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We’ve Saved N1trn from Fuel Subsidy Removal, to Invest N100bn on CNG Buses, Says Tinubu (See Full Text of Speech)
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TEXT OF THE NATIONAL BROADCAST BY PRESIDENT BOLA TINUBU TO NIGERIANS ON CURRENT ECONOMIC CHALLENGES.
AFTER DARKNESS COMES THE GLORIOUS DAWN
I want to talk to you about our economy. It is important that you understand the reasons for the policy measures I have taken to combat the serious economic challenges this nation has long faced.
2. I am not going to talk in difficult terms by dwelling on economic jargon and concepts. I will speak in plain, clear language so that you know where I stand. More importantly, so that you see and hopefully will share my vision regarding the journey to a better, more productive economy for our beloved country.
3. For several years, I have consistently maintained the position that the fuel subsidy had to go. This once beneficial measure had outlived its usefulness. The subsidy cost us trillions of Naira yearly. Such a vast sum of money would have been better spent on public transportation, healthcare, schools, housing and even national security. Instead, it was being funneled into the deep pockets and lavish bank accounts of a select group of individuals.
4. This group had amassed so much wealth and power that they became a serious threat to the fairness of our economy and the integrity of our democratic governance. To be blunt, Nigeria could never become the society it was intended to be as long as such small, powerful yet unelected groups hold enormous influence over our political economy and the institutions that govern it.
5. The whims of the few should never hold dominant sway over the hopes and aspirations of the many. If we are to be a democracy, the people and not the power of money must be sovereign.
6. The preceding administration saw this looming danger as well. Indeed, it made no provision in the 2023 Appropriations for subsidy after June this year. Removal of this once helpful device that had transformed into a millstone around the country’s neck had become inevitable.
7. Also, the multiple exchange rate system that had been established became nothing but a highway of currency speculation. It diverted money that should have been used to create jobs, build factories and businesses for millions of people. Our national wealth was doled on favourable terms to a handful of people who have been made filthy rich simply by moving money from one hand to another. This too was extremely unfair.
8. It also compounded the threat that the illicit and mass accumulation of money posed to the future of our democratic system and its economy.
9. I had promised to reform the economy for the long-term good by fighting the major imbalances that had plagued our economy. Ending the subsidy and the preferential exchange rate system were key to this fight. This fight is to define the fate and future of our nation. Much is in the balance.
10. Thus, the defects in our economy immensely profited a tiny elite, the elite of the elite you might call them. As we moved to fight the flaws in the economy, the people who grow rich from them, predictably, will fight back through every means necessary.
11. Our economy is going through a tough patch and you are being hurt by it. The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle. Things seem anxious and uncertain. I understand the hardship you face. I wish there were other ways. But there is not. If there were, I would have taken that route as I came here to help not hurt the people and nation that I love.
12. What I can offer in the immediate is to reduce the burden our current economic situation has imposed on all of us, most especially on businesses, the working class and the most vulnerable among us.
13. Already, the Federal Government is working closely with states and local governments to implement interventions that will cushion the pains of our people across socio-economic brackets.
14. Earlier this month, I signed four (4) Executive Orders in keeping with my electoral promise to address unfriendly fiscal policies and multiple taxes that are stifling the business environment. These Executive Orders on suspension and deferred commencement of some taxes will provide the necessary buffers and headroom to businesses in the manufacturing sector to continue to thrive and expand.
15. To strengthen the manufacturing sector, increase its capacity to expand and create good-paying jobs, we are going to spend N75 billion between July 2023 and March 2024. Our objective is to fund 75 enterprises with great potential to kick-start sustainable economic growth, accelerate structural transformation and improve productivity. Each of the 75 manufacturing enterprises will be able to access N1 Billion credit at 9% per annum with a maximum of 60 months repayment for long term loans and 12 months for working capital.
16. Our administration recognises the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth. We are going to energise this very important sector with N125 billion.
17. Out of the sum, we will spend N50 billion on a Conditional Grant to 1 million nano businesses between now and March 2024. Our target is to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country.
18. Ultimately, this programme will further drive financial inclusion by onboarding beneficiaries into the formal banking system. In like manner, we will fund 100,000 MSMEs and start-ups with N75 billion. Under this scheme, each enterprise promoter will be able to get between N500,000 to N1million at 9% interest per annum and a repayment period of 36 months.
19. To further ensure that prices of food items remain affordable, we have had a multi-stakeholder engagement with various farmers’ associations and operators within the agricultural value chain.
20. In the short and immediate terms, we will ensure staple foods are available and affordable. To this end, I have ordered the release of 200,000 Metric Tonnes of grains from strategic reserves to households across the 36 states and FCT to moderate prices. We are also providing 225,000 metric tonnes of fertilizer, seedlings and other inputs to farmers who are committed to our food security agenda.
