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Presidency clears misconceptions on New York Times report on Nigeria

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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.

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China Alerts Rivers, A’Ibom, Abia Govs To Economic Triangle

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The Mayor of Housing, My-ACE China, has alerted the Governor of Rivers, Akwa Ibom, and Abia states to what he calls an emerging ‘Economic Triangle’ within their states.

Mr China, a real estate success strategist who has won numerous local and international awards, has thus drawn the attention of the governors of the concerned states to the emerging development and has urged them to intentionally accelerate the emergence of the economic triangle.

Speaking to newsmen in Uyo, Akwa Ibom State capital at the conclusion of his business trip to the state, Mr China, who is the managing director of the Housing and Construction Mayor Limited, said the envisaged economic corridor would compete favourably with the Lagos economic hub or even better.

He said: “Talking about ‘Economic Triangle’, the only place that can wrest economic power from Lagos is Akwa Ibom, Abia, and Rivers states axis or corridor. This corridor contains more than Lagos has, if they can be interconnected with smooth roads, ports, and if their blue potentials are unlocked. They will not only wrest power from Lagos but would be more lucrative.”

The investor who is behind the emerging Alesa Highlands Green Smart City in Eleme, near Port Harcourt, said the new ‘Economic Triangle’ has a bigger potential due to massive land assets with the corridor plus blue economy and the existing hydrocarbon industry.

Explaining, Mayor of Housing said Aba (Abia State) provides the biggest fabrication capacity in West Africa to supply goods to the Gulf of Guinea; Port Harcourt provides access to the Gulf of Guinea for off-taking Aba products, and the Uyo provides deep sea port at Ibaka and international airport facilities as well as forest reserves for massive agro-economy.

He said with sea ports in Rivers State and deep seaport in Akwa Ibom, and international airports in Rivers and Akwa Ibom, Aba can focus on adequate power supply and fabrication boom to supply a new booming market around the economic triangle.

By doing this, he said, jobs would spill out in huge quantities and more manufacturers would be drawn from all over Africa to boost the fast coming African Continental Free Trade Agreement (AfCFTA). He said Nigeria would thus have two major trade nodes in West Africa; Lagos and the PH/UYO/Aba triangle.

 

He said goods going to or coming from Chad, Niger, and the rest of Central Africa can head to the Lagos ports or to the Ibaka/PH ports zone in the new economic triangle.

He said with power supply made stable, good roads, excellent security system, and ease of doing business enthroned in the zone, the South-South and South East would become the biggest economic nerve in the near future.

Mayor of Housing called on governors of the three states to be intentional about the new corridor, put away political differences (if any), and create this corridor by agreeing on projects each state would execute with a short period of time so the states would be linked by good roads, communication, security, trade laws, concessions to investors, etc.

He remarked that northerners were already heading to the Onne Port in Rivers State to export goods, saying creating a commission to oversee the development of the ‘Economic Triangle’ would fast-track its emergence.

He observed that people of the three states are peaceful and usually preoccupied with zeal for economic prosperity, saying that if they are linked to such huge opportunities staring at them in the emerging economic triangle, they would totally shun violence and focus on prosperity.

Mr China insisted that the emerging economic triangle would form a big node not only into the Gulf of Guinea economic zone but into Africa because AfCFTA is about production, certification, market availability, and easy transport nodes by sea and air. He said the new economic triangle boasts of all the factors.

“They can only realise this by working together, through collaboration. One state cannot do it but a triangle of the three will create it through seamless interconnection, ports, industrial park, etc. The people will be the richest and internally generated revenue (IGR) will be the biggest in the country,” he said.

 

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Tinubu Nominates Ex-INEC Chair Yakubu, Fani-Kayode, Omokri, 29 Others As Ambassadors

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President Bola Tinubu has sent the names of 32 ambassadorial nominees to the Senate for confirmation, days after he sent the first batch of three names.

Among them are the immediate past chairman of the Independent National Electoral Commission, Mahmud Yakubu, an aide to former President Goodluck Jonathan, Reno Omokri (Delta), and former Enugu State Governor, Ifeanyi Ugwuanyi, among others.

“In two separate letters to the Senate President, Godswill Akpabio, President Tinubu asked the Senate to consider and confirm expeditiously 15 nominees as career ambassadors and 17 nominees as non-career ambassadors,” read a statement on Saturday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.

In the statement titled, ‘Tinubu nominates 32 additional ambassadors,’ Onanuga noted, “There are four women on the career ambassadors’ list and six women on the non-career ambassadors’ list.”

“Among the non-career ambassador designates are Ogbonnaya Kalu from Abia, a former presidential aide, Reno Omokri (Delta), former chairman of the Independent National Electoral Commission (INEC), Mahmud Yakubu, former Ekiti first lady, Erelu Adebayo, and former Enugu governor, Ifeanyi Ugwuanyi.

