The Presidency has reacted to a report published in the New York Times criticising the Nigerian economy as facing the worst trajectory in a generation.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Sunday reacted to the report credited to Ruth Maclean and Ismail Auwal’s.
According to the Presidency, the feature story with the title, ‘Nigeria Confronts Its Worst Economic Crisis in a Generation’, published on June 11, reflected the typical predetermined, reductionist, derogatory and denigrating way foreign media establishments reported African countries for several decades.
The Special Adviser on Information and Strategy said because of the ‘misleading’ slant of the report, the government needed to clear up some misconceptions conveyed by the reporters as regards the economic policies of the President Bola Tinubu administration that came into power at the end of May 2023.
He said one significant aspect of the report was that it painted the dire experiences of some Nigerians amid the inflationary spiral of the last year and blamed it all on the policies of the new administration.
He also said the report, based on several interviews, is at best jaundiced, all gloom and doom, as it never mentioned the positive aspects in the same economy as well as the ameliorative policies being implemented by the central and state governments.
Onanuga went on to say that Tinubu did not create the economic problems Nigeria faces today.
According to the presidential aide, Tinubu inherited them.
“As a respected economist in our country once put it, Tinubu inherited a dead economy. The economy was bleeding and needed quick surgery to avoid being plunged into the abyss, as happened in Zimbabwe and Venezuela,” he noted.
Onanuga said this was the background to the policy direction taken by the government in May/June 2023: the abrogation of the fuel subsidy regime and the unification of the multiple exchange rates.
According to the presidential aide, for decades, Nigeria had maintained a fuel subsidy regime that gulped $84.39 billion between 2005 and 2022 from the public treasury in a country with huge infrastructural deficits and in high need of better social services for its citizens.
Onanuga also alleged that the state oil firm, NNPCL, the sole importer, had amassed trillions of Naira in debts for absorbing the unsustainable subsidy payments in its books.
He said by the time Tinubu took over the leadership of the country, there was no provision made for fuel subsidy payments in the national budget beyond June 2023.
“The budget itself had a striking feature: it planned to spend 97 percent of revenue servicing debt, with little left for recurrent or capital expenditure. The previous government had resorted to massive borrowing to cover such costs. Like oil, the exchange rate was also being subsidized by the government, with an estimated $1.5 billion spent monthly by the CBN to ‘defend’ the currency against the unquenchable demand for the dollar by the country’s import-dependent economy.
“By keeping the rate low, arbitrage grew as a gulf existed between the official rate and the rate being used by over 5000 BDCs that were previously licensed by the Central Bank. What was more, the country was failing to fulfil its remittance obligations to airlines and other foreign businesses, such that FDIs and investment in the oil sector dried up, and notably Emirate Airlines cut off the Nigerian route,” he said.
Onanuga said to deal with the cancer of public finance, Tinubu on his first day rolled back the subsidy regime and the generosity that spread to neighbouring countries. Then, his administration floated the naira.
He said, “After some months of the storm, with the naira sliding as low as N1,900 to the US dollar, some stability is being restored, though there remain some challenges. The exchange rate is now below N1500 to the dollar, and there are prospects that the naira could regain its muscle and appreciate to between N1000 and N1200 before the end of the year.
“The economy recorded a trade surplus of N6.52 trillion in Q1, as against a deficit of N1.4 trillion in Q4 of 2023. Portfolio investors have streamed in as long-term investors. When Diageo wanted to sell its stake in Guinness Nigeria, it had the Singaporean conglomerate, Tolaram, ready for the uptake. With the World Bank extending a $2.25 billion loan and other loans by the AfDB and Afreximbank coming in, Nigeria has become bankable again. This is all because the reforms being implemented have restored some confidence.
“The inflationary rate is slowing down, as shown in the figures released by the National Bureau of Statistics for April. Food inflation remains the biggest challenge, and the government is working very hard to rein it in with increased agricultural production.
“The Tinubu administration and the 36 states are working assiduously to produce food in abundance to reduce the cost. Some state governments, such as Lagos and Akwa Ibom, have set up retail shops to sell raw food items to residents at a lower price than the market price.
“The Tinubu government, in November last year, in consonance with its food emergency declaration, invested heavily in dry-season farming, giving farmers incentives to produce wheat, maize, and rice. The CBN has donated N100 billion worth of fertiliser to farmers, and numerous incentives are being implemented. In the western part of Nigeria, the six governors have announced plans to invest massively in agriculture.