21. Our plan to support cultivation of 500,000 hectares of farmland and all-year-round farming practice remains on course. To be specific, N200 billion out of the N500 billion approved by the National Assembly will be disbursed as follows:
-Our administration will invest N50 billion each to cultivate 150,000 hectares of rice and maize.
-N50 billion each will also be earmarked to cultivate 100,000 hectares of wheat and cassava.
22. This expansive agricultural programme will be implemented targeting small-holder farmers and leveraging large-scale private sector players in the agric business with strong performance record.
23. In this regard, the expertise of Development Finance Institutions, commercial banks and microfinance banks will be tapped into to develop a viable and an appropriate transaction structure for all stakeholders.
24. Fellow Nigerians, I made a solemn pledge to work for you. How to improve your welfare and living condition is of paramount importance to me and it’s the only thing that keeps me up day and night.
25. It is in the light of this that I approved the Infrastructure Support Fund for the States. This new Infrastructure Fund will enable States to intervene and invest in critical areas and bring relief to many of the pain points as well as revamp our decaying healthcare and educational Infrastructure.
26. The fund will also bring improvements to rural access roads to ease evacuation of farm produce to markets. With the fund, our states will become more competitive and on a stronger financial footing to deliver economic prosperity to Nigerians.
27. Part of our programme is to roll out buses across the states and local governments for mass transit at a much more affordable rate. We have made provision to invest N100 billion between now and March 2024 to acquire 3000 units of 20-seater CNG-fuelled buses.
28. These buses will be shared to major transportation companies in the states, using the intensity of travel per capital. Participating transport companies will be able to access credit under this facility at 9% per annum with 60 months repayment period.
29. In the same vein, we are also working in collaboration with the Labour unions to introduce a new national minimum wage for workers. I want to tell our workers this: your salary review is coming.
30. Once we agree on the new minimum wage and general upward review, we will make budget provision for it for immediate implementation.
31. I want to use this opportunity to salute many private employers in the Organised Private Sector who have already implemented general salary review for employees.
32. Fellow Nigerians, this period may be hard on us and there is no doubt about it that it is tough on us. But I urge you all to look beyond the present temporary pains and aim at the larger picture. All of our good and helpful plans are in the works. More importantly, I know that they will work.
33. Sadly, there was an unavoidable lag between subsidy removal and these plans coming fully online. However, we are swiftly closing the time gap. I plead with you to please have faith in our ability to deliver and in our concern for your well-being.
34. We will get out of this turbulence. And, due to the measures we have taken, Nigeria will be better equipped and able to take advantage of the future that awaits her.
35. In a little over two months, we have saved over a trillion Naira that would have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters. That money will now be used more directly and more beneficially for you and your families.
36. For example, we shall fulfill our promise to make education more affordable to all and provide loans to higher education students who may need them. No Nigerian student will have to abandon his or her education because of lack of money.
37. Our commitment is to promote the greatest good for the greatest number of our people. On this principle, we shall never falter.
38. We are also monitoring the effects of the exchange rate and inflation on gasoline prices. If and when necessary, we will intervene.
39. I assure you my fellow country men and women that we are exiting the darkness to enter a new and glorious dawn.
40. Now, I must get back to work in order to make this vision come true.
41. Thank you all for listening and may God bless the Federal Republic of Nigeria.
Ahead of the 2027 general elections, the Nigeria Democratic Congress (NDC) has accused the Independent National Electoral Commission (INEC) of removing some of its nominated candidates from the commission’s list and replacing them with names allegedly unknown to the party.
The National Chairman of the party, Senator Moses Cleopas Zuwoghe, made the allegation in a statement on Sunday, following INEC’s publication of candidates for the 2027 State Houses of Assembly elections.
Cleopas said the names published by INEC, particularly in Anambra State, suggested an attempt to undermine the party ahead of the elections and create disaffection among its supporters.
The NDC chairman specifically alleged that nine persons whose names were not authorised or submitted by the party had been listed as its candidates in various constituencies in Anambra State, the home state of the party’s presidential candidate, Peter Obi.
He called on the INEC Chairman to immediately investigate the development and determine how the names got onto the commission’s list.
Cleopas also urged INEC to extend the investigation to other states, including Benue and Imo, where he said the party had observed a similar pattern.
According to him, the development had embarrassed the party, its leadership and its genuine candidates, while creating disaffection among its supporters in Nigeria and the Diaspora.
“We, as a party, are also carrying out our own independent investigation, the preliminary findings of which are already pointing to the complicity of INEC officials in foisting names purporting to be our candidates, but who are not from us,” he alleged.
