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President Tinubu’s 50-Member Emergency Teams Get Six Months To Fix Economy

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Nigeria’s President, Asiwaju Bola Ahmed Tinubu, on Wednesday established a 31-man Presidential Economic Coordination Council comprising himself, the Vice President, Senate President and the Chairman of the Nigerian Governors Forum, among others.

A 19-member Economic Management Team Emergency Taskforce was also formed by Tinubu, who gave them instructions to convene twice a week and produce a detailed six-month plan of economic interventions by 2024.

The Federal Executive Council gave its approval to the Economic Management Team Emergency Taskforce on Monday.

The President ordered that the six-month plan be put into action right away, within two weeks of the EET’s inauguration.

The EET comprises ministers, four governors and some members of the economic management team as well as the private sector.

The EET is to report to the Presidential Economic Coordination Council headed by Tinubu.

The PECC comprises 13 ministers, the Central Bank of Nigeria Governor, Yemi Cardoso, and the Chairman of the Nigeria Governors’ Forum, Governor Abdulrahman Abdulrazaq of Kwara State, among others.

The council also includes 13 persons drawn from the organised private sector including Chairman of Dangote Group, Aliko Dangote; UBA Chairman, Mr. Tony Elumelu; BUA Founder, Abdulsamad Rabiu, among others. The members of the organised private sector would serve on the council for a one-year tenure.

Tuesday’s move is “in furtherance of his administration’s efforts at re-engineering the nation’s economic governance framework,” the Presidency said in a statement signed by Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale.

The statement is titled ‘President Tinubu establishes comprehensive economic coordination and planning system for Nigeria.’

It comes weeks after the President created an economic advisory committee comprising the federal government, sub-nationals and the private sector, on February 25.

Upon assuming office 10 months ago, the Tinubu administration discontinued subsidies on petrol, which, he said, would save the government monies for infrastructural expansion.

He also unified the foreign exchange rates to curb currency arbitrage.

However, these moves sparked major instability in the value of the naira and heaped hardship on Nigerians as food prices soared.

In February 2024, N1,900 was exchanged for one USD in the black market.

The naira has recently seen a steady climb against the US dollar, exchanging N1,300/$ at the official market on Wednesday.

Ngelale who announced the economy-focused initiatives said the setting up of the PECC and the EET was a strategic move to ensure robust and coordinated economic planning and implementation to tackle the challenges head-on.

Members of the PECC include President Tinubu as Chairman, Vice President Kashim Shettima as Vice-Chairman; President of the Nigerian Senate; Chairman, Nigeria Governors’ Forum; Coordinating Minister for the Economy and Minister of Finance; Governor of the Central Bank of Nigeria; Ministers of Agriculture and Food Security; Aviation and Aerospace Development and Budget and Economic Planning.

Others include Ministers of Communications, Innovation and Digital Economy; Industry, Trade and Investment; Labour and Employment; Marine and Blue Economy; Power; State, Petroleum Resources; State, Gas; Ministers of Transportation and Works.

Other members representing the organised private sector include Ms. Amina Maina, Mr. Begun Ajayi-Kadir, Mrs. Funke Okpeke and Dr. Doyin Salami, Mr. Patrick Okigbo, Mr. Kola Adesina, Mr. Segun Agbaje, Mr. Chidi Ajaere, Mr. Abdulkadir Aliu and Mr. Rasheed Sarumi.

Tinubu mandated the EET to formulate and implement a consolidated emergency economic plan in “furtherance of the President’s collaborative approach toward achieving economic resilience and growth.”

Members include the Coordinating Minister of the Economy and Minister of Finance who serves as Chairman, Minister of Budget and Economic Planning, Minister of Power, Minister of Agriculture and Food Security, Coordinating Minister of Health and Social Welfare, and Minister of Industry, Trade and Investment.

Others are the Governor of the Central Bank of Nigeria, National Security Adviser, Chairman, Nigeria Governors’ Forum, Governor of Anambra State, and Governor of Ogun State.

The Governor of Niger State, Executive Chairman, Federal Inland Revenue Service, Director-General, Budget Office of the Federation, GCEO, NNPC Limited, Director-General, Nigeria Economic Summit Group, Special Adviser to the President on Energy, Economists, Dr. Bismarck Rewane and Dr. Suleyman Ndanusa are also members.

On the operations of the EET, the Presidency said “Over the next six months, the EET will focus on the rapid implementation, monitoring, and evaluation of critical initiatives, strengthening the Tinubu-led administration’s collective approach to advancing Nigeria’s economic objectives.”

It also revealed that the Economic Management Team, established in October 2023, and chaired by the Coordinating Minister for the Economy and Minister of Finance, Wale Edun, would serve as the working group under the PECC, “playing a crucial role in the economic governance structure established by the president.”

Consequently, the Economic Management Team, which traditionally meets monthly or as required, will suspend all meetings for the duration of the EET’s six-month mandate.

