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84 Million Nigerians Living In Poverty Unacceptable To President Tinubu — Finance Minister Wale Edun

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  • Says we will give Nigerians decent work, sustained social protection.
  • N25,000 cash transfer begins.

Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, yesterday said the number of Nigerians (84 million) living in poverty is unacceptable to President Bola Ahmed Tinubu

The situation makes ending poverty a priority for the Administration, he added.

The minister hopes the N25,000 conditional cash transfer to 15 million households, which began yesterday, will help address the problem for the most vulnerable in the short term.

President Tinubu launched the Renewed Hope Conditional Cash Transfer initiative at the Presidential Villa.

For three months, 15 million poor households nationwide will receive N25,000 cash support, for which N1.125 trillion has been provided.

It targets over 61 million vulnerable Nigerians and is designed to cushion the petrol subsidy removal pain.

The take-off of the programme coincided with this year’s International Day for the Eradication of Poverty.

Among the initial beneficiaries, who were presented with cheques at the ceremony, were Larai Suleiman, Shuaibu Hassana, Sariki Bala Gamu, Okor Jonah and Hameed Isiaka.

Edun said: “It (the number of poor Nigerians) is totally unacceptable to the President as it is to the rest of us.

“That is why it is perhaps his number one priority to tackle poverty and he has a programme to stabilise and grow the economy in general.”

Nigeria’s population is estimated at over 225 million, according to Worldometer, which provides real-time world statistics.

President Tinubu, represented by the Secretary to the Government of the Federation, Senator George Akume, restated his Administration’s commitment to poverty alleviation.

He said the theme of this year’s poverty eradication day: “Decent work and social protection: Putting dignity in practice for all,” aligns with the Renewed Hope Agenda.

The President said: “Today is a significant day for us in Nigeria and for my administration for it brings with it an opportunity for me to restate my administration’s commitment to poverty alleviation as expressed in my eight-point agenda.

“My government will lead from the front in seeking to ensure that all Nigerians have opportunities decent for dignified work and sustained social protection.

“It is only via a sustained collaborative approach that we can win this war against poverty in Nigeria and the world at large. Hope is here.

“I ask the Nigerian people to please ensure that they key into all the available programmes because they are here to help.

“Our objective is to lift millions of Nigerians out of poverty.

“Yet, this will only be possible with the cooperation of the people we seek to help. Let us continue to work together to achieve our collective goal of eradicating poverty in Nigeria.”

Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu, believes it would amount to sitting on a keg of gunpowder to ignore poverty.

According to her, the N75,000, which each household will receive for three months, can form the capital for some small-scale businesses.

She said: “Beyond this, the government will be providing low-cost shelter for the poor and internally displaced persons as a form of providing that cover for them.

“Other interventions, including the rural vocational skills intervention, will be carried out at a mass scale.

“All of these are targeted at the various dimensions of poverty in the country.

“Poverty is that scourge, a hydra-headed cobra in the room that if not tackled, would consume everyone.

“Sitting and ignoring poverty at any level will only seem or equate to sitting on a keg of gunpowder and that’s why today, the president is tackling it headlong.

“We want to encourage Nigerians, the private sector, and development partners that it’s time to step up to the occasion.

“We have a clear-cut roadmap, an action plan for the eradication of poverty. Everyone must key in and be part of it.”

World Bank country representative, Shubham Chaudhuri, stressed that cash transfers are universally accepted.

According to him, the method has proven to be one of the most effective ways to support those impacted by economic shocks or rising living costs.

Chaudhuri said: “This aid is crucial in helping them overcome the initial period during which they might otherwise be compelled to make decisions with long-term consequences.

“For instance, these decisions might include reducing daily meals to just one or withdrawing their children from school.

“The type of cash transfer referred to as ‘shock-responsive cash transfer’ that is currently being implemented is utilised by countries worldwide to offer temporary relief in such situations.”

The President in July ordered the release of grains to 50 million farmers and households.

He also ordered a review of the N8,000 conditional cash transfer programme, which was initially announced by the Administration following the removal of petrol subsidy.

The sum was initially proposed for payment to 12 million poor households for six months.

BIG STORY

Netizens React As VeryDarkMan Shares Another Leaked Call Recording Of Bobrisky

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Nigerians have taken to social media to express their thoughts on the latest leaked call recording allegedly featuring controversial crossdresser, Idris Okuneye, popularly known as Bobrisky.

Bobrisky found himself at the center of another controversy following the release of an alleged call recording by social media influencer, Martins Otse, a.k.a. VeryDarkMan.

According to VeryDarkMan, the recording was made on May 16, 2024, and is not a continuation of a previous recording he shared.

