her as she focuses on her well-being.

What we know

About 5 months ago, Nairametrics reported that Techstars Accelerator, in collaboration with Lagos-based ARM Labs, announced a significant investment initiative targeting African startups. The program, which marked its second cohort, was to see Techstars invest $1.4 million in 12 innovative startups across the continent. Each startup will receive up to $120,000 in funding, alongside access to over $400,000 in cash equivalents, covering hosting, accounting, legal support, and additional benefits valued at over $5 million.

Some of the startups included in the program are 24Seven, founded by Olufemi Idowu, this asset-light marketplace enables small businesses and convenience stores to order inventory on credit with one-hour doorstep delivery. Beauty Hut: Led by Subuola Oyeleye, the platform bridges the gap between beauty brands and consumers through efficient product distribution and marketing channels via an e-commerce web store and mobile app, and others.

[Nairametrics]

A former presidential aspirant under the platform, of the All Progressives Grand Alliance, APGA, George Okoye, has described the proposed merger among some opposition parties against President Bola Tinubu as a waste of time.

Naija News reports that Okoye, in a statement, said Tinubu is not doing badly, as some persons erroneously believe but the Peoples Democratic Party (PDP) can provide a better alternative.

The former lawmaker in the Anambra State House of Assembly urged the leadership of the PDP to resolve its challenges, and everything else will fall into place.

He said, “The leadership of the party is complacent; they are just rigmarolling, looking for direction. A mega party cannot work in Nigeria today. The only thing the PDP needs now is to resolve its leadership challenges.

 

“If the government does the right thing, commend it, and criticize it when it does the wrong thing.

“We have a President today in Nigeria and I don’t think Bola Ahmed Tinubu is bad. I am impressed by his performance so far, but the PDP can provide a better alternative.

“The problem with PDP is credible leadership. Once there is credible leadership, every other thing will fall in place.”

[NaijaNews]

Twenty seven states are yet to have vehicle conversion centres as the federal government moves to actualise the use of Compressed Natural Gas (CNG) to mitigate the effects of fuel subsidy removal.

Our correspondents across the states report that it is still a long way to go for the Presidential Compressed Natural Gas Initiative (PCNGI), considering that only a fraction of the 15.5 million potential vehicles for conversion have been converted so far.

Even though seen as a game-changer when handled with a sense of responsibility, stakeholders in the oil and gas sector, as well as public and private vehicle owners, believe there are many impediments to the actualisation of the CNG initiative.

These include complete or near absence of the conversion centres in many states, and non-availability of refuelling stations in the event one converts his vehicle.

At present, a litre of petrol has crossed over N700 in many parts of the country, a development that affects prices of goods and services occasioned by hike in cost of transportation.

In contrast, the CNG equivalent of litre is N230.

Experts believe that once the CNG is made available, and cost of conversation, which is over N1, 000, 000 reduced, many Nigerians would seamlessly embrace the initiative.

CNG is seen as a suitable and cheaper alternative fuel for motorists with lower emission impact and a more environmentally friendly fuel.

 

Daily Trust investigation revealed that it now costs nearly N1.5 million to convert a single sedan vehicle from petrol to CNG, both in Lagos and Abuja.

The conversion cost has skyrocketed from about N400, 000 over a year ago to the current prices, as a result of the devaluation of the exchange rate as the entire component is imported.

Motorists currently running on petrol have complained about cost of conversion kits as a hindrance considering the current cost of living crisis.

Malam Mele Kyari

How to get it right

Analysts have identified three critical infrastructure that will unlock the transition from petrol to CNG, without which the conversation around the benefit to the nation will remain elusive.

The infrastructure included gas pipelines across the country, CNG conversion centres and dispensing points in retail filling stations.

Officials of one of the companies championing the transition, NIPCO said they are leveraging their extensive and robust natural gas infrastructure to make a difference.

The officials said that they had successfully converted about 10, 000 cars so far.

One of them said they currently have 10 ongoing conversion infrastructures in Lagos with four already completed and awaiting formal inauguration.

“We also have conversion centres in Kogi, FCT, Edo, Uyo, Ogun and Lagos,” he said.