He said the party’s investigation indicated that the uploading process was being used to intimidate and embarrass the NDC.
The party listed the following persons as names allegedly published by INEC as its candidates in Anambra:
Onitsha South 1 — Umennaajiego Jude Ezenwa
Onitsha South 2 — Akpotue Obinna Chibuike
Orumba North — Nwankwo Chiemerie
Anaocha 1 — Maduagwu Eric K
Idemili North — Ngoebisi Obinna
Njikoka 1 — Isintume Charles
Nnewi South — Nwachukwu Nonso
Nnewi South 2 — Okeke Ifeanyi Akunne
Ayamelum — Nnonyelu Samson E
Dunukofia — Azotani Chuks Francis
Cleopas, however, said the party is particularly concerned about the process through which the names were uploaded and published.
He said after the conclusion of the party’s primaries and appeal process, stakeholders from Anambra, the party leadership, representatives of Obi and the appeals panel agreed on a final list of candidates.
According to him, the list was signed off by the relevant stakeholders before being uploaded to the INEC portal using the code provided to the party by the electoral commission.
He alleged that INEC officials subsequently kept nine of the names on “Pending” status, claiming that the names were already in the commission’s system based on submissions by officials who monitored the party’s primaries.
Cleopas said the NDC formally challenged the names and submitted the identities of candidates it said were legitimately nominated by the party, but INEC allegedly declined to replace the disputed names.
He further alleged that INEC subsequently collected Form EC-9 directly from the persons whose names were in dispute and uploaded the forms without going through the party.
“To further confirm that there was a predetermined effort on the part of INEC to impose the said nine candidates on the party, and embarrass both NDC and Mr. Peter Obi, INEC went behind the NDC to collect the Form EC-9 directly from the candidates, bypassing the party, and uploading same,” he alleged.
Cleopas argued that where there was a discrepancy between names submitted by a political party and information received by INEC from its monitoring teams, the commission should have left the affected positions vacant pending clarification, rather than publish names the party said it did not nominate.
“At the very worst, INEC could have left us with no candidates for those positions, if they knew they were unwilling to engage us in addressing any perceived anomaly,” he said.
The NDC chairman accused INEC of creating a pattern in which opposition parties were allegedly prevented from uploading their preferred candidates while other names were introduced into their candidate lists.
He vowed that the party would pursue the matter through all available legal channels and seek to have what it described as its authentic candidates restored.
“We are moving to approach the court of competent jurisdiction to seek redress and restore our authentic candidates. The general public and our millions of supporters should note that these are not our candidates,” he said.
Nepal said Sunday it had begun burying some of the hundreds of bodies recovered after devastating floods, after taking DNA samples and marking them so families can later retrieve them.
The dead are traditionally cremated on funeral pyres in Hindu-majority Nepal, so the burials are viewed as long-term storage until families can retrieve them.
Foreign Secretary Amrit Bahadur Rai told reporters that all those buried were carefully recorded, but also appealed for international support, saying Nepal needed “more than a thousand” freezer units to store bodies.
The announcement of the burials came as Nepal’s disaster ministry increased its toll again on Sunday to 752 bodies recovered and 2,502 people missing.
That list includes 589 foreigners unaccounted for.
Chinese state media earlier confirmed 16 dead in Tibet and 546 people missing following Wednesday’s disaster, taking the overall toll to 768 dead and 3,048 unaccounted for.
“Following standard and accepted protocols, such as those of ICRC (Red Cross), the mortal remains of the dead, especially those not recognisable… have been temporarily buried,” Rai told reporters.
“Medical teams took DNA samples from every victim prior to the burial so that families can match-reference later, and would be allowed to exhume for necessary rituals.”
Nepal has called for freezer storage units and DNA testing kits, as it is overwhelmed with the number of bodies to store safely.
“We have requested different countries for freezers; we will need more than a thousand,” Rai added.
“Many dead bodies have been collected, and they have started decomposing. To preserve public health, we had to bury the decomposing bodies,” he added.
AFP
By Henry Ukazu
Dear Destiny Friends,
Everyone loves influence. Everyone wants to be a person of influence. Everyone wants to be relevant. Everyone wants to be celebrated. Everyone likes attention, appreciation, approval, and admiration. All these are products of influence.
The question I need you to ask yourself is, are you a person of influence? Are you influencing anyone? Do you have a positive or negative influence on your children, spouse, friends, mentors/mentee, or even strangers? Take a minute to listen to yourself.
When we talk about influence, uninformed minds just think influence is only about money, power, authority, or even being a mentor. Influence is far from it. We are all influencers in one way or another. Many people have influenced us in different ways, some positive, some negative. Similarly, we have also influenced many people in good and bad ways.
