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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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Inside Delta: Police Arrest Man For Allegedly Stabbing Neighbour To Death Over Rice

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The Delta State Police Command confirmed the arrest of 30-year-old Daniel Onyejekwe for allegedly stabbing his neighbor, Christian, to death over a dispute about rice.

The incident occurred on New Year’s Day in the Ogwanja area of Sapele, Delta State.

The Police Public Relations Officer, Delta State Command, SP Bright Edafe, confirmed the development on Thursday, saying, “It is confirmed, and the suspect is in custody.

The two were fighting and injured themselves badly. Unfortunately, one, Christian, died.”

An eyewitness reported that the altercation started when rice was being shared along Boyo Road in Ogwanja.

An argument ensued between Onyejekwe and the deceased, leading to a physical fight.

The eyewitness stated, “Christian and Daniel started dragging the rice, and during the fight, Daniel picked a bottle and stabbed Christian multiple times. The vigilante rushed him to the hospital, but he was confirmed dead on arrival.”

The remains of the deceased have been deposited at a mortuary, while the police have launched an investigation. SP Edafe assured residents that the suspect would be prosecuted after the investigation was concluded.

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Inside Imo: Catholic Priest Allegedly Shoots Boy Dead Over Knockouts During New Year Mass

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A Catholic Reverend Father has allegedly shot a boy dead after the latter set off knockouts within the church premises.

The incident, which happened during the New Year Mass held on January 1, 2025, in Amaimo, Ikeduru Local Government Area of Imo State, has attracted reactions from social media users.

However, the name and parish of the priest and the name of the deceased couldn’t be verified.

In a Facebook post shared via the handle, ‘For The Love Of Anambra,’ on Wednesday, it quoted eyewitness accounts, reporting that after the deceased set off the knockouts, “the priest, whose identity remains undisclosed, picked up a firearm and fatally shot him.”

“The incident has left the community in shock and mourning, with residents expressing outrage and demanding a thorough investigation to uncover the facts behind the unfortunate event.”

When contacted (by The Punch’s correspondent) on Thursday, the spokesperson for the Imo State Police Command, Henry Okoye, stated that the command is already aware of the incident.

Okoye added that an investigation has been launched into the incident.

“We have launched a detailed investigation to ascertain the remote facts surrounding the incident.

“Further development on the case will be communicated in due course, please,” the police spokesperson stated in a message.

Reacting to the incident, a Facebook user, Malachy Chukwunyereugo, wrote, “He will spend the rest of his life in prison.”

Another Facebook user, Lyn Chy, lamented, “The fact that a Reverend father owns a gun it’s somehow [sic].”

Another user, Peace Ijeoma, wrote, “It’s disheartening to see how religious bigots are defending the priest. May we try to be lovers of God and not lovers of the men of God this 2025. Rip to the boy.”

On X, a tweep identified as Bloc Chief, with the username #blochief, shared his amusement.

He tweeted, “I thought this happens in the USA? How can this happen in Imo? Mehn.”

Another tweep, identified as Rise above hat, but tweeting as #asababoi2man, wrote, “Maybe he has [been] abducted before by gunmen… so he felt the men are back.. only God knows what he was thinking.”

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ASUU Declares 2025 “Year Of Long Battle With Federal Government”

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The Academic Staff Union of Universities has warned that “in the absence of visible and concrete efforts at addressing pending issues and meeting its expectations, 2025 will be a year of long-drawn confrontation between the union and the Federal Government.”

Describing efforts made by the Federal Government to address its issues last year as window-dressing and cosmetic, ASUU said the FG made no major difference in the university education sector, continued its neglect of the university system, and failed to satisfactorily resolve its issues in the year 2024.

According to the Chairman of ASUU, Ibadan chapter, Prof. Ayo Akinwole, in a statement on Wednesday, the uninterrupted academic calendar in 2024 was a result of the sacrifice of the union, not that the government had addressed its impending issues.

The union flayed the FG over policy summersault in the 18 years benchmark for admission into tertiary education and asked the President Bola Tinubu government to, instead of embarking on a fresh renegotiation of the agreement, set in motion a process that will lead to the review and signing of the Nimi Briggs-led renegotiated draft agreement.

The ASUU chairman said the FG continuously failed to put machinery in motion to address its long-drawn issues of “non-provision of funding for the revitalization of public universities based on the FGN-ASUU MoU of 2012, 2013, and the MoA of 2017; non-release of the three and a half months of the withheld salaries; non-release of third-party deductions like scheduled loans repayments, personal savings to retirement schemes and cooperative contributions.”

The union listed other pending issues as non-release and payment of arrears of Earned Academic Allowance (EAA); the creeping fascism in some Nigerian universities; the problem associated with the proliferation of public universities; non-implementation of the reports of the Visitation Panels; non-implementation of UTAS in place of IPPIS and non-renegotiation of 2009 FGN/ASUU Agreement.

“These pending issues were yet to be satisfactorily resolved in 2024 and will, no doubt, define the trajectories of the relationships between our Union and the Federal Government in 2025. Having reviewed the state of education in Nigeria in 2024, it is time to set an agenda for 2025.

“Fellow Nigerians, given the usual adamant posture of the Federal Government to satisfactorily address the pending issues concerning the education sector in general and the university system in particular, we expect that the year 2025 may, if care is not taken, be a year of another challenge and struggle.