Daily Trust investigation revealed that there are Less than 25 conversion centres nationwide in nine states, to cater for over 15.5m vehicles in the country.

The data collected by our reporters across the 36 states and Abuja also indicates that 27 states have no single CNG conversion centres.

Lagos has the highest number at the moment, with conversion centres in Marina, Fadeyi, Itire-Ishaga, Badore, LASU, Lekki Phase 1, Ketu and Ajah.

There are other independent conversion centres in Abuja in addition to the two provided by NIPCO.

But checks in the far North showed that the project portrays a gloomy picture.

Situation in states

Daily Trust findings showed that there is only one conversion centre in Kwara State located beside the Soludero Park, Post Office, Ilọrin.

The plant is still under construction when our reporter visited the facility.

The state’s Supervising Commissioner for Works and Transport, Abdulquawiy Olododo, said the construction is in line with the objective of the Presidential Initiative on CNG.

The Nasarawa State government said it has taken steps to establish CNG vehicle conversion workshops in the state.

The Niger State Commissioner for Land and Survey, Maurice Magaji, said land had been allocated for the establishment of CNG and LPG centres in the state in Minna, Bida, Tafa, Suleja and Mokwa towns and the Certificates of Occupancy have already been prepared and signed by the governor.

In Ondo State, Gbenga Omole, the Special Adviser to Governor Lucky Aiyedatiwa on Transportation, said the state was still awaiting a directive from the federal government on the CNG-powered vehicles centre.

How Tinubu bought into the CNG initiative

President Bola Tinubu had, in August 2023, approved the establishment of the Presidential Compressed Natural Gas Initiative (PCNGI).

His spokesman, Ajuri Ngelale, said the initiative was to revolutionise the transportation landscape in the country, targeting over 11,500 new CNG-enabled vehicles and 55,000 CNG conversion kits for existing PMS-dependent vehicles.

The Federal Executive Council last week mandated all government Ministries, Departments and Agencies (MDAs) to procure only vehicles and generators powered by CNG and begin converting all petrol or diesel-powered vehicles or generators to CNG.

The Nigerian National Petroleum Company Limited (NNPL) and NIPCO Gas Limited had disclosed a plan to ramp up the first phase of the CNG penetration plan in Q1, 2024.

The Group Chief Executive Officer of the NNPCL, Mele Kyari, said the partnership would see the rollout of 35 CNG stations nationwide to cater for refuelling of about 200,000 vehicles in the first instance.

Under the NNPC-NIPCO strategic partnership, he noted that 35 state-of-the-art CNG stations would be constructed nationwide, including three mother stations.

FG partners ALGON conversion centres’ establishment in 774 LGAs

The federal government and the Association of Local Government of Nigeria (ALGON), at a stakeholders’ meeting in Abuja yesterday, expressed readiness to partner to establish CNG service centres in all the 774 local governments areas.

Director, Road Transportation and Mass Transit, Federal Ministry of Transportation, Musa Ibrahim, who represented the Minister of Transportation, Ahmed Alkali, said: “There are millions of vehicles on our roads today that are running on petrol and we have been approached by investors who want to partner with us to see that we have as many cars being converted to CNG.”

He said the federal government believed that service centres for CNG conversion should not be located only in urban centres. “That is why we’re partnering with the Association of Local Governments of Nigeria to ensure that we also have the service centres closer to the people at the grassroots.”

The Director-General of the Nigerian Institute of Transport Technology (NITT), Zaria, Kaduna State, Bayero Salih Farah, said the collaboration with ALGON was important as the majority of Nigeria’s population live in the local areas.

Dr. Farah said: “The NITT has already sent its engineers for training, both locally and internationally, to equip themselves with the requisite skills they need to provide services in all the 774 LGAs in order to develop a roadmap for the actualisation of the project.”

Chinese firm seeks partnership with FG

The Permanent Secretary of the Ministry of Petroleum, Nicholas Ella, on Tuesday in Abuja, met with officials of a Chinese company, Wen Advisor, in Abuja who are seeking partnership with Nigerian government on CNG-powered vehicles.

The Managing Director of Wen Advisor, Haikuo Weng, said his team was in Nigeria to explore possible areas of investment in the CNG-powered vehicles project.