“With all the plans being executed, inflation, especially food inflation, will soon be tamed.
“Nigeria is not the only country in the world facing a rising cost of living crisis. The USA, too, is contending with a similar crisis, with families finding it hard to make ends meet. US Treasury Secretary Janet Yellen raised this concern recently. Europe is similarly in the throes of a cost-of-living crisis. As those countries are trying to confront the problem, the Tinubu administration is also working hard to overturn the economic problems in Nigeria.
“Our country faced economic difficulties in the past, an experience that has been captured in folk songs. Just like we overcame then, we shall overcome our present difficulties very soon.”
BREAKING: Tinubu inherited dead economy – Presidency replies New York Times
BREAKING: Tinubu inherited dead economy – Presidency replies New York Times
Emir Sanusi leads Sallah Durbar in Kano
Emir of Kano, Muhammadu Sanusi II, on Sunday led the traditional Sallah durbar, a celebration that followed the Eid prayer and sermon at Kofar Mata Jumu’at mosque.
Due to flooding at the usual Eid ground, the Emir rode horseback through the streets of Wambai, Zage, Yan Damadan, and Shahuci, returning to the palace in a grand procession.
In a departure from past traditions, the Emir was the sole horseback rider, while district heads walked or rode in vehicles.
The event was attended by Governor Abba Yusuf and other cabinet members, with a heavy security presence from the Army, police, Nigerian Security and Civil Defence Corps, and other agencies.
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NDLEA intercepts illicit drugs in warehouse
The National Drug Law Enforcement Agency has intercepted a stash of illicit drugs hidden in a warehouse.
The agency’s Director of Media and Advocacy, Femi Babafemi, shared a video of the seized contraband on Sunday, highlighting the extent of the drug trade in Nigeria.
Sharing the video, he wrote, “On the roads, at seaports, airports, homes, warehouses, human bodies. Everywhere you go, everywhere you search is illicit drugs in billions of naira. Remember drugs are no foods.”
Watch Video Below:
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Stop economic hardship, Sultan tells leadersaratorSeparatorSSSeparato
The Sultan of Sokoto, Muhammad Abubakar, has called on leaders to intensify efforts in finding solutions to the economic and security challenges facing Nigeria.
The Sultan made the call during his Sallah message at his palace in Sokoto when thousands of Muslim Ummah gathered to pay him homage.
Shortly after the prayers the Sultan addressed the Muslim faithful at his palace where he called on leaders to intensify efforts to fix the nation’s economy and fight the rising insecurity to enable access to their farm and end hunger in the country.
The Chief Imam of the Sultan Bello mosque, Imam Malamin Akwara, led the two units prayers at the Sokoto central Eid ground, where the Sultan of Sokoto, the Sokoto State Deputy Governor and other top government officials observed the Eid prayers to mark this year’s Eld -El-Kabir celebration.
He also advised well-to-do individuals in the society to assist the less privileged members of the society.
In a related development, residents of Gwiwa Eka, a suburb within the Sokoto metropolis were full of praise to the Labour Party Presidential candidate, Peter Obi, for donating a cow for the Salah celebration.
A resident, Adamu Abdulrahaman, who spoke on behalf of the Salah meat beneficiaries, expressed their gratitude to Peter Obi, for putting smiles on their faces on this auspicious occasion.
He said, “Some of us could not afford the high cost of rams in the market. We are grateful to Peter Obi, for this magnanimity and called on other well-to-do personalities to emulate his good gesture.”
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Soldiers kill three bandits, recover weapons in Kaduna forest
Troops of Operation Whirl Punch conducting clearance patrols have killed three bandits along the Gonna Rogo-Eka axis of Kajuru Local Government Area of Kaduna State.
The state Commissioner Overseeing the Ministry of Internal Security and Home Affairs, Samuel Aruwan, disclosed this in a statement on Sunday.
Aruwan said two AK-47 rifles, four AK-47 magazines and 81 rounds of 7.62mm ammunition were recovered after a fierce battle with the bandits.
He said, “Troops conducting clearance patrols neutralized three bandits along the Gonna Rogo-Eka axis of Kajuru LGA.
