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Presidency clears misconceptions on New York Times report on Nigeria
Mr Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, yesterday, 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.
News
RSU Unveils Five-Year Strategic Dev Plan …Calls For Collective Commitment To Institutional Excellence
In a decisive step towards redefining its future, the Rivers State University, Port Harcourt, has formally unveiled its Third Five-Year (2026-2030) Strategic Development Plan.
The development plan is a comprehensive roadmap designed to strengthen the university’s position as a leading institution in Nigeria and beyond.
The unveiling took place during a high-level engagement with the Governing Council, Principal Officers and the university congregation, at the Convocation Arena, recently.
Delivering his remarks at the unveiling ceremony, the Pro-Chancellor of the university and Chairman of Council, Hon. Okey Wali, SAN, charged all members of the university community to align their activities with the strategic direction of the institution, emphasizing that the success of the plan depends on collective commitment.
He noted that the plan is not merely a document, but a working framework that requires discipline, accountability and unity of purpose.
According to the Pro-Chancellor, only through coordinated efforts from all stakeholders can the university fully realize its vision.
“I hereby invite the Visitor to the University, donor agencies, friends and well-wishers, and all stakeholders to support and fund the implementation of this strategic plan. We are confident that this plan will take RSU to greater heights in the comity of higher institutions,” he said.
The Vice-Chancellor of the University, Prof. Isaac Zeb-Obipi, described the Strategic Development Plan as a document that would enhance the university’s corporate strengths, mitigate current weaknesses, leverage its corporate opportunities and address perceived existential threats.
“This Five-Year Strategic Plan sets out RSU’s goals, strategic objectives, expected outcomes and impact, including intervention strategies,” he said.
On his part, the Chairman of the Strategic Development Planning Committee, Prof. Emeritus Joseph A. Ajienka, noted that the 2026-2030 Strategic Development Plan represents a bold reaffirmation of the university’s founding ideals of excellence, creativity, innovation and inclusivity, aimed at positioning the institution to respond effectively to contemporary challenges in higher education.
Prof. Ajienka, who is also a member of the Governing Council, disclosed that the plan was developed through an extensive and inclusive consultative process, which he said reflects contributions from Faculties, Departments, Satellite Campuses and Administrative Units.
At its core, the plan seeks to advance the university’s vision of becoming a “unique and uncommon” institution that is structurally and philosophically oriented towards solving practical societal problems and ranking among the top ten universities in Nigeria.
The strategic framework identifies six key challenges confronting the university, including funding constraints, infrastructure deficits, limited research collaboration, and service delivery inefficiencies.
A statement by the university’s Acting Director, Corporate Affairs, Victor G. Banigo, further stated that the university has articulated four broad strategic goals supported by eight targeted objectives.
A central priority of the plan, according to him, is the strengthening of governance and administrative systems, alongside deliberate efforts to expand the university’s funding base. Others include enhanced alumni engagement, strategic partnerships and innovative fundraising initiatives aimed at ensuring long-term financial sustainability.
“Equally significant is the commitment to upgrading physical infrastructure across all campuses. Plans are underway to modernize lecture halls and laboratories, expand student accommodation, improve campus security and deploy advanced ICT systems to support teaching, learning and research.
“Recognizing that human capital is the backbone of institutional success, the university has placed strong emphasis on staff development, recruitment and productivity enhancement. Through targeted training programmes, mentorship initiatives and performance management systems, the plan aims to foster a highly skilled and motivated workforce.
“In addition, the university is poised to deepen its focus on research, innovation and entrepreneurship. By reviewing academic curricula, strengthening industry partnerships and establishing innovation incubation centers, Rivers State University seeks to translate research outputs into practical solutions that address societal needs and drive economic growth,” he said.
The PRO disclosed that the implementation of the strategic plan is projected at ?110 billion, reflecting the scale of transformation envisioned.
“While the university is committed to funding a significant portion internally, additional resources will be mobilized through government support, donor agencies, alumni contributions, and public-private partnerships.
“This multi-channel funding strategy aligns with the university’s broader goal of building a resilient and self-sustaining financial model capable of supporting long-term development,” he explained.
To ensure effective implementation, he said, “the plan incorporates a comprehensive monitoring and evaluation framework, complete with performance and impact indicators. A mid-term review is scheduled within the first two years to assess progress and make necessary adjustments.
“Furthermore, the establishment of a dedicated Strategic Planning Office will provide oversight, coordination and accountability in executing the plan across all units of the university.”
According to the statement, “As the university embarks on this transformative journey, the message from leadership is clear: the Strategic Development Plan is a collective mandate.
“For staff, students, alumni and stakeholders, it represents an opportunity to contribute meaningfully to the growth and advancement of the institution. For the university, it is a pathway to consolidating its legacy while embracing innovation and global relevance.
