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IMPI rates Tinubu’s 8-month as good for Nigeria’s economic growth despite challenges

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***Asks President to maintain tempo on fight against corruption

The Independent Media & Policy Initiative (IMPI) has rated the administration of President Bola Ahmed Tinubu high in the delivery of its Renewed Hope Agenda
This it said is despite enormous institutional, economic headwinds and domestic challenges it has had to contend with.

At a press conference on Tuesday in Abuja, Chairman of the IMPI, Chief Niyi Akinsiju indicated that from the conceptualisation and deployment of policies across multifarious sectors by the federal government, it is convinced that “President Tinubu is putting in place new building blocks to serve as the bedrock of a new model for national economic growth and socio-political development.”

The Group had reviewed policy applications by the federal government and the Central Bank working together in the management of foreign exchange, and it encouraged that the policy outcomes of the collaboration would address the supply side of forex in the context of the current floating regime with expected consequential effects on the value of the Naira.

“Currently the Nigerian Stock market takes a pride of place as the number one stock exchange globally, principally driven by domestic investors, which as at 2023, accounted for 88.52% of total market value.

“This is a confirmation of the existence of conducive environment for foreign investors to invest across the Nigerian investment ecosystem.”

While acknowledging that the removal of fuel subsidy triggered the immediate positive outturn on Premium Motor Spirit (PMS) consumption and related revenue earnings compared to the pre-subsidy removal regime, Chief Akinsiju said the action has led to a quantum leap in total gross revenue going into the federation account and subsequent FAAC allocation to the three tiers of government from N786.161bn in May 2023 to a high of N1.1trn in August because NNPCL was no longer resorting to its famed under-recovery.

“And for the first time in the history of FAAC, the Federal Government of Nigeria started cultivating the culture of savings from revenue accruals beginning from the over N700bn that was saved in July last year when the FAAC received the sum of N1.959 trillion.

“This has marked a turning point in Federation accruals and revenue generation with implications for budget performance.”

On the concerns over food inflation and its remedies, the group said it findings have shown a commitment by the President to stemming the tide of rising food prices and ensuring food security by approving the accelerated cultivation of 500,000 hectares of land across the country in collaboration with state governments.

“This, in itself, is a commendable model of cooperation between the federal government and the sub-nationals. We are certain that in a short while, Nigerians will start receiving the products of the federal and sub-national governments working together.

“To crystallise the policy, the administration has introduced an irrigation programme to facilitate and guarantee all-year round farming. Our investigation within the general purview of agriculture implicates the deployment of several policies including waivers on the importation of tractors and farm implements, the recent launch of dry season farming in Jigawa State and the allocation of N102bn to the National Agricultural Development Fund (NADFUND) to mention just a few.

“It is our view that these measures will guarantee adequate food supply in the shortest possible time.”

On the fight against corruption by the Tinubu’s administration, the group urged the President not to bow to pressure, but ensure that the report of investigation and those of other government officials under investigation be made public in the spirit of transparency.

“However, we take notice of the President’s swift response to corruption allegations against a member of his cabinet, Dr. Betta Edu, by suspending and ordering her investigation.

“Without prejudice to the outcome of the ongoing investigation, we urge the President to not bow to pressure, but ensure that the report of that investigation and those of other government officials under investigation be made public in the spirit of transparency.

“This will go a long way to sending clear signals to local and international audiences about the Tinubu administration’s seriousness to tackle the scourge of corruption as recently observed by the US Secretary of State, Anthony Blinken during a recent visit to Nigeria.”

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Nigeria moves towards Energy Independence as Dangote Refinery Supplies PMS Locally

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In a historic move set to transform Nigeria’s energy landscape, the Dangote Refinery has commenced supplying Premium Motor Spirit (PMS) to the Nigerian National Petroleum Corporation Limited (NNPCL).
Director of Information and Public Relations in the ministry of finance, Mohammed Manga in a statement indicated that the development, driven by President Bola Ahmed Tinubu’s administration, marks a critical step in reducing the country’s reliance on imported refined petroleum products and stabilizing the Naira.
Continuing, the statement said that the commencement of local PMS supply is part of a broader initiative by the federal government to boost energy self-sufficiency and enhance the availability of petroleum products in the domestic market.
The statement quoted the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, why speaking at the Dangote refinery to have praised President Tinubu’s vision, highlighting the administration’s commitment to ensuring that raw materials are processed locally to add value before export.

“This moment is a testament to President Tinubu’s foresight in driving Nigeria towards energy self-sufficiency,” Mr. Edun stated.
He lauded Alhaji Aliko Dangote and the Dangote Group for realizing the vision, acknowledging the refinery’s potential to reshape the country’s oil sector.

