News
Tinubu: I came To Help, Not Hurt Nigerians, Economy
- Channels N200bn to Foods; Transport N100bn
President Bola Ahmed Tinubu, this evening, vows to improve the welfare and living conditions of Nigerians through his economic reforms, saying, “I plead with you to please have faith in our ability to deliver and in our concern for your well-being.
Tinubu, in his national broadcast on the current economic challenges, assures Nigerians that ” We will get out of this turbulence. And, due to the measures we have taken, Nigeria will be better equipped and able to take advantage of the future that awaits her.”
He further urges the led, to look beyond the present temporary economic pains and aim at the larger picture ahead , stressing : ” I came here to help not hurt the people and the nation that I love.”
He acknowledged that although Our economy is going through a tough patch and Nigerians are being hurt by it, ” AFTER DARKNESS COMES THE GLORIOUS DAWN.”
Consequently, in order to ensure that foods are available and affordable, Tinubu has ordered the release of 200,000 Metric Tonnes of grains from strategic reserves to households across the 36 states and FCT to moderate prices.
He said that the government is also providing 225,000 metric tonnes of fertilizer, seedlings and other inputs to farmers who are committed to our food security agenda.
Our plan to support cultivation of 500,000 hectares of farmland and all-year-round farming practice remains on course.
To be specific, N200 billion out of the N500 billion approved by the National Assembly will be disbursed as follows:
-Our administration will invest N50 billion each to cultivate 150,000 hectares of rice and maize.
-N50 billion each will also be earmarked to cultivate 100,000 hectares of wheat and cassava.
This expansive agricultural programme will be implemented targeting small-holder farmers and leveraging large-scale private sector players in the agric business with strong performance record.
Investing N100bn on CNG fuel buses
” We have made provision to invest N100 billion between now and March 2024 to acquire 3000 units of 20-seater CNG-fuelled buses.
These buses will be shared to major transportation companies in the states, using the intensity of travel per capital. Participating transport companies will be able to access credit under this facility at 9% per annum with 60 months repayment period.
His words: “The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle. Things seem anxious and uncertain. I understand the hardship you face. I wish there were other ways. But there is not. If there were, I would have taken that route.
” Fellow Nigerians, I made a solemn pledge to work for you. How to improve your welfare and living condition is of paramount importance to me and it’s the only thing that keeps me up day and night.
“All of our good and helpful plans are in the works. More importantly, I know that they will work,” he said.
He explains that the decision by his government to have removed fuel subsidy and the preferential exchange rate system were taken to combat the serious economic challenges this nation has long faced.
” For several years, I have consistently maintained the position that the fuel subsidy had to go. This once beneficial measure had outlived its usefulness.
“The subsidy cost us trillions of Naira yearly.
Such a vast sum of money would have been better spent on public transportation, healthcare, schools, housing and even national security.
Instead, it was being funnelled into the deep pockets and lavish bank accounts of a select group of individuals.
This group had amassed so much wealth and power that they became a serious threat to the fairness of our economy and the integrity of our democratic governance.
To be blunt, Nigeria could never become the society it was intended to be as long as such small, powerful yet unelected groups hold enormous influence over our political economy and the institutions that govern it.
The whims of the few should never hold dominant sway over the hopes and aspirations of the many. If we are to be a democracy, the people and not the power of money must be sovereign.
The preceding administration saw this looming danger as well. Indeed, it made no provision in the 2023 Appropriations for subsidy after June this year. Removal of this once helpful device that had transformed into a millstone around the country’s neck had become inevitable.
Also, the multiple exchange rate system that had been established became nothing but a highway of currency speculation. It diverted money that should have been used to create jobs, build factories and businesses for millions of people.
Our national wealth was doled on favourable terms to a handful of people who have been made filthy rich simply by moving money from one hand to another. This too was extremely unfair.
It also compounded the threat that the illicit and mass accumulation of money posed to the future of our democratic system and its economy.”
I had promised to reform the economy for the long-term good by fighting the major imbalances that had plagued our economy. Ending the subsidy and the preferential exchange rate system were key to this fight. This fight is to define the fate and future of our nation. Much is in the balance.
Thus, the defects in our economy immensely profited a tiny elite, the elite of the elite you might call them.
As we moved to fight the flaws in the economy, the people who grow rich from them, predictably, will fight back through every means necessary.
President Bola Ahmed Tinubu will depart for Paris, France, today on a short working visit.
This information was stated in a press release today, April 2, 2025 by Bayo Onanuga, the Special Adviser to the President on Information & Strategy.
Onanuga said during the President’s visit, he will appraise his administration’s mid-term performance and assess key milestones.
“He will also use the retreat to review the progress of ongoing reforms and engage in strategic planning ahead of his administration’s second anniversary”.
“This period of reflection will inform plans to deepen ongoing reforms and accelerate national development priorities in the coming year”.
“Recent economic strides reinforce the President’s commitment to these efforts, as evidenced by the Central Bank of Nigeria reporting a significant increase in net foreign exchange reserves to $23.11 billion—a testament to the administration’s fiscal reforms since 2023 when net reserves were $3.99 billion”.
“While away, President Tinubu will remain fully engaged with his team and continue to oversee governance activities. He will return to Nigeria in about a fortnight, the statement reads.