In the recording, which VeryDarkMan asserts is a separate conversation from a previous leak tap, Bobrisky purportedly admitted to not being in prison but rather in a well-furnished apartment near the prison, amongst other claims.

The leaked recording has sparked varying reactions on social media platforms, with many Nigerians expressing shock, disappointment, and skepticism about the authenticity of the recording.

On X, formerly Twitter, UGo tweeting as #Oforma19 wrote, “Only small star Maggi person steal them luck am for prison imagine Bobrisky with money laundering case no go prison.”

Wills Media, who tweets as #WillsMedia247 wrote, “Those that Bobrisky trusted are even his worst enemies. He thought he had friends, but it’s a pity he had beasts. Why will a trusted friend bring his guy down for what reason?”

#fm57661959 tweeted, “He-she will tell us the reason he-she gave EFCC some money to drop the money laundering charges if all the money in he-she account is a legitimate money, Aza man-woman.”

#AdeyemiOladip14 tweeted, “How this guy dey see all the call note, shey they don plan say them go koba bob ni abi why all of them dey record their conversations with him, sorry her.”

Olawale tweeting as #WealthyWave04 wrote, “If no be say dem swear for many people for this country, how person go see or hear this level of corruption come still dey blame or criticise who cast the corruption cuz dem no like the person? How na. Tomorrow una go dey shout we want a better Nigeria. Una want better Nigeria with this una behaviour? E no fit work.”

Commenting under VeryDarkMan’s post on Instagram, #real___barlow wrote, “Bob risky no get better friends at all abi who drop this record again?”

#okoruwamiracle commented, “Why bring it here for us to see and hear if you have enough proof? Even if you do, take them to court na abi na we wan judge the case for you or don’t you know that bringing it on social media is and will always remain an allegation? Tell the police, take them to court and judge with your proof.”

#officialbhigshaq commented, “See forget say that Bob dey live that kind of life, but this VDM should just go and chill, this Bob you are dragging went to prison for a weightless crime, almost the 90% of Nigerians have committed. Why don’t you start with what happened during the 2023 election? Forget this bob matter, you are just doing this because you went to prison and you feel he or she didn’t go too.”

Recall that in September, VeryDarkMan shared a purported audio of Bobrisky, claiming he bribed some Economic and Financial Crimes Commission officials with N15 million to drop the money laundering charge against him.

VeryDarkMan claimed to have received the audio record from someone to whom Bobrisky owed money.

Bobrisky, however, denied bribing any EFCC officer to drop money laundering charges against him, saying that he served his jail term.

He had also described the initial viral voice recording as fake, stressing that the claim that he was never in prison was false and should be ignored.

  • What Bobrisky Said In The New Leaked Recording

‘I charge up to $100,000 for influencing’

Popular crossdresser Idris Okuneye, popularly known as Bobrisky, has allegedly stated that he collects up to $100,000 for influencing on social media platforms.

He noted that while many people believe he’s into money laundering and fraudulent acts, his source of wealth is from a genuine source, with one of them being social media influencing.

This was revealed in a video posted by popular social media influencer, Martins Otse, a.k.a. VeryDarkMan, today, Monday, October 7, 2024. The call recording was made on May 16, 2024, according to VDM.

“All the money I have is genuine and the sources are like most of my influencing [sic], like that day I called you that one woman wanted to pay me £10,000, you know I told you that it’s for influencing. So, people don’t know how I charge a lot of money for influencing but I made them understand I charge as far as $100,000 to influence,” Bobrisky allegedly said in a recorded voice call with a male contact whose name remains unknown.

The crossdresser, who was convicted for mutilating the naira in April and sentenced to six months in jail, noted that he had access to his mobile phone while in custody.

The male contact had initially asked if Bobrisky was out of prison before he responded in the negative, then said he hadn’t been talking to people over the phone.

He said, “People have been sending me so many messages but I’ve not been responding because I don’t want anybody to know that I have my phone. I only want to talk to somebody that I know I can trust.

“So if you think you cannot do it, all fingers are equal. Some others do it and trust me, God blessed the hustle. Obviously, I met a very terrible judge who wasn’t fair at all.”

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BIG STORY

‘Hoodlums’ Raze Section Of Eleme Secretariat, Hours After Police Unsealed Rivers LGA Headquarters

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Suspected hoodlums have set a section of the Eleme local government secretariat in Rivers state on fire.

The incident comes hours after Kayode Egbetokun, the inspector-general of police, ordered the immediate withdrawal of police personnel from the secretariat of the 23 LGAs of the state.