Weng said to develop a CNG gap pump station, it was necessary to ascertain whether local buses in Nigeria currently use liquefied natural gas or the CNG.

Experts want adoption private sector-driven

An auto industry stakeholder, Dr Oscar Odiboh, in a chat with Daily Trust, said the federal government must fully involve private businesses, especially owners of filing stations, to key into the initiative.

“This kind of CNG thing, the government’s hand should be removed. Leave it for the private people, let them handle the business and ensure they don’t over-profiteer while the government should play a regulatory role,” he said.

The Chief Executive Officer of the Presidential Compressed Natural Gas Initiative Steering Committee, Engr. Michael Oluwagbemi, could not be reached for comments as our reporter was told he was out of the country.

The Federal Government, Organised Labour, and the Private Sector have postponed the new minimum wage tripartite committee meeting until next Tuesday.

Naija News reports that the parties decided to postpone the meeting on Wednesday after organized labour rejected the federal government’s fresh offer of ₦57,000 minimum wage.

Recall the government increased its offer from ₦54,000 to ₦57,000 at the meeting but was rejected by the labour unions. Also, labour reduced its demand from ₦615, 000 to ₦497, 000.

However, a source privy to discussions at the meeting told Vanguard that the government team stuck to their offer of ₦57,000, and there is no sign of increasing the latest offer.

The source stated that it is a problem if the government cannot pay an appreciable salary increase, adding that the meeting has adjourned till next Tuesday.

The Labour member said the government’s offer was once again presented by the Minister of State for Labour and Employment, Nkeiruka Onyejeocha.

He said: “They are crying now. They are stuck at N57,000. There is a problem if the government cannot pay an appreciable salary increase. There is no sign that there is no money. We adjourned until next Tuesday.

“The government is insisting on N57,000, which is like wage reduction, how can you go and negotiate wage reduction because there’s nobody that is earning N57,000 now?

“We came down from N500,000 to N497,000 because when they increased by N3,000, we now came down by N3,000 too so that if they are joking, we also decided to joke, they are not the only ones who know how to joke. We came down to N497,000 when they came up to N57,000. We told them straight away that we didn’t accept the N57,000 offer.

“They pleaded with labour to accept their offer, we told them there was nothing to plead about. We told them to break down the N57,000 offer, so we will know how much they are allocating to transport, how much to accommodation, how much to health so that we know and not lump everything but they didn’t do that.”

Some of the government team members at the meeting included the Ministers of Finance, Wale Edun, and Budget, Atiku Bagudu, and Onyejeocha.

The Zamfara State government has announced that ₦30,000 will be the new minimum wage for workers in the state instead of ₦7,000.

The state governor, Dauda Lawal, who made the announcement yesterday, added that the ₦30,000 minimum wage for civil servants in the state will begin in June.

The Governor revealed this during a meeting with the leadership of the Zamfara State chapter of the Labour Union in Gusau, the state capital.

A statement from the spokesperson of the governor, Sulaiman Bala Idris, said the implementation of the minimum wage demonstrates the state government’s commitment to improving the well-being of employees.

He said, “The Zamfara State government will start paying a minimum wage of N30,000 instead of N7,000 effective June this year.”

Nigeria’s Federal Ministry of Arts, Culture and Creative Economy has projected a whooping sum of N3.7 billion for “research and development” amid calls for cut in governance costs.

This was reflected in the 2024 budget of N28.7 trillion signed by President Bola Tinubu in January this year and sighted by DAILY POST on Wednesday in Abuja.

DAILY POST recalls that the budget presented by President Tinubu was N27.5 trillion, but was increased by lawmakers by a difference of N1.2 trillion.

The budget came under public discourse when Senator Abdul Ningi representing Bauchi Central Senatorial District alleged the padding of the budget to the tune of N3 trillion for which he was sent on suspension.

The ministry was carved out by Tinubu from the old Ministry of Information, Culture and National Orientation. The sum of N160 million was also earmarked for the construction of a skill acquisition centre for art and craft in Musawa LGA of Katsina State in the North West.

Again, the sum of N290 million was allocated for construction of solar street lights in Musawa Local Government Council, the home of the Minister.

