NEWS AGENCY OF NIGERIA

Olukoyede credits Nigeria’s improved corruption index to Tinubu

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By Isaac Aregbesola

EFCC Chairman, Ola Olukoyede, has attributed Nigeria’s improvement in the Transparency International (TI) Corruption Perceptions Index to President Bola Tinubu’s unwavering commitment to the fight against corruption.

Olukoyede made the remarks at the Passing Out Parade (POP) of the Economic and Financial Crimes Commission (EFCC) Detective Assistants Course 5, held at Ende Hills, Akwanga, Nasarawa State.

The News Agency of Nigeria (NAN) reports that Nigeria climbed five spots in its fight against corruption in the 2024 TI Corruption Perceptions Index, released on Tuesday.

The country now ranks 140th out of 180 nations, scoring 26 out of 100, an improvement from the previous year’s rank of 145 with a score of 25.

Olukoyede credited this achievement to the leadership of President Tinubu, highlighting his unflinching support for the commission and the broader fight against economic and financial crimes.

“It should be noted that under the able leadership of President Bola Tinubu, Nigeria has achieved a higher position in the Transparency International grading, moving up five points.

“This is a remarkable improvement in our fight against corruption in Nigeria,” he stated.

While reaffirming the commission’s dedication to combating economic and financial crimes, Olukoyede emphasised that the EFCC could not tackle the challenge alone and required the support of all stakeholders.

“Let me once again remind us that the fight against economic and financial crimes is one on which the future of our nation depends.

“Nigeria looks up to the EFCC for solutions to pervasive corruption and for assistance in stimulating the economy.

“The commission is also a beacon of hope in addressing cybercrime and other financial crimes driven by technology,” he said.

He urged the newly trained officers of the EFCC to play a vital role in the mission to eradicate economic and financial crimes through prevention, enforcement, and coordination.

“A lot of trust is placed on you as cadets of the commission. Your families, the EFCC, and the entire citizens of Nigeria look up to you to uphold the highest standards of ethics and integrity.

“You must allow no room for compromise or tolerance for misconduct. In the course of your duties, you will face challenges that will test your integrity and commitment.

“To you, cadets, I say: go forth and serve with integrity, courage, and professionalism.

“Embark on the fight against economic and financial crimes. Collaborate with your team and other stakeholders.

“Together, we can free our nation from the shackles of economic and financial crimes. We know the task is daunting, but we will not give up,” he stated.

Gov. Abdullahi Sule of Nasarawa State called for collaboration in the fight against corruption, emphasising that the country could not progress without eradicating this menace.

“We cannot move forward if we don’t confront and eradicate corruption.

“Leaders at various tiers of government have a responsibility to support agencies like the EFCC in this critical fight.

“This is why Nasarawa State, recognising the critical role of the EFCC, has decided to withdraw from the legal tussle against the commission regarding its statutory powers,” he stated.

The governor emphasised that the EFCC was established with the primary goal of eradicating economic and financial crimes to ensure a corruption-free nation.

He further stressed that the commission could not succeed in its mission without properly trained personnel to execute its mandate.

“This is why the commission must remain committed to the recruitment and continuous training of its officers to build capacity and strengthen its operations,” he added.

The Chairman of the Senate Committee on Anti-Corruption, Sen. Emmanuel Udende, represented by Sen. Diket Plang, pledged the support of the upper chamber for the EFCC’s objectives.

He lauded the commission for enhancing Nigeria’s image and respect on the international stage through its patriotism and commitment.

The Chairman of the House Committee on Anti-Corruption, Rep. Ginger Onwusibe, also called for stakeholder support in the fight against corruption.

He urged the new cadets to recognise their selection as an honour and a responsibility to serve in the battle against financial crimes.

“With your commitment, Nigeria can effectively combat criminality and promote a safer, more stable financial system,” Onwusibe said.

NAN reports that out of 169 Detective Assistant Cadets that passed out, 11 distinguished themselves in different areas of study and operational activities and were honoured with awards.
Among the awardees were Agwuncha Lotanna, Anani Melche, Adutu Uyo. Muhammad Sanusi, Oguzi  Yefia and Joshua Princewill(NAN)(www.nannews.ng)

Edited by Abiemwense Moru

President Bola Tinubu

Tinubu approves varsity for Ogoniland

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By Salif Atojoko

President Bola Tinubu on Monday signed into law a bill establishing the Federal University of Environment and Technology in Rivers and pledged more support for the Ogoni community.

Ogoni town of Tai will host the university, Mr Bayo Onanuga, the President’s spokesman, said in a statement.

During the signing ceremony at the State House, President Tinubu said the establishment of the university would further empower Ogoni citizens and provide more opportunities for participation and development.

“Today marks a significant milestone in our national journey towards environmental justice, education and sustainable development.

“The Ogoni have been at the forefront of our development and agitation and have suffered enough environmental degradation.

“It is more than the creation of a university. It is the reaffirmation of our unwavering commitment to the people of Ogoni, the Niger Delta and the entire nation as a whole,” the president said.

Tinubu said his government was taking a decisive step towards addressing historical grievances and creating new opportunities for learning, growth and prosperity by signing the bill into law.

The president affirmed that the university would serve as a centre of excellence, equipping young Nigerians with the knowledge and skill to tackle present environmental challenges, drive clean energy solutions and contribute to our national sustainable economic development.

President Tinubu thanked the National Assembly, particularly the Senate and House of Representatives leadership, for properly considering the bill.

“Let me also commend the Ogoni delegation. Your steadfast advocacy for justice is encouraging. It will be rewarded, I assure you.

“As we look ahead, I urge all the stakeholders, traditional institutions, the academic community, the private sector, partners and all other youth to embrace this university as a beacon of knowledge, unity and progress.

