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I’ll Select Technocrats In First 100 Days In Office, Run Private Sector-Driven Economy — Tinubu

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Bola Tinubu, standard bearer of the All Progressives Congress (APC), says there’s nothing bad in the country having a budget deficit.

Tinubu said this on Friday at a presidential dialogue organised by the Nigerian Economic Summit Group (NESG).

President Muhammadu Buhari recently signed the N21.83 trillion 2023 appropriation bill into law, with a deficit of about N11.34 trillion.

The government intends to finance the deficit mainly by new borrowings which would compound Nigeria’s public debt stock already at N44 trillion.

But according to Tinubu, the country’s the budget deficit is “not necessarily bad”.

“I do not hold to the mainstream view that all forms of inflation are best tackled by interest rate hikes and shrinking the economy. Supply-induced inflation does not lend itself to this harsh medicine, just as one does not cure a headache by plucking out one’s eye, ” he said.

“I do not embrace the conventional wisdom that fiscal deficits by the national government are inherently bad. All governments, especially in this era of fiat currency, run secular budget deficits. This is an inherent part of modern governance. The most powerful and wealthiest governments run deficits, as do the poorest nations.

“A budget deficit is not necessarily bad. Look at the Japanese example with high government borrowing and low inflation. The real issue is whether deficit spending is productive or not. Unproductive deficit spending is a compound negative. Especially if backed by excessive borrowing of foreign currency. This is not classroom economics but it is the lesson of the real economic history of nations.”

On his economic agenda for the country, Tinubu reiterated his to plans remove subsidy immediately he gets into office.

He said the existence of subsidy has outlived its stay, adding that the funds will redirected “into public infrastructure”.

“We must remove the PMS subsidy immediately. It has outlived its shelf life as a public good. We will neither subsidise neighbouring countries’ fuel consumption nor allow a select few to reap windfall profits and hoard products.

“And the subsidy money will not be ‘saved’ because that means elimination from the economy. Instead, we will redirect the funds into public infrastructure, transportation, affordable housing, education and health, and strengthen the social safety net for the poorest of the poor, thus averting increased security challenges.

“Fiscal policy will be the main driver. Monetary policy is weaker and a less effective instrument. Bad monetary policy is, of course, destructive. But even good monetary policy cannot carry the load the fiscal arm can. Thus, we must steadily remove ourselves from the fiction of tying our budgets to dollar denominated oil revenues.

“This is effectively pegging our budget to a dollar standard. It is as outdated as the fuel subsidy itself. It is also restrictive and ties the economy to slow growth. Just as the common man must mentally sever the cord to the subsidy, the elite must sever the cord to this artificial fiscal restraint.”

Furthermore, Tinubu assured that if elected, the private sector would be the prime driver of economic progress of Nigeria with his administration providing the enabling framework for the sector to drive.

He also said before economic recovery could be achieved, the nation must be secured.

“First, to achieve the economy we seek, we must resolve the pressing security issues. No nation can flourish with terrorists and kidnappers in their midst,” he said.

“My core belief is that the private sector must be the prime driver of economic progress. However, the government establishes the framework within which the private sector must operate. If that framework is sound, the private sector will flourish. If the framework is frail or incomplete, then the private sector will struggle.

“For our industries to thrive, they need inputs, many of which are agriculture based. The present administration has invested heavily in agriculture, providing loans and expanding the country’s total area of cultivated land for crops, livestock and fisheries. We will also promote vibrant commodity exchanges that will guarantee minimal pricing for produce.

“We will build on this, with a focus on using technology and expertise to accelerate growth in yields. We will deliver the critical infrastructure necessary to achieve the commodity transformations and agribusinesses to plug seamlessly into higher, more lucrative, entry points in regional and global value chains.

“Building on this foundation, we will accelerate the faithful implementation of the “infrastructure master plan” by adopting proven financing structures till we deliver an acceptable stock of hard infrastructure through seaports and airports; and road, rail and water transportation linkages that can support our desired economic growth.

“Fixing the perennial problem of energy supply is a top priority. There is no version of the world where Nigeria’s ambitions for itself can be achieved without solving the problem of how to provide energy to homes and businesses across the country.

“What we need to do, going forward, is to improve the enabling environment, further decentralise transmission, and deliver cost reflective tariffs to attract more private investments in the sector.”

He added that his administration would, urgently address fiscal, monetary, and trade reforms to effectively increase domestic production by accelerating inclusive growth and job creation across Nigeria.

Tinubu said on  his first 100 days, if elected, he would hit the ground running by selecting a team of technocrats that will help him run the country as he did when he was governor, adding that building a good team was important.

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GTCO Rated Nigeria’s Strongest Brand And Best Banking Brand In Nigeria

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Africa’s leading financial services institution, Guaranty Trust Holding Company Plc (“GTCO” or “the Group”), has added to its impressive haul of accolades as it was recently named Nigeria’s strongest brand and Best Banking Brand in Nigeria by Brand Finance and Global Brands Magazine, respectively.

These awards not only reaffirm GTCO’s position as a leading financial services group but also spotlights the Group’s enduring reputation as a customer-focused brand.

Over the years, GTCO has demonstrated remarkable commitment to shaping the future of financial services in Africa and is renowned for its innovative approach to customer service and stakeholder engagement.

The Group’s brand strength is underpinned by a strong commitment to delivering cutting-edge financial solutions, fostering meaningful customer relationships, and Promoting Enterprise using its proprietary free business platforms.

Commenting on the two awards, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Segun Agbaje, said: “These achievements are a reflection of our unwavering commitment to excellence, innovation, and customer satisfaction, as well as to building a truly international brand from our proudly African roots.