“According to operational feedback to the Kaduna State Government, the troops conducted special clearance patrols in the area and made contact with bandits. After an exchange of fire, three of the criminals were summarily neutralized.
“The troops scoured the immediate vicinity and recovered two AK-47 rifles, four AK-47 magazines and 81 rounds of 7.62mm ammunition.”
He added that the state governor, Uba Sani, thanked the security forces for the feedback and commended the troops – under the command of the General Officer Commanding, 1 Division Nigerian Army, Major General MLD Saraso – for intensifying efforts to ensure a peaceful Eid celebration for citizens.
“The troops will continue special fighting patrols within the general area and other locations of interest,” he added.
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Draw lessons from Eid el-Kabir, Gombe gov urges leaders
The Gombe State Governor, Muhammadu Yahaya, has called on leaders at all levels to embrace the lessons of the Eid el-Kabir festival which symbolises sacrifice, obedience and a profound test of faith for the benefit of the people.
Yahaya conveyed this message during a feast with heads of government agencies at his official residence shortly after the Eid prayer in Gombe.
He emphasised the essence of Eid el-Kabir which commemorates Prophet Ibrahim’s obedience to Allah’s command to sacrifice his son, noting that it serves as a universal lesson for all leaders, regardless of their faith.
“We must sacrifice at all times and at all points, especially as leaders. We have much to learn from this festival. I believe that not only Muslims but also our Christian brethren understand the importance of such a command and the spirit of sacrifice,” the Governor stated.
Acknowledging the global and national economic challenges, Yahaya expressed confidence that Nigeria could emerge stronger if both leaders and citizens draw lessons from the festival and embrace patriotism.
He appealed to leaders to sacrifice their time, knowledge, and efforts to foster peaceful coexistence and sustain the nation.
“We are leaders because there is Nigeria, because there is Gombe State, and because we have people following us. We need to extend what God has given us to the less privileged. In that spirit, I urge you to sacrifice more and do more to ensure peace and tranquillity in Gombe State and Nigeria as a whole,” he urged.
Yahaya also expressed gratitude to the security agencies for their dedication to combating crime and urged them to enhance their efforts, particularly in areas requiring tactical improvements.
In his remarks, the Speaker of the Gombe State House of Assembly, Abubakar Luggerewo, expressed gratitude to Almighty Allah for enabling the Muslim Ummah and the citizens in general to witness the Eid el-Kabir festival.
Luggerewo also thanked Governor Yahaya for his generous donations to various constituents, helping them meet the festival’s demands.
Yahaya had earlier joined thousands of Muslim faithful to observe the two raka’at prayers at the central Eid ground in Gombe metropolis to mark the commencement of the Eid celebration.
The prayer, presided over by Imam, Aliyu Hammari, was attended by top government functionaries and senior emirate council members among others.
Special prayer sessions were observed for the peace, unity, and progress of Gombe State and Nigeria.
‘You’re true heroes,’ Tinubu lauds men on Father’s Day
President Bola Tinubu, on Sunday, praised fathers for their sacrifice and resilience in shaping the nation’s future.
He encouraged fathers to remain committed to shaping the futures of the next generation.
This was contained in a statement by his Special Adviser on Media and Publicity, Ajuri Ngelale, in commemorating the 2024 Father’s Day.
The statement read in part, “On the occasion of Father’s Day, President Bola Tinubu congratulates fathers, including all paternal figures, who have in no small measure contributed to shaping the destiny of the nation by their sacrifice, forbearance, provision, protection, presence, and guidance of the young ones to the noble and true path.
“President Tinubu affirms that society is in better stead with fathers who rise to the great demand of responsibility, guiding the children through the vagaries of existence and preparing them for the future, as well as bequeathing to them pristine values that money or material comfort cannot provide, but only by personal example of discipline, integrity, service, respect, love and allegiance to the nation.
“The President salutes all fathers, the sung and the unsung, who brave the toil of the day and the soreness of the night to provide for their families, describing them as true heroes.”
Tinubu urged fathers “to stay true to their bounden commitment of positively shaping the destinies of those to whom the future belongs.”
Father’s Day, celebrated on June 16, has historical origins dating back to the Middle Ages. Its modern observance began in West Virginia, USA, in 1908, to honor 362 men who died in a coal mine explosion. The day is dedicated to honouring all fathers, living, deceased, and paternal figures.