“Together, we will ensure that it will not only fulfil its mandate but also stand as a catalyst for transformational development across the country,” Tinubu said.

Dr Tunji Alausa, the Minister of Education, said the university would prioritise interdisciplinary programmes in environmental science, clean energy, and sustainable technology, equipping students to tackle regional and national ecological issues.

Malam Nuhu Ribadu, the National Security Adviser, said the establishment of the university would address long-standing concerns and efforts to restore Ogoniland.

Ribadu noted that Ogoniland should be prioritised for inclusive development and environmental sustainability.

Sen. Mpigi Barinada, leader of the Ogoni delegation, thanked the President for signing the bill establishing the Federal University of Environment and Technology.

He also recognised the contributions of Nyesom Wike, the FCT Minister and Ribadu in facilitating the bill’s passage.

Barinada said establishing a university would serve as a beacon of hope for the Ogoni community and an encouragement to “shield the sword” and embrace peace. (NAN) (www.nannews.ng)

Edited by Chinyere Joel-Nwokeoma

FG invested N89.2bn on infrastructure, schools in Bwari – Wike

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By Philip Yatai

Federal Capital Territory (FCT) Minister Nyesom Wike says President Bola Tinubu-led federal government has spent more than N89.2 billion on provision of roads infrastructure and schools in Bwari Area Council.

Wike, who disclosed this while inaugurating the five-kilometre Gaba – Tokulo road in Bwari Area Council on Friday, said that the amount was spent in the last 12 months.

He explained that N7 billion was spent on the five-kilometre Gaba – Tokulo Road, while N27 billion on the rehabilitation of Dutse to Bwari Road.

The Minister added that N28 billion was spent on the ongoing dualisation of Ushafa to War College Road, and N27 billion on rehabilitation and construction of schools in Bwari.

He identified the schools as Government Girls Secondary School, Dutse, Government Secondary School (GSS), Bwari, and GSS Ushafa, a new school.

Others, he said, were GSS Dei Dei, GSS Kubwa, and GSS Jibi.

He said that the Gaba – Tokulo road was initiated through a stakeholder engagement.

“The people of Bwari said that they wanted this road and to the glory of God, we awarded the contract in January 2024, and today, we are inaugurating the completed project.

“In 2024, through President Tinubu’s directive, we said that we are going to construct one road in each area council.

“I want to say that since Monday, we have been inaugurating road projects, and we will conclude this exercise tomorrow.

“That is to show that we have been able to touch all the area councils since the inception of the Tinubu-led administration,” he said.

Wike said that the residents also asked for police stations, adding that the two Police Divisional offices under construction would be ready in May to enhance security in the area.

He added that the FCT Administration had made provisions in the 2025 budget for every area council to have at least one more road project.

He promised the residents that the Gaba – Tokilo Road would be extended to Kawu, a border community with Kaduna State, as requested by Council Chairman, Mr John Gabaya.

He directed the Coordinator, Satellite Towns Development Department, Mr Abdulkadir Zulkiflu to capture the road extension in the FCT 2025 budget.

He also directed the contractor that executed the project, Sectraco Nigeria ltd, to install streetlights on the road from Gaba to Tokulo.

Also, FCT Minister of State, Dr Mariya Mahmoud, said that all the projects executed in the FCT, was a testament to Tinubu’s commitment to improve the lives of rural residents.

This, she said, would enhance connectivity and facilitate economic growth.

“This is more than just infrastructure; it is a pathway to progress and prosperity,” Mahmoud said.

The STDD coordinator also said that the road would enhance the rural economy and promote development of small and medium scale enterprises.

Zulkiflu equally said that the road would improve connectivity and the security of the area.

On his part, the council chairman thanked Wike for the ongoing transformation of satellite towns, saying, “FCT rural communities never had it this good.”

Gabaya described the minister as an “embodiment of Tinubu’s Renewed Hope Agenda.”
He commended Wike for constructing the Gaba to Tokulu Road, saying that his father was kidnapped twice on that road.

He appealed to the Minister to further extend the road to connect with the Kawu community, covering 10 to 11 kilometres.

He also urged Wike to equally consider constructing the road from Murtala Mohammed Expressway via Kubwa to the Nigeria Law School, Bwari. (NAN)

Edited by Abiemwense Moru

Tinubu spent N300bn on development of FCT satellite towns – Wike

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By Philip Yatai

The Minister of the Federal capital Territory (FCT), Mr Nyesom Wike, says President Bola Tinubu’s administration has expended more than N300 billion on development of FCT satellite towns.

Wike stated this on Wednesday, while inaugurating the nine-kilometre Paikon Kore – Ibwa Road, in Gwagwalada, Gwagwalada Area Council.

He said that the amount, spent between January 2024 and January 2025, demonstrated the importance Tinubu attaches to the development of satellite towns.

According to him, Tinubu is not only committed to the development of Abuja city but also committed to the development of satellite towns.

He said that out of the more than N300 billion spent so far, more than N50 billion was expended in Gwagwalada Area Council alone.

He said that N8.5 billion was expended on the rehabilitation of Paikon Kore – Ibwa Road.

The Minister added that N22 billion was earmarked for the construction of Aguma Palace – Market – Radio Nigeria Road, which would be inaugurated in May 2025.

He added that the FCT Administration also spent N16.5 billion on the rehabilitation and upgrading of five secondary schools in Gwagwalada.

He identified the schools as the School for the Gifted, Government Secondary School (GSS) Gwagwalada, GSS Anagada, Government Science Secondary School, Tungan Maji, and GSS Giri.

“If you calculate the total amount, excluding the two Police Divisions under construction, Mr President has committed to Gwagwalada alone more than N50 billion.

“If you add the six area councils, with Gwagwalada having the least amount, you will see that in just a year, Mr President has committed more than N300 billion to the development of satellite towns.