A further look at the compendium of the 2024 budget shows N98 million and N150 million for a “Nigerian pavilion” at the next Cannes Film Festival slated for May 14 and 25 in France and the ministry’s “information desk” at the Abuja international airport respectively.

The sum of N26 million was set aside for miscellaneous – refreshments and publicity among others.

Speaking with Dr Muktar Alkali of the Centre for Transparency and Accountability on his feelings on some agencies of government after one year of President Tinubu’s administration, he expressed disappointment, saying:

“In the last one year, it’s been inefficiency and high cost of governance by some agencies.

“This means that there no difference from the past that has brought the nation to the sad story we are seeing today. We are studying what and what has happened in some agencies and will get back to the media in due course”.

 [DailyPost]

Organised Labour has accused the Bola Tinubu-led federal government of deliberately frustrating Nigerian workers.

The labour movement made the accusation on Wednesday after it rejected the fresh offer of ₦57,000 minimum wage from the federal government.

Naija News reports that the Tinubu government proposed the amount during Wednesday’s meeting of the minimum wage tripartite committee in Abuja.

Recall the federal government increased its offer from ₦54,000 to ₦57,000, while labour reduced its demand from ₦615, 000 to ₦497, 000.

Speaking with Vanguard after the meeting, one of the labour leaders expressed his anger over the government’s attitude toward negotiating the new minimum wage.

The labour leader asserted that the government was not ready to negotiate or was not prepared for negotiation, saying that it was deliberately frustrating Nigerian workers.

He added that the government inflicted hardship on Nigerians with their ill-thought-out and unprogressive policies of subsidy removal and devaluation of the national currency.

He said: “Government cannot be telling us that there is no money; this is an insult. We did not remove subsidies or float the national currency. The government created this problem. Since the removal of the petrol subsidy and floating of the naira, has the government shown proof that the country has no money, no?

“We are aware that the government gave members of the National Assembly no less than N160 million each to buy cars, the same government has released N90 billion to subsidise hajj operations.

‘’The government has renovated the Senate chambers, and the vice president’s office, and it is buying luxury buses for Customs in millions of naira.

‘’They are also buying all manner of SUVs for government officers. Since the removal of subsidies, the government has been making life better for political elites who have been feeding fat on workers.

“Crude oil sales have increased considerably, and it has been getting more money in dollars while workers have been suffering and going deeper into poverty.

“The state governors have been receiving three times more than they were receiving before the removal of subsidy. We cannot accept this. We did not cause the socio-economic challenges the country is facing.

“The government inflicted these problems on the country with their ill-thought-out and unprogressive policies of subsidy removal and devaluation of the national currency. If the country has no money, let it reflect in the lives of government officials, their aides and cronies.

“It is becoming obvious that the government does not want industrial peace. And it is clearly evident that the government is not ready to negotiate. Well, if it is industrial unrest that will make the government do the right thing, we shall give it to them after the end of May.”

 

Last modified on Thursday, 23 May 2024 08:51

The Defence Headquarters (DHQ) has challenged   Katsina State Governor  Dikko Radda to substantiate his allegation that some security personnel were aiding and profiting from banditry in the state.

 The DHQ  said since the ‘’Armed Forces is for Nigerians,’’ anyone with credible information on misconduct by its personnel was free to bring it to its attention.  

It pointed out that the military is also subservient to all elected government representatives, and, therefore, regards the relationship with utmost respect.

Director of  Defence Media Operations, Maj.-Gen. Edward Buba,  said in a  statement yesterday that Rada made the allegation during a national television programme on May 4

 The governor had said: “Now it (banditry) has turned out to be a business venture. A business venture for the criminals, some people who are in government; some people who are in security outfits, and some people who are responsible for the day-to-day activities of their people. These are so many reasons why we are unable to bring banditry to an end.”

But Gen. Buba said even though the claim by the governor was untrue, it was capable of demoralising the spirit of troops in operational theatres.

 

 

“In the light of the aforementioned statement of His Excellency the Governor of Katsina State, the Armed Forces of Nigeria decides not to join words with the state governor, rather would encourage him to approach the military high command to substantiate his allegations,” he added.