“In the absence of visible and concrete efforts at addressing the pending issues and meeting our expectations, there is likely to be a long-drawn confrontation between our Union and the Federal Government, which will probably lead to another round of untold avoidable crisis in the university system in Nigeria.

“Given the important role of education in national development, it is expected that the Government should show a sincere commitment to reversing the downward trend in basic education by engaging in a total overhaul of the sector through the provision of basic facilities, such as good classrooms, desks, and chairs which will address the issues of over-crowding and dilapidation.

“The remuneration of the teachers should be reviewed to attract and recruit qualified teachers. Critical and concerted efforts should be deployed to tackle the high rate of out-of-school children in Nigeria, considering that education is the fundamental right of every Nigerian child.

“We also expect that the withheld three and a half months’ salaries and third-party deductions owed our members should be paid forthwith. We also expect that the Earned Academic Allowances (EAA) should be released, just as we expect that the funding for the revitalisation of the universities should be released by the FGN-ASUU MoU of 2012, 2013, and the MoA of 2017.

“The welfare of workers in the education sector and Nigerian workers is paramount, considering the state of the national economy and high cost of living, which has deepened the erosion of the conditions of service of our members.

“We, therefore, expect that the Nimi Briggs-led renegotiated draft agreement should be quickly reviewed in line with current economic indices and signed and that the university lecturers’ salaries should be restored to the African average which was the spirit of the 2009 Agreement, leading to the pegging of the professorial salaries at $3,000, which, in 2025, has amounted to paltry $200 due to the deterioration of the Nigerian Naira against the US dollar.

“It is also our expectation that the attack on TETFund should cease and the idea of commodifying university education in Nigeria should be dropped. Instead of borrowing bad examples from Britain and other capitalist countries, we should, as a developing country, borrow from countries like Germany, where education at all levels is free and properly funded.

“The welfare of workers in the education sector and Nigerian workers is paramount, considering the state of the national economy and high cost of living, which has deepened the erosion of the conditions of service of our members.

“We, therefore, expect that the Nimi Briggs-led renegotiated draft agreement should be quickly reviewed in line with current economic indices and signed and that the university lecturers’ salaries should be restored to the African average which was the spirit of the 2009 Agreement, leading to the pegging of the professorial salaries at $3,000, which, in 2025, has amounted to paltry $200 due to the deterioration of the Nigerian Naira against the US dollar.

“It is also our expectation that the attack on TETFund should cease and the idea of commodifying university education in Nigeria should be dropped. Instead of borrowing bad examples from Britain and other capitalist countries, we should, as a developing country, borrow from countries like Germany, where education at all levels is free and properly funded.

“Part of our expectations is that the long-standing challenges associated with the payment mode should be laid to rest in 2025 by the implementation of UTAS.

“Government as a matter of urgency should reverse the downward trend of public universities by deliberately restoring true hope for the children of the people who do not have any option of private university or overseas studies.

“Comrades, in this new year, let us summon more courage to act against the threat to knowledge and human dignity. Consequently, we advise our members to continue to remain vigilant and continue their support to the leadership of the Union at all levels. Let’s brace up for the crisis that may arise should our expectations not be satisfactorily met in 2025. For a people United Can Never Be Defeated,” the statement read.

The ASUU also rejected the tax reform bills as an attempt to an attempt to destroy the major source of infrastructural funding for already struggling public tertiary institutions, and “commodify university education in Nigeria.”

Akinwole held that the education tax to be replaced by a “development levy,” would disrupt the revenue stream of the Tertiary Education Trust Fund, which has been a major source of funding for infrastructure development in many public tertiary institutions.

The ASUU chairman also described the 2025 budgetary allocation to education as inadequate and below the expected 15 per cent to 20 percent internationally-advised benchmark.

Similarly, in October 2024, President Bola Tinubu asked the National Assembly to consider and pass four tax reform bills. The bills include the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill. A part of the tax administration bill proposes eliminating the education tax, to be replaced by a “development levy.”

“This would effectively disrupt the revenue stream of the Tertiary Education Trust Fund (TETFund), an agency set up as a product of the ingenuity and struggles of ASUU, that has been the major source of funding for infrastructure development in many public tertiary institutions over the last decade. Since its establishment in 2011, TETFund has monitored the disbursement of education tax to public tertiary institutions in Nigeria.

“However, with this new bill, only 50 per cent of the monies accruing to the levy would go to TETFund in 2025 and 2026. TETFund’s share will be upped to 66 per cent in 2027, 2028, and 2029. Then, the agency would cease to get any revenue from 2030. From 2030, the development levy will be solely meant to fund the federal government’s student loan scheme. What this means is that the agency that funds infrastructural development in Nigerian tertiary institutions is under the threat of extinction by 2030. This misbegotten policy will have huge and adverse implications for the university system in Nigeria.

“This is, no doubt, an attempt to destroy the major source of infrastructural funding for already struggling public tertiary institutions. It is also an attempt to commodify university education in Nigeria.

“Recently, the president presented the 2025 proposed budget of N47.90 trillion before the 10th National Assembly, out of which N3.52 trillion was earmarked for the education sector. This is roughly 7% of the total budget, which falls far below the benchmark of 15%-20% educational budget for underdeveloped countries like Nigeria, specified by both UNESCO and the United Nations Fund for Population Activities (UNFPA), which has been advocated by our Union,” Akinwole said.

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