The Ministry of Foreign Affairs on Wednesday, announced the launch of Air Algérie’s inaugural direct flight service from Algiers to Abuja, set to begin on April 6, 2025.
This is said to strengthen the diplomatic and economic ties between Nigeria and Algeria.
According to a statement signed by the Acting Spokesperson for the Ministry, Kimiebi Ebienfa, the new route, which is the result of the Bilateral Air Services Agreement between the two countries, will be operated by the national carrier, Air Algérie, using a Boeing 737 aircraft.
This new service is expected to boost connectivity, encourage tourism, and facilitate trade and investment between Nigeria and Algeria.
“The Ministry of Foreign Affairs is pleased to announce the commencement of Air Algerie’s inaugural direct flight service from Algiers to Abuja, scheduled for 6th April 2025.
“This historic development marks a significant milestone in the growing diplomatic and economic relations between Nigeria and Algeria.
“It is pertinent to state that it is the implementation of the Bilateral Air Services Agreement between both countries, which culminated in this successful venture,” the statement read in part.
The inaugural flight is expected to carry the Charge d’Affaires of the Nigerian Embassy in Algiers, Nigerian community leaders, and representatives from the Algerian government.
The Federal Government has extended congratulations to Air Algérie and offered its full support to ensure the success of the new service.
With affordable fares and Algeria’s proximity to Europe, the flight also offers Nigerians a convenient gateway to Europe, enhancing Nigeria’s position as a regional hub for business, tourism, and transit.
The statement added, “The Federal Government of Nigeria, through the Ministry of Foreign Affairs and relevant aviation authorities, extends its warm congratulations to Air Algerie and assures all necessary support to ensure the success and sustainability of this new service.
“We believe this initiative will further strengthen the longstanding friendship between Nigeria and Algeria, while opening new opportunities for mutual growth.
“The affordable fare structure and the proximity of Algeria to Europe would also provide Nigerians with a convenient gateway to Europe, thereby enhancing Nigeria’s position as a regional hub for business, tourism, and transit.”
The ministry encouraged citizens and businesses to take advantage of this new connectivity to explore opportunities for trade, tourism and cultural exchanges between the two nations.
Operatives of the Department of State Security have arrested two principal suspects involved in the killing of 16 Nigerians of northern extraction in Uromi, Esan North East Local Government last week.
According to a statement by the Chief Press Secretary to Governor Monday Okpehbolo, Fred Itua, the suspects were arrested by operatives of the DSS in Uromi, following credible intelligence.
He noted that operatives of various security agencies were hunting for other key suspects involved in the unfortunate incidents.
He said, “Operatives of the Department of State Security have arrested two principal suspects involved in the killing of 16 Nigerians of northern extraction in Uromi, Esan North East Local Government last week.
“The suspects were arrested by operatives of the DSS in Uromi, following credible intelligence. Operatives of various security agencies are hunting for other key suspects involved in the unfortunate incidents.
”In the latest development, the two principal suspects arrested by officials of the DSS have been transferred to Abuja, the nation’s capital, for further interrogation and prosecution by the relevant authorities.
According to reports, the 14 suspects arrested in connection with the killings have been transferred to Force headquarters while investigation continues on the matter.
The transfer of the suspects to Abuja was in compliance with the directive of the Inspector-General of Police.
“I can confirm to you that the suspects have been taken to Abuja as directed by the IGP and investigation into the matter is still ongoing.
”Itua also said he could not confirm if the compensation promised the family of the victim would be financial.
He, however, said the Edo and Kano governments were working together to fashion out a suitable compensation for the family of the victims.
“As you are aware, Governor Okpehbolo met with the Kano State Government and visited the families of the I6 people that were killed, where he promised compensation.
“I cannot say what form the compensation will take but both state governments are talking to ensure that the victims’ families are compensated.
”A resident of Uromi, who gave his name simply as Michael, said residents of the area, where the killings took place, were deserting their villages over fear of being arrested.
He stated that women thronged the Ojuromi of Uromi palace to protest the indiscriminate arrest of people in Uromi following the killings of the 16 travellers.
He said, “What is happening now is that people are leaving their houses where the killing took place for fear of being arrested by the police, who have been mandated to fish out all the culprits.
“I believe the protest by the women on Monday is in connection with the indiscriminate arrest of residents by security agencies.”
Meanwhile, the Edo State chapter of the All Progressives Congress has claimed that some major opposition political parties were planning to instigate a crisis in the state and make it ungovernable.
The state APC chairman, Jarret Tenebe, stated this during a news conference on Tuesday in Abuja.
“It has come to our attention that the leadership of some major opposition parties in our state, along with two others, has devised a reckless and dangerous plot to instigate crisis and make Edo ungovernable,” he said.
Tenebe alleged that the aim of those behind the plot was to force President Bola Tinubu to declare a state of emergency in the state.
“Their sinister objective is clear: they want to force President Bola Tinubu to declare a state of emergency in Edo, because they have no confidence in securing victory at the Edo Election Petition Tribunal.
The News Agency of Nigeria reports that the tribunal will, on Wednesday, deliver judgment in the petition filed by the PDP candidate, Asue Ighodalo, against the outcome of the Sept. 21, 2024 governorship election in the state.
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