NEWS
Tinubu Unveils $10bn Strategy For Naira Stability
President Bola Ahmed Tinubu has unveiled a significant economic strategy, revealing the Federal Government’s plan to secure a minimum of $10 billion.
According to the president, the fund infusion aims to boost foreign exchange liquidity, providing stability to the Naira and fostering economic growth.
Tinubu made this announcement during the inauguration of the Public Wealth Management Conference in Abuja, organized by the Ministry of Finance Incorporated (MOFI) on Tuesday.
Under the theme “Championing Nigeria’s Economic Prosperity,” the conference featured Vice President Kashim Shettima representing President Bola Ahmed Tinubu.
Tinubu outlined the administration’s ambitious agenda to generate millions of jobs by unlocking the value of Nigeria’s extensive public assets.
The goal is to optimize and double the country’s Gross Domestic Product (GDP). Tinubu emphasized the crucial importance of identifying, consolidating, and maximizing returns on government-owned assets valued in trillions of Naira.
“The Federal Government set a goal to raise at least 10 billion dollars in order to increase foreign exchange liquidity, a key ingredient to stabilise the naira and grow the economy.
“At the core of this is ensuring optimal management of the assets and investments of the Federal Government towards unlocking their revenue potential.
“This includes our bold and achievable plan to double the GDP growth rate and significantly increase the GDP base over the next 8 years.”
Tinubu highlighted the longstanding challenges of mismanagement and underutilization that have afflicted Nigeria’s assets both domestically and internationally, resulting in substantial revenue losses and impeding economic growth.
The President provided assurance that the recently restructured Ministry of Finance Incorporated, tasked with acting as the custodian and active manager of these assets, will now assume a central role in addressing these issues.
Emphasizing transparency and accountability as foundational principles, Tinubu expressed his belief that enhanced corporate governance, innovative partnerships, and the attraction of alternative investment capital would substantially boost returns.
He envisions that these improved returns will be directed towards crucial funding for education, healthcare, housing, power, roads, and other vital areas, aiming to uplift millions out of poverty.
Tinubu further highlighted the goal of stimulating sustainable economic development and job creation for the youth.
He emphasized that through efficient management of public resources, the government aspired to construct a more equitable society and unleash the full potential of its citizens.
Tinubu urged all stakeholders, including ministries, development financial institutions, and both public and private sector entities, to collaborate with MOFI in optimizing strategic assets.
He expressed optimism that this collective effort would unlock Nigeria’s full potential, paving the way for a brighter future for all citizens.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, acknowledged that President Bola Ahmed Tinubu is attuned to the challenges posed by the administration’s reform programs and is implementing suitable mechanisms to address them.
Edun disclosed the release of 42,000 metric tons of assorted grains, with an additional 60,000 metric tons to follow soon.
These measures aim to curb inflation and lower food prices in the upcoming months nationwide. He urged MOFI’s management and board to establish a dedicated revenue stream for the national budget.
As part of its renewed mandate to bolster the Federal Government’s fiscal stability, MOFI, according to Wale Edun, is releasing 42,000 metric tons of assorted grains with an additional 60,000 metric tons to follow.
In a proactive move to manage assets more actively, Dr. Shamsudeen Usman, the Chairman of the MOFI Board, encouraged asset operators to view MOFI as partners rather than competitors or regulators.
He emphasized the commitment of the new management to high-level corporate governance and revealed the integration of a non-conflict of interest policy to prevent practices that could undermine professionalism among staff members.
MOFI’s Chief Executive Officer, Dr. Armstrong Takang, revealed the initiation of a N100 billion Project Preparation Fund as a key component of its renewed mandate to uphold professionalism in public asset management.
Takang expressed the company’s commitment to revitalizing public assets, aiming to reinstate investor confidence in both their operations and management.
NEWS
N1.7trn Loan: Atiku Blames NASS For Worsening Nigeria’s Debt Burden
Former Vice President, Atiku Abubakar has criticized the federal government’s plan to secure an additional N1.7 trillion loan through Eurobonds to cover a shortfall in the 2024 budget, describing the borrowing as unsustainable and harmful to Nigeria’s economy.
In a statement shared on Thursday via his X (formerly Twitter) handle, Atiku accused the Bola Tinubu-led administration of burdening Nigerians with debt while failing to provide clear answers about the country’s fiscal challenges.
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He also faulted the National Assembly for enabling what he called a “voracious appetite” for loans.
The former Peoples Democratic Party (PDP) presidential candidate expressed alarm over a recent World Bank report ranking Nigeria as the third most indebted country to the International Development Association (IDA), calling the development troubling.
“The recent report released by the World Bank, showing Nigeria as the third most indebted country to the International Development Association (IDA), is very concerning,” Atiku stated.