But today, I’m here to share with you what influence is about and the positive ways one can be a person of influence. Influence comes in different ways: as a politician, you are influencing people; as a leader, you are influencing policy; as a youth advocate, mentor, teacher, pastor, and employee, you are influencing somebody in one way or the other.
Do you know you can influence someone with your lifestyle? Yes, the way you talk, write, lead, dress, eat, exercise, preach the word of God, do your job, serve people, train your children, etc., are all part of influence. Influence is powerful. It has a way of permeating someone without them knowing. I believe that’s why my late mother would always say, if you are hanging out with a friend, only take the good part and leave the bad part.
We currently live in the 21st century, where the internet leads. The internet is regarded as the fifth estate for a reason, because it empowers networked individuals and alternative media to hold traditional institutions, governments, and mainstream media accountable. Everyone and almost everything is on the internet; however, sometimes, the information we get on the internet is regarded as fake because it’s unverified.
In some quarters, the internet has been regarded as a bad influence on the younger generation because of the limited restrictions and the negative information it has exposed their minds to think in a particular way. Some other schools of thought have opined that the internet has done more good than harm due to the knowledge it has exposed their minds to, as opposed to the information being peddled by some other schools of thought. Regardless of the aisle one belongs to, the internet truly has its pros and cons, especially as it relates to influence.
The big question one needs to answer is what influence is. According to Nosakhare Tune Oni – A Pan-African Strategist, leadership and business coach, “influence is when people trust your judgment enough to act on it. It is when someone calls you before making an important decision. When your recommendation opens a door. When your name carries weight in a room, you’re not even in. When people are willing to put their reputation behind yours. That’s influence.
Let’s take a minute to dwell on those lines again. Has anyone played any of such roles in your life? If yes, that’s the best definition of influence in a nutshell. Influence is not about quantity, but quality. The quality of people in your life is more valuable than the quantity of people one’s life. Do you know we don’t really need battalions of friends, whether online or in person, but just one person of influence can be a game-changer. According to Les Brown, a leadership coach, we need only quality people.
Do you know we are everywhere and nowhere at the same time? Do you also know that we can be everywhere and still have very little influence? Influence is about knowing your value and the right people who appreciate the value you bring. Do you know one can be a person of value to the wrong person or audience?
Influence is about having followers who believe and follow your teaching. We can have visibility with little or no influence. One may have 100,000 followers. We may trend on Facebook, Instagram, X, TikTok, LinkedIn, or even WhatsApp. Your name is a household name. That is visibility.
Let me give you a practical example. If you have a large crowd of people following you online or in person. The critical question one must ask oneself is: why are they following me? Are they following me because of my ideology, my talent/gift, academic process, position, profession, vocation, skill, or jokes? If they follow you because of the ideology you represent, you are a person of influence. If they are following you because of your jokes, you may be a content creator or comedian with little or no value in influencing them to do or not do certain things. Real influence provokes action.
According to Nosakhare Tune Oni, influence is built differently from attention. Attention can be bought. Influence must be earned. You can manufacture visibility with advertising, controversy, or constant posting. But you cannot manufacture trust that easily. It comes from consistently being useful. Keeping your word. Knowing what you’re talking about. Showing up when it matters. Building relationships before you need them.
And creating value for people without constantly asking, “What’s in it for me?”
Do you know a person with 1,000 followers and deep trust within a particular industry may have more real influence than someone with 100,000 followers who nobody listens to. So, I don’t think the goal should simply be: “How many people know me?” A better question is: “How much does my presence actually change things?” Because visibility gets you noticed. Value gets you remembered. Trust gets you listened to, but influence is what happens when people trust your value enough to move.
As I prepare to conclude, please take a minute to ask yourself: are you a person of influence? Do you have influence? What positive influence have you had on people or anyone? Today, I want you to be a man/lady of influence like Martin Luther King Jnr, Mother Theresea, Evangelist Ebuka Obi, President Nelson Mandela, Elon Musk, Bill Gates, Mark Zuckerberg, Dr. Kola Adesina, Dr. Joe Abah, Dr. Dele Momodu, Barr. Henry Ukazu and Miss Ginika Dike.
Henry Ukazu writes from New York. He works with the New York City Department of Correction as the Legal Coordinator. He’s the founder of Gloemi. He’s a Transformative Human Capacity and Mindset coach. He is also a public speaker, youth advocate, creative writer, and author of Design Your Destiny- Actualizing Your Birthright to Success, Unleash Your Destiny, and The Six Pillars of Success. He can be reached via info@gloemi.com