During the visit, Mr. Edun, along with the Executive Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji, and members of the technical sub-committee overseeing crude oil sales to local refineries, toured the refinery’s advanced facilities.
They witnessed the loading of the first batch of PMS by NNPCL, signaling a significant shift towards domestic fuel supply.
Explaining further the statement said the development in tanderm with the Federal Executive Council, under President Tinubu’s leadership, who approved a plan to supply 385,000 barrels per day of crude oil to domestic refineries, including the Dangote Refinery, with payments made in Naira.
“The official crude-for-Naira transactions are scheduled to commence on October 1st, marking a new era in the Nigerian oil industry.”

Mr. Edun called on other domestic refiners to participate in the effort, emphasizing its potential to boost legal petroleum exports to neighboring countries and generate foreign exchange revenue.
The statement explained further that the initiative not only targeted to meet the nation’s fuel demands but also support economic growth by reducing the strain on foreign currency reserves.

“The partnership between the federal government and the private sector, exemplified by the Dangote Refinery, signals Nigeria’s determination to secure its energy future.
“As local refining and energy production increase, the country is expected to see improvements in foreign exchange earnings and overall economic stability, reinforcing the government’s commitment to a self-sustained economy.

“This milestone demonstrates what can be achieved through visionary leadership and strong collaboration between the public and private sectors,” Minister Edun remarked.

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ASUU decries dismissal, victimization of over 120 members in public varsities

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By Ahmed Rufa’i, Dutse

The Academic Staff Union of Universities (ASUU) has expressed grave concern over the alleged illegal dismissal, harassment, and victimization of more than 120 of its executive and ordinary members across public universities in Nigeria.

In a press statement that signed by the ASUU Kano Zonal Coordinator. Professor Abdulkadir Muhammad, the union condemned the ongoing maltreatment of its members, which it claimed is orchestrated by university administrations with the support of some Governing Council Chairmen and university Visitors.
The statement cited universities such as Kogi State University (KSU), Lagos State University (LASU), Ebonyi State University (EBSU), Ambrose Alli University (AAU), Federal University of Technology Owerri (FUTO), and Chukwuemeka Odumegwu Ojukwu University (COOU) as places where these actions are particularly egregious.

According to the statement, KSU alone dismissed 120 members, five were sacked at LASU, and three were suspended at EBSU, among other cases.
The union described the actions as blatant violations of the right to freedom of association as guaranteed by the Nigerian Constitution.
He describef the harassment is as a response to ASUU members demand fir better working conditions, improved welfare, payment of backlogged salaries, and proper promotions.

ASUU also lamented the lack of implementation of investigation panel recommendations, such as those from a committee established at LASU by Governor Babajide Sanwo-Olu.
Despite findings in favor of ASUU members, the union claimed that the Governor has refused to release the panel’s White Paper, and affected staff members have yet to be reinstated.

Despite a court ruling against its members in Kogi State University, ASUU has vowed to continue seeking legal remedies. The union is urging the administrations of the affected universities, their Governing Councils, and Visitors to respect university laws, end the victimization, and reinstate those who have been unjustly dismissed.

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Nema announces 259 deaths, 625,000 persons displaced by flood in 2024

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The National Emergency Management Agency (NEMA) has reported that 259 persons have been killed by floods that displaced 625,000 persons so far in 2024

According to NEMA’s Director General, Zubaida Umar, the latest figures show that 259 people have lost their lives, while 625,239 have been forced to flee their homes. Additionally, 1,048,312 people have been affected by the floods, which have impacted 29 states and 172 local government areas.
Umar provided the update during the National Emergency Coordination Forum (ECF) meeting, where stakeholders gathered to reassess strategies and responsibilities in response to the disaster.
According to her, the flooding has been particularly severe in Borno State, where a broken dam has exacerbated the situation.
However, NEMA notes that the overall trend is consistent with predictions made in the Annual Flood Outlook released earlier this year.

“Except for the severity of the incident in Borno State due to the broken spillway of the Alau Dam, the trend does not indicate a total deviation from the predictions as contained in this year’s Annual Flood Outlook released by the Nigeria Hydrological Services Agency (NIHSA), which informed that in July to September 2024, 33 states and 135 LGAs are within flood high-risk areas.”

“For the period between October and November, 19 states and 44 LGAs have been indicated.”

Speaking on the Maiduguri flood, the NEMA DG commended the Governor of Borno State, Babagana Zulum, the government, and the Borno State Emergency Management for rising to the occasion and spearheading the response, rescue, and activation of internally displaced persons (IDP) camps for affected persons.
She added that NEMA and other agencies are currently providing nationwide interventions to the affected states.

She said, “Our ongoing intervention across the affected states include deployment of additional personnel to support search and Rescue operations; distribution of water purification and critical search and Rescue equipment; provision of food and non-food items to support the affected persons and the rehabilitation of displaced populations.

“Through our agency, NEMA, the Federal Government commiserates with those that have been affected by the flood disaster and assures them that necessary succour will sustainably be provided.

“We appreciate the support of our humanitarian partners and look forward to the sustained collaborative efforts of all stakeholders to ameliorate the suffering of affected people and also mitigate the impact of the flooding incidents across the country.”

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