Author: salif atojoko

Condolence
By Salif Atojoko
Abuja, June 17, 2024 (NAN) President Bola Tinubu has condoled with the Atanda family over the passing of their patriarch, Chief Oluremi Atanda, a former Chairman of old Oyo State Civil Service Commission.
Special Adviser to the President on Media and Publicity, Chief Ajuri Ngelale, conveyed Tinubu’s condolences in a statement on Monday in Abuja.
“The late Atanda, who was the Eketa of Iwoland in Osun State, founded the respected Atanda Continuing Education Centre which served as a training ground for many students preparing for university education in the South-West of Nigeria in the 70s and 80s.
“He was a member of the 1978 Constituent Assembly and the 1994-1995 Political Reforms Conference.
“President Tinubu mourns the renowned educationist and administrator who contributed immensely to the development of old Oyo State and Nigeria,” said the statement.
While commiserating with the Oluwo of Iwo, Oba Abdulrasheed Akanbi, and the people of Iwoland, the president prayed for the repose of the soul of the elder statesman. (NAN) (www.nannews.ng)
SA/WAS
Edited by ‘Wale Sadeeq

Presidency clears misconceptions on New York Times report on Nigeria

Economy

By Salif Atojoko

Abuja, June 16, 2024 (NAN) Mr Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, on Sunday reacted to a recent report published in New York Times on Nigeria’s economy.

He said Ruth Maclean and Ismail Auwal’s feature story titled, ‘Nigeria Confronts Its Worst Economic Crisis in a Generation,’ published on June 11, appeared typically predetermined and followed the usually denigrating way foreign media establishments reported African countries for several decades. 

He said that because of the misleading slant of the report, there was need to clear up some misconceptions conveyed by the reporters as regards the economic policies of the Tinubu administration that came into power at the end of May 2023.

“Most significant about the report was that it painted the dire experiences of some Nigerians amid the inflationary spiral of last year, and blamed it all on the policies of the new administration.

“The report, based on several interviews, was all gloom and doom, as it never mentioned the positive aspects in the same economy as well as the ameliorative policies being implemented by the central and state governments,” said Onanuga.

According to him, President Tinubu did not create the economic problems Nigeria faces today.

“He inherited them. As a respected economist in our country once put it, Tinubu inherited a dead economy.

“The economy was bleeding and needed quick surgery to avoid being plunged into the abyss, as happened in Zimbabwe and Venezuela.

“This was the background to the policy direction taken by the government in May/June 2023, with the abrogation of the fuel subsidy regime and the unification of the multiple exchange rates standing out.”

The Special Adviser said that for decades, Nigeria had maintained a fuel subsidy regime that gulped 84.39 billion dollars between 2005 and 2022 from the public treasury in a country with huge infrastructural deficits and in high need of better social services.

He said the state oil firm, NNPC Ltd, the sole importer, had amassed trillions of naira in debts for absorbing the unsustainable subsidy payments in its books.

“By the time Tinubu took over the leadership of the country, there was no provision made for fuel subsidy payments in the national budget beyond June 2023.

“The budget itself had a striking feature: it planned to spend 97 per cent of revenue servicing debt, with little left for recurrent or capital expenditure. The previous government had resorted to massive borrowing to cover such costs.

“Like oil, the exchange rate was also being subsidised by the government, with an estimated 1.5 billion dollars spent monthly by the CBN to ‘defend’ the currency against the unquenchable demand for the dollar by the country’s import-dependent economy,” explained Onanuga.

He stated that by keeping the rate low, arbitrage grew as a gulf existed between the official rate and the rate used by over 5,000 Bureau de Change (BDCs) that were previously licensed by the Central Bank.

“What was more, the country was failing to fulfil its remittance obligations to airlines and other foreign businesses, such that FDIs and investment in the oil sector dried up, and notably Emirate Airlines cut off the Nigerian route.

“President Tinubu had to deal with the cancer of public finance on the first day by rolling back the subsidy regime and the generosity that spread to neighbouring countries. Then, his administration floated the naira,” said Onanuga.

He said that after some months of the storm, with the naira sliding as low as N1,900 to the US dollar, some stability was restored, though there remained some challenges.

“The exchange rate is now below N1,500 to the dollar, and there are prospects that the naira could regain its muscle and appreciate to between N1,000 and N1,200 before the end of the year.