The EMT comprises the Coordinating Minister for the Economy and Minister of Finance, who served as its Chairman, Governor of the Central Bank of Nigeria, Minister of Budget and Economic Planning, Minister of Industry, Trade and Investment, Minister of Communications, Innovation and Digital Economy, Minister of Works, and Minister of Labour and Employment.

Other members are Minister of Agriculture and Food Security, Minister of State, Petroleum Resources, Minister of State, Gas, Minister of Power, Minister of Transportation, Minister of Aviation and Aerospace Development, and Minister of Marine and Blue Economy.

The Presidential Spokesman, Ngelale, noted that, “The Chairman of the EMT may, as needed, call on any Federal Minister or Head of Agency to brief the EMT on key programmes and developments affecting the economy.”

He noted that the President’s formation of the PECC, under his Chairmanship, alongside the creation of the EET, led by the Chairman of the EMT, and the EMT itself, manifests a unified strategy aimed at enhancing Nigeria’s economic management architecture for verifiably improved performance.

“The formation of these teams will complement existing economic governance structures, including the National Economic Council , which is chaired by the Vice-President,” the statement read.

BIG STORY

Rejoinder To Daily Trust Article: President Tinubu Positioned For Victory In 2027 — By Prince Adeyemi Shonibare

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President Tinubu is well-positioned to secure victory in the 2027 elections. His achievements, leadership experience, and the significant strides made across key sectors of governance solidify his place as the frontrunner.

  • Key Achievements and Factors for Victory

1. Direct Funding to Local Governments:

For the first time in Nigeria’s history, the 774 local government chairmen will receive funds directly from the federal government starting this month. This bold move decentralizes resources, empowers grassroots development, and strengthens loyalty to the man who initiated this transformative policy—President Tinubu.

2. Empowering Citizens:

President Tinubu’s administration has rolled out impactful programs, including student loans, consumer credit initiatives, and direct cash transfers. These initiatives have touched millions of lives and earned him unwavering support from beneficiaries who recognise the positive impact of these policies.

3. Political Dominance:

APC remains the most dominant political party in Nigeria, controlling more states than any opposition party. APC governors will rally behind Tinubu in 2027, leveraging the party’s expansive structure to consolidate support.

4. Regional Strength:

South West:

President Tinubu will sweep all six South West states. APC currently controls four states, and Tinubu’s win in Oyo during the 2023 elections further demonstrates his stronghold. By 2027, even Osun, which narrowly escaped APC control, will fall back in line.

South-South:

Tinubu will likely secure Cross River, Rivers, Edo, and Delta while achieving the required 25% in other states. APC’s current control of Edo and Cross River further reinforces this projection.

South East:

The establishment of the South East Development Commission has endeared Tinubu to the region. He is expected to win Enugu, Imo, and Ebonyi while securing 25% in Anambra and Abia. APC governs Imo and Ebonyi, and with strategic campaigning, Anambra might surprise everyone in 2027.

North West & North East:

These regions remain APC’s strongholds, and Tinubu’s track record ensures that they will deliver the necessary states.

North Central:

States like Abuja, Kogi, Nasarawa, and Plateau are expected to align with Tinubu, given his strong rapport and ongoing development efforts in the region.

5. Resilience and Leadership Experience:

Tinubu’s journey from private sector success to public service is unparalleled. He served as a lawmaker, a transformative governor, and now a results-driven president. His international experience in oil, gas, and finance, coupled with his fearless leadership style, makes him a standout leader. Tinubu is the only president in Nigeria’s history to take bold steps like subsidy removal and exchange rate unification, laying the foundation for long-term prosperity

6. Economic Reforms and Policies:

Tinubu’s tax reforms exempt minimum wage earners and small businesses (earning less than ₦25 million annually) from federal taxes. By 2027, Nigeria will become a major exporter of refined petroleum products, with all four refineries operational.

The federal government’s agriculture policies, in collaboration with states, will yield significant results.

Security will improve, potentially with the full implementation of state policing.

Electricity management, now involving states, will lead to a more reliable power supply.

Mass transportation systems, including local, state, and federal rail services, will transform mobility.

With growing FDI, increased earnings from oil and gas, and direct investments, Nigeria will witness unprecedented progress under Tinubu’s leadership.

7. Broad-Based Support:

Tinubu’s influence transcends party lines, garnering support from private enterprises, public institutions, and even opposition leaders. Some PDP governors from the East may align with Tinubu’s vision in 2027, recognizing his ability to unify and deliver results.

8. Legacy of Leadership:

Tinubu’s record of governance in Lagos—one of Africa’s largest economies—is unmatched. When he assumed office in 1999, Lagos generated ₦400 million monthly against expenses of over ₦600 million. By the end of his tenure, Lagos’ monthly IGR had risen to ₦8 billion. This same transformational leadership is now evident at the federal level, with Nigeria’s reserves growing and states receiving triple their previous allocations.