“It is important for people to have this record as evidence against those claiming that the government was only developing the city with nothing happening in satellite towns,” he said.

He explained that the Paikon Kore – Ibwa Road was rehabilitated following a request by the residents while the construction of Aguma Palace – Market – Radio Nigerian Road was ongoing.

“We thank God we are here today to commission the Paikon Kore – Ibwa Road. In May, God willing, during the second anniversary of Mr President, we will also commission the Aguma Palace Road,” he said.

Wike reiterated Tinubu’s commitment to participatory governance and implementing projects based on the needs of residents and assured the residents of more projects.

He particularly promised to construct the Ibwa bridge following a demand by the Vice Chairman, Mr Saidu Zuba.

Earlier, Zuba described Wike as a blessing to residents of Gwagwalada following the huge investment in rural infrastructure.

He added the security situation had significantly improved in the area following Wike’s interventions to improve security in local communities.

He appealed to the minister to construct the Ibwa bridge, saying, “we lose a lot of students to flooding while trying to cross the bridge during the rainy season.”

On her part, FCT Minister of State, Dr Mariya Mahmoud, urged the benefiting communities to safeguard the road, use it responsibly, and collaborate to ensure more developmental strides in the future.

“May this road bring lasting benefits to our community and serve as a beacon of unity and progress,” she said.

The Coordinator, Satellite Towns Development Department, Mr Abdulkadir Zulkiflu, explained that the Paikon Kore – Ibwa Road was awarded to Setraco Nigeria Ltd, in January 2024.

He said that the road was designed to open businesses and connect communities towards a sustainable development of rural communities. (NAN)

Edited by Abiemwense Moru

President Bola Tinubu

2025 budget and Tinubu’s Renewed Hope Agenda

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By Kadiri Abdulrahman, News Agency of Nigeria (NAN)

President Bola Tinubu presented the 2025 budget proposal titled “Budget of Restoration: Securing Peace, Rebuilding Prosperity” to the joint session of the National Assembly on Dec. 18, 2024.

While presenting the N49.7 trillion budget proposal, Tinubu said that it aligned with his administration’s Renewed Hope Agenda and underscores its commitment to stabilising the economy, fostering peace, and laying a foundation for sustainable prosperity.

He said that the budget proposal reinforced his administration’s roadmap to secure peace, prosperity, and hope for a greater future for the nation.

“This budget strikes at the very core of our Renewed Hope Agenda and demonstrates our commitment to stabilising the economy, improving lives, and repositioning our country for greater performance,” Tinubu said.

Stakeholders are, however, divided about the practicability of the budget proposal.

A financial expert, Prof. Uche Uwaleke, said that the budget reflected its title, with the lion shares going to defence and security (N4.91 trillion), infrastructure (N4.06 trillion), education (N3.52 trillion) and health (N2.48 trillion).

Uwaleke, of the Institute of Capital Market Studies at the Nasarawa State University, Keffi, said the budget projected that inflation would moderate to 15 per cent in 2025, while the Naira would appreciate to N1,400 per U. S. dollar.

According to him, the projection is on the back of expected reduction in importation of petroleum products.

“This is alongside increased export of finished petroleum products, bumper harvests enabled by enhanced security, as well as increased foreign exchange inflows,” he said.

He, however, expressed concern that the 2025 budget may witness a high level of off-budget funds, thereby masking the true picture of government fiscal position.

He said that recurrent (non-debt) spending made provision of N846 billion for the new minimum wage related adjustments.

He said that it was doubtful if that amount would be sufficient to accommodate the attendant bailouts to sub-nationals by the Federal Government in support of the implementation of the new minimum wage.

“These potential off-budget funds are capable of undermining government’s plan to progressively reduce deficits and borrowings over the medium term.

“For the 2025 budget not to run into a major hitch, it is important that as much as possible, all claims on public financial resources are identified and reconciled within the framework of the budget,” he said.

The expert also raised concern about financing of the N13.4 trillion deficit, in which asset sale and privatisation proceeds would contribute N312 billion, while N3.8 trillion represents multilateral/bilateral project-tied loans.

He said that the bulk of the borrowings (N9.3 trillion) would be largely discretionary and non-project tied.

“In order not to compound the already huge debt burden the country is facing, every effort should be made to ensure that all long-term funds sourced from the debt capital market are tied to self-liquidating projects.

“The budget breakdown contained in the executive proposal is meant to provide the nuts and bolts that will facilitate budget implementation and control.

“Besides the concern which the financing of the deficit raises, there are equally other weighty issues that deserve careful scrutiny by the National Assembly.

“For example, a thorough review of the line items that make up service wide votes and capital supplementation can free-up significant funds that can be channelled to other critical areas such as agriculture and solid minerals,” he said.

He urged the National Assembly to interrogate the composition and rationale for the margin for increase in costs and recurrent adjustment (N12 billion) as well as the line item tagged “contingency recurrent” (N36 billion).

” Curiously, the same figures appeared under service wide votes in 2024. Equally, under capital supplementation is a line item known as “contingency capital” (N200 billion), which also featured in 2024 budget for same amount,” he said.

The Nigerian Economic Society (NES) said that the N47.9 trillion 2025 budget was the lowest the country has had since 2018 in dollar terms.

According to Adeola Adenikinju, President of NES, though the budget is at a record high in Naira terms, the effect of Naira devaluation has shrunk its value when converted to the U.S. dollars.

“In nominal terms, the 2025 budget is the biggest Naira value budget in Nigeria’s history. However, in terms of real purchasing power, this budget is the lowest since 2018,”  he said.

Adenikinju said that the benchmark exchange rate of N1,400 though ambitious, is considered not fully grounded in the potential fiscal and monetary expectations in 2025 and deviates from major expert projections.

