Tag: President asiwaju Bola Ahmed Tinubu
President Bola Ahmed Tinubu has arrived at Eagles Square, Abuja, for the Democracy Day celebration parade.
Tinubu who was accompanied by his wife, Remi Tinubu, was ushered in by the presidential motorcade.
The national anthem is being recited to signal the commencement of the program.
At the event are the Chief of Defence Staff, General Christopher Musa, Vice President of the country, Kashim Shettima, and the Senate president, Godswill Akpabio.
Nigeria is celebrating 25 years of uninterrupted democratic rule.
President Bola Ahmed Tinubu’s reasoning for floating the naira has been made public by the Presidency.
According to the statement, the decision was made because the Central Bank of Nigeria (CBN) was maintaining the value of the naira at the official rate by spending almost $1.5 billion each month.
This was revealed in a recent interview with Arise News by Bayo Onanuga, the President’s Special Advisor on Information and Strategy.
According to Onanuga, some connected to Godwin Emefiele, the previous governor of the Central Bank of Nigeria, and others close to some members of Muhammadu Buhari’s administration allegedly collected money at the official rate and sold it on the black market.
“Under the previous administration (of the CBN), as per media reports, the CBN was spending roughly $1.5 billion every year,” he stated.
In this case, individuals close to the former governor and other government figures were receiving payments at the official rate. They then engaged in arbitrage, or the sale of the funds obtained through roundtripping and selling them on the black market, where they profited handsomely for doing nothing. The government attempted to prevent some of these things.
Onanuga added that foreign direct investment (FDI) had eventually “dried up” because investors were unwilling to make investments in an area where there was unstable currency rates because of the gap in the official window and the parallel market.
According to the presidential adviser, market prices for goods and commodities were rising faster than they ought to.
“Some of the price increases we are seeing are extremely phony; it seems like everyone is just raising prices,” he stated. Because even if you want to dollarize your economy, you actually can’t tolerate the kind of extremely sharp price increases that this nation is currently experiencing if you line it with the exchange rate.
Onanuga went on to say that although more money had been allocated to the lower levels of government, there had been no progress in the last few months, so more complaints and queries should be addressed to state and local government councils rather than the federal government.
“I’m sure the naira will begin to wax stronger and stronger and probably go to the rate that Governor Cardoso envisages it will be instead of the rate we have now if we can sustain the stability we have now if we can ensure that we don’t have the volatility anymore,” he continued.
Peter Obi, the 2023 presidential candidate of the Labour Party (LP), has lamented about the high spate of kidnappings in the nation.
In a post via his official X handle, Obi said the kidnappings of Nigerians increased rapidly after President Bola Tinubu assumed office on May 29, 2023.
The former Governor of Anambra stated that the government is rewarding those who paid to get Tinubu elected rather than spending money to tackle insecurity in the nation.
Obi also called on the Tinubu government to increase the defence budget and stop spending funds on fancy weapons systems that fail to tackle the roots of the problem, which are poverty, poor education, and anger at army atrocities.
The LP chieftain also called out those who have continued to see his criticism of a bad system as bad and are maligning his person and the Obidients for seeking good governance and a better future for all Nigerians.
He wrote: “For those who have continued to see my issue-based constructive criticism of a bad system as bad and are maligning my person and the Obidients for seeking good governance and a better future for all Nigerians, let them now read this report from the respected international newsmagazine, The Economist of London and do the same.
“How much politicians in Nigeria care about national insecurity has long been correlated with how close it gets to their mansions in Abuja, the capital. On its outskirts on January 2nd, a father and his six daughters were kidnapped, prompting a rare outcry on high.
“A crowdfunding effort to pay the ransom was even backed by a former minister. But the kidnappers instead killed one of the girls and demanded more cash. The wife of President Bola Tinubu publicly lamented a “devastating loss”. Yet such horrors are still appallingly frequent—and largely ignored by politicians.
“In one incident last week in the South East, 45 people were kidnapped and are still missing, yet few leaders spoke out. The deadliest zone is the Nort East, where jihadists linked to Islamic State attack the army and villages. The North-west, too, is riddled with gangs that routinely kidnap for ransom. A decades-long conflict between mostly Muslim herders and largely Christian farmers rumbles on in the country, where on Christmas Eve, gunmen mowed down at least 160 people.
