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Tinubu’s economic reforms yielding positive results – Presidency

by Folarin Kehinde
written by Folarin Kehinde

The presidency has insisted that President Bola Tinubu’s economic reforms are yielding positive results.

Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, disclosed this via a post on X.

Onanuga, however, admitted that the times are tough but there is a brighter future ahead.

He wrote: “The economic reforms of the PBAT administration are yielding dividends. The road is rough, the times are tough, let us persevere for a brighter future. Surely, there is a beam of light at the end of the tunnel.”

Onanuga churned out some statistics that said: “In the first quarter of 2024, Nigeria recorded trade super plus of N65.527 trillion. But by the second quarter, that number rose to N65.945 trillion, a 6.5 percent increase.

“By half year 2024, we had exported enough to cover half of Nigeria’s N28.77 trillion budget.”

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BREAKING: President Tinubu Returns to Abuja [VIDEO]

by Folarin Kehinde
written by Folarin Kehinde

President Bola Tinubu has returned to Abuja following a work leave abroad.

Tinubu departed for the United Kingdom on October 2, 2024, for a two-week working leave. He later left the UK for France on Friday, October 11, for “another important engagement,” his Senior Special Assistant on Political and Other Matters, Ibrahim Masari, revealed in a tweet.

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Tinubu moves around Abuja at night, knows Nigerians are suffering – Orji Kalu

by Folarin Kehinde
written by Folarin Kehinde

The Senator representing Abia North in the National Assembly, Orji Uzor Kalu, has said President Bola Tinubu moves around the Federal Capital Territory most nights to feel the pulse of the citizens.

Speaking during an interview on Channels Television’s Politics Today on Thursday, Kalu said the president is aware of the pains and hardships Nigerians are facing and is taking bold steps to address the dwindling economy.

He said, “The President himself knows that Nigerians are suffering and hungry. He is a street person; he knows the street very well. The president some nights uses his car to go around and know what is happening in Abuja here.”

On the economic hardship in the country, the lawmaker stated that it is not peculiar to Nigeria as the impact of COVID-19 is still affecting economies globally.

Kalu added that the only reason some countries are no longer feeling the COVID-19 impact the way Nigeria is feeling it is because they have built a robust economy and have palliative for the citizens and business owners.

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“Spend your resources judiciously, Nigeria is poor” – Tinubu’s minister warns Nigerians

by Folarin Kehinde
written by Folarin Kehinde

The Minister of Budget and National Planning, Atiku Bagudu, has urged Nigerian families to have frank discussions about managing their resources carefully, advising them to prioritize basic needs.

The minister stated that Nigeria is not as wealthy as many believe, even as he called for more prudent financial management at both the national and household levels.

Bagudu made the remarks on Wednesday in Abuja, following a meeting between Federal Government officials and representatives from the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC).

The meeting comes in the wake of widespread economic hardship, worsened by the soaring costs of energy and food.

“The Bola Tinubu administration has made bold choices that, while challenging, are necessary for long-term growth,” Bagudu said.

He defended the government’s policies, noting that state and local governments are now better funded and that reforms are already yielding positive results in terms of investment.

“Tough decisions might come with some challenges, but we are dealing with them. Most of the measures taken have begun to yield a greater level of investment.

“We believe we have stopped the decline. We are not where we want to be yet, but let us confront our realities. We must tell ourselves that we are not as rich as we thought we were,” he stated.

Bagudu stressed the need for collective action, both at the family level and the national level, to mobilize resources effectively in response to the country’s economic challenges.

Nigerians are grappling with one of the worst economic crises in decades, as inflation surges, driven by skyrocketing energy and food costs.

Critics have pointed to President Bola Tinubu’s twin policies of petrol subsidy removal and the unification of foreign exchange rates as major contributors to the current economic instability.

Many believe these policies have led to unbearable inflation and an unprecedented rise in living costs.

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BREAKING: Reversing Tinubu’s reforms will wreck Nigeria’s economy – World Bank warns

by Folarin Kehinde
written by Folarin Kehinde

The World Bank has issued a stern warning that reversing the economic reforms introduced by President Bola Tinubu’s administration could have severe consequences for Nigeria’s economic future.