Under Tinubu, local governments will receive significant funds. If each of the 774 local governments spends ₦2 billion monthly, the ripple effect will transform communities and improve lives nationwide. Without constitutional reforms, Tinubu is restructuring Nigeria by empowering states and local governments while maintaining harmony with governors, legislators, and the judiciary.

9. Strategic Reallocation of Subsidy Funds:

Funds from subsidy removal on petrol and exchange rates are now being redistributed across federal, state, and local governments. The judicious use of these funds will catalyse development, creating visible progress that further cements Tinubu’s leadership legacy.

10. A Leader for the Future

By 2027, Tinubu’s achievements will speak louder than promises. Nigeria will see improved security, stable electricity, a revitalized economy, and a robust transportation system. His reforms will deliver real, measurable results, leaving opponents to merely speculate on what they could do better.

If God grants him life and strength, and he chooses to contest in 2027, President Tinubu’s re-election will not just be a possibility—it will be a certainty. His vision, achievements, and widespread support make his victory inevitable.

 

By Prince Adeyemi Shonibare .

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BIG STORY

JUST IN: Fuji Icon K1 Loses 105-Yr-Old Mother Days After Wife’s Death

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Nigerian Fuji legend, Wasiu Ayinde, popularly known as “K1 de Ultimate,” is in mourning following the death of his mother, “Halimotu Anifowoshe,” just days after the passing of his former wife, “Hafsat,” at the age of 65.

It was gathered that the mother of the music icon was declared dead by medical professionals in her hometown, “Ijebu Ode,” Ogun State, where she resided.

A family source revealed that the centenarian passed away in the early hours of Saturday, causing the entire community of “Ijebu Ode” to mourn her loss.

It was further gathered that the deceased would be buried in accordance with Islamic rites later that day in her hometown.

According to a source, the Fuji musician has been deeply affected by his mother’s death, as they shared a close bond. He often praised her during his stage performances.

The centenarian’s death followed the artist’s earlier revelation that he inherited his musical talent from his mother, who, despite her own potential, was not permitted to pursue a career in music.

He explained that his mother was the daughter of a king, and her parents did not allow her to sing because they wanted her to marry.

K1 added that his mother was highly talented, but her parents feared that her career in music would delay her marriage.

“I was blessed with the gift of music from a young age, I was born into music. My mother was a singer before she got married. She had the gift of music and she was a princess.”

“She was not allowed to sing back then because she was a princess, and her parents were worried that allowing her to be a musician would delay her from getting married sooner. Her parents said my mother won’t be allowed to sing because she is the daughter of a king.”

It should be noted that the singer’s former wife, “Hafsat,” passed away after battling an undisclosed illness and was buried following Islamic traditions at “Abari Cemetery,” Lagos State.

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Nigerians Recruited As UK Prison Officers Sleep In Cars, Camp Near Jails

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The United Kingdom’s prison service has started recruiting prison officers from Nigeria and other countries to address staffing shortages.

However, many of these new recruits, including Nigerians, are facing accommodation difficulties, with some resorting to sleeping in their cars or camping near prisons to save on housing costs, according to a report by The Telegraph on Thursday.

This is the first time the UK prison service is sponsoring skilled worker visas for international recruits, following a rule change in 2023 that added prison officers to the list of eligible professions.

Many of the new recruits are Nigerians, including some who transitioned from other visa routes to the prison service.

The Prison Officers Association (POA) has reported cases of Nigerian recruits arriving at UK prisons under the assumption that accommodation would be provided.

Mark Fairhurst, the president of the POA, shared an example of a recruit who commuted 70 miles daily from Huddersfield to Nottingham, eventually deciding it was cheaper to sleep in his car outside the prison.

At another location, some officers set up a camp in a wooded area near the prison after learning they would need to arrange their own housing.

“We have got problems with people who turn up at the gates with cases in tow and with their families saying to the staff: ‘Where is the accommodation?’,” Fairhurst stated.

Sources from the Ministry of Justice in the UK indicate that approximately 250 foreign nationals have been recruited into the UK prison service after Zoom interviews and vetting.

In 2023, a significant portion of the 3,500 monthly applicants were from Africa.

Tom Wheatley, the president of the Prison Governors Association, attributed the influx to word-of-mouth promotion by Nigerians already working in the UK.

“It’s turned into an approach that has been promoted online by the expat Nigerian community,” Wheatley noted.

However, he acknowledged challenges, including language barriers and the difficulty of integrating foreign recruits into rural communities.

Despite these challenges, the UK prison service insists its recruitment and training processes are thorough.

A spokesperson for the Prison Service told The Telegraph, “all staff – regardless of nationality – undergo robust assessments and training before they work in prisons. Our strengthened vetting process roots out those who fall below our high standards.”

The reliance on virtual interviews has also raised concerns, with some questioning the suitability of officers recruited this way.

Fairhurst has called on the prison service to return to face-to-face interviews, stating that six weeks of training is insufficient for recruits to manage prisoners effectively.

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