“Separatist violence still smoulders in Southe East. At his inauguration last May, Mr Tinubu declared security his “top priority”. Yet more than 3,600 people were kidnapped in 2023, the most ever, according to tAcleded, a global monitor of conflict.
“The snatching rose sharply after Mr Tinubu took office. And almost 9,000 Nigerians were killed in conflict last year (see chart). The government stresses that, in its most recent budget, spending on defence and the police took the biggest share, about 12% in all.
“The Defence got a fifth more than it did last year. Yet inflation is running at 29%, so in real terms, the defence budget has fallen. The government tends to splurge on fancy weapons systems that fail to tackle the roots of the problem, which are poverty, poor education, and anger at army atrocities.
“The latest budget includes funds for six t-129 Turkish attack helicopters on top of the 12 costly Bell choppers bought last year from America for $1bn, not to mention 12 Super Tucano attack aircraft. Buying strike drones has become so popular that the Army runs in a fleet alongside that of its forces. But drones are very good at guarding schools from kidnappings, and heavy weaponry risks disaster. A drone recently killed at least 85 civilians at a festival in Kaduna state—not the first such cock-up.
“The army promised to “fine-tune” its operations, but more radical change is needed. The police, well equipped but able to use better human intelligence, should lead on domestic security, not the army, which has been deployed in all 36 of Nigeria’s states.
Another huge problem is graft in security spending. “Defence is a prime part of the budget where you can take large quantities of money out without people being any the wiser,” says Matthew Page of Chatham House, a think-tank in London.
“Much of the budget, he says, is still about rewarding those who paid to get Mr Tinubu elected. Sometimes the army fails to receive its budget allocation. This is worsened by a system known as “security votes”, whereby parts of defence spending are deemed too sensitive to o require public oversight.
“The practice, which accounts for perhaps $700m a year, increased sharply under the last president and may well jump more under Mr Tinubu. The defence budget has nearly tripled since 2019. But thanks to inflation, wasteful purchases, sales, and corruption, Nigerians do not suffer. General Christopher Musa, the Chief Defence Staff, appears to understand the roots of the insecurity. “Military effort alone is incapable of restoring enduring peace,” he says, adding that the army helped build hundreds of schools under his command in the north-east. Yet many politicians seem keener to spend on themselves, rather than create the conditions for peace or fill the country’s fiscal hole. Even if Mr Tinubu resists the temptation to reinstate the petrol subsidy that he largely removed last year, debt servicing alone in 2024 may gobble up 61% of revenue.
“In November, the national assembly approved SUVs for all 460 lawmakers, at a reported cost of $150,000-plus per car. In two months, the government has budgeted $31m to improve accommodation for the president and vice-president—in a country of around 220m people where more than 80m are reckoned to live on less than $2.15 a day and many fear being kidnapped.”
Oyo State Governor, Seyi Makinde has presented a report of the explosion that rocked Ibadan, the state capital, to President Bola Tinubu.
It was gathered that Makinde presented the report to the President over the weekend.
Recall that an explosion rocked the Dejo Oyelese Close, Adeyi Avenue, Bodija area of Ibadan, the Oyo State capital, last Tuesday, leading to the death of at least five persons, injuries to others, and the destruction of several buildings.
While presenting the report, Governor Makinde, according to The Nation, appreciated the presidency for its support following the incident, noting that the Oyo State government would do everything possible to provide succour to victims and to fish out and punish those behind the tragedy.
President Bola Ahmed Tinubu on Friday, met with Governors elected on the platform of the All Progressives Congress (APC).
The President met with the Governors at the Aso Rock Villa in Abuja.
The meeting was still in progress at the time of filing this report.
Details Later…
President Bola Tinubu has given approval for the disbursement of N12 billion to settle outstanding payments owed to the Super Eagles and other national teams across various sports.
This is contained in a statement on the X handle of President Bola Ahmed Tinubu Media Center.
According to the statement, the payment will clear the senior national team coach salaries running up to 15 months, payments of allowances and promises due to the senior national teams, females, and Under-20 national team.
The statement reads, “President @officialABAT has approved the payment of N12billion outstanding backlog for Nigeria’s national teams of various sports, which includes Super Eagles and others.
“The payment entails the clearing of the senior national team coach salaries running up to 15 months, payments of allowances and promises due to the senior national teams, females, and Under-20 national team.
“This is coming at a time when the Super Eagles of Nigeria are preparing to participate in the Africa Cup of Nations, which is billed to start later this month.”