Grace Iringe-Koko, police spokesperson in Rivers, announced that the IGP’s directive “is in line with the commitment of the Nigeria Police Force stance to ensure neutrality and the smooth functioning of democratic institutions.”

The fire occurred just hours after Siminalayi Fubara, the Rivers governor, swore in 23 newly elected local government chairpersons.

The Action Peoples Party (APP) won 22 LGAs in Saturday’s election, while the Action Alliance (AA) secured one LGA.

During the swearing-in ceremony on Sunday, Fubara mentioned there were plans to perpetrate violence against the elected officials on Monday.

“I’m aware that they are mobilising 20 people per unit to go and confront you tomorrow when you resume in your local government headquarters,” Fubara said.

“Please if they are coming with violence, avoid them.

“The peace of this state is too important to us. Everybody knows what they are planning but please I want to beg everyone to follow my approach.

“At the right time, you will always win if you are patient and calculative. We have made our promises to our people. We are going to lead them to the promised land.”

Tensions have been high in Rivers due to a prolonged turf war between Fubara and Nyesom Wike, the minister of the federal capital territory (FCT).

On October 3, a crowd besieged the Peoples Democratic Party (PDP) secretariat in Port Harcourt, the Rivers state capital, protesting against the LGA election.

Hours before voting commenced, an explosion reportedly rocked the secretariat of an All Progressives Congress (APC) faction led by Tony Okocha, the ex-chairman of the APC caretaker committee in the state.

On Saturday, police officers reportedly disrupted the local government election in Elekahia primary school, Port Harcourt.

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BIG STORY

Introduction Of FX Matching System Shows CBN Is Committed To Fair Market — Cardoso

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Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), stated that the apex bank’s decision to implement the electronic foreign exchange matching system (EFEMS) demonstrates its commitment to fair and efficient markets.

Cardoso made these remarks while addressing members of the Harvard Club of Nigeria in Lagos over the weekend.

On October 3, the apex bank announced the introduction of the FX matching system.

During the event, Cardoso reiterated that the CBN’s move was aimed at enhancing transparency and providing more accurate oversight of FX transactions.

“Trust is the currency of central banking. If the public loses trust in the institution, the efficacy of its policies diminishes. Our decision to implement the Electronic Foreign Exchange Matching System (EFEMS) is rooted in this understanding,” he said.

“By enhancing transparency and providing more accurate oversight of forex transactions, we send a strong signal that the CBN is serious about fair and efficient markets.”

According to Cardoso, being a leader—especially as the governor of a central bank—often requires making tough and occasionally unpleasant choices.

He emphasised that the bank is a listening institution and is not afraid to reconsider decisions if they fail to meet their original objectives.

“In the face of economic challenges, it is imperative to focus on core objectives—restoring the credibility of the institution, building trust in the financial system, and, most critically, containing inflation,” he said.

“These are not just strategic goals; they are foundational to any meaningful recovery.”

Reflecting on his journey as the apex bank governor, Cardoso noted that when he assumed office, he understood that the credibility of the CBN had to be the foundation of the actions taken by him and his team.

“Without credibility, no policy, however well-intentioned, can succeed. Floating the naira, a decision met with considerable public criticism, was necessary to bring the official exchange rate closer to market reality,” Cardoso said.

“The disparity between the official and parallel rates had encouraged arbitrage and speculation, eroding trust in the market.

“Credibility is earned by consistency. The decision to close this gap, while painful in the short term, sent a message to market participants that the CBN was committed to transparency and sound monetary policy.”

He added that speculative trading had been reduced and stability was gradually returning to the currency markets.

Cardoso mentioned that curbing inflation remained the CBN’s core mission, acknowledging that the apex bank had yet to meet its target.

However, he pointed out that recent declines reported by the National Bureau of Statistics (NBS) in July and August 2024 indicated that the CBN was moving in the right direction.

“Our decision to raise the Monetary Policy Rate (MPR) to 27.25% was a bold move. Higher interest rates, while painful for borrowers, are necessary to curb excess money in circulation and control inflation,” he said.

“Leadership is about making hard choices to secure long-term stability over short-term comfort in moments like these.

“Leading through challenging times means avoiding the temptation to take on too many initiatives.

“The Central Bank must focus on its core mandate—price stability. It is easy to become distracted by various political and economic pressures, but as a leader, one must prioritise.”

Effective communication, Cardoso said, is as important as the right policy, adding that clear and transparent communication builds trust.

“From publishing the results of the Dutch Auction to ensuring regular updates on economic data, transparency has been our guiding principle,” he said.

Cardoso concluded by stating that trust is built on the belief that a central bank will take the necessary steps to maintain economic stability—even when those steps are uncomfortable or politically contentious.

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