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JUST IN: Presidency Tackles Tinubu, Says Nobody Can Take Credit For Buhari’s Victory

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The Presidency on Monday in Abuja said that no one can or should claim to have single-handedly engineered the emergence of Muhammadu Buhari as President in the 2015 general elections.

According to a statement signed by the Senior Special Assistant to the President, Media, and Publicity, Garba Shehu, the Presidency said the past should not decide the next general election and what matters today is to elect a candidate that would “make our country better than it has ever been.”

The statement is titled ‘Comment on the statement made by a leading APC flagbearer candidate.’

It was earlier reported that former Lagos State Governor, Bola Tinubu, had raised some dust last Thursday when he claimed that without him, Buhari would not have emerged as the president in 2015.

The Presidential aspirant claimed the Presidential Lodge in Abeokuta, Ogun State capital when he was addressing the APC delegates ahead of the party’s primary elections.

In its reaction, the Presidency said “It is perhaps not surprising that on the eve of the All Progressives Congress flagbearer primary there are those running as candidates who wish to associate themselves with the President’s rise to elected office seven years ago.

“There are many people who played parts large and small in his historic election in 2015, making history as the first opposition candidate to defeat a sitting president with power changing hands peacefully at the ballot box.

“There are those who advised the President to run again; those who decided to build a political party, the APC, that could finally be the political vehicle capable of delivering victory where all other opposition parties and alliances before it had failed.

“Those decisions may have been agreed upon by a few. But they were delivered by thousands and voted for by tens of millions. No one can or should claim to have made this possible.”

It added that as crucial as the 2015 victory was, it is not what should decide the next general election.

“What matters is the future: the policy platforms, the ideas, the drive, and the determination to take over the President’s stewardship of our country and build upon his legacy to make our country better than it has ever been.

“The person most demonstrable in those qualities is the one to lead our party and our country forward,” the Presidency added.

BIG STORY

Nigeria’s Stability More Important Than Our Pockets — Shettima Tells Senators-Elect

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Nigeria’s Vice-President, Kashim Shettima, has charged senators-elect to “vote wisely” when the upper legislative chamber is inaugurated next week.

The senate will elect its presiding officers for the 10th assembly on Tuesday.

Speaking during the ninth senate’s valedictory session on Saturday, Shettima told the lawmakers that the stability of the country is greater than that of their pockets.

There have been allegations that some senate president hopefuls are using money to woo senators-elect to vote for them.

Although the All Progressives Congress (APC) has nominated Godswill Akpabio, a former minister of Niger Delta affairs, for the position of senate president, Abdulaziz Yari, a former governor of Zamfara, and Orji Uzor Kalu, chief whip, have insisted on vying for the position.

The vice-president said the country’s interest should inform who they elect as senate president and deputy.

“To my incoming colleagues, I will leave you with a parable, ‘the stability of this nation is superior to the stability of our pockets’. On Tuesday, let us vote wisely, let us vote for the Nigerian nation,” he said.

The number two citizen described his colleagues as “friends who have become an integral part of my history”.

“We have served shoulder to shoulder in the face of adversity and worked relentlessly for the betterment of our nation,” he said.

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BREAKING: DSS Confirms Godwin Emefiele’s Arrest [VIDEO]

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The Department of State Services (DSS) has confirmed the arrest of suspended Central Bank of Nigeria (CBN) governor, Godwin Emefiele.

It was earlier reported the arrest of Emefiele by the DSS, shortly after he was suspended by President Bola Tinubu.

But on Saturday, the Service, on its Twitter handle said Emefiele was not in its custody.

Despite the denial by the DSS, report has it that the former CBN chief was in the custody of the secret police.

But confirming the report on Saturday evening, DSS spokesman, Peter Afunanya, posted: “The Department of State Services (DSS) hereby confirms that Mr Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria (CBN) is now in its custody for some investigative reasons.”

 

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Talking Frankly On Removal Of Fuel Subsidy By Babajide Fadoju 

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Now that subsidy is gone, what is the plan?

Subsidies play a significant role in shaping economic policies in many countries, including Nigeria.

Subsidies are government incentives that aim to support specific industries or sectors by reducing the cost of goods or services.

However, the effect of subsidy removal on the Nigerian economy has been a subject of much debate and analysis.

Subsidies have long been used by the Nigerian government to support various sectors primarily the energy sector.

These subsidies are intended to stimulate economic growth, encourage investment, and alleviate the burden of high costs on consumers.

For instance, fuel subsidies have been implemented to ensure affordable prices for petroleum products, as Nigeria heavily relies on oil for its revenue.

Due to several imports, the subsidy on petrol has to be removed. For one the federal government cannot afford the subsidy payment anymore.

By removing subsidies, the government can redirect its spending towards more productive sectors.

The funds that were previously allocated to subsidies can be channelled into infrastructure development, healthcare, education, and other critical areas that can foster long-term economic growth.

The removal of subsidy is good for the industry; growth will be engendered as several players can now play competitively, efficiency will become the cornerstone to build on and this will aid product delivery to the end users.

The removal of subsidies can promote economic efficiency by allowing market forces to determine prices and allocate resources more effectively.

When subsidies are in place, they can distort market signals, leading to inefficiencies and suboptimal resource allocation. By removing subsidies, the government can create an environment that encourages competition and innovation, driving economic growth in the long run.

That is just one way to look at it, according to economic analysts, the removal of subsidies will trigger a temporary spike in inflation as the prices of essential commodities rise. However, over time, the market will adjust to the new price equilibrium, and inflationary pressures may stabilize.

One of the primary concerns surrounding subsidy removal is its impact on low-income households. These households often heavily rely on subsidized goods for their daily needs.

When subsidies are removed, the cost of living may increase, posing challenges for vulnerable segments of society.

To counter this, the government is prepared to review several areas of the fiscal economy. The government is prepared to review the minimum wage and provide palliatives for the most vulnerable.

More importantly, the money recouped from subsidy will be reallocated into infrastructure development and social programs, fostering sustainable economic growth.

It might be hard at first, but we will cross this rubicon and the country will be better for it.

Frequently Asked Questions (FAQs)

1. When was fuel subsidy removed in Nigeria?

Contrary to popular opinion, the subsidy regime was ended by the assent to the Petroluem Industry Act by the then president, Muhammadu Buhari in February of 2022. However, the nation was not ready and the budgetary allocation continued into May of 2023 – the end of the Buhari administration.

2. How does subsidy removal impact inflation?

Subsidy removal can lead to short-term inflationary pressures as the prices of subsidized goods or services increase. However, over time, the market can adjust to the new price equilibrium, and inflation may stabilize.

3. Are there alternative measures to subsidy removal?

Yes, there are alternative measures that can be considered before resorting to subsidy removal. These include subsidy reforms, targeting subsidies to specific populations, improving subsidy delivery mechanisms, and implementing fiscal consolidation measures.

4. What are the potential social implications of subsidy removal?

Subsidy removal can have social implications, particularly for low-income households. The increased cost of living may pose challenges for vulnerable segments of society. However, by redirecting resources, the government can implement targeted social welfare programs to mitigate the adverse effects.

6. What are the long-term benefits of subsidy removal?

The long-term benefits of subsidy removal include improved fiscal sustainability, increased government revenue, reduced corruption opportunities, economic efficiency, and the reallocation of resources to critical sectors.

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