The Defence spokesperson said the military under the leadership of the Chief of Defence Staff (CDS), Gen. Christopher Musa, has zero tolerance for indiscipline and any form of criminality in the conduct of operations across the country.

  “It is for this reason that there are standing court martials to treat any form of misbehaviour by troops especially those that portray the military negatively to the general populace.

“The military remains unperturbed by such statements capable of demoralising or dampening the spirit of troops in operational theatres. Rather, we will continue on the trajectory of conducting operations as well as working assiduously in the fight against terrorism.

“The Armed Forces is for Nigerians and as such citizens are urged to own it and also report any credible observed bad conduct within the ranks so that they can face the appropriate military justice system,” he said in the statement.

 Also yesterday, the  Chief of Army Staff (COAS), Lt.-Gen. Taoreed Lagbaja hailed the role of the Nigerian Army Corps of Signals in the ongoing counter-terrorism and counter-insurgency operations in the Northeast.

He made the commendation during the inauguration of the remodeled Headquarters of the Nigerian Signals Corps complex (Muritala Mohammed House) at Arakan Barracks in  Apapa, Lagos State.

The COAS also praised the Corps of Signals for its anti-banditry operations in the Northwest and other operational engagements in the different parts of the country.

Lagbaja said: “The corps effort despite the complex electro-magnetic space and highly dynamic Information and Communication Technology (ICT) era is highly commendable.

“I am proud to note that the Nigerian Army Signals has remained in tune with the fast-paced development and transformation being witnessed globally in the ICT(Information Communication Technology) sector.

“The corps has excelled at annexing new technologies to develop state-of-the-art networks that impact mission success by facilitating command and control in the Nigerian Army.” 

According to Lagbaja, the  Army Signals has also extended its services to other government agencies and the private sector, thereby projecting the image of the Army in the ICT domain.

 He said that there have been various infrastructural developments as part of efforts to provide the needed conducive living and working environment for Nigerian Army personnel to enhance productivity and well-being.

“I’m a week short of 11 months since I assumed office as the COAS and the army headquarters has executed several life-changing projects.

“This includes the construction and renovation of living quarters for officers and soldiers, the provision of portable water, and improved medical facilities for our barracks communities.

“Also, there has been renovation, remodeling, and in some instances outright reconstruction of office facilities such as what is commissioned today,” Lagbaja added.

 He also thanked President Bola Tinubu for his belief in and unwavering support of the   Army and its leadership.

[TheNation]

President plans low-key celebration, ministers begin sectoral briefings today

In commemoration of his first anniversary in office, President Bola Tinubu has directed his ministers to present their performance reports to Nigerians.

The Minister of Information and National Orientation, Mohammed Idris, while announcing this at a press briefing in Abuja on Wednesday, said the low-key first-anniversary celebration would be marked with sectoral media briefings by the 47 federal ministers starting on Thursday (today).

Idris was joined at Wednesday’s media press conference by the Secretary to the Government of the Federation, Senator George Akume, and the Minister of Budget and Economic Planning, Abubakar Bagudu.

 

Tinubu was declared the winner of the 2023 presidential election by the Independent National Electoral Commission Chairman, Prof. Mahmood Yakubu, on March 1, 2023.

Tinubu, the candidate of the All Progressives Congress, garnered 8.7 million votes to defeat Atiku Abubakar of the Peoples Democratic Party, who came second with 6.9 million votes, while Peter Obi of the Labour Party secured 6.1 million votes.

At the opening of a three-day cabinet retreat for ministers, presidential aides, permanent secretaries and top government functionaries on November 1, 2023, the President said the ministers in his cabinet would only retain their offices based on performance, which would be reviewed quarterly.

“If you are performing, nothing to fear. If you miss the objective, we’ll review it. If no performance, you leave us. No one is an island and the buck stops on my desk,” said the President.

On January 24, 2024, the agency in charge of the assessment, the Central Delivery Coordination Unit, trained at least 140 officials to track and assess the performance of federal ministries, departments and agencies ahead of the assessment.

Performance reports

Speaking on Arise TV’s News Night in April, the President’s Special Adviser on Policy Coordination, Hadiza Bala-Usman, who heads the CDCU, affirmed that the unit had received performance reports from at least 20 of the 35 ministries.