Kwara holds LG election September 21
The Kwara state Independent Electoral Commission on Sunday released the timetable for the state’s local government elections scheduled for September 21,2024.
A statement signed by the Chairman of KWASIEC, Alhaji Mohammed Okanla, noted that the activities for the election will commence on Friday, June 21, 2024 with a meeting with the leadership of the registered political parties.
“Following the recent announcement of September 21, 2024 as the date for the conduct of elections for the offices of chairmen and councillors for the 16 local government areas of Kwara State, the Kwara state Independent Electoral electoral commission on Sunday released the timetable of activities leading to the exercise,” the statement read.
It said that the primary elections of the political parties would be held between Monday, June 24 and Sunday, June 30,2024.
“Political parties will obtain and return nomination forms KWSIEC 01 and KWSIEC 02 for Chairmanship and Councilorship Elections between Monday July 1st– 5th July, 2024, while the “Verification of Candidates’ credentials will hold between Monday 8th — Friday 19th July, 2024,” it added.
The statement further said that “Display of names of Candidates Nominated by Political Parties to be posted on KWSIEC notice board between Monday July 22nd and Friday 26th July ,2024.
“Training of Ad-hoc Staff in all the three senatorial Districts will hold between Saturday July 27th and Wednesday July 31st, 2024.”
It also said that the last day for withdrawal of Candidate for the election by the political parties if the need be is Monday August 5th, 2024.while the last Day for publication of list of nominated candidates is fixed for Tuesday, August 6th, 2024.
The statement added that campaign for the elections by the political parties will start on: Monday August 19th and end on the midnight of Thursday 19th September, 2024. while the election day for chairmanship and councilorship positions is scheduled for September 21, 2024.
The statement also said that collection of certificate of returns by winners of the elections at the KWASIEC office will hold on Monday, September 23rd, 2024
Police promise 24-hour patrol of Lagos-Ibadan expressway, others
The Ogun State Police Command, on Sunday, promised to increase its presence in some flashpoints across the state to ensure that the security of the residents is never threatened during the Eid-el-Kabir celebration.
The command also promised to provide 24-hour patrol of the Lagos-Ibadan Expressway, Kara Long Bridge and Sagamu-Ijebu-Ode-Benin Expressway.
The Spokesperson of the state command, SP Omolola Odutola said police would be seen conducting search and stop operations in locations such as Onigari, Long Bridge, Alapako, Sango/ Ijoko among others.
Odutola said the Commissioner of Police, Abiodun Alamutu has put in place these robust security measures to ensure that nothing untoward happens during these festivities which comes with an increase in human and vehicular movements.
She said, “Policemen have been briefed and drafted to ascend critical flashpoint areas and can be visibly seen everywhere performing their lawful duties.
“Members of the public would sight police officers conducting stop and search in locations such as Onigarri, Odeda, Long Bridge, Alapako, Sango/Ijoko, State Judiciary road headquarters, Tasued junction, Ogunmakin, Foursquare, Kemta, Odogbolu, Ogbere junction, Ijebu Imushin etc.
“These efforts are for the peace of the state and the Command hereby solicits cooperation from residents, as police presence will be strongly felt in those critical areas.
“The under-listed highways will be patrolled 24/7 by a joint collaboration of other sister agencies in the State, Lagos Ibadan expressway, Sagamu, Ijebu-Ode – Benin highway, Kara long bridge, will remain on surveillance by the Divisional Police Officers in their area of jurisdiction, supervised by their Area Commanders.
“Conventional policemen and Mobile Policemen will be apparent at praying grounds and strategically placed to curb attacks and ward off criminals.”
The police boss urged the people to be security courteous in public spaces to ensure the safety of their valuables.
“However, people accessing point of sale locations, eateries, lounges, restaurants, and hotels are hereby advised to be alert circumspect, and clinch their focus on their valuables in order not to fall victim to carelessness and note the modus operandi and cautiously preempt their environment,” she advised.
NDLEA busts drug cartel, seizes N4.7bn cocaine, others
In a massive crackdown on drug trafficking, the National Drug Law Enforcement Agency has busted a cartel controlled by a drug baron and his sister, seizing cocaine and methamphetamine worth over N4.1 billion.
This was made known in a statement signed by the Director of Media and Advocacy, Femi Babafemi, and shared on the Agency’s website on Sunday.
