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Our Policies Will Propel Economy Out Of Downturn — President Tinubu

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Nigeria’s President, Asiwaju Bola Ahmed Tinubu, says his administration has implemented bold policies to propel Nigeria’s economy out of the downturn caused by multiple shocks in the global economy.

Tinubu, represented by Vice-President Kashim Shettima, spoke on Friday while declaring open the 2024 African Caucus meeting held at the Transcorp Hotel, Abuja.

“As a government, we have initiated bold economic reforms aimed at steering our economy away from the downturns caused by multiple shocks in the global economy,” he said.

”We believe it is a path of recovery and resilience through significant economic transformation.

”Our reform efforts have been strategically focused on fostering fiscal and monetary efficiency, driving sustained long-term economic growth, and catalysing job creation in alignment with the SDGs’ priorities.”

According to Tinubu, his administration remains committed to optimising the nation’s economic potential to deliver favourable outcomes for citizens.

The president also said his government would ensure the overall sustainable development of the regional economy.

”Our efforts are yielding positive results, with improved macroeconomic stability and increased investment,” he added.

He urged African countries to improve the quality of life for people across the continent.

Speaking to African leaders, the president said there is a need to enhance international tax cooperation to combat illicit financial flows and ensure multinationals contribute fairly to economies on the continent.

“We need enhanced international tax cooperation to combat illicit financial flows and ensure that multinationals contribute fairly to our economies,” Tinubu said.

“We must also foster global economic cooperation to tackle shared challenges and leverage opportunities.

“However, we must also acknowledge the need to take responsibility for our own development by undertaking the difficult structural and fiscal reforms required to boost long-term growth.”

On his part, Wale Edun, minister of finance and coordinating minister of the economy, said available data revealed that 41 African countries were set for stronger growth of up to 3.8 percent from about 3.4 percent in 2022.

This, he said, will rise to 4.3 percent in 2025.

Edun, who is also the chairperson of the African Caucus, said these exceeded the global average of about 3.2 percent.

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), emphasised the significance of the meeting.

He said Africa stood at a “crossroads with unprecedented opportunities for development alongside significant challenges”.

Cardoso also said to navigate this complex landscape and set the continent on the path of sustainable economic growth, Nigeria must leverage the support of global partners.

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Nnamdi Kanu Seeks Transfer From DSS Custody To National Hospital

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The Federal High Court in Abuja will today (Monday) hear an application filed by Nnamdi Kanu, detained leader of the proscribed Indigenous People of Biafra (IPOB), seeking transfer from the custody of the Department of State Services (DSS) to the National Hospital, Abuja, for urgent medical attention.

The motion, filed on September 3 by Chief Kanu Agabi (SAN), followed what Kanu’s lawyers described as a “worrisome decline” in his health while in detention.

Vacation judge, Justice Musa Liman, had earlier granted leave for the case to be heard during the court’s annual recess, stressing its urgency.

In a supporting affidavit, Emmanuel Kanu, the IPOB leader’s brother, said recent medical tests revealed kidney and liver complications, dangerously low potassium levels, and a swelling under Kanu’s armpit requiring immediate investigation.

Agabi told the court that doctors led by Prof. Austin Agaji had advised Kanu’s transfer to the National Hospital as an interim step. He noted that letters to the DSS on the issue had not been answered.

“The applicant’s health is seriously deteriorating considering the nature of his confinement,” Agabi argued, adding that granting the transfer would not prejudice the DSS.

Kanu has been in DSS custody since 2021 following his arrest in Kenya and repatriation to Nigeria. He is currently facing terrorism-related charges before Justice James Omotosho of the same court.

A bail application filed in May is still pending. The court is expected to hear arguments from both sides before ruling on the transfer request today.

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World Bank, IMF Forced Nigeria To End Petrol Subsidy — Femi Falana

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Human rights lawyer Femi Falana (SAN) says the federal government’s removal of petrol subsidies was not a domestic policy choice but a condition imposed by international lenders.

Speaking on Sunday Politics on Channels Television, Falana argued that no country in the world has fully abolished subsidies.

“Even the United States, the United Kingdom, France and others subsidise electricity, agriculture and many aspects of people’s lives,” he said.

Falana accused the World Bank and the International Monetary Fund (IMF) of pressuring Nigeria to scrap the policy.

President Bola Tinubu announced the end of petrol subsidy during his inauguration on May 29, 2023, alongside a foreign exchange market unification policy. Both measures triggered record inflation and worsening living standards.

Falana also warned against the federal government’s plan to introduce a five percent fuel surcharge, urging it not to worsen economic hardship. He said existing laws already mandated a fuel levy, but funds were never remitted to the Federal Roads Maintenance Agency (FERMA).

Between 2007 and 2011, Falana said FERMA confirmed it received nothing despite deductions from petrol sales.

“By 2022, even the Senate confirmed that over one trillion naira was owed to FERMA. Before introducing new levies, the government must explain what happened to those earlier deductions,” he said.

Falana also called for an end to the dollarisation of the economy, stressing that rejecting the naira remains a criminal offence.

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Peter Obi Visits Olubadan-Designate Ladoja, Says Nigeria’s History Is Incomplete Without Ibadan

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Peter Obi, the Labour Party (LP) presidential candidate in the 2023 election, says Nigeria’s history cannot be written without Ibadan, the Oyo state capital.

Obi stated this on Sunday during a visit to Rashidi Ladoja, the Olubadan-designate, at his Bodija residence.

He praised Ibadan’s central role in Nigeria’s political and socio-economic development and commended its people for their hospitality.

“The position of Ibadan in the history of Nigeria cannot be ignored as a home to all because of the hospitable nature of the indigenes,” Obi said.

He described Ladoja, a former governor and senator, as a leader whose experience will shape his reign as the 44th Olubadan of Ibadanland. Obi also pledged personal support to the incoming monarch.

In response, Ladoja said ascending the throne was “another opportunity to serve humanity,” stressing that the Olubadan stool is not about glamour but service.

“It is God who enthroned Olubadan, not because you have money or influential people around you. The time of glamour is gone; it is about service and what you have on the table for the people,” he said.

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