She explained that the assessment report would be a product of a joint effort of the ministers, citizens and industry experts.

Bala-Usman said, “Our submission is for the first quarter. So, the first quarter has just ended, and we have initiated the assessment process. The ministers have all been asked to submit their performance based on the deliverables.”

She asserted ministers would be assessed “Based on what is out there in the public space. They would write to say, ‘Based on every deliverable you have given me, this is what I’ve done within the first quarter of the year.’

“Through the Citizens Delivery Tracker app, Nigerians will also say, ‘this is what we’ve seen the minister do’ and they would aggregate it.’’

The PUNCH reports that the Tinubu administration has implemented significant reforms to stabilize the economy, reduce inflation, and attract foreign investments.

He ended the graft-ridden fuel subsidy regime, triggering high fuel and transportation costs, leading to food inflation and increased hardships across the country.

To curb food inflation, the government allocated substantial funds to the agricultural sector, including N200 billion to boost agricultural productivity and ensure food security.

Efforts have been made to transition from single-season farming to year-round farming through investments in irrigation and water bodies.

The administration has also provided N75b to support small and medium-sized enterprises, fostering job creation and economic diversification.

It launched a N100bn consumer credit fund to mobilize the manufacturing sector, encouraging production and enhancing economic growth.

 

The student loan scheme meant to open greater access to tertiary and vocational education will commence operation on Friday.

In terms of infrastructure development, the Tinubu administration has initiated a 100,000 renewable housing programme across seven states to address the housing deficit and stimulate the construction sector.

To tackle high transportation costs and promote energy efficiency, the government has directed the purchase of compressed natural gas buses.

In a move to combat security, the Federal Government allocated significant portions of the budget to national security, while supporting the clamour for state police.

Some of the administration’s reforms and efforts to stabilize and grow the Nigerian economy had received recognition from international agencies and leaders.

The Central Bank of Nigeria introduced a slew of reforms to reign in the forex crisis.

These include unifying the multiple exchange rates to create a single, transparent exchange rate that reflects market dynamics more accurately and reduces arbitrage opportunities.

In a bid to boost the supply of foreign exchange in the market, the CBN implemented the diaspora remittances, encouraged non-oil exports by providing exporters with rebates and facilitating their access to forex at competitive rates and restricted access to forex for the importation of certain items that can be produced locally.

The CBN regularly intervenes in the forex market by selling forex to banks through various auction mechanisms.

Speaking on the first anniversary programmes, the information minister said there would be no fanfare to mark Tinubu’s one year in power.

He stated, ‘’From tomorrow (today), we are going to have ministers come in here to discuss what they are doing in their various ministries consistent with the policies of President Bola Tinubu.

Sectoral briefings

 

“The first anniversary of the president will be on a low key, with an emphasis on sectoral briefings by the various ministers. There will be no ceremonies relating to the one year in office of the president.”

During his address, the SGF, Akume, highlighted the administration’s ambitious agenda aimed at economic revitalization, social inclusion, and infrastructural development.

Akume pointed out that significant economic reforms had been implemented to stabilise the economy and promote sustainable growth.

These policies, according to him, have successfully attracted foreign investments, reduced inflation, and boosted job creation across various sectors.

“Let me begin by admitting that the first year in office for Mr. President has been a testament to the unwavering commitment and resilience of this administration towards serving the Nigerian people with diligence, integrity, and dedication,” Akume remarked.

 “Despite daunting challenges, President Tinubu has maintained his calm and demonstrated exemplary leadership qualities, guiding our nation with vision and foresight. The government has implemented significant economic reforms aimed at stabilizing our economy and fostering sustainable growth. Key among these is the introduction of policies that have attracted foreign investments, reduced inflation, and boosted job creation across various sectors,’’ he further noted.

In his presentation, the Minister of Budget and Economic Planning, Bagudu, stated that Tinubu’s administration inherited a low revenue and shrinking economy but was determined to address these challenges through the Renewed Hope Agenda.

This agenda, he added, formed from extensive reflection and input from various stakeholders, focused on eight priority areas crucial for Nigeria’s progress.