“The economy recorded a trade surplus of N6.52 trillion in Q1, as against a deficit of N1.4 trillion in Q4 of 2023. Portfolio investors have streamed in as long-term investors.

“When Diageo wanted to sell its stake in Guinness Nigeria, it had the Singaporean conglomerate, Tolaram, ready for the uptake,” he said.

He was emphatic that with the World Bank extending a 2.25 billion dollar loan and other loans by the AfDB and Afreximbank coming in, Nigeria had become bankable again.

He explained that such was all because the reforms being implemented had restored some confidence.

“The inflationary rate is slowing down as shown in the figures released by the National Bureau of Statistics for April. Food inflation remains the biggest challenge, and the government is working very hard to rein it in with increased agricultural production.

“The Tinubu administration and the 36 states are working assiduously to produce food in abundance to reduce the cost. Some state governments, such as Lagos and Akwa Ibom, have set up retail shops to sell raw food items to residents at a lower price than the market price.

“The Tinubu government, in November last year, in consonance with its food emergency declaration, invested heavily in dry-season farming, giving farmers incentives to produce wheat, maize, and rice,” he said.

According to Onanuga, the CBN has donated N100 billion worth of fertiliser to farmers, and numerous incentives are being implemented, adding that in the western part of Nigeria, six governors had announced plans to invest massively in agriculture.

“With all the plans being executed, inflation, especially food inflation, will soon be tamed.

“Nigeria is not the only country in the world facing a rising cost of living crisis. The USA, too, is contending with a similar crisis, with families finding it hard to make ends meet. US Treasury Secretary Janet Yellen raised this concern recently.

“Europe is similarly in the throes of a cost-of-living crisis. As those countries are trying to confront the problem, the Tinubu administration is also working hard to overturn the economic problems in Nigeria.

“Our country faced economic difficulties in the past, an experience that has been captured in folk songs. Just like we overcame then, we shall overcome our present difficulties very soon,” said Onanuga. (NAN) (www.nannews.ng)

SA/ETS 

======

Tinubu congratulates Ramaphosa on re-election

Re-election

By Salif Atojoko

Abuja, June 15, 2024 (NAN) President Bola Tinubu has extended his warm congratulations to President Cyril Ramaphosa of South Africa on his re-election

Chief Ajuri Ngelale, Special Adviser to the President, Media and Publicity, in a statement on Saturday said the president also congratulated the people of South Africa on the peaceful and successful conduct of the general election.

“While wishing President Ramaphosa a successful term in office, President Tinubu calls for the strengthening of bilateral ties between Nigeria and South Africa as strategic partners in Africa for the overall advancement of the continent,” Ngelale said. (NAN) (www.nannews.ng)

SA/BRM

========

Edited by Bashir Rabe Mani

Tinubu appoints Ayodeji Gbeleyi DG, Bureau of Public Enterprises

Appointment

By Salif Atojoko

Abuja, June 15, 2024 (NAN) President Bola Tinubu has approved the appointment of Mr Ayodeji Gbeleyi as the Director-General of the Bureau of Public Enterprises (BPE).

According to a statement by Chief Ajuri Ngelale, Special Adviser to the President, Media and Publicity, the President expects the new Director-General to bring his vast experience and competence to bear on the role.

“The President expects him to strengthen the agency as the national resource centre for capacity building and sustenance of reforms.

“This would be through the promotion of a competitive private sector-driven economy, ensuring social accountability and efficient deployment of public resources.

“The President also expects him to advance effective corporate governance and fiduciary discipline in the public and private sectors,” the statement added.

The News Agency of Nigeria (NAN), reports that Gbeleyi is a financial expert and chartered accountant.

He is a fellow of both the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Taxation of Nigeria (CITN).

He is also an alumnus of executive programmes of the prestigious London Business School, Harvard Kennedy School of Government, and Lagos Business School.

He has over 30 years of post-qualification experience in diverse sectors including manufacturing, fast-moving consumer goods, investment and commercial banking, project finance, telecommunications, infrastructure and public administration.

