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

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1 year ago

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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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BIG STORY

JUST IN: FG Bans Production Of Movies Featuring Money Rituals

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5 hours ago

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May 22, 2024

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The federal government has prohibited the production and distribution of any movies or cinematography that feature money rituals and glamourising vices.

Shaibu Husseini, CEO of the National Film and Video Censors Board (NFVCB) made this known at an event in Enugu State on Wednesday.

The event was organised by the NFVCB and Corporate Accountability and Public Participation Africa (CAPPA).

Movie producers, directors, actors from different parts of the country, and leaders of various guilds and associations in the Nigerian film industry were present at the event.

Husseini said, “Today, we are facing an industry emergency requiring bold and ambitious actions from all parents, guardians, and stakeholders. When my predecessor approached the former Minister of Information, Alhaji Lai Muhammed, on the need to make subsidiary legislation to curtail the display of smoking in Nigerian movies, he saw the need to include money rituals.

“Others included in the regulation are ritual killings and glamorising other crimes in order to further sanitise the film industry. Today, I am delighted to announce to you that the Minister of Arts, Culture and the Creative Economy, Hannatu Musawa, pursuant to section 65 of the NFVCB Act 2004, has approved the regulation.”

He added, “The minister has approved the ‘prohibition of money ritual, ritual killing, tobacco, tobacco products, nicotine product promotion and glamorisation display in movies, musical videos and skits regulations 2024’. We have also forwarded the approved copy to the Federal Ministry of Justice for Gazette.”

Mr Husseini said the sensitisation programme was to educate stakeholders on the danger inherent in smoking in Nigerian movies.

According to him, besides the health implications, glamorising smoking in films poses a negative influence on teens and young adults, who constitute the largest segment of Nigerian movie viewers.

He said the film board was set to undertake detailed enlightenment programmes in secondary schools, tertiary institutions, local communities, faith groups and other institutions.

The NFVCB boss said, “As you all know, the film industry occupies a central position in the entertainment and creative sector, and it is imperative that we continue to place the highest premium on the progress of the film industry.

“The NFVCB supports smoke-free movies and supports smoke-free Nollywood, and we therefore seek your collaboration to develop creative content that discourages smoking and promotes positive health messages.”

He noted that after a series of engagements, the NFVCB, in collaboration with the CAPPA, decided to make “subsidiary regulations” to address smoking in movies since this aspect was not expressly spelt out in the extant law.

(c) News Agency of Nigeria.

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President Tinubu Appoints Shehu Mohammed As FRSC Corps Marshal

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7 hours ago

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May 22, 2024

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Nigeria’s President, Asiwaju Bola Ahmed Tinubu, has appointed Shehu Mohammed as the corps marshal and the chief executive officer (CEO) of the Federal Road Safety Commission (FRSC).

Segun Imohiosen, director of information in the office of the secretary to the government of the federation (AGF), announced the appointment in a statement on Wednesday.

Imohiosen said the appointment is for an initial period of four years with effect from May 20.

“President Bola Ahmed Tinubu, GCFR, has approved the appointment of Assistant Corps Marshal Mohammed Shehu as the Corps Marshal/Chief Executive Officer of the Federal Road Safety Commission (FRSC),” the statement reads.

“President Tinubu tasks the appointee to bring his wealth of experience to bear in his new assignment.”

Mohammed will succeed Dauda Biu as the FRSC corps marshal.

In December 2022, former President Muhammadu Buhari appointed Biu as the substantive corps marshal of the FRSC.

Before the appointment, Biu was the acting corps marshal of the commission.

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JUST IN: Verydarkman Remanded In Police Custody For Cyberbullying, Hearing To Hold Next Wednesday

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10 hours ago

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May 22, 2024

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The controversial social media critic Martin Otse, also known as VeryDarkMan, has been placed under arrest till his next hearing, which is scheduled for this Wednesday of next week.

Otse reportedly entered a not guilty plea to five counts of cyberstalking involving the Nigerian police, Nollywood actresses Iyabo Ojo and Tonto Dike, when he was arraigned at the Federal High Court in Abuja on Wednesday.

The police prosecuting team told Judge Mobolaji Olajuwon that they needed more time to react to his lawyer Deji Adeyanju’s bail plea, thus the court postponed the bail hearing to May 29.

The prosecution sought to have the blogger remanded in prison custody, but his lawyers successfully argued for his remand in police custody instead.

The court granted this request, and Verydarkman was subsequently taken to the National Cybercrime Centre.