Bagudu emphasised the need for difficult decisions, noting that countries Nigeria aspires to emulate made these choices long ago, arguing that the Renewed Hope Agenda involves confronting economic realities, which may cause temporary discomfort but are essential for long-term stability and growth.

“We must restore a macroeconomic environment that can stimulate investment, generate revenue, and address under-investment in sectors like security, education, and social welfare,” Bagudu explained.

He highlighted that Nigeria’s current crude oil production is below its Organisation of Petroleum Exporting Countries quota due to under-investment in infrastructure and security.

He elaborated, “So we impact, as part of the Renewed Hope Agenda, on a macro-economic reform because that was what was responsible for low investment, low revenues and our economy’s size was shrinking, was too small compared to our needs.

“Nothing we do can solve the problem of under-investment in various sectors of the economy; be it security, be it education, be it social welfare, without restoring a macro-economic environment that can stimulate investment in our economy, which will generate revenues for us to fix security.

“That is why we are not even producing crude oil in the quantity we used to before, or as allowed by international convention, which is our OPEC quota, because of under-investment, whether in the physical infrastructure itself or security, and so on and so forth.’’

The minister stated the administration was focusing on food security by investing in irrigation and water management to enable year-round farming, noting that similar efforts were being made to revitalise the livestock sector, which has been a source of conflict rather than economic growth due to historical under-investment.

Enhancements in infrastructure, education, health, the creative economy, the digital economy, and the steel sector are also prioritized, he added.

Bagudu reasoned that some of the government policies might involve some discomfort and pain.

He argued that true leadership involves first and foremost telling the people the truth of their reality.

“Food security, despite our potential, we are under-investing. Most of our farmers are one-season-per-year farmers. So, when you have an asset that you only utilize four months in a year because you don’t have irrigation, you don’t have water bodies.

“Most of our fishing communities, they go to freshwater bodies where there’s no fish anymore, we have to transit them. The livestock sector, which in countries like New Zealand, is an important engine of growth, but in our country, due to cumulative under-investments, it has formed a basis for conflict rather than economic opportunity,’’ he lamented.

The former Kebbi State governor asserted that the President was committed to fiscal discipline, aiming to reduce the fiscal deficit from 6.11 per cent in 2023 to below 4 per cent in 2024.

He also revealed that the administration planned to increase capital expenditure to 39 per cent, the highest in Nigeria’s history, stressing that the innovative N100bn consumer credit fund and mortgage fund aimed to stimulate manufacturing and housing sectors, respectively.

Budget allocations

Bagudu further disclosed that significant budget allocations had been made to national security, leading to improvements in Borno, Imo, Kaduna, and Taraba.

Tinubu, he said, supports local government autonomy, ensuring resources are effectively used to benefit communities.

Bagudu detailed three significant budgets under Tinubu’s administration. He said the first, an N819bn budget, was renegotiated to allocate N500bn for interventions supporting vulnerable populations.

According to him, the second N2.17tn budget was focused on national security, infrastructure, and cash transfers, adding that the 2024 budget aims to restore fiscal discipline and stimulate economic growth through increased capital expenditure.

The minister said, “The three budgets Mr President participated in the first, the N819b budget which he inherited, which was even passed into law before he came, he renegotiated with the National Assembly.

“He said ‘I want N500bn to fund intervention that will support the vulnerable populations, who might be affected by the reform measures.’ About N200bn went into agriculture; N75bn into the medium and small enterprise sector, as well as N40bn into the nano-credit sector.

“Equally, another budget of N2.17tn that went to support gains in national security, most of it to security and infrastructure and also providing more money for cash transfer and meeting commitments to labour.’’

The minister pointed out that the President was clear that he would not blame his predecessor for the state of the nation.

Reeling out the benefits of the programmes and policies instituted by the government, he said, “So, we believe that with consumer credit mobilizing the manufacturing sector; with mortgages re-energizing the houses sector; with Agriculture Development Fund mobilizing the agricultural sector, our youth and our productive economy will be mobilised.’’

The minister said the N130bn provided for the transition to CNG (compressed natural gas) would restore energy competitiveness and benefit the manufacturing and transport sectors of the economy while the cheaper energy would support economic reforms.

[Punch]