He was the Chairman of the Governing Board of the Federal Mortgage Bank of Nigeria (FMBN) and Commissioner of Finance in Lagos State from 2013 to 2015. (NAN) (www.nannews.ng)

SA/ETS

======

Tinubu orders reorganisation of Bureau of Public Procurement

Reorganisation

By Salif Atojoko

Abuja, June 15, 2024 (NAN) President Bola Tinubu has directed the resignation of Mr Mamman Ahmadu as Director-General/Chief Executive Officer of the Bureau of Public Procurement.

Chief Ajuri Ngelale, Special Adviser to the President, Media and Publicity, in a statement on Saturday, said that the directive was part of a larger reorganisation effort in the public procurement system.

“The goal is to reposition the agency for greater efficiency and transparency.

“The Director-General is to hand over to the most senior officer in the Bureau, pending the appointment of a new Director-General.

“The President thanks Ahmadu for his services and wishes him success in his future endeavours,” the statement said. (NAN) (www.nannews.ng)

SA/ETS

=======

Tinubu condoles with Emeka Anyaoku over passing of brotheri n-law

Condolence

By Salif Atojoko

Abuja, June 15, 2024 (NAN) President Bola Tinubu has condoled with Chief Emeka Anyaoku,  a former Secretary-General of the Commonwealth, over  the passing of his brother-in-law, Chief Adekunle Olaosebikan Kasunmu.

The News Agency of (NAN) reports that the late Kasunmu was brother of Chief  Olubunmi Anyaoku, the wife of the former Commonwealth secretary-general.

Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, in a statement on Saturday, said the president also extolled Kasunmu’s virtues.

He described Kasunmu as a remarkable individual who made significant contributions to his family, community and the society.

“President Tinubu fondly recalls that the deceased’s late mother, Chief (Mrs) Elfreda Williams Kasunmu (a.k.a. Mama Loke), a successful career woman, was an intimate friend of his mother, Alhaja Abibatu Ashabi Mogaji,” the statement said.

The president also condoled with the Kasunmu and Williams  families.

“The President also commiserates with the widow of Chief Kasunmu, Mrs Kemi Kasunmu, and the entire family, and assures them of his support in this time of mourning.

“The president prays for the repose of the soul of the departed,” the statement said. (NAN) (www.nannews.ng)

SA/IGO

======

Edited by Ijeoma Popoola

Sacrifice

By Salif Atojoko

Abuja, June 15, 2024 (NAN) President Bola Tinubu has urged Muslim faithful to reflect on the occasion of Eid-el-Kabir, an event that denotes sacrifice, faith, and obedience to the will of the Almighty.

“The President congratulates the Muslim faithful and prays that Allah accepts their supplications and acts of obedience,” Chief Ajuri Ngelale, Special Adviser to the President, Media and Publicity, said in a statement in Abuja on Saturday.

Tinubu enjoined Nigerians to reflect on the essence of the occasion, which bears strong meaning and significance for the nation.

The President emphasised that sacrifice and duty were essential ingredients to nation-building, “noting that it takes collective purpose, will, and action to bring about great change.”

He called on citizens to spare a prayer for the nation for continuous peace and stability while working according to purpose in promoting unity, peace, and progress.

“The President acknowledges the sacrifices that Nigerians have made in the past one year as his administration sets the nation on a firm pedestal of growth and development.

“President Tinubu affirms that the sacrifices and great expectations of citizens will not come to nought as already propitious outcomes are beginning to manifest with the economy strengthening and vibrancy returning to critical sectors.

“The President reassures Nigerians that his administration is prioritizing their physical, social, and economic security and will not relent on this noble endeavour,” Ngelale said. (NAN) (www.nannews.ng)

SA/ADA

Edited by Deji Abdulwahab

Eid-el-Kabir
By Salif Atojoko
Abuja, June 14, 2024 (NAN) President Bola Tinubu will depart Abuja for Lagos state on Friday ahead of the Eid-el-Kabir celebration.
This is contained in a statement by Chief Ajuri Ngelale, Special Adviser to the President, Media and Publicity, in Abuja.
The statement said the President would observe Eid-el-Kabir in Lagos, where he would also spend the Sallah holidays.
“The President will mark the occasion in prayers and reflection on advancing the transformation of Nigeria in line with his Renewed Hope Agenda,” said the statement. (NAN) (www.nannews.ng)
SA/JNC
=======
Edited by Chinyere Joel-Nwokeoma