“Others are Tasiu Musa Maigari, the former speaker of the Katsina House of Assembly, Yakubu N. Gambo, a former Commissioner in Plateau State and former Deputy Executive Secretary of the Universal Basic Education Commission.

“Professor Nora Ladi Daduut, a former senator from Plateau; Otunba Femi Pedro, a former Deputy Governor of Lagos State; Femi Fani-Kayode, a former aviation minister from Osun State; and Nkechi Ufochukwu from Anambra State are on the nomination list,” the statement read.

Also on the list are former First Lady of Oyo, Fatima Florence Ajimobi, former Lagos Commissioner, Lola Akande, former Adamawa Senator, Grace Bent, former governor of Abia, Victor Okezie Ikpeazu, Senator Jimoh Ibrahim, businessman, lawyer and Senator from Ondo State, and the former ambassador of Nigeria to the Holy See, Ambassador Paul Oga Adikwu from Benue State.

Among the nominees for career ambassador and high commissioner-designates are: Enebechi Monica Okwuchukwu (Abia), Yakubu Nyaku Danladi (Taraba), Miamuna Ibrahim Besto (Adamawa), Musa Musa Abubakar (Kebbi), Syndoph Paebi Endoni (Bayelsa), Chima Geoffrey Lioma David (Ebonyi) and Mopelola Adeola-Ibrahim (Ogun).

The other nominees are Abimbola Samuel Reuben (Ondo), Yvonne Ehinosen Odumah(Edo), Hamza Mohammed Salau (Niger), Ambassador Shehu Barde (Katsina), Ambassador Ahmed Mohammed Monguno (Borno), Ambassador Muhammad Saidu Dahiru (Kaduna), Ambassador Olatunji Ahmed Sulu Gambari (Kwara) and Ambassador Wahab Adekola Akande (Osun).

“The new nominees are expected to be posted to countries with which Nigeria maintains excellent and strategic bilateral relations, such as China, India, South Korea, Canada, Mexico, the United Arab Emirates, Qatar, South Africa, Kenya, and to Permanent Missions such as the United Nations, UNESCO, and the African Union.

“All the nominees will know their diplomatic assignments after their confirmation by the Senate,” it read.

Last week, Tinubu sent three ambassadorial nominees for screening and confirmation.

The nominees were Ambassador Ayodele Oke (Oyo), Ambassador Amin Mohammed Dalhatu (Jigawa), and Retired Colonel Lateef Kayode Are (Ogun).

All three are in the pot for posting to the UK, USA, or France after their confirmation.

“More nominees for ambassadorial positions will be announced soon,” Onanuga revealed.

 

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Investment In Education Remains Top Priority For Gov Fubara – SSG

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The Secretary to Rivers State Government, Dr. Benibo Anabraba, has reiterated that the administration of Governor Siminalayi Fubara remains committed to improving access to quality education at all levels.

Dr. Anabraba gave the assurance while receiving the Deputy Registrar/Zonal Coordinator of the West African Examinations Council (WAEC), Mr Ayanfemi Adeniran-Amusan in Port Harcourt during a courtesy visit.

He emphasised that Governor Fubara remains resolute in sustaining investment in the education sector to improve the quality of teaching and learning.

According to him, “We appreciate the work you are doing and know that our students are amongst the highest in ranking.

“His Excellency, Sir Siminalayi Fubara, takes education very seriously. He is sponsoring the free registration of students for the West African Senior School Certificate Examination (WASSCE) in Government Schools.

“Also, Governor Fubara has approved the establishment of Computer-Based Test (CBT) Centres across the State’s three senatorial districts and the 23 LGAs. The project is intended to improve access to digital learning and examination facilities for students so that our children are at breast with digital literacy, a prerequisite for today’s students.

“We are currently working assiduously to get those centres, both mega and mini, across the three senatorial districts and the 23 local government ready in order to meet up with your deadline,” he said.

The SSG also conveyed the assurances of the Governor to WAEC on Government’s willingness in providing land for its Zonal Office.

Earlier, the Deputy Registrar/Zonal Coordinator of the West African Examination Council, Mr Ayanfemi Adeniran-Amusan, promised to collaborate with the State Government in matters concerning education development.

In another development, the Secretary to State Government, Dr Benibo Anabraba, also met with officials of the National Agency for the Prohibition of Trafficking in Persons, NAPTIP, led by the Assistant Director of Intelligence, Rivers State Command, Barr. Ikediashi Nwamaka.

The SSG while appreciating the Agency for its effort in the protection of vulnerable persons, also raised Government’s concern on the activities of orphanages and care homes in unwholesome practices such as child trafficking, abuse of underaged girls also known as baby-factory, and the lack of regulations on surrogacy.

He however assured that the Rivers State Government has already put plans in place towards legislation to regulate these acts against vulnerable persons, particularly women and children.

 

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