We are delighted to receive these recognitions and inspired to continue delivering our promise of enriching lives with every opportunity.”

GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, and the United Kingdom alongside non-banking verticals in HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers.

Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years.

The Group’s flagship banking franchise, Guaranty Trust Bank, was named Nigeria’s Best Bank and Best Bank in CSR at the 2023 Euromoney Awards for Excellence, Best Banking Group in Nigeria by World Finance, and Best Bank in Nigeria by Global Finance.

Guaranty Trust Bank is featured in the Top 1000 Banks in the World and Top 100 Banks in Africa rankings by The Banker.

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Lagos Lawyer Gboyega Adetunji Delves Into Agriculture, Floats Abundish; A Revolutionary Farm-To-Table Outfit

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Barrister Gboyega Adetunji, a Lagos-based renowned legal practitioner, has ventured into agriculture with the launch of Abundish, a revolutionary farm-to-table service aimed at transforming how Nigerians access fresh, high-quality, and healthy farm produce.

Abundish is committed to offtake directly from farmers and supply to consumers promoting sustainable agricultural practices, and ensuring fair market value for produce.

The innovative platform offers a subscription-based model, allowing customers to customize their experience and receive curated selections of fresh, seasonal produce delivered conveniently to their homes.

“I’m thrilled to embark on this new journey, combining my passion for sustainable living and community development,” said Barrister Adetunji, Founder and CEO of Abundish.

“Our goal is to empower farmers, support local economies, and provide healthy, fresh produce to consumers while reducing food wastage and promoting sustainable practices.”

“Abundish is more than just a bridge,” says Barr. Gboyega Adetunji.

“We are a movement bringing fresh, high-quality produce whether cash or food crops directly from the farm to the end consumer, cutting out unhygienic produce, reducing landing costs of produce, and the convenience of doorstep delivery it affords our customers. This does not only benefits our customers, but also supports sustainable agricultural practices, grows the naira and local economies, and also empowers the farmers who nourish our communities.

Reacting to what inspires his diversification, Barr. Gboyega said “I’d always wanted to have my little farm that can cater for at least 80% of my consumption, but then I realized how impactful it would be if this practice could be extended to others, hence the creation of the Abundish brand”

When asked what sets Abundish apart from its counterparts, Barr. Gboyega said, “Abundish offers a unique subscription model, allowing customers to customize their experience and receive a curated selection of the freshest seasonal produce delivered conveniently to their homes. By bypassing traditional distribution channels, Abundish reduces food waste, ensures peak freshness for consumers and the amount of time doing tedious work of purchase and clean up”.

“Abundish offer fresh farm produce at fair market value, championing food security with sustainable practices” he added.

At Abundish, we are not just passionate about delivering farm-fresh produce, we are committed to creating a positive impact on our world. That is why we operate with the UN Sustainable Development Goals (SDGs) in mind, striving for a more sustainable, equitable, and food-secure future.

Join The Abundish Movement, visit www.abundish.info to learn more about Abundish, and subscribe to receive the freshest produce delivered at your convenience.

Follow Abundish on social media platforms for behind-the-scene farm footage, exclusive offers, recipes, and our social impact initiatives.

X (Twitter) – @abundish

Instagram – @abundish

Facebook – Abundish

 

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Governor Fubara Is The “Supreme Architect” Of Crisis Rocking Rivers — APC

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The All Progressives Congress (APC) says Siminalayi Fubara, governor of Rivers, is the “supreme architect” of the crisis in the state.

The ruling party is reacting to a comment by the Peoples Democratic Party (PDP) alleging plots to take over the government of Rivers forcefully.

Felix Morka, the national spokesperson for the APC, claimed in a statement released on Thursday that the opposition party made the “fake” assertion without addressing the problems facing the state.

According to Morka, Fubara has disrespected the law ever since taking office.

“Quite contrary to the PDP’s misplaced quibbles against Chief Okocha’s comments, Governor Siminalayi Fubara is the supreme architect of the horrific crisis rocking Rivers state,” the statement reads.

“Since assuming office over a year ago, Governor Fubara has displayed reckless disdain for the rule of law and democratic institutions and conducted his government in flagrant violation of the Constitution of the Federal Republic of Nigeria.

“In an unprecedented display of autocratic arrogance, Governor Fubara declared the democratically elected Rivers state House of Assembly to be non-existent and, without lawful authority, constituted a bogus and an illegal 3-man sham Assembly in brazen violation of express provisions of the Constitution on the threshold composition of the House of Assembly and in disregard of the separation of powers doctrine.

“The Governor has continued to expend public funds without lawful appropriations by a duly constituted legislature, thereby undermining the will of the good people of Rivers State and their right to effective and accountable democratic governance.”

The APC spokesperson said a “serious and focused” governor would have set a clear programme to conduct local government elections in the state.

Apart from the rift without Nyesom Wike, minister of federal capital territory (FCT), which has torn apart the Rivers house of assembly, the state is witnessing a crisis at the local government level.

Recall that Fubara, on Tuesday, asked the heads of local government administration to assume control of the 23 council areas of the state following the tenure expiration of the chairmen.

Despite the governor’s directive, some former LGA chairmen reportedly attempted to resume duty at the council secretariats but were chased away by youths.

The development sparked political tension in Rivers as residents protested at the LGA secretariats while police officers fired multiple shots into the air to disperse protesters.

Although the governor has sworn in caretaker committee chairs for the LGAs, they have not been allowed to assume their offices.

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