The charges against him read, “1. Posting a video on October 29, 2023, on his Instagram handle ‘verydarkblackman’ that contained offensive, pornographic, or menacing information, falsely alleging that Iyabo Ojo had an indecent sexual relationship with her daughter, violating Section 24 (1)(a) of the Cybercrime (Prohibition, Prevention, etc) Act, 2015.

“That you Martins Vincent Otse (A.K.A. VERYDARKBLACKMAN) ‘M’, 29 YRS of Supreme Court Estate Karu, Abuja on or about 29th October 2023, in the Federal Capital Territory, Abuja within the jurisdiction of this Honourable Court knowingly and intentionally posted videos, by means of a computer system on your Instagram handles ‘verydarkblackman’, which video contained information that is grossly offensive, pornographic or of an indecent, obscene or menacing character wherein you stated that one Iyabo Ojo is having an indecent sexual relationship with her daughter knowing or having reasons to believe that the information in the video you posted on your Instagram handle is false and you thereby committed the offence of Cyberstalking contrary to and punishable under section 24 (1)(a) of the Cybercrime (Prohibition, Prevention, etc) ACT, 2015.

2. Posting a video on January 19, 2024, on Instagram, falsely accusing King Tonto Dikeh of criminal conversion of crowdfunding proceeds and being behind the Gistlover blog, intending to cause annoyance, inconvenience, and other harm, in violation of Section 24 (1)(b) of the Cybercrime Act.

“COUNT 3 That you Martins Vincent Otse (A.K.A. VERYDARKBLACKMAN) ‘M’, 29 YRS of Supreme Court Estate Karu, Abuja on or about 19th January 2024, in the Federal Capital Territory, Abuja within the jurisdiction of this Honourable Court knowingly and intentionally posted videos, by means of a computer system on your Instagram handles ‘verydarkblackman’ containing the information you know or had reasons believe to be false, wherein in the video you falsely published that King Tonto Dikeh is accused of criminal conversion of the proceeds of crowdfunding for Justice for Mohbad Movement, and being the person behind the gistlover blog, for the purpose of causing annoyance, inconvenience, danger, obstruction, insult, injury, criminal intimidation, enmity, hatred, ill will or needless anxiety to the person of the said King Tonto Dike and you thereby committed the offence of Cyberstalking contrary to and punishable under section 24 (1)(b) of the Cybercrime (Prohibition, Prevention, etc) ACT, 2015

3. Posting a video on March 19, 2024, alleging that senior police officers and lawmakers were involved in sexual activities with Bobrisky, intending to cause annoyance, inconvenience, and other harm, in violation of Section 24 (1)(b) of the Cybercrime Act.

“COUNT 4 That you, Martins Vincent Otse (A.K.A. VERYDARKBLACKMAN) ‘M’, 29 YRS of Supreme Court Estate Karu, Abuja, on or about 19th March 2024, in the Federal Capital Territory, Abuja within the jurisdiction of this Honourable Court knowingly and intentionally posted videos, by means of computer system on your Instagram handle ‘verydarkblackman’, containing information which you know or had reasons to believe to be false, wherein you stated the following, ‘I put it to you say the DIGs of the Police dem dey knack Bobrisky. The senators for senate house dey knack Bobrisky…I dare the Nigeria Police, I said what I said, the DIGs are knacking him, the Lawmakers, the Senate are knacking him in the National Assembly’ which statement you made for the purpose of causing annoyance, inconvenience, danger, insult, injury, criminal intimidation, enmity, hatred, ill will or needless anxiety to the persons of the DIGs of the Nigeria Police Force and members of the National Assembly and you thereby committed the offence of Cyberstalking contrary to and punishable under section 24 (1)(b) of the Cybercrime (Prohibition, Prevention, etc) ACT, 2015.

4. Posting another video on March 19, 2024, claiming that Bobrisky was pimping young boys to senators and senior police officers, intending to cause annoyance, inconvenience, and other harm, in violation of Section 24 (1)(b) of the Cybercrime Act.

“COUNT 5 That you Martins Vincent Otse (A.K.A. VERYDARKBLACKMAN) ‘M’, 29 YRS of Supreme Court Estate Karu, Abuja on or about 19th March, 2024, in the Federal Capital Territory, Abuja within the jurisdiction of this Honourable Court knowingly and intentionally posted videos, by means of computer system on your Instagram handles ‘verydarkblackman’ containing information you know or had reasons to believe to be false, wherein you stated that Bobrisky is pimping young boys for Senators and Senior Police Officers to sleep with, which statement you made for the purpose of causing annoyance, inconvenience, danger, insult, injury.”

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