He raised further concerns about the government’s decision to benchmark the proposed loan at an exchange rate of 1 USD to N800, despite the Central Bank of Nigeria’s official rate being over N1,600.
“What makes this particular loan proposal even more concerning is that it is benchmarked at the exchange rate of 1 USD to N800, whereas the current exchange rate from the Central Bank of Nigeria stands at over N1,600 to 1 USD,” he said.
Atiku questioned the need for additional borrowing, given the government’s earlier claims of record-high revenue collection.
“In July this year, Tinubu boasted that the FIRS and Customs under his watch had collected all-time high revenues to finance the budget. Why are they still borrowing?” he said
He accused the government of a lack of transparency, describing the borrowing spree as detrimental to Nigerians already struggling under economic hardship.
“There is something that they are not telling Nigerians, even as they are being crushed by a combination of their failed trial-and-error policies and loan rackets.”
Atiku also referenced a report by BudgIT, a budget monitoring group, which criticized the 2024 budget for its inefficiencies.
He alleged that corruption, rather than infrastructure or development needs, was driving the government’s borrowing decisions.
“These loans are powered by corruption and not for infrastructure and development needs. This voracious appetite for humongous loans is deeply concerning,” he said.
Reflecting on Nigeria’s financial history, Atiku lamented the return to significant foreign indebtedness just years after former President Olusegun Obasanjo’s administration cleared the country’s debt.
“It is agonizing to see that just a few years after the Obasanjo administration took us out of foreign indebtedness, we are today back at the top spot in the same conundrum,” he stated.
He called for a more cautious approach to borrowing, urging the government to prioritize fiscal responsibility and transparency to avoid worsening Nigeria’s economic challenges.
International News
ICC Issues Arrest Warrants For Israeli Prime Minister Netanyahu, Others
The International Criminal Court (ICC) has taken a historic step, issuing arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant.
The charges include crimes against humanity and war crimes allegedly committed during Israel’s recent assault on Gaza.
In a detailed statement, the ICC accused the Israeli leaders of “intentionally and knowingly depriving the civilian population in Gaza of objects indispensable to their survival, including food, water, and medicine and medical supplies, as well as fuel and electricity.”
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The ICC’s move marks a significant escalation in international scrutiny of the Israeli-Palestinian conflict. Netanyahu and Gallant are alleged to have orchestrated policies that caused severe harm to the civilian population in Gaza, leading to widespread condemnation from human rights organizations.
Alongside the charges against Israeli officials, the ICC also issued an arrest warrant for Hamas military commander Mohammed Deif. Deif has long been a central figure in Hamas’s military operations. Israel’s military claims to have killed him in a July airstrike, although this has not been independently verified.
The warrants highlight growing calls for accountability amid the ongoing conflict in the region. The ICC’s actions are likely to provoke heated debate and may complicate diplomatic efforts aimed at resolving the crisis.
With the warrants issued, global attention now turns to how the international community will respond and whether any practical steps will be taken to enforce them.
NEWS
Edo State Governor Sets Up Committee To Recover Missing Gov’t Vehicles
Governor Monday Okpebholo of Edo State has inaugurated a 12-member committee tasked with recovering government vehicles reportedly in private hands.
The committee, led by Kelly Okungbowa, has been given a two-week mandate to retrieve the vehicles and ensure their return to the state government.
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Speaking during the inauguration ceremony in Benin City, Governor Okpebholo emphasized the importance of accountability in the management of public resources.
He urged the committee to carry out its assignment thoroughly and within the bounds of the law.
In his response, Okungbowa expressed gratitude to the governor for entrusting the team with the assignment, vowing to deliver results within the stipulated timeframe.
“A lot of vehicles used by the past administration are missing, as those in custody of the vehicles have refused to return them,” Okungbowa said.
“The governor deemed it fit to inaugurate us today with a mandate to recover all government vehicles in private hands.”
The committee, which includes representatives from Edo’s three senatorial districts, is set to investigate and recover the vehicles based on credible intelligence already at their disposal.
“We already have vital information regarding some persons still holding government vehicles,” Okungbowa stated. “We will do the job according to the law, and both the government and the people will be satisfied with the outcome.”
He also called on members of the public to assist the committee by providing information about any government vehicles that may still be in private possession.
“We want to appeal to members of the public who might be aware of anyone still keeping government vehicles in their houses to please inform us to enable the committee to recover such for the Edo State Government,” Okungbowa said.
The committee’s vice chairman, Rt. Hon. Victor Edoror, a former Speaker of the Edo State House of Assembly, will work alongside other members to ensure the success of the initiative. The public can reach the committee at 08110165121.