The warning was issued by Ndiame Diop, the World Bank Country Director for Nigeria, during the launch of the Nigeria Development Update (NDU) report in Abuja.

According to Diop, the reforms implemented by the Tinubu administration, despite short-term challenges, are critical for Nigeria’s long-term economic stability.

He stated that any attempt to roll them back could lead to significant economic setbacks.

The Tinubu administration’s reforms, which have included fuel subsidy removal and foreign exchange market liberalization, are intended to address structural issues in Nigeria’s economy, promote fiscal sustainability, and create an environment conducive to investment and economic development.

However, they have also led to immediate impacts, such as rising inflation and cost of living pressures, prompting debate on their implications for ordinary Nigerians.

The World Bank emphasized the importance of staying the course of the reforms, noting that while the changes are difficult, they are essential for achieving sustained economic recovery.

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Concerns mount as Nigeria’s foreign debt set to hit $50billion

by Folarin Kehinde
written by Folarin Kehinde

Nigeria’s external debt is projected to approach $50 billion by the end of the third quarter of 2024, as the Debt Management Office (DMO) prepares to release the latest public debt data.

As of March 31, 2024, Nigeria’s total public debt stock stood at N121.67 trillion ($91.46 billion), with domestic debt at N65.65 trillion ($46.29 billion) and external debt at N56.02 trillion ($42.12 billion).

The country’s external debt has grown significantly due to a series of loans from the World Bank and other international lenders.

Notably, Nigeria obtained a $2.25 billion loan in June under the Nigeria Reforms for Economic Stabilisation to Enable Transformation (RESET) and the Nigeria Accelerating Resource Mobilization Reforms (ARMOR) programs.

Additionally, the World Bank approved another $1.57 billion loan for key sectors, including education, healthcare, and water management, with $70 million being a grant.

The African Development Bank (AfDB) approved $500 million in July for the Economic Governance and Energy Transition Support Program (EGET-SP) to accelerate energy infrastructure transformation, while Nigeria also secured $925 million from Afreximbank in June under the crude oil-backed prepayment facility sponsored by the Nigerian National Petroleum Company Limited (NNPCL).

Nigeria’s rising debt has also led to a significant increase in debt service costs. In the first seven months of 2024, debt service payments rose by 53.63%, from $971.47 million to $2.78 billion.

May saw the highest debt service payment at $854.36 million. Fitch Ratings has projected that Nigeria’s external debt service cost could reach $5.2 billion by 2025.

This growing debt burden risks Nigeria’s financial stability, especially with increasing global interest rates and economic challenges.

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JUST-IN: Tinubu Heads To France From UK

by Folarin Kehinde
written by Folarin Kehinde

President Bola Tinubu is set to head to Paris, France, from London, United Kingdom, any moment from now for another ‘significant engagement’.

This was disclosed by Tinubu’s close political ally and former placeholder running mate, Ibrahim Kabir Masari, on Friday evening.

Leading reporters reports that President Tinubu had travelled to London on October 2, 2024, for a two-week vacation.

A statement by the President’s Special Adviser on Media and Strategy, Bayo Onanuga, said the “working vacation” was part of his yearly leave. It also said the president will return to Nigeria after the leave expires.

“President Bola Ahmed Tinubu will depart Abuja today for the United Kingdom to begin a two-week vacation, part of his yearly leave.

“He will use the two weeks as a working vacation and a retreat to reflect on his administration’s economic reforms.”

“He will return to the country after the leave expires,” the statement had said.

It is the first time President Tinubu will go on leave since he assumed office in May 2023, though he embarked on several foreign trips between then and now.

The 1999 Constitution (as amended) requires the president to write the National Assembly, informing it of his plan to proceed on vacation. It is unclear if President Tinubu did so or not at press time.

However, after nine days in London, President is set to travel to Paris for an unknown engagement.

Taking to his Facebook page on Friday, Masari, who visited Tinubu at his private residence in London on Friday, revealed that he would be travelling alongside the President to France.