According to the statement, the operation, which was conducted on June 13 and 14 in Aba, Abia State, resulted in the arrest of Kelechi Monday Nwaobasi, 49, and his sister, Chinwe Rose Nwaobasi, 50. The siblings were found with 20.76 kilograms of cocaine and methamphetamine.
The statement said, “A cartel controlled by a drug baron, 49-year-old Kelechi Monday Nwaobasi and his 50-year-old elder sister, Ms. Chinwe Rose Nwaobasi, has been taken down by officers of the Special Operation Unit of the National Drug Law Enforcement Agency, NDLEA, following the arrest of the siblings and seizure of cocaine and methamphetamine consignments worth over N4.1billion in street value from their hideout in Aba, Abia state.
“The special operation conducted on Thursday 13th and Friday 14th June, 2024 at 3B, Boundary Avenue, Aba and a residence along Ohia road, Ohia, Abia State followed months of intelligence gathering, leading to the arrest of the ring leaders and the combined seizure of 20.76 kilograms of cocaine and methamphetamine from them.
NDLEA operatives also uncovered a Lagos warehouse stocked with codeine-based syrup and arrested four suspects connected to the importation and distribution of the opioid.
The statement added, “In a related development, NDLEA operatives in Lagos state have uncovered an expansive warehouse stocked with a large consignment of codeine-based syrup, located at Comfort Oboh area of Kirikiri, where four persons connected with the importation and distribution of the opioid were arrested during an intelligence-led raid on the facility.
“Those arrested include: Kingsley Amanambu Obumneke, 38; Emeka Emmanuel, 48; Bornaventure Ugochukwu, 59; and Martin Dike, 56, while a total of 82,000 bottles of the opioid worth more than N600million in street value, Toyota Tacuma truck and two buses used for distributing the substance were recovered from the premises on Monday 10th June 2024 when NDLEA officers conducted the operation.
“Two days after, Wednesday 12th June, operatives intercepted another suspect, Ibrahim Abdulhamid with 29,100 pills of tramadol and other opioids as well as 3.9 litres of codeine syrup at Alaba Suru, Ojo local council area of the state.”
NDLEA operatives in Kano arrested two major drug distributors, Yasir Rabi’u (23) and Abubakar Ado (30), with 230,600 tramadol pills (225mg and 200mg) on June 10. Another suspect, Hassan Abdullahi Ali (25), was arrested with 150 bottles of codeine syrup on June 11.
NDLEA operatives in Ogun State seized 390kg of cannabis and arrested three suspects – Muhammad Sani, Nura Mohammad, and Samaila Rabe – during a raid in the Ibese area on June 10. Additionally, on June 12, officers busted a skuchies factory in Shagamu, arresting seven suspects and recovering various drugs and equipment.
The statement identifying the suspects said, “They include: Kareem Jamiu; Oriyimi Ayo; Bamidele Wasiu; Rasheed Olarewanju; Ramota Lawal; Amudalat Olarewanju; and Adeniyi Omotosho.
“Exhibits recovered from them include: 387 litres of skuchies; 70 litres of industrial codeine; 25kg cannabis and different quantities of tramadol, rophynol, diazepam, as well as various equipment used in the production of the new psychoactive substance.”
NDLEA officers raided Uhen forest in Edo State on June 12, destroying 10,534.78 kg of cannabis on a 4.2 hectare farm. Four suspects – Frank Ishoku, Clifford Ossai, Vanger Timothy, and John Peter Oluwaseyi – were arrested, and 16 kg of processed cannabis was seized for prosecution.
NDLEA operatives also arrested two suspects, Muhammad Abba (33) and Samson Ehizogie (42), with 3,550 bottles of “Akuskura”, a new psychotropic substance, during a raid in Abuja on June 14. The arrests were made in Garki Area 10 and Dutse Suokale, both in the Federal Capital Territory.
NDLEA operatives on June 12, arrested Emmanuel Ogechi, 24, with 11,200 tramadol pills in Benue State.
Additionally, Anayo Onwe, 40, was arrested with 62.4kg of cannabis sativa in Anambra State, where 1kg of methamphetamine was also seized from a fleeing suspect.
Furthermore, Muhammed Musa, 24, was arrested with 33kg of cannabis in Kwara State, and Shokuro Adeola, 59, was arrested with 11.5kg of cannabis in Lagos-Ibadan expressway, Oyo state.