“With a clear vision, defined priorities and a united community, Rivers State University stands poised to translate this strategic blueprint into measurable progress, advancing knowledge, empowering people and shaping the future of higher education in Nigeria.”
News
Tinubu Commissions Bayelsa Gas Turbine, Other Projects Today
President Bola Tinubu is expected to inaugurate four legacy projects, including a state-owned gas turbine, during a one-day state visit to Bayelsa State, today.
To this effect, the Bayelsa State Government has declared Friday (today) a work-free day, and ordered the closure of markets ahead of the President’s visit.
The state Commissioner for Information, Orientation and Strategy, Ebiuwou Koku-Obiyai, disclosed this yesterday in Yenagoa, the state capital.
She said, “As we all know that the state is ready and we are ready as a people to receive the father of the nation, our father and leader in the President and Commander-In-Chief of the Armed Forces of the Federal Republic of Nigeria, President Bola Ahmed Tinubu, GCFR, who will be in the state on a one-day visit to inaugurate four legacy projects.
“In view of this, the state government has declared tomorrow, Friday, April 10, 2026, a work-free day to enable workers and other residents of the State to participate in the programmes lined up for the one-day official visit to Bayelsa State.”
According to her, Tinubu is expected to inaugurate key projects during the visit, including a state-owned gas turbine at Opolo-Elebele, a 60-kilometre dual carriageway from Onopa to the LNG axis, and a 630-metre bridge linking Angiama to Oporoma in Southern Ijaw Local Government Area.
Koku-Obiyai urged residents, including traders, to comply with the directive and turn out to welcome the President.
The government said the measures were part of efforts to ensure a smooth and successful visit.
The Tide reports that Bayelsa is the third state President Tinubu will visit for project commissioning in the last one week.
The President was in Ogun State last Saturday to commission the Gateway International Agro-Cargo Airport, Iperu, together with the state’s new airline, Gateway Airline, and its two newly acquired aircraft.
He also inaugurated logistics and trade infrastructure, and launched the Nigeria Customs Service’s N73bn hub that has a residential barracks, training college, warehouse and hospital.
The president also launched mobility, security and agriculture assets, including 1,000 electric motorcycles (EV bikes), and 80 units of security vehicles.
Tinubu was also in Lagos on Wednesday on a two-day state visit to commission key legacy projects of the Governor Babajide Sanwo-Olu administration.
Though represented by the Senate President, Senator Godswill Akpabio, the president inaugurated the newly constructed Ojota-Opebi Link Bridge, Lagos State Geographic Information Service (LAGIS) building, and Lagos Multi-Agency Building in Alausa.
Other notable projects commissioned by the President were Lagos Fresh Food Hub in Abijo, Ajah, Tolu Schools Complex in Ajegunle, and Maracana Stadium, comprising 19 mini-football pitches, built side-by-side in Ajegunle.
News
RSG Seeks Horticulturists’ Partnership To Restore Garden City Status
The Rivers State Government has called for stronger collaboration with horticulturists as part of renewed efforts to restore the aesthetic appeal and environmental quality of Port Harcourt, in line with its urban renewal agenda.
The Commissioner for Urban Development, Sir Amairagha Edward Hart, made the call during an interactive session with private horticulturists and flower dealers at his office in Port Harcourt, recently.
He said the present administration remains committed to reviving the famed Garden City status of the state capital through deliberate policies and strategic partnerships, noting that professionals in horticulture have a key role to play in achieving that vision.
The Commissioner stressed that the state government is placing high premium on environmental sustainability, beautification of public spaces, and the creation of a serene urban atmosphere that reflects global best practices.
The Commissioner urged horticulturists to align their operations with government’s urban development guidelines, adding that their expertise and experience are essential in transforming Port Harcourt into a model city.
According to him, the collaboration will not only enhance the city’s visual appeal but also contribute to improved environmental health and economic opportunities for practitioners in the sector.
He, however, cautioned against practices that undermine urban order, particularly the obstruction of walkways and indiscriminate occupation of public spaces meant for other uses.
Hart emphasized that while the government encourages business growth, such activities must be carried out in a manner that supports urban planning objectives and promotes public convenience.
In a move to further support the sector, he disclosed plans by the Ministry to establish a dedicated “Flower Village” that will serve as a central hub for horticulturists and flower dealers across the state capital.
He explained that the proposed initiative is aimed at restoring sanity to the use of walkways and road corridors, while also creating a structured environment that will enhance business operations and boost revenue generation.
Responding on behalf of the practitioners, Evang. Caroline Nabo highlighted some of the challenges faced by horticulturists, including theft of plants and materials by scavengers and scrap metal dealers.
She appealed to the state government for intervention to safeguard their investments, even as she and other stakeholders commended the Ministry’s proactive steps and pledged their support towards the successful greening and beautification of Port Harcourt.
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