He said that using this benchmark may require alternative supply sources of high and more stable forex earnings for building high external reserve stocks.

An economist, Dr Chijioke Ekechukwu, said that the pegging of the budget on an exchange rate of N1,400 to dollar would dampen the optimism of Nigerians.

He said that the dollar exchange rate can get lower as the year progresses and the effect of some reforms begin to surface.

“Nigerians are still thinking that probably that rate can still come lower than N1,400, maybe N1,000.

“There is a problem with that projection because you are dampening our hope of a reduction in the exchange rate,” he said.

A policy analyst, Basil Abia, said that the projections of the 2025 budget proposal were unrealistic.

Abia said that it was only with a higher crude oil production above the current rate that the reduction of inflation to 15 per cent in 2025 could be possible.

“Now, if you say you want to do 15 per cent headline inflation rate on aggregate for 2025, you have to be able to show us that you are going to realistically drop down the core drivers, reduce their efficacy, and their frequency.

“Unfortunately, you cannot do 15 per cent headline inflation rate when you are producing less than two million barrels per day,” he said.

The Lagos Chamber of Commerce and Industry (LCCI) said that improved tax-to-Gross Domestic Product (GDP) ratio, would help to meet the ambitious N34.82 trillion revenue projection in the budget.

The LCCI Director-General, Dr Chinyere Almona, said that accelerating tax reforms, simplifying processes, and incorporating the informal sector were crucial.

She said that the country must leverage technology to expand the tax net, minimise leakages, and foster fiscal discipline.

“Fiscal discipline must complement these efforts to effectively manage the N15.81 trillion debt servicing allocation.

“Nigeria must prioritise high-impact, self-sustaining projects and explore alternative funding mechanisms, such as public-private partnerships, to keep debts within sustainable limits.

“Structural reforms are indispensable to reducing inflation to 15 per cent and stabilising the exchange rate at N1,400 to the dollar,” she said.

She said that addressing food and energy supply chain bottlenecks, fast-tracking local petroleum production projects, and fostering alignment between monetary and fiscal policies would restore confidence in the Naira and ease inflationary pressures.

“Achieving the ambitious oil production target of 2.06 million barrels daily requires decisive action to resolve pipeline vandalism, theft, and underinvestment.

“Across the three streams of operations in the oil and gas industry, a sound regulatory environment can boost activities and investments in the short term,”she said.

Almona lauded Tinubu’s attention to security, infrastructure, education, health, and agriculture to achieve macroeconomic stability and inclusive growth.

She said that the allocation of N4.91 trillion for defence was commendable compared to previous allocations.

She, however, said that the funding must be complemented with enhanced intelligence, surveillance technology, and simultaneous investment in poverty reduction and youth empowerment.

Almona said that the N4.06 trillion earmarked for infrastructure and significant allocations to education and health called for swift and transparent project execution.

According to her, while the budget outlines bold goals, these aspirations hinge on robust policy implementation, sustained execution, and coherence across government strategies.

“Beyond the figures and assumptions, budget implementation is the key performance driver.

“The 2024 budget implementation cycle extension to June 2025 should be closely watched to avoid such in the future as it can signal weak budget execution.

“We call on the National Assembly to expedite action on the appropriation debates,” she said.

As most Nigerians await the passage and operationalisation of the 2025 budget, they remain hopeful that it will effectively address rising inflation and moderate the prices of basic goods and services in the interest of the masses.

Stakeholders, however, said that a major snag to a thorough interrogation of the appropriation bill is its late presentation to the National Assembly.

They urged the lawmakers to properly scrutinise the contents of the appropriation bill before it is passed to ensure that it effectively address the yearnings of Nigerians. (NANFeatures)

**If used, credit the writer and the News Agency of Nigeria (NAN)

Ahead of midterm, emerging signs favourable for Tinubu administration

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By Bayo Onanuga

Although the Tinubu Administration’s midterm is five months away, President Bola Ahmed Tinubu can proudly reflect on his administration’s journey over the last 19 months.

After initial turbulence, the government concluded 2024 stronger than 2023, as many policies began yielding significant results that even the most ardent detractors could not ignore.

Under President Tinubu’s leadership, NNPC Limited has fixed two of the four state-owned oil refineries, achieving what many had cynically regarded as improbable.

The administration’s efforts have led to a rise in crude oil production, with an expected inflow of more dollars into the Federation Account and remarkable accretion into the foreign reserves.

The government remains focused on gas development, attracting investors’ interest.

Dollars have flowed into the country through fresh investments in several sectors.

The administration created an innovative Ministry of Livestock Development to unlock the previously untapped potential in animal husbandry, steering the country from tragedy to opportunity.

The lucrative stock market ended the year on a high note, breaking its initial record under the Tinubu presidency.

The All Share Index hit over 103,000 from 55,738 on May 30 2023; Market capitalisation is over N63 Trillion.In the last 19 months, local and foreign investors have invested unprecedented amounts in the market.

The government is also expanding the national road infrastructure stock by building legacy superhighways from Lagos to Calabar and Sokoto to Badagry.

The administration’s successful euro bond issuance of $2.2 billion notably attracted over $9 billion in interest, while a domestic dollar bond of $500 million was oversubscribed. These developments indicate confidence in the Nigerian economy.

Revenue generation has increased, and all tiers of government received more funds to spend on the welfare of Nigerians, including the 774 local councils that recently won financial autonomy.

November and December 2024 proved especially remarkable. Shell and Partners announced an estimated $5 billion investment in the Bonga North oil field.

Brazil’s JSB, one of the world’s leading integrated livestock companies, announced a $2.5 billion investment in livestock development in Nigeria, with some officials flying into the country to actualise the pledge.

Fuel prices began to decrease amid competition from local refineries, supporting President Tinubu’s belief that market forces would lower the prices of consumer goods to benefit Nigerians.

For the first time in our history, the proposed 2025 budget included no provision for a fuel subsidy.

There was no scarcity, too. Instead, the government has proposed more funds for capital expenditure, health, education, and national security in the record-breaking N49.7 trillion budget.

Critics remain silent as positive indicators continue to emerge.

Not an accidental president, Tinubu took office on May 29, 2023, with a clear vision for Nigeria: to renew hope through a programme of action to foster economic diversification, stability, and prosperity and build a trillion-dollar economy.

He has implemented many of his campaign promises and those in his Renewed Hope Agenda.

Although unintended consequences have emerged, temporarily affecting the well-being of all Nigerians, the administration is working hard to ameliorate the burden on the masses.

President Tinubu consistently implements reforms, daring to confront headlong the country’s many hydra-headed socio-economic problems and committing to the transformative change the country urgently requires. Posterity will be kind to him and remember his era as a reform-minded leader.

Positive signs continue to emerge: apart from declining fuel prices, the country recorded foreign trade surpluses for three consecutive quarters, foreign reserves are rising, and the Naira is gaining strength against the US dollar.

One notable achievement of President Tinubu’s tenure is fulfilling his promise to implement a student loan programme.

This initiative financially supports students, ensuring that higher education is accessible to all, regardless of economic background.

Investing in the education sector, the administration aims to empower the youth and equip them with the skills needed for Nigeria’s future growth.

In addition to the student loan scheme, President Tinubu has advanced the consumer credit initiative, another campaign promise, and plans to deepen it in the first quarter of 2025.

Promoting access to credit is part of the administration’s broader strategy to stimulate consumption, drive entrepreneurship, and boost the domestic economy.

On his first day in office, President Tinubu decisively eliminated the fuel subsidy, which had long burdened Nigeria’s economy.

While the initial removal triggered higher fuel prices, the market is now experiencing a downward trend.

This development illustrates the administration’s commitment to market-driven pricing and economic efficiency, which should benefit public investment in critical sectors in the long term.

The administration introduced electric vehicles and Compressed Natural Gas (CNG) as alternatives to reduce Nigerians dependency on petrol.

In the past 12 months, more Nigerians have converted their vehicles to CNG, spurred by government and private sector investment, thus a new industry is gradually unfolding, creating new jobs along the value chain whilst promoting a cleaner environment.

Another bold economic reform was unifying Nigeria’s multiple exchange rates, which previously caused economic distortion, criminal arbitrage, and speculation.

Following an initial depreciation, the Naira has stabilised against the US dollar, reflecting increased investor confidence and a more transparent foreign exchange policy.

Investment inflows further testify to the positive impact of President Tinubu’s policies. The oil, gas, and solid minerals industries are experiencing renewed interest and investment.

These sectors are crucial for enhancing Nigeria’s export capacity and creating jobs, thus driving economic diversification and growth.

Moreover, Nigeria’s foreign reserves have shown a promising increase, bolstered by improved trade balances and strategic monetary and fiscal management.

Looking ahead to 2025, President Tinubu plans to introduce what could be his most transformative reform yet—tax restructuring.

With four bills before the National Assembly, the proposed reform seeks to streamline tax systems and administration in Nigeria to promote better investment and a friendly business climate.

Under the proposed tax reform, low-income earners under the minimum wage bracket and small businesses within a certain threshold will be exempted from paying taxes.

The administration’s mantra is that taxes should focus on prosperity, not people’s or businesses’ hardships.

The government focuses on expanding the tax net, making taxes less burdensome to taxpayers, and getting wealthy people to pay their fair share.

This progressive approach reflects the administration’s commitment to equity and fiscal sustainability.

However, the road to reform does not come without challenges.

President Tinubu faces resistance, particularly from politicians and tax evaders who have expressed concerns about the implications of the changes that will come with reforming our tax systems.

President Tinubu, who is not oblivious to the pushback, has said he is willing to make necessary adjustments, as democracy is about negotiations, give and take.

President Tinubu’s administration has demonstrated firm determination over the last 19 months to succeed against all odds and reposition the economy for better performance.

While challenges remain, especially with food inflation, President Tinubu’s leadership has shown a proactive and committed approach to addressing these issues.

The administration’s trajectory suggests a path toward Nigeria’s economic stability and social development.

Though it is not midterm for the administration, realising a prosperous and equitable country looks promising and achievable.

The Tinubu administration is undoubtedly steadfast in its resolve to improve Nigeria, and it’s on course to achieve all the campaign promises to the people.

•Onanuga is the Special Adviser on Information and Strategy to President Tinubu

New Year message by President Tinubu

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Fellow Nigerians,

As we enter 2025, I wish everyone a happy and prosperous New Year. May you be rich in joy, success, and good health.

As the new year dawns, it brings many hopes, aspirations, and prospects for better days. By the grace of God, 2025 will be a year of great promise in which we will fulfill our collective desires.

Though 2024 posed numerous challenges to our citizens and households, I am confident that the New Year will bring brighter days.

Economic indicators point to a positive and encouraging outlook for our nation. Fuel prices have gradually decreased, and we recorded foreign trade surpluses in three consecutive quarters. Foreign reserves have risen, and the Naira has strengthened against the US dollar, bringing greater stability.

The stock market’s record growth has generated trillions of naira in wealth, and the surge in foreign investment reflects renewed confidence in our economy. Nevertheless, the cost of food and essential drugs remained a significant concern for many Nigerian households in 2024.

In 2025, our government is committed to intensifying efforts to lower these costs by boosting food production and promoting local manufacturing of essential drugs and other medical supplies. We are resolute in our ambition to reduce inflation from its current high of 34.6% to 15%. With diligent work and God’s help, we will achieve this goal and provide relief to all our people.

In this new year, my administration will further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.

To achieve this, the federal government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.

The Company—expected to start operations before the end of the second quarter—is a partnership of government institutions, such as the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated, the private sector, and multilateral institutions.

This initiative will strengthen the confidence of the financial system, expand credit access, and support under-served groups such as women and youth. It will drive growth, re-industrialisation, and better living standards for our people.

On a personal note, thank you for placing your confidence in me as your president. Your trust humbles me, and I promise to continue serving you diligently and wholeheartedly.

We will continue to embark on necessary reforms to foster sustainable growth and prosperity for our nation.

I seek your cooperation and collaboration at all times as we pursue our goal of a one trillion-dollar economy. Let us stay focused and united.

We are on the right path to building a great Nigeria that will work for everyone. Let us not get distracted by a tiny segment of our population that still sees things through the prisms of politics, ethnicity, region, and religion.

CITIZENSHIP

To achieve our national goals and objectives, we must become better citizens and uncompromising in our devotion and allegiance to Nigeria.

Citizens’ moral rectitude and faith in our country are fundamental to the success of the Renewed Hope Agenda. In 2025, we will commit to promoting adherence to ethical principles, shared values, and beliefs under the National Identity Project.

I will unveil the National Values Charter, already approved by the Federal Executive Council, in the first quarter of 2025. I will launch an ambitious national orientation campaign that fosters patriotism and love for our country and inspires citizens to rally together. The Charter will promote mutual commitments between the government and citizens and foster trust and cooperation among our diverse population and between the government and the citizens.

As far-reaching and foundational as our reforms are, they can produce the desired outcomes only through shared common values and identities and unconditional love for our country.

The Youth Confab will begin in the first quarter of 2025, a testament to our commitment to youth inclusiveness and investment as nation-builders. The Ministry of Youth will soon announce the modalities for selecting the conference’s representatives from our diverse, youthful population.

Dear Compatriots, I urge you to continue believing in yourselves and keeping faith in our blessed country.

Let me use this New Year’s message to urge our governors and local council chairpersons to work closely with the central government to seize emerging opportunities in agriculture, livestock, and tax reforms and move our nation forward. I commend governors who have embraced our Compressed Natural Gas initiative by launching CNG-propelled public transport. I also congratulate those who have adopted electric vehicles as part of our national energy mix and transition. The Federal Government will always offer necessary assistance to the states.

To all citizens, your sacrifices have not been in vain over the past 19 months. I assure you they will not be in vain even in the months ahead. Together, let us stay the course of nation-building.

The New Year will bring us closer to the bright future we all desire and the Nigeria of our dreams.

God bless you all, and may God bless our beloved country, Nigeria.

Happy New Year and a prosperous 2025 to you all!

Bola Ahmed Tinubu,
President of the Federal Republic of Nigeria
January 1, 2025

Anti-corruption war: Tinubu, EFCC’s unwavering efforts

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By Isaac Aregbesola, News Agency of Nigeria (NAN)

Corruption, a scourge that has plagued humanity for centuries, has been aptly described as the “deadliest affliction of humanity after terrorism” by Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC).

This stark reality underscores the devastating impact of corruption on societies worldwide as it perpetuates poverty, inequality, and social injustice.

In Nigeria, where corruption has long been a pervasive problem, the government has declared an all-out war on this menace, with the EFCC at the forefront of efforts to combat it.

The appointment of the Olukoyede by President Bola Tinubu as the EFCC Chairman, thus showed a demonstration of renewed commitment to tackling this scourge.

This step brought to fore the statement by an anti-corruption crusader and rights activist, Femi Falana, who once said, “the fight against corruption is a fight for the soul of Nigeria”.

The deliberate choice of Olukoyede, a seasoned expert in combating fraud, to lead the anti-corruption efforts, set the tone to achieve this goal, as the Latin phrase “ex nihilo nihilo” suggests – nothing comes from nothing.

In other words, the achievements that followed weren’t mere coincidence. The impressive track records of the EFCC in its anti-graft war more than a year ago, under Olukoyede’s leadership, are a testament to the effectiveness of his appointment.

Under his leadership, the commission has made significant strides in tackling corruption, with a renewed focus on strengthening institutions, promoting transparency, and holding accountable those who engage in corrupt practices.

The commission has been at the forefront of the anti-corruption battle, working tirelessly to investigate, prosecute, and recover proceeds of corruption.

In the last one year, corruption and corrupt practices have reduced drastically, as hell is being let loose on those indulging in sharp and corrupt practices in the country.

The entire nation is lauding the EFCC’s fresh approach, which is in compliance with the international standards, to fighting corruption.
Even the toughest critics would agree that the EFCC’s track record shows that the government is making real progress in its fight against corruption.

The EFCC has undergone significant changes, and the results are already showing. Foreign investors are taking notice, and the local business community is feeling hopeful.

Notable among the achievements of the anti-graft agency in the last one year is the  record-breaking asset recovery of a 150,500-square-meter estate with 753 duplexes and other apartments in Abuja.

The achievements, according to Olukoyede, also include recovery of  over N248 billion, 105 million dollars and the securing of  3,455 convictions.

The commission within the year recovered N248, 750,049,365.52; $105,423,190.39; £53,133.64; €172,547.10; T1,300.00 Indian Rupees and CAD $3,400.00 Canadian Dollars.

It also recovered ¥74,859:00 Chinese Yuan; AUS $ 740:00 Australian Dollars; 170:00 UAE Dirham; 73,000:00 Korean Won; CFA 7,821,375:00 and R 50:00 South Africa Rands.

On asset recovery and return, the EFCC on Sept. 6, handed over to the Royal Canadian Mounted Police (RCMP) the sum of $180,300  and 53 vehicles, being assets recovered for Canadian victims of Nigerian fraudsters.

Also, to show its strong teeth against corrupt practices, a serving Minister of Humanitarian Affairs and Disaster Management, Betta Edu was suspended over alleged corruption for proper investigation.

She was suspended alongside the Chief Executive Officer of the National Social Investment Programme Agency, Halima Shehu, while some former ministers are also being investigated.

In the same vein, a former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, is being prosecuted over alleged multibillion naira frauds.

Similarly, the erstwhile Minister of Power and Steel Development, Olu Agunloye and ex-Minister of Aviation and Aerospace Development, Hadi Sirika are facing  prosecution.

Others are former Anambra governor, Willie Obiano;  former Kwara governor, Abdulfatah Ahmed; former Kogi governor, Yahaya Bello, former governor of Delta, Ifeanyi Okowa, and other former state and non-state actors are facing trial by the EFCC.

The commission has also realised that preventing corruption is more effective and cost-efficient than trying to combat it after it has taken root. To achieve this, the commission has established a new department called Fraud Risk Assessment and Control (FRAC).

FRAC’s mission is to identify vulnerabilities to corruption in government Ministries, Agencies, And Departments (MDAs), and to implement preventive measures.

One area of focus for FRAC is the contract and procurement processes in government institutions, which has been breeding grounds for corruption.

The commission has requested anti-corruption plans from these institutions, including the Presidency, National Assembly, and judiciary, to ensure that their processes are transparent and corruption-proof.

The EFCC has also put in place systems to track contracts and prevent the abuse of anti-corruption structures in public and private institutions. These practical measures demonstrate the EFCC’s commitment to preventing corrupt practices.

Overall, the EFCC’s new approach is yielding positive results. With the FRAC department in place, the EFCC is well-equipped to prevent corruption and promote a culture of transparency and accountability.

The anti-graft agency has also been aggressively fighting internet fraudsters, and its efforts have been highly effective. This success has made it difficult for critics to find fault with the commission’s work.

The EFCC has investigated and prosecuted a wide range of individuals and organisations, including internet fraudsters, politicians, business leaders, and government officials, demonstrating its commitment to fairness and impartiality.

In its effort to fulfill its mission, the EFCC has made significant changes to its approach. Today, the commission is more modern, humane, and professional in its operations, particularly when it comes to arrests and bail procedures, without compromising its professionalism and credibility.

This new approach marks a significant shift towards a more effective and sustainable way of combating corruption and financial crimes.

The onslaught against internet fraudsters is on the increase, this includes arresting 792 suspects in a day including 192 foreigners during a clamp down on largest cyber crimes centers in Abuja.

The Special Task Force against Naira Abuse and Dollarisation of the Economy has been working tirelessly to curb currency racketeering, securing over 50 convictions across various sectors of society within the first year of the current administration.

However, the EFCC has faced challenges, including fierce resistance from corrupt individuals and groups in the last one year plus.

Notable among them was the court case instituted by some state governors to scrap the agency, which was quashed at the Supreme Court.

This opposition is expected, as it underscores the commission’s effectiveness in combating corruption. Yes! It is public knowledge that corruption will definitely fight back viciously.

Every opposition to anti-corruption work is an affirmation of its potency and impact. Fortunately, the EFCC has received robust public support, demonstrating that Nigerians inherently reject corruption.

As Olukoyede aptly puts it, “Nigerians are not fundamentally corrupt. It is the operating systems that are breeding corruption!”

This sentiment echoes the widespread disillusionment with corruption and the desire for change. With the EFCC on track and public support growing, the prospects for a corruption-free Nigeria are becoming increasingly brighter.

Overall, the EFCC’s efforts have silenced its critics and demonstrated its effectiveness in fighting corruption. With the government’s support, the commission will continue to make significant strides in this fight.

However, some anti graft-experts opined that the agency needs to improve on its operations in certain areas, which include the rate of successful prosecutions and convictions of fraudsters other than internet, as well as reducing the number of cases that are dismissed or withdrawn.

It should also address the allegations of selective justice, ensure transparency within and corruption-free as well as addressing any internal corruption allegation promptly.

The anti-graft agency should also ensure whistleblowers and witnesses’ protection and also enhance public engagement and education as well as improving investigation techniques and forensic analysis.  (NANFeatures)

**If used please credit the writer and News Agency of Nigeria

 

 

 

 

Counting the gains of President Tinubu’s economic renewal

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By Mohammed Idris

As the first full year of President Tinubu’s administration, 2024 has come with its unique share of challenges and triumphs. As we look back at the ongoing year, this is the perfect time to reflect on the President’s vision for a transformed Nigeria and how 2024 has provided numerous opportunities to manifest that vision.

On so many fronts, the outgoing year has brought significant policy and legislative milestones that are helping to cement the very foundations of the President’s grand vision for Nigeria.

Take the examples of the Students Loan Fund and the Consumer Credit Corporation, two institutions targeted at putting more resources in the pockets of the Nigerian people, empowering them to turn their dreams into opportunities.

With the Students Loan Fund, we are seeing, for the first time in decades, Nigerian students at tertiary level, getting targeted federal assistance to pursue their academic ambitions, through long-term loans (and stipends) that are designed to not be burdensome in any way.

In less than one year, more than 300,000 Nigerian students have already benefited.

With the Consumer Credit scheme, we are seeing affordable financing being made available to workers, to enable them afford life’s necessities. Every developed country is built around a functioning credit system that fuels consumer spending and translates into economic growth.

Nigeria is now finally on that path.

Also in 2024, we also saw the first steps in the implementation of a new electricity framework in the country, conferring the State governments with greater agency and responsibility.

Building on a recent constitutional amendment, the President signed into law the 2024 Electricity Act that is now guiding a pioneering set of States into rolling out their own regulated electricity markets.

Indeed, for Nigeria to be truly able to achieve economic development, we must allow the subnational governments more room for real economic impact.

With the new Electricity Act, States can now play a much bigger role in attracting investments into on-grid and off-grid solutions, ensuring that more electricity gets to more Nigerians.

This concept of giving more power and opportunities to the States is one of the defining governing philosophies of President Tinubu – as Governor of Lagos two decades ago he was one of the leading advocates of true federalism in Nigeria.

Now, as President, he has not abandoned those ideals.

In July 2024 we saw the landmark ruling by the Supreme Court, empowering local governments to an extent we have not seen in our recent history.

The President has since empaneled an Inter-Ministerial Committee that will ensure the full enforcement of that judgement.

For the state governments, President Tinubu’s economic reforms have triggered a dramatic surge in revenues, which is allowing the States to do more for their people.

The last FAAC meeting saw the sharing of a record 1.727 Trillion Naira amongst the three tiers of government; these resources are meant to deliver bigger dividends of development to Nigerians.

For those who have taken the effort to be familiar with the ongoing tax reforms, the Bills currently before the National Assembly also represent another fiscal boon for the subnational governments, with the Federal government choosing for example to take an even smaller portion of VAT than it currently gets.

The Presidential Initiative on CNG marked its first year of implementation recently, with the number of vehicle conversion centers in the country rising from fewer than 10 to more than 120.

The goal is to make CNG a fuel of choice for private and commercial transportation in Nigeria, bringing down costs by as much as 50 to 60 per cent.

We are already seeing enthusiastic uptake of the initiative, and the government is supporting this by way of fiscal incentives and subsidized conversions.

The year is closing with the massive news of the final investment decision (FID) by Shell and its partners on the Bonga North deep offshore oil project, which is Nigeria’s first deep offshore FID in over a decade.

This FID was preceded by the one by Total and NNPC Limited on the 300 million cubic feet per day Ubeta gas project.

Together these two projects represent over 5 billion dollars in investment value.

These long-awaited investment decisions have now finally happened because the investors behind them can see, from the President’s policies and actions, that Nigeria is truly serious and ready for oil and gas investment.

A series of presidential directives issued at the beginning of 2024 have unleashed the biggest wave of investor interest in our country’s energy sector in a while.

In 2024, our security forces neutralized more than 8,000 terrorists and bandits, and arrested 11,600 others, with more than 10,000 weapons recovered.

Additionally, about 8,000 kidnap victims were successfully rescued.

The goal is to keep driving down the numbers of victims, while scaling up efforts to make crime and criminality unattractive in Nigeria.

On the foreign affairs front, the 2024 has been a most encouraging year, despite several challenging geopolitical developments around the world, including in our corner of West Africa.

This year Nigeria was awarded the hosting rights for the new African Energy Bank, which will prove to be game-changing for energy financing in Africa.

As we reposition ourselves to be a global energy hub, this is a most fitting complement.

Nigeria is asserting itself as a country that cannot be ignored on the global stage.

In 2024, President Tinubu hosted heads of State and/or government from India, the world’s largest democracy, and from Germany, Europe’s largest economy.

He was welcomed on a State Visit to France, at a very exciting time in the history of mutually-beneficial relations between Nigeria and France.

Nigeria was specially invited to the G20 Summit for the second consecutive year, and we forged deeper relations with South Africa through our joint presidential binational commission.

As we step into a new year, during which we will mark the second anniversary of the Tinubu Administration, we will surely see even more of the positive outcomes of the President’s reforms, in infrastructure, agriculture, security, healthcare, education, creative and digital economy and many other areas.

The tax reforms, when passed into law and assented to, will cut personal and corporate income taxes for tens of millions of Nigerians, while also expanding VAT exemptions.

Consumer credit and student loans will reach many more people.

Important indices such as foreign reserves position, trade surplus, oil production, and GDP growth are set to continue rising, even as greater work going into permanently taming inflation.

The 2025 budget – the very fittingly-themed “Budget of Restoration: Securing Peace, Rebuilding Prosperity” – is a convincing pointer of the federal government’s commitment to maintaining the positive course in which we are headed as a nation.

We will continue to seek the understanding of Nigerians on this journey of, in the President’s words in the 2025 budget speech, “economic renewal and institutional development.”

The sacrifices will all surely be rewarded, and we shall surely and steadily advance towards our desired destination – a country where a progressively better life will be guaranteed for everyone, regardless of where in the country they happen to reside.

Under President Tinubu’s watch, 2025 will represent a leap forward, towards that deserved destination.

Mohammed Idris, fnipr, is the Minister of Information and National Orientation.

Stampedes: Buhari condoles with Tinubu

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Condolences

Former President Muhammadu Buhari on Sunday condoled with President Bola Tinubu over the stampedes in Oyo State, Anambra and the Federal Capital Territory (FCT) in which several lives were lost.

 

Buhari in a message made available to the News Agency of Nigeria (NAN) in Abuja also expressed sympathy to Gov. Seyi Makinde of Oyo State, Gov. Chukwuma Soludo of Anambra and the Minister of FCT, Nyesom Wike.

 

He appealed to the leaders to pass on his words of sympathy and support to the families and friends of the victims while wishing those injured in the stampedes speedy recovery.

 

The former president equally sympathised with the Catholic community which was also affected.

 

Buhari further extended his warm wishes to Nigerians on the occasion of Christmas and called on fellow countrymen to recall the noble teachings of Jesus Christ.

 

He also extended his heartfelt wishes to Nigerians, praying that the new year would usher in immense prosperity, peace and good health.(NAN) (nannews.ng)

Edited by Ismail Abdulaziz

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