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Nigerian Economy Not In Distress, We’re Only In Challenging Times — President Tinubu

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Nigeria’s President, Asiwaju Bola Ahmed Tinubu, says the country’s economy is not in distress as widely assumed.

The president spoke on Tuesday at the Leadership conference and awards, which took place at Transcorp Hilton in Abuja.

Speaking through Minister of Information and National Orientation Mohammed Idris, Tinubu stated that the nation is simply going through difficult times with “unprecedented opportunities to reset” the economy.

He said his administration has made some bold decisions to return Nigeria to the path of economic prosperity.

The president said the federal government has set aside N200 billion to support Nigerian businesses, in addition to the student loan scheme and the compressed natural gas (CNG) vehicles initiative.

“I should start by respectfully challenging the notion that the Nigerian economy is in distress,” he said.

“Distress suggests helplessness, being at the mercy of something we have no control over. But that is not the case here.

“We are in challenging times, no doubt, but these times have also been marked by unprecedented opportunities, to reset course and to build a new and sustainable economy, away from the rent-seeking and the waste that was once the order of the day.”

The president said since the removal of the petrol subsidy, the funds allocated to the three tiers of the government have increased.

“For the poorest and most vulnerable among us, the social investment programme, currently under review to reposition it for maximum impact, will support millions of households with direct cash transfers that will enable them to meet their basic needs,” he added.

“Since we assumed office in May 2023, we have attracted $30 billion in foreign direct investment (FDI) commitments into the real sectors of the economy, including manufacturing, telecoms, healthcare, oil & gas, and others.

“Those investments have already started coming into the country. Just a few days ago, I was in Qatar on an official visit, where the Emir assured me that a senior government delegation would visit Nigeria after Ramadan, to begin taking action on some of the new investments they are looking at here.”

Over the past few months, the prices of food and basic items have skyrocketed, a development that has led to protests in many parts of the country.

Amid the rising price of food items, the naira is deprecating in the foreign exchange market.

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Usyk Defeats Fury, Becomes Undisputed Heavyweight Champion

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Oleksandr Usyk emerged as the world’s undisputed heavyweight boxing champion adter defeating Tyson Fury.

On Saturday night, Fury and Usyk engaged in combat at the Kingdom Arena located in Riyadh, Saudi Arabia. Usyk defeated the British fighter 115-112, 113-114, and 114-113 on the scorecards to win the fight by split decision.

In the first several rounds of the battle, Fury came out swinging, but Usyk was able to withstand the British fighter’s assault.

As the battle went on, the Ukrainian gained momentum because of his excellent movement and technical proficiency, which allowed him to block Fury’s strong attacks and land accurate shots of his own.

The highly anticipated battle took a turn for the better when the Ukrainian stopped Fury in the ninth round.

Despite Fury’s valiant effort to recover in the final rounds, Usyk’s dominance had already sealed the victory.

The 37-year-old Ukrainian is the first undisputed heavyweight champion of the world since Lennox Lewis 25 years ago. He has now unified the WBA, WBO, IBF, and WBC titles.

For Fury, it is the first loss in his 16-year professional career, but he will have a chance at a rematch before the end of the year.

In his post-fight interview, the British boxer accused the judges of giving the victory to Usyk because of the war in Ukraine.

“His country is at war, so people are siding with the country at war,” he said.

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Nigeria’s Boniface Scores As Leverkusen Make History With Unbeaten Bundesliga Season

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In the final game of the 2023–24 German Bundesliga season, Bayer Leverkusen defeated Augsburg 2-1 in the BayArena on Saturday thanks to an early goal by Victor Boniface.

In lieu of this victory, Leverkusen, who had already won the Bundesliga, would end the season unbeaten in the league.

In the 34-match league, the unbeaten streak that led to the league title consists of 28 wins and 6 draws.

It made history and cemented the names of Boniface and his colleagues in the Bundesliga as the first team to finish the season undefeated.

Boniface, who won the Bundesliga Rookie of the Year award earlier in the week, started the party atmosphere when he slotted home an Amaine Chadli pass inside the area in the 12th minute before Robert Andrich doubled the lead before the half-hour mark.

Mert Komur’s goal on 62 minutes proved only a consolation for Augsburg as Leverkusen sealed victory in front of their passionate fans.

The Levekusen side is led by Xabi Alonso, who is only into his second year but first full season as coach of a senior team.

The team remains unbeaten in all competitions, with the win over Augsburg extending the run to 51 matches.

They have the chance to finish the season unbeaten in all competitions with victories over Atalanta in the UEFA Europa League final on Wednesday and Kaiserslautern three days later.

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FBI Lauds EFCC, Promises Support As Agency Hands Over Recovered $22k From Convicted Fraudster

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The Economic and Financial Crimes Commission (EFCC) says it has handed over $22,000 recovered from Hakeem Olanrewaju, a convicted internet scammer, to the Federal Bureau of Investigations (FBI).

The EFCC, in a statement on Saturday,said the money was handed over to the FBI in Lagos, as the victim, who was defrauded, lives in the US.

Nicholas Oweibo, the judge of the federal high court in Ikoyi, sentenced Olanrewaju to two years imprisonment for identity theft and impersonation in August 2023.

The judge also ordered that the money recovered from him be restituted to his victim.

Speaking during the handover ceremony in Lagos on Friday, Michael Wetkas, acting director of the Lagos zonal command of the EFCC, said the commission remains dedicated to combating crimes and restoring sanity to the nation.

“We are delighted to be handing over this proceeds of crime today,” Wetkas said, adding that “the EFCC is willing and always ready to do more”.

Charles Smith, FBI legal attaché in Nigeria, thanked the EFCC for facilitating the recovery of the money.

“This type of crime cripples businesses in the US, and for them to recover the money within one to two years gives hope to the affected companies and brings some level of justice, even if not all subjects have been identified,” Smith said.

“We hope our relationship continues and fosters a more cohesive partnership between the two agencies.”

Smith added that the FBI is willing to support the investigation in any way possible.

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