Metro

Fuel subsidy removal, a blessing to Nigeria, govt insists

Published

8 months ago

March 4, 2024

Despite the excruciating hardship and hunger resulting from the unplanned removal of fuel subsidy by President Bola Tinubu as well as other policies, the Nigerian government says the decision is a blessing to the country as it has started yielding dividends.

Government mouthpiece, the Minister of information and National Orientation, Mohammed Idris, who made the assertion while interacting with journalists in Lagos, said that fuel subsidy removal had started delivering dividends as over $30 billion Foreign Direct Investments (FDI), had been attracted into the country so far.

Idris says though the people are feeling the pangs, the ultimate goal is that the country is reaping the benefits of the “bold reforms” carried out by President Tinubu.

“Because of subsidy removal, Nigeria has attracted over $30billion foreign direct investment in various sectors especially in manufacturing, telecommunications, healthcare, oil and gas among others,” the Minister said.

“These investments are already being realized. From the data provided by the National Bureau of Statistics, NBS, the Nigerian economy had grown by 3.46 per cent in the third quarter of 2023 against 2.4 in the preceding quarter. It was a better performance that was actually anticipated.

“There is something happening in the economy, it is gradual and it takes time before tangible results are seen by all.

“Only those who know how the financial system works will be able to see some of these things already happening. In January this year, the Nigeria stock exchange all share index recorded 100.000 point mark,” he said.

The Minister however, berated the Nigerian media over what he calls unbalanced reports, and challenging journalists to always balance their reportage with the positive things that the government had done in order not to scare potential investors, noting the various interventions by the federal government to cushion the effects of subsidy removal.

“To begin with, the monies that were given to the sub-nationals increased significantly. Governors that were earning less, finding it difficult to pay salaries now have more money at their disposal as a result of fuel subsidy removal.

“We are aware of the N35,000 that Labour has been clamouring for, the emphasis would be that by October 1, the President said he is going to give N25,000 wage award to every worker pending the new wage being negotiated with labour,” he added.

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Metro

Incarcerated ex-Zambian defence minister in serious health crisis

Published

9 hours ago

October 30, 2024

Isaac Dachen

There are fears for the life of former Zambian Defence Minister, Geoffrey Bwalya Mwamba, who is currently serving a five-year prison sentence, as he is reportedly experiencing severe health issues which has prompted his legal team to seek court permission for urgent medical treatment in South Africa.

The bail application filed by State Counsel, Bonaventure Mutale, at the Economic and Financial Crimes Court (EFCC), detailed Mwamba’s condition as having visibly swollen thighs and legs, suggesting that his current medication may be ineffective.

Mwamba, who is being held at Mwembeshi Correctional Facility, according to Zambia Monitor, was sentenced on October 10 by Magistrate Standford Ngobola on charges of conflict of interest and possessing property suspected to be proceeds of crime.

The Magistrate had previously denied his bail request, citing insufficient grounds but in the affidavit filed with the High Court, Mutale recounted his October 28 visit to Mwembeshi, where he noted the facility’s limited medical resources, staffed only by a clinical officer.

Mutable said he observed swelling in Mwamba’s lower body, reportedly necessitating specialist treatment abroad.

Mwamba’s defence also maintained that his appeal has merit, citing unresolved legal questions and a lack of evidence directly linking him to the alleged crimes.

The defence also argued that Mwamba’s five-year sentence is excessive for a first-time offender.

They highlighted potential delays in the High Court’s appeal process, suggesting that Mwamba could serve a substantial part of his sentence before the appeal is heard.

The legal team also asserted that he posed no flight risk and that his release on bail would not prejudice the State.

Mwamba’s appeal also included eight grounds, contending the trial court overlooked evidence that he had declared his interest, noting the case was previously closed after investigation.

His appeal further argued the magistrate erroneously dismissed his written declaration of interest under Section 28(2) of the Anti-Corruption Act.

Metro

Biden calls Tinubu, thanks him for release of Binance executive

Published

13 hours ago

October 30, 2024

Isaac Dachen

President of the United States of America, Joe Biden, on Tuesday evening, placed a call to his Nigerian counterpart, President Bola Tinubu, where he expressed his gratitude to Nigeria for releasing the Binance Head of Financial Crimes Compliance, Tigran Gambaryan, who had been detained in Nigeria since February and later charged alongside his company, Binance, with laundering $35.4million, and tax evasion.

In the 30-minute phone call, Biden also thanked Tinubu for dropping all the charges against Gambaryan, who is an American citizen.

Nigeria’s Foreign Affairs Minister, Yusuf Tuggar, who revealed this while briefing State House Correspondents on the 30-minute voice call between both leaders, said Biden also pledged the US will partner and collaborate with West Africa in numerous sectors especially in regards to security in West Africa.

“I have been directed by Mr President to brief you with regards to his phone call with US President Joseph Biden at about 4 pm today,” Tuggar said.

“The two leaders exchanged pleasantries and President Biden proceeded to thank President Tinubu for his partnership and for Nigeria’s partnership, and in particular, for the collaboration between the two countries with regards to…the release of one of the suspects of the cryptocurrency exchange company that we’re all aware of.

“The two leaders also discussed the issue of the permanent seats in the United Nations Security Council.

“President Biden, once again, assured that the United States is committed to seeing Africa having two permanent seats.

“He also reiterated that he does not see any reason why one of those seats should not belong to Nigeria, given its position in Africa, its stature and its importance,” he added.

He confirmed that Gambaryan has already left Nigeria after eight months of detention, and has reunited with his family.

Gambaryan, a senior Binance executive was detained in Nigeria in early 2024 during a crackdown on cryptocurrency activity by the Nigerian government.

The Economic and Financial Crimes Commission (EFCC) had
filed money laundering charges against him, which Binance and Gambaryan denied complicity.

However, his extended detention drew international attention, as his health reportedly deteriorated while held at Kuje Prison with US diplomats and lawmakers pushing for his release, emphasising both his declining health and the need for transparent proceedings.

Despite repeated bail applications, he remained in custody for nearly eight months, raising diplomatic tensions between the U.S. and Nigeria but last week, an Abuja Federal High Court had discharged Gambaryan from the money laundering charges.