He wrote: “Today, I had the honour of visiting President Asiwaju Bola Ahmed Tinubu GCFR at his private residence in the United Kingdom, where we engaged in productive discussions. Together, we are now heading to Paris, France, for another significant engagement.”

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Tinubu exempts VAT for electric vehicles, CNG, others

by Folarin Kehinde
written by Folarin Kehinde

In a bid to boost Nigeria’s energy and oil sectors, President Bola Tinubu’s administration has introduced new Value Added Tax (VAT) exemptions on critical energy products and infrastructure, alongside tax incentives for deep offshore oil and gas projects.

The announcement, made on Wednesday, revealed that Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment will now be exempt from VAT, offering significant financial relief to these sectors..

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, emphasized that these measures, known as the VAT Modification Order 2024 and the Notice of Tax Incentives for Deep Offshore Oil & Gas Production, are part of a broader strategy aimed at revitalizing Nigeria’s oil and gas industry.

He added that these tax breaks are in line with the Oil & Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024, which aims to attract more investment to Nigeria’s energy sector and make the country a key player in global oil and gas markets.

According to a statement from the Federal Ministry of Finance, these new fiscal policies are designed to reduce the cost of living, strengthen energy security, and facilitate Nigeria’s transition to cleaner energy sources. The tax reliefs on deep offshore projects are specifically geared towards positioning Nigeria’s offshore oil basins as prime destinations for international investments.

These reforms underscore the Tinubu administration’s commitment to fostering sustainable economic growth and enhancing Nigeria’s competitive edge in the global energy landscape.

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BREAKING: Tinubu writes NASS, submits 4 tax reform bills

by Folarin Kehinde
written by Folarin Kehinde

Nigeria’s President, Bola Tibubu has written to the National Assembly seeking lawmakers’ consideration for the quick passage of four tax bills.

The president in his letter which was read on the floor of the plenary by the Speaker of the House of Representatives, Tajudeen Abbas, said that the proposed tax bills have been designed in line with the reforms outlined by his administration.

Reading the president’s letter on Thursday, October 3, Abbas listed the four bills as – Nigeria Tax Bill 2024, the tax administration bill, the Nigeria Revenue Service establishment bill, the Joint Revenue Board establishment bill.

According to the letter, the Nigeria Tax Bill 2024 would provide the fiscal work for tax in the country.

For the tax administration bill, it will provide a clear and concise legal framework for all taxes in Nigeria and reduce disputes.

In addition, the Nigeria Revenue Service establishment bill seeks to repeal the Federal Inland Revenue Service Act and in turn establish the Nigeria Revenue Service.

Also, the Joint Revenue Board establishment bill will create a tax tribunal and a tax ombudsman.

According to President Tinubu, these four bills will strengthen Nigeria’s fiscal institutions and align with the objective of the government towards the nation’s development.

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BREAKING: President Tinubu proceed on two week leave to UK

by Folarin Kehinde
written by Folarin Kehinde

President Bola Ahmed Tinubu will depart Abuja today for the United Kingdom to begin a two-week vacation, as part of his annual leave.

A statement by the Special Adviser to the President (Information & Strategy), Bayo Onanuga on Wednesday, said he will use the two weeks as a working vacation, and a retreat to reflect on his administration’s economic reforms.

He will return to the country after the leave expires.

The president had celebrated Nigeria’s 64th Independence Day anniversary with a speech, where he said the Federal Government would introduce a 30-day confab aimed at including the youths in his administration.

The President said the modalities of the confab and selection of delegates would be designed as soon as possible.

“As we work to overcome the challenges of the day, we remain mindful of the next generation as we seek to galvanise their creative energy towards a better future,” he said during his second Independence Day Anniversary Broadcast since he assumed office on May 29, 2023.

“We lead today with the future we wish to bequeath to our children in focus, recognising that we cannot design a future that belongs to them without making them its architects.

“Considering this, I am pleased to announce the gathering of a National Youth Conference. This conference will be a platform to address the diverse challenges and opportunities confronting our young people, who constitute more than 60 per cent of our population.

“It will provoke meaningful dialogue and empower our young people to participate actively in nation-building. By ensuring that their voices are heard in shaping the policies that impact their lives, we are creating a pathway for a brighter tomorrow.

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