NEWS AGENCY OF NIGERIA
President Bola Tinubu
General News

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)

General News

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

General News

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

Defence/Security , Features

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

 

 

 

 

Features

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.

General News

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

General News

Tinubu’s reforms will benefit all Nigerians -Minister

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By Rita Iliya

The reform programmes and initiatives of President Bola Tinubu are formulated to benefit all Nigerians.

 

Alhaji Mohammed Idris, Minister of Information and National Orientation, said this in an interview with newsmen in Malagi on Friday.

 

The News Agency of Nigeria (NAN) reports that the minister is in the community to inaugurate some projects he executed.

 

The projects include electrification of Malagi community, construction of a mosque and Islamiyya school, a water project, and the renovation of a primary school.

 

Idris said that Tinubu’s reforms were designed to take Nigeria to a path of enduring prosperity.

 

He assured Nigerians that the gains of all the economic reforms of the president would begin to manifest in 2025.

 

He called on Nigerians to support the president’s policies, saying they would ultimately lead to a better future for the country.

 

“We urge all Nigerians to support Mr President. We know that times are challenging, but we believe that ultimately, the reforms will take us to the desired land.

 

“The progressive train of the president will not leave anybody behind and we urged all Nigerians to support Mr President,” he said.

 

On the projects, Idris said they were designed to bring development to the community, adding that the electrification project would connect the community to the national grid for the first time in its history.

 

“My late father was born in this community, and it is my home. I am proud to be part of this community, and I will continue to do whatever I can to improve the lives of the people,” he said

 

He added that he was motivated to embark on such projects by his roots in the community and commended the people of Malagi community for their support.

 

The minister promised to continue working for the development of Malagi community, the local government, Niger state, and the country at large.

 

The NAN reports that dignitaries at the inauguration of the projects were Gov. Umaru Bago, Alhaji Abubakar Yahaya, Etsu Nupe, the Managing Director of News Agency of Nigeria (NAN) among others.(NAN)

Edited by Ismail Abdulaziz

President Bola Tinubu
General News

Ex-lawmaker lauds Tinubu for establishing southeast commission

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Former member of House of Representatives, Chief Sam Onuigbo, says the establishment of South East Development Commission (SEDC) by President Bola Tinubu would spur economic and infrastructure development of the area.

He said that Tinubu had, by signing the SEDC bill into law, demonstrated genuine commitment to the development of the region in line with the post-civil war 3Rs.

At the end of the war in 1970, the then Head of State, retired Gen. Yakubu Gowon initiated the Rehabilitation, Reconstruction and Reintegration (3Rs) policy as a mechanism for healing the wounds.

“President Tinubu has touched a sensitive nerve to heal deep-seated wounds of the past.

“In all honesty, President Tinubu deserves special thanks from the people of South East, because for more than half a century.

“The scars of the civil war remained with us in terms of infrastructure despoliation, social disconnection and economic tribulation,” he said.

Onuigbo, who is member of North East Development Commission (NEDC), said the law had equipped the commission to intervene in a special way to address the infrastructure challenge in the area.

According to him, the SEDC has unique and specialised roles to play and promises to fulfil for the region after the intense devastations of the civil war.

Onuigbo, who reiterated his confidence in Tinubu administration, said successive military and civilian government’s failed where Tinubu was succeeding.

“The SEDC has come to remove the nagging feelings of distrust and socio-economic marginalisation among the people of South East.

“For rising to this historical challenge, special thanks should go to President Tinubu,” he said.

He, therefore, charged the pioneer members of SEDC to work extra hard with uncommon unity of purpose to lay a solid foundation for the commission by achieving great milestones.

The former house member representing Ikwuano/Umuahia North and Umuahia South federal constituency, urged the members to restore the past global rating of South East as one of the fastest growing economies in the world.

He also commended the leadership and members of the 10th National Assembly for rolling out the SEDC law.

According to him, the Deputy Speaker of the House of Representatives, Benjamin Kalu, succeeded in writing his name in gold by that momentous legislation.

“As one who sponsored the Climate Change Act 2021, I know the rigours, hurdles, and challenges of working any piece of impactful legislation through the various processes up to the signing stage.

“On this score, Rt. Hon. Ben Kalu has justified his position as Deputy Speaker of the House of Representatives and as a focused leader,” he said.

Onuigbo however appealed to the leadership of SEDC, and Ndigbo to join hands and support the Emeka Wogu-led members of the Governing Board of the commission to succeed.

“The success of the commission would be the greatest sign of the show of appreciation to President Tinubu for breaking the jinx and delivering this historic gesture,’’ he said.

The News Agency of Nigeria (NAN) reports that the Bill for creation of the South East Development Commission was passed by the 10th Assembly and signed into law by Tinubu in July 2024.

Tinubu recently forwarded the names of members of the SEDC, to be headed by the former Minister of Labour and Productivity, Dr Emeka Wogu, to the Senate for screening and possible confirmation.  (NAN) (www.nannews.ng)

Edited by Uche Anunne

Education

Tinubu pledges funding, infrastructure support for tertiary education

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By Millicent Ifeanyichukwu

President Bola Tinubu has pledged to provide the enabling environment for productivity in tertiary institutions through funding and infrastructure support.

Tinubu made the promise on Thursday at the 36th Convocation Ceremonies of Yaba College of Technology (Yabatech) in Lagos.

A total of 8,139 students set of the 2022/2023, graduated at the occasion.

Tinubu was represented by the Minister of State for Education, Dr Suwaiba Ahmed.

The President charged Yabatech management to do more to encourage impactful education that would bring about sustainable development.

“The college’s commitment to fostering entrepreneurial skills among students has greatly enhanced our nation’s capacity for innovation and self-reliance,” he said.

The President advised the graduands to build on the strong foundation of the college and leverage acquired skills for professional growth and impacts.

According to him, the skills gained at Yabatech are not just tools for personal advancement, but also instruments for national growth and transformation.

“You are equipped to not only succeed but lead and inspire, making meaningful contributions across various domains, including science, technology, commerce, environmental design, art, agriculture and entrepreneurship,” he added.

The Speaker of the House of Representatives, Mr Tajudeen Abbas, said that a bill to eradicate dichotomy between HND and B.sc holders was underway.

He said that there must be equal opportunity for all.

Abbas said, `’We all know what the country will gain by promoting vocational and technical education, this country needs people with skills to raise the nation’s profile technologically.”

The News Agency of Nigeria (NAN) reports that the ceremony also featured conferment of Honorary Fellowship of Yabatech to Abass, who was represented by Mr Fuad Laguda, Chairman of the House Committee on Federal Polytechnics and Tertiary Institutions.

In her remarks, Nigeria’s First Lady, Mrs Oluremi Tinubu, who was also conferred with the honorary fellowship, announced a N50 million endowment fund for the college, to support the best graduating female student.

According to her, Nigeria needs to support education of the girl-child and remove barriers on her path.

“When I was in the Senate, my focus was on how to make life better and easier for our young ones, they are our future,” she said.

The First Lady was represented by Mr Wahab Alawiye-King, Senior Special Assistant to the President on Public Affairs and Strategy (Office of the First Lady).

The Rector of Yabatech, Dr Ibraheem Abdul, described the ceremony as a testament to hard work, resilience and vision.

He charged the graduands to be curious, bold and be ethical.

“As you step out into a world that is rapidly changing, realise that it is a world driven by technology, innovation and insatiable hunger for progress.

“The world is not waiting for you, it is challenging you.

“Remember, success in the 21st Century is not just about knowledge, it is about adaptability and vision.

“Technology will evolve, industry will transform and the problems of today will give way to challenges of tomorrow,” he added.

The rector said that 316 of the students graduated with distinction; 2, 381 with upper credit, 3,939 with lower credit, and 1,503 with pass.

Prof. Funso Afolabi, the Chairman of Governing Council of Yabatech, lauded the management of the college for achievements recorded so far.

Afolabi charged the graduands to make maximum use of skills, knowledge and values gained from the institution.

NAN reports that Mr Adeoye Samsudeen of the Yabatech’s School of Electrical Engineering got the college’s Award for the Overall Best Student at Higher Natiomal Diploma level, while Dhikrullahi Ishola of the School of Civil Engineering got the Overall Best Student Award at National Diploma level for the 2022/2023 set. (NAN)(www.nannews.ng)

Edited by Ijeoma Popoola

Politics

Tinubu’s reform agenda most credible- Okupe

582 total views today

 

By Emmanuel Mogbede

A former Labour Party (LP) Chieftain, Dr Doyin Okupe, has described President Bola Tinubu administration’s reform agenda as the most credible compared to those of other presidential candidates in the 2023 presidential election.

 

Okupe, also a former Spokesman to former President Goodluck Johnathan, stated this while assessing Tinubu administration’s reform agenda.

 

“Though I never supported Tinubu ahead of the election; he is not my friend and we were not in the same party, in retrospect however, his reform agenda is the most credible.

 

“The Renewed Hope Agenda he (Tinubu) brought is one that can address, and is addressing, the country’s current challenges,” he said.

 

According to him, the renewed hope agenda is being meticulously applied by the president.

 

“Tinubu has a better policy document than any of his two rivals during the 2023 presidential election.

 

“Atiku Abubakar of Peoples Democratic Party (PDP) is an experienced, knowledgeable and thorough-bred politician.

 

“I know that for a fact that he also came with a testament that would have been binding on him and Nigerians.

 

“But when you put the testament side-by-side the current reality on ground, it is not applicable,” the politician said.

 

He stated that Atiku’s testament, documents and preparations were hinged on some loans which he thought he could use to sort out some things if elected, stressing they were all theoretical.

 

This, Okupe said, was especially so, because by the time President Muhammadu Buhari was leaving office, no international financial institution was ready to borrow Nigeria money again.

 

Okupe said that if such institutions were ready to borrow Nigeria money, Buhari wouldn’t have gone to print money just at the tail end of his administration.

 

“So the premise Atiku placed his testament on was sinking and it can’t work.

 

“As for Peter Obi of Labour Party, he did not given any document to Nigerians that he was going to work on.

 

“In Labour Party, we didn’t have a document that we could adopt as a policy document for what was going on.

 

“All we were saying was that we wanted to take Nigeria from consumption to production; good rethorics, but it was not grounded either in policy development or principle application,” he said.

 

Okupe noted that the announcement of fuel subsidy removal by Tinubu on his inauguration day was a mere confirmation of an event that had happened under Buhari’s administration.

 

“Upon assumption of office, Tinubu addressed the issues in the country’s foreign exchange where some people were feeding fat on our foreign exchange earnings, using their contacts in Central Bank of Nigeria (CBN),” he said.

 

Okupe also noted that Tinubu implemented the student loan and consumer protection programmes, providing loans to low income earners in a systematic manner.

 

He recalled that the president paid off some debts that were going to cripple the country’s economy.

 

“Two months after getting into government, he put up a committee to look into tax reform which was in his agenda.

 

“This man (Tinubu) has a systematic, reliable, focused and applicable agenda that can take Nigeria to enviable heights,” he said. (NAN) (www.nannews.ng)

Edited by